TCS, Axis Bank, Wipro, Cipla, Raymond, Indiabulls Real Estate stocks in focus on F&O expiry day

Nifty has support at 16800 for now. Global cues, quarterly results and upcoming Union budget would be some of the key factors driving the market direction in the near term

Stocks in focus
TCS, Axis Bank, Wipro, Cipla, Raymond and Indiabulls Real Estate stocks in focus on Thursday

Indian equity markets were staring at a gap-down start on Thursday as SGX Nifty was in red with a loss of 238.50 points or 1.38%. The Nifty futures were trading around 16,982.50 level on the Singaporean Exchange. Global cues were negative as the Dow Jones Industrial Average fell 0.38%, the S&P 500 0.15% while the Nasdaq Composite added 0.02%. Markets in Asia were trading lower. “Nifty seems to have found some support at 16800 for now and managed to close above the psychological level of 17,000. Global cues, quarterly results and the upcoming Union budget would be some of the key factors driving the market direction in the near term,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Stocks in focus

Wipro: IT major Wipro has acquired a 13.3% equity stake in Encore Theme Technologies Pvt Ltd (Encore Theme). The company had already acquired an 83.4% stake in Encore Theme in December 2020. With this new acquisition, Wipro’s total stake in Encore theme has increased to 96.7%. The company will acquire the remaining 3.3% stake subject to and after receipt of certain regulatory approvals, it said in a regulatory filing. Encore Theme, headquartered in Chennai, now becomes a significant arm of Wipro that provides IT solutions for the banking and financial services segment.

Axis Bank: Global ratings agency Standard and Poor’s (S&P) Shas revised the outlook on private lender Axis Bank from stable to positive citing improved asset quality. The rating agency affirmed the BB+ long-term rating, B short-term issuer credit ratings on the lender and BB+ long-term issue rating on Axis Bank’s outstanding debt. It said that the affirmation of its ratings on the bank follows a revision to its criteria for rating lenders and non-bank financial institutions. The development comes after Axis Bank reported strong numbers for the third quarter ended 31 December 2021.

Tata Consultancy Services: India’s TCS has become the second most valued brand globally in the information and technology services space, according to a Brand Finance report. TCS has risen up to second spot in ranking, following 12% growth YoY and 24% since 2020, to a brand value of USD 16.8 billion. Indian IT services brands made a leap with average growth from 2020 to 2022 at 51 per cent, compared to a seven per cent drop for brands from the US, according to the report.

Cipla: Cipla reported a 2.6 per cent decline in its consolidated profit after tax to Rs 729 crore for the third quarter ended on December 31, 2021. The Mumbai-based drug major had posted a consolidated profit after tax (PAT) of Rs 748 crore in the October-December quarter of the previous financial year. Total revenue from operations, however, rose by 6 per cent to Rs 5,479 crore in Q3FY22 as compared with Rs 5,169 crore in the same period of last fiscal.

Raymond: The company reported a multifold jump in its net profit of Rs 101.07 crore for the third quarter ended December 2021, on the back of improved performance across the segment. The company had posted a net profit of Rs 22.18 crore during the corresponding quarter of the previous financial year. Its revenue from operations during October-December 2021 jumped 48.25% to Rs 1,843.39 crore, compared with Rs 1,243.44 crore in the year-ago period. The company is set to demerge its real estate operations into subsidiary.

Indiabulls Real Estate: Indiabulls Real Estate Ltd reported a consolidated net loss of Rs 87.21 crore for the quarter ended December. Its net profit stood at Rs 80.58 crore in the year-ago period. The company’s total income fell to Rs 355.59 crore in the third quarter of this fiscal, from Rs 756.81 crore in the corresponding period of the previous year.

Q3 results on January 27: Bharat Heavy Electricals, Punjab National Bank, RBL Bank, Canara Bank, Indus Towers, Accelya Solutions India, AIA Engineering, Arvind, Aurionpro Solutions, Birlasoft, CG Power and Industrial Solutions, Chalet Hotels, Coforge, Colgate-Palmolive, Dalmia Bharat, Exxaro Tiles, Fino Payments Bank, GHCL, Gujarat Mineral Development Corporation, Home First Finance Company, HSIL, Laurus Labs, LIC Housing Finance, Mahindra Logistics, CE Info Systems, Motilal Oswal Financial Services, Nippon Life India Asset Management, PSP Projects, Route Mobile, Transport Corporation of India, Vaibhav Global, Wabco India, and Wockhardt.

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