Stocks to Watch: TCS, Infosys, M&M Ultratech Cement, LIC, HG Infra
Tata Consultancy Services: The country's largest IT firm's net profit improved 2.7% sequentially in the December quarter, and by 7% from a year earlier, to $1.41 billion. TCS reported revenue of $7.28 billion for the third quarter, representing a 1% sequential increase and a 2.9% increase from the same period a year earlier. Infosys: The firm's revenue totalled $4.66 billion, a 1.2% sequential decline and only a 0.1% improvement from the year-ago period.
Consolidated net profit for the December quarter was $733 million, down 2.3% sequentially and 8.3% year-on-year. Wipro: The IT company will announce its December quarter earnings today. Analysts at BNP Paribas expect services revenue to decline 2.5% sequentially in line with guidance and due to seasonal furloughs and the continued impact of a slowdown related to a cut in discretionary tech spending.
HCL Tech: The company is likely to report a 6.3% growth in net profit to ₹4,063 crore, driven by robust revenue expansion and a 5.47% sequential uptick in EBIT to ₹5,204 crore, During the second quarter, HCL recorded profit at ₹3,832 crore, and revenue from operations at ₹26,672 crore. UltraTech Cement: The company has announced the acquisition of a 26% stake in Amplus Ages by investing ₹49 crore. The acquisition is to meet the company's green energy needs, optimizing energy costs and comply with regulatory requirements for captive power consumption under electricity laws, it said.
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