Stocks to Watch: Infosys, Mindtree, Reliance, HDFC Life, Tata Steel

infosysIndia’s second-largest IT services company Infosys posted a better-than-expected 11% increase in consolidated net profit on Thursday 6,021 crore for the September quarter and announced a share buyback worth 9,300 crores. The company, headquartered in Bengaluru, raised its expectations for revenue growth in FY23 to 15-16%. The Infosys board also has an interim dividend of 16.50 per share. The payment of the interim dividend will be approximately 6,940 crores.

mindtree: IT firm Mindtree Thursday reported a 27.5% year-over-year increase in its consolidated net profit to 508.7 crore for the September quarter. Consecutively, net profit was about 8% higher than in the June quarter. Revenue in the second quarter amounted to approx 3,400.4 crore, a growth of 8.9% over the previous consecutive quarter and 31.5% over the year. The total contract value or TCV in the first half of the budget exceeded $1 billion for the first time.

Reliance Industries: Reliance Industries Ltd. is in advanced talks to acquire Germany’s Metro AG wholesale business in India, according to those familiar with the matter, as the conglomerate led by billionaire Mukesh Ambani aims to dominate India’s massive retail sector. Charoen Pokphand Group Co. is no longer in active talks with Metro, leaving only Ambani’s Reliance to continue the carry business.

ONGC: A consortium led by ONGC Videsh Ltd (OVL), and made up of other state-owned Indian Oil Corp. Ltd (IOCL), Bharat PetroResources Ltd (BPRL) and Oil India Ltd (OIL), is seeking to acquire a stake in a hydrocarbon producing asset of the Abu Dhabi National Oil Co. (Adnoc), the largest oil company in the United Arab Emirates (UAE), said two people who were aware of the matter. The proposed transaction is facilitated through govt-to-govt talks between India and the UAE.

HDFC life: Insurance regulator Irdai has given final approval to HDFC Life Insurance Company Ltd (HDFC Life) to incorporate Exide Life into the business. In January of this year, HDFC Life acquired a 100% stake in Exide Life Insurance Company from parent company Exide Industries for: 6,687 crore to increase its presence in the South Indian market.

Angel One: Angel One, a mid-cap brokerage with a market cap of 13,228.51 crore, the Board of Directors declared a second interim dividend of Rs. 9 per share and determine the record date to determine eligibility for shareholders. The company posted sequential earnings growth of 17.7% 213.6 crore for the quarter ended September FY23.

MTNL: State-owned MTNL said on Thursday its shareholders approved a proposal to increase to 17,571 crore through private placement government-guaranteed debt bonds. Shareholders of the loss-making public sector telecom company have also increased the board’s power to up to 35,000 crore from banks and other financial institutions, according to the outcome of the audited report of MTNL’s annual general meeting on Oct. 10.

Tata Steel: Tata Steel Long Products, a subsidiary of Tata Steel, said on Thursday that the company has acquired shares in its subsidiary Neelachal Ispat Nigam Limited, for an amount of 300 crores. The company has acquired 4,68,75,000 shares of 10 each with a premium of 54 per share. The company will now own 95.81% of Neelachal Ispat Nigam Ltd.

Coal India: As part of its clean energy diversification program, Coal India Limited (CIL) on Thursday signed a Memorandum of Understanding (MoU) with the Rajasthan Vidyut Utpadan Nigam Limited (RRVUNL) for the development of a 1190 MW solar power plant in the state, the Coal Department said in a statement. The project would boost CIL’s pursuit of solar power generation as part of its clean coal energy diversification program.

Anand Rathi Wealth: Anand Rathi Wealth, a non-bank wealth solutions company, reported a 41% increase in after-tax profits on Thursday at 43 crore for three months ending September 2022. In comparison, the company had a PAT (profit after tax) of 30.4 crore in the same quarter ahead of the fiscal year, Anand Rathi Wealth, part of Mumbai-based financial services firm Anand Rathi, said in a statement.