Stocks In News And Why: HDFC Bank, Wipro, TCS and more

Stock: On January 13 the benchmark index was led by gains in IT, metal and banking stocks. While the Nifty increased 98 points to 17,956, Sensex rose 303 points to 60,261. Top Sensex losers included Titan, Nestle India, Larsen & Toubro, Axis Bank, ITC, and Sun Pharma, with a decline of up to 1.14%. Meanwhile, top Sensex gainers included Tata Steel, IndusInd, Infosys, UltraTech Cement, ICICI Bank, and Bajaj Finance, with up to 2.03% gains. Prior to the quarterly earnings on January 16, Federal bank, Angel One, JSW Ispat Special Products, Tinplate Company of India, Kesoram Industries, Bank of Maharashtra, Shree Ganesh Remedies, and Trident Texofab are going to be in focus.

Some of the stocks that are likely to continue creating a buzz are as follows:

HDFC Bank

The lender reported a jump of 19.9% rise in its consolidated net profit for the quarter ended December to Rs 12,259 crore, beating the market estimates. The net interest income increased nearly 25% on the year to Rs 22,988 crore. The bank’s quarterly net revenue increased by 18.3% to Rs 31,488 crore from Rs 26,627 crore last year.

Tata Consultancy services

The shares will trade the ex-dividend with both special and interim dividends that have been announced.  A special dividend of Rs 67 and an interim dividend of Rs 8 per share, respectively will be given by the company.

L&T Finance Holdings

The consolidated net profit of the non-banking company rose 39% YoY to Rs 454 crore in the December quarter.  Net interest income increased by 24% YoY to Rs 1,693 crore for the quarter. Moreover, the net interest margin increased by 70 bps YoY to 8.8%.

Wipro

The IT service company’s consolidated profit increased by about 15% sequentially to Rs 3,053 crore for the quarter that ended in December FY23.  Revenue for the quarter climbed by 0.2% QoQ to $2,803.5 million from Rs 23,055.7 crore, or 3.1% higher sequentially. Revenue growth in constant currency was 0.6%.

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DMart

The owner and operator of DMart, Avenue Supermarts, announced an increase in consolidated post-tax profit of 6.6 percent to Rs. 590 crore for the quarter ending December 2022. Comparing the October-December quarter to the same period previous year, total revenue was Rs 11,569 crore as opposed to Rs 9,218 crore.