Stocks to Watch: Wipro, HCL Tech, JSW Energy, Delta Corp, Adani Green
Wipro: The IT major reported dollar revenue of $2.78 billion for June quarter, a 2.1% sequential decline and only 0.81% better than the year-ago period. In constant currency terms, sequential growth fell 2.8%. Net income slipped 6.5% sequentially to $349.8 million, although it was up 7.8% year-on-year.
Wipro has forecast revenue decline for the September quarter as well. These numbers following close on the heels of tepid earnings from peers Tata Consultancy Services and HCL Tech has raised concerns about sluggish growth in India’s $245 billion IT services industry this fiscal year. HCL Technologies: India's third largest IT services firm is acquiring German automotive engineering services company ASAP Group for an enterprise value of about €251 million ($280 million) to push beyond IT consultancy into expertize in self-driving vehicles.
HCL said that it has agreed to buy all shares of ASAP Group, which specializes in autonomous driving and e-mobility. The sale is expected to be completed in September if the deal gets regulatory approval. Delta Corp: Six of the seven clients holding large derivatives positions in Delta Corp., a gaming and casino company, closed their positions following the 11 July Goods and Services Tax (GST) Council meeting.
The stock, which plunged 23% after the council decided to raise GST rates on gaming and casinos from 18% to 28%, prompted these clients to take immediate action. After they closed their positions, the Delta Corp. stock was removed from the futures and options (F&O) ban it had been subjected to on 7 July.
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