Stocks to Watch: TCS, HCL Tech, HDFC Bank, Vedanta, SpiceJet, Hindalco
Tata Consultancy Services: Tata Consultancy Services (TCS) Ltd on Wednesday reported a 16.84% year-on-year rise in its consolidated net profit for the fiscal's first quarter ended June (Q1FY24) to ₹11,074 crore. The company had reported a profit of ₹9, 478 crore in the year-ago period. Sequentially, the consolidated net profit was down 2.8%.
The IT company's consolidated revenue from operations stood at ₹59,381 crores during the quarter ended June from ₹52,758 crore in Q1FY23. Sequentially, up 0.4% from ₹59,162 crore in Q4FY23. HCL Tech: HCL Technologies Ltd, India’s third largest software services exporter, reported on Wednesday a 7.6% rise from a year earlier in fiscal first-quarter net profit at ₹3,534 crore.
The company posted rupee revenues of ₹26,296 crore during the June quarter, which marked a 12.1% rise from a year earlier but fell 1.2% sequentially. Revenues grew 6.3% from a year earlier in constant currency (CC) terms. The earnings lagged expectations of the company as well as of the Street.
HDFC Bank: On July 13, HDFC stock will be delisted and will begin trading under the name of HDFC Bank. As a result, HDFC will be removed from the stock market, and shareholders will have their shares converted to HDFC Bank. Following the conversion, shareholders of HDFC Ltd will hold a 41% stake in HDFC Bank Ltd.
This transaction, which took place on April 4, 2022, is considered the largest in India's corporate history. HDFC Bank agreed to acquire the largest domestic mortgage lender in a deal worth approximately $40 billion, leading to the creation of a formidable financial services powerhouse. Vedanta: Vedanta has lined up partners for semiconductor ventures, its chairman Anil Agarwal said at the 58th Annual General
. Read more on livemint.com
