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Stocks In News: Infosys, Hindustan Unilever, Jindal Stainless And More

Stocks To Watch: Check out the companies that are making headlines before the opening bell.

Infosys

Infosys, the country’s second-largest IT services provider, reported a profit of Rs 5,945 crore for the quarter ended June FY24, representing a 3 per cent decrease compared to the previous quarter. Additionally, the company revised its full-year revenue growth guidance, reducing it to 1-3.5 per cent from the earlier 4-7 per cent, while maintaining the EBIT margin guidance at 20-22 per cent. The revenue witnessed a sequential growth of 1.3 per cent, amounting to Rs 37,933 crore. In dollar terms, revenue rose by 1.4 per cent QoQ to $4,617 million, and the constant currency revenue growth stood at 1 per cent, surpassing CNBC-TV18 poll estimates of a 0.7 per cent rise.

Hindustan Unilever

Hindustan Unilever, a prominent FMCG major, achieved a 6.1 per cent year-on-year revenue growth, reaching Rs 15,148 crore for the quarter ended June FY24. The company’s profit also rose by 8 per cent on a yearly basis, totalling Rs 2,472 crore. All key segments – home care, beauty & personal care, and foods & refreshment contributed to this growth. On the operating front, EBITDA increased by 8.4 per cent to Rs 3,521 crore, and the margin expanded by 50 bps to 23.2 per cent compared to the previous year. However, the underlying volume growth stood at 3 per cent for the quarter, falling short of CNBC-TV18 poll estimates of 5-6 per cent.

Jindal Stainless

Jindal Stainless, the largest stainless steel manufacturing company in the country, successfully completed the acquisition of Jindal United Steel. Previously holding a 26 per cent stake, Jindal Stainless acquired the remaining 74 per cent equity stake in Jindal United Steel for a cash consideration of Rs 958 crore. Consequently, Jindal United Steel became a wholly-owned subsidiary of Jindal Stainless. Jindal United Steel operates a hot strip mill with a capacity of 1.6 million tons per annum (MTPA) and a cold rolling mill with a capacity of 0.2 MTPA. Furthermore, it is undergoing capacity expansion up to 3.2 MTPA at Jajpur, Odisha.

Larsen & Toubro

Larsen & Toubro, the engineering and infrastructure major, announced that its board of directors will convene on July 25 to consider the buyback of equity shares and a special dividend for the financial year 2023-24. If approved, the record date for determining the entitlement of equity shareholders for the dividend will be August 2. The board will also approve the unaudited consolidated and standalone financial results for the quarter ended June 2023.

LTIMindtree

LTIMindtree, a technology consulting and digital solutions company, revealed a strategic partnership with CYFIRMA, an external threat landscape management platform company. This collaboration aims to enhance the threat intelligence capabilities of LTIMindtree’s XDR platform, empowering global enterprises to identify, evaluate, and manage potential risks and threats effectively.

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