 "Online gaming")
Stocks to Watch on Wednesday, July 12, 2023: The markets may start Wednesday’s trade on a muted note amid mixed cues from global peers. Shares of online gaming firms and IT companies are likely to be in focus today.
At 07:30 AM, the GIFT Nifty futures quoted more or less unchanged at 19,525.
Results today: 5Paisa, Hathway Cables, HCL Technologies, Steel Strips Wheels and TCS among 10 companies scheduled to announce June quarter earnings on Wednesday.
TCS Q1 Preview: Wage hikes to erode margin in Q1FY24; The weakness may come on account of a worsening demand environment, which is leading to cancellation and delay in projects, a longer sales cycle and slower revenue conversion. READ MORE
HCLTech: The IT firm will likely report muted sequential growth in revenue for the June quarter (Q1FY24) amid a persistently weak global demand environment and weakness in the company’s engineering and R&D (ER&D) business, as per analysts. READ MORE
Delta Corp, Nazara Technologies: The Goods and Services Tax (GST) Council on Tuesday approved the imposition of a uniform 28 per cent tax on full “face value” of bets involving online gaming, casinos and horse racing. Industry stakeholders had been arguing that games of skill be treated differently from games of chance for tax purposes. READ MORE
Bharti Airtel: The company has entered into an agreement to buy additional 20.6 per cent stake in Lavelle Networks. The firm already owns 25 per cent stake in Lavelle.
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Adani Group: The Supreme Court on Tuesday adjourned the hearing in the Adani-Hindenburg case to August 14. The Securities and Exchange Board of India (Sebi) needs to complete its probe into the case by this date. READ MORE
Meanwhile, the Gautam Adani flagship firm Adani Enterprises has raised Rs 1,250 crore by way of issue of non-convertible debentures on private placement basis.
Greaves Cotton: “Greaves Electric Mobility Private Limited, (GEMPL), the e-mobility division of Greaves Cotton, has achieved cumulative 200,000 secondary sales of its "Ampere" brand electric 2-wheelers till the first quarter of fiscal year 2024.
Happiest Minds: The company's board is scheduled to meet on July 14 to consider and approve the issue price, including discount if any, for equity shares to be alloted to Qualified Institutional Buyers (QIBs).
HDFC Bank: The Reserve Bank of India (RBI) has given HDFC Bank six months to migrate HDFC’s home loan customers to external benchmark linked lending rate (EBLR), top sources in the bank told Business Standard. READ MORE
Lupin: The company’s Pithampur Unit-2 manufacturing plant has received the Establishment Inspection Report (EIR) from the US FDA.
Johnson Controls: The company has launched a technology and innovation centre in Bengaluru. The centre for technologies like cloud, edge, and artificial intelligence (AI) will help clients achieve net zero carbon emissions.
Tatva Chintan Pharma: The company’s board has approved fund raise of up to Rs 200 crore.
Stocks in F&O ban: BHEL, Delta Corp, Granules, Indiabulls Housing Finance, India Cements, Manappuram Finance, PNB and Zee Entertainment are the eight stocks in F&O ban period on Wednesday.
Primary Market Update
Utkarsh Small Finance Bank IPO to open for subscription today in the price band of Rs 23 – Rs 25. The issue closes on July 14. Meanwhile, the company raised Rs 222 crore from anchor investors.
