 "Stocks to Watch: TCS, Infosys, Karnataka Bank, FRL, Jindal Stainless")
Stocks to watch: Weak global cues, along with the weekly F&O expiry, may dampen the spirit on Dalal Street on Thursday. At 7:40 AM, SGX Nifty was down 10 points at 17,870.
Globally, Asia-Pacific markets fell on Thursday after minutes from the March Federal Open Market Committee meeting showed that Fed officials see the U.S. economy entering a recession in the wake of the banking crisis.
Stocks on Hong Kong's Hang Seng index led losses in the region after opening 2 per cent lower, while the Hang Seng Tech index slid 2.51 per cent. In mainland China, the Shanghai Composite shed 0.2 per cent.
Overnight the Dow Jones Industrial Average snapped a four-day win streak, erasing earlier gains following the US inflation report and shed 0.11 per cent. The S&P 500 declined 0.41 per cent, and the Nasdaq Composite fell by 0.85 per cent.
Here's a list of stocks which will be in focus on Thursday, April 13:
Earnings today: Amalgamated Electricity, Avantel, Infosys, Roselabs Finance, and Thirdwave Financial Intermediaries are scheduled to report their March quarter results on Thursday.
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Analysts expect Infosys to report muted quarter-on-quarter (QoQ) revenue growth between 0.1-0.7 per cent in constant currency (cc) terms in the traditionally weak quarter. READ PREVIEW HERE
Tata Consultancy Services (TCS): Slower recovery in Tata Consultancy Services' (TCS') largest business region — North America — pulled down the fourth quarter (Q4) of 2022-23 (FY23) performance of India's largest information technology (IT) services player. TCS' net profit at Rs 11,392 crore for Q4 was up 14.8 per cent year-on-year (YoY). Sequentially, the firm's profit was up 5 per cent. Revenue for Q4FY23 grew 16.9 per cent YoY at Rs 59,162 crore. Sequentially, revenue grew by a mere 0.6 per cent on a constant currency basis. READ MORE
Anand Rathi Wealth: The Anand Rathi Group company, on Wednesday, reported a 23 per cent jump in its profit after tax at Rs 42.7 crore during the three months ended March 2023. Total revenue rose by 28 per cent to Rs 146.8 crore during the period under review. The board of directors have declared a final dividend of Rs 7 per equity share and dividend for FY23 stood at Rs 12 per equity share. READ MORE
HDFC Bank: HDFC Bank has signed a master interbank credit agreement with export import (Exim) Bank of Korea for a $300 million line of credit. The pact was signed at GIFT City in Gujarat and will help the bank raise foreign currency funds, to be extended to Korea-related businesses.
Future Retail: The company's Resolution Professional has filed an application before the National Company Law Tribunal, Mumbai seeking exclusion of a period of 90 days from Corporate Insolvency Resolution Process (CIRP) of FRL, and consequent extension from April 16, 2023 to July 15, 2023, for concluding the CIRP of FRL. READ FILING HERE
Bajaj Finance: Bajaj Finance has raised Rs 1,955 crore through two bonds against an indicative amount of up to Rs 8,700 crore. READ MORE
Karnataka Bank: The Reserve Bank of India (RBI) has approved the appointment of Sekhar Rao, executive director of the Bank as interim Managing Director & CEO for a period of three months with effect from April 15, 2023 or till the appointment of a regular MD & CEO, whichever is earlier.
Maruti Suzuki India, IDFC First Bank: Maruti Suzuki India has signed a Memorandum of Understanding (MoU) with IDFC First Bank, wherein the bank will offer personalised finance options for new car loans, pre-owned car loans, and commercial vehicle loans while purchasing Maruti Suzuki vehicles.
Jindal Stainless: The meeting of the Board of Directors of the Company is scheduled on April 18, 2023 to consider and approve declaration of Special Interim Dividend for the financial year 2022-23.
Indian Oil, airline stocks: As per a Business Standard report, Indian Oil (IOC) might offer minority equity stakes to domestic airlines in its proposed sustainable aviation fuel (SAF) production plant in Panipat, Haryana. This proposal was mooted at a meeting chaired by Rajiv Bansal, secretary in the Ministry of Civil Aviation, on Monday that was attended by representatives of airlines, oil marketing companies, and government officials. READ MORE
HDFC: The mortagage lender has informed via exchange filing that market regulator Sebi has granted its approval for the proposed change in control of HDFC Capital Advisors Ltd (HACL).
Torrent Power: The company confirmed participating in the government's e-Tender for procurement of up to 4,000 MW power from Gas-based plants during identified crunch period (April 10, 2023 to May 16, 2023). In this regard, it has been awarded contract for supply of 920 MW power (770 MW from DGEN plant and 150 MW from SUGEN plant). READ HERE
Mukand: As per media reports, the Competition of Commission of India (CCI) has approved the acquisition of stake in Mukand Sumi Special Steel Limited (MSSSL) by Jamnalal Sons Private Limited (JSPL) from Mukand Limited (Mukand). The proposed combination envisages acquisition of 5.51 per cent equity share capital of MSSSL by JSPL from Mukand.
K&R Rail Engineering: The company's Board of Directors is scheduled to meet on April 20, 2023 to consider and approve the issuance of bonus equity shares.
Rail Vikas Nigam Ltd (RVNL): RVNL has received Letter of Award (LoA) from North Western Railway for provision of Automatic Block Signalling on Madar-Sakhun Section (51.13 Kms) of Jaipur Division over North Western. The cost of the project is Rs 63.8 crore.
AU Small Finance Bank: The RBI has approved re-appointment of Sanjay Agarwal as Managing Director & CEO for a period of three years w.e.f. April 19, 2023 till April 18, 2026.
Campus Activewear: The company has acquired Land and Building from Marico Industries Limited in Ponta Sahib to expand its existing capacity for the manufacturing of semi-finished goods (Sole and /or Upper) and assembly of footwear.
Vardhman Special Steels: The Board, at its meeting held on April 12, has approved the issue of Bonus Shares in the ratio of 1:1, i.e. issuance of one equity share for every one equity share already held in the company.
Vikas Lifecare: The company's subsidiary, Genesis Gas Solutions, has received first-ever order for Ultrasonic Gas Meters valued at Rs 3 crore.