Stocks to Watch: Wipro, Bajaj Auto, LTIM, ICICI Lombard, IndusInd Bank
Wipro: Wipro announced its July-September quarter results for fiscal 2023-24 (Q2FY24) today, reporting a consolidated net profit of ₹2,667.3 crore, compared to ₹2,649.1 crore in the corresponding period last year. Azim Premji-backed Wipro announced on Wednesday, October 18 that the IT major's board had approved the merger of five of its wholly-owned subsidiaries with itself into ‘Wipro Ltd’. Bajaj Auto: Bajaj Auto on Wednesday reported a 5.6% rise in second-quarter revenue as price hikes offset weak demand for its motorcycles.
The company's total revenue from operations rose to 107.77 billion rupees ($1.29 billion) for the three months to Sept. 30 from 102.03 billion rupees a year earlier. Buoyant domestic business registers a new peak, on the back of six successive quarters of double-digit YoY growth LTIMindtree: LTIMindtree, India’s sixth-largest information technology (IT) services firm by revenue, saw its operating margin drop below its guidance of 17-18% for FY24.
In its September quarter earnings, filed after market hours on Wednesday, LTIMindtree reported an operating margin of 16%, down 70 basis points (bps) sequentially. However, the company management said in its post-earnings press conference that it remains confident of achieving the guided margin, and has not revised its target for FY24. ICICI Lombard: ICICI Lombard General Insurance released their July-September quarter results on Wednesday and reported a 2.2% year-on-year dip in net profits which declined from ₹590.5 crore during Q2FY23 to ₹577.3 crore during the quarter under review.
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