Stocks to Watch: Infosys, HCLTech, Maruti, IDBI Bank, Tata Motors, Religare

Stocks to watch on October 13, 2023: Infosys has lowered its FY24 constant currency revenue growth guidance for a second time to 1.0-2.5 per cent from 1-3.5 per cent earlier

Stocks to Watch Today, October 13: The weak Q2 numbers and guidance cut from two IT large-caps--Infosys and HCLTech--could weigh on equity benchmark indices Sensex and Nifty on Friday. At 7:30 am, the Gift Nifty futures were down 100 points at 19,689 over Nifty futures’ last close.

On the other hand, the domestic retail inflation easing to 5 per cent in Sept could help in easing some pressure, but US CPI, which rose slightly above expectations to 3.7 per cent sent US stocks lower overnight.

The Dow lost 0.5 per cent, while the S&P 500 and the Nasdaq Composite fell up to 0.6 per cent.  

Asian stocks also lost ground after China reported a flattish annual increase in consumer inflation. Japan’s Nikkei fell 0.15 per cent. Hang Seng in Hong Kong sank 1.5 per cent, the S&P/ASX 200 in Australia was down 0.3 per cent and South Korea’s Kopsi slipped 0.7 per cent. . 

Meanwhile, here are some stocks to watch out in trade today: 

Q2 earnings: HDFC Life, Birla Money, DEN, Hathway, Gujarat Hotels, Sai Silks (Kalamandir), among others.

Infosys: Infosys has lowered its FY24 constant currency revenue growth guidance for a second time to 1.0-2.5 per cent from 1-3.5 per cent earlier. The company’s net profit rose just 3.2 per cent YoY to Rs 6,212 crore in Q2.

HCLTech: The company has revised its FY24 revenue guidance to 5-6 per cent in constant currency terms from the earlier estimate of 6-8 per cent.

HCLTech reported a 9 per cent YoY increase in its net profit to Rs 3,833 crore.

IDBI Bank: The RBI is expected to accelerate a key process of vetting IDBI Bank's potential buyers and complete it by October end in what would speed upits divestment process, reported Reuters.

Religare Enterprises: The market regulator Sebi is studying the Burman family’s open offer to acquire additional 26 per cent in Religare Enterprises and has sought additional information from the company, reported Business Standard.

Tata Motors: Jaguar Land Rover (JLR) India reported sales of 2,356 units for April-September, from around 1,194 units in the same period last year.

Maruti Suzuki: The company that its board will meet on October 17 to consider issuing preference shares to parent Suzuki Motor Corp SMC instead of a cash consideration to acquire Suzuki Motor Gujarat.

Paytm: The RBI has imposed a monetary penalty of Rs 5.39 crore on Paytm Payments Bank for violating Know Your Customer norms, among others.

Mphasis: The company’s arm will acquire US-based Sonnick Partners for $132.5 million. Sonnick Partners (Silverline) is a digital transformation consultancy & salesforce partner.

Dr Reddy’s: The US FDA has issued the company Form 483 with nine observations for its Bachupally unit in Hyderabad.

Panacea Biotec: The US FDA issued Form 483 with nine observations for its Baddi unit.

Lupin: The company has received US FDA approval for the generic equivalent of Xywav Oral Solution, made by Ireland's Jazz Pharmaceuticals.

IRB Infra Trust: The company has executed definitive agreements to implement the Samakhiyali Santalpur BOT project in Gujarat. The trust will acquire a 99.96 per cent stake in STPL for a total consideration of Rs 116.2 crore. The total project cost is Rs 2,092 crore.