Stocks to Watch; Infosys, HCL Tech, Maruti Suzuki, Vedanta, IndiGo, Zee and others in news

Here are the top stocks that could be in focus in today’s trade:

1. Infosys: Infosys, one of the leading IT services companies, reported a 3.2% year-on-year increase in its consolidated net profit for the second quarter of the fiscal year 2024, reaching ₹6,212 crore. However, the company has revised its revenue growth guidance to 1%-2.5% from the previous range of 1%-3.5%.
2. HCL Tech: HCL Technologies posted a consolidated net profit of ₹3,832 crore, a 9.8% increase compared to the same period last year. This growth is attributed to a strong deal momentum, despite macroeconomic challenges in the IT sector. The company’s revenue from operations for the current quarter reached ₹26,672 crore, an 8.04% increase from the previous year.
3. Maruti Suzuki: Maruti Suzuki is set to discuss the issuance of preferential shares to its parent company at a Board of Directors Meeting scheduled for October 17. The equity shares will be issued to acquire Suzuki Motor Gujarat Private Limited, following the termination of the contract manufacturing agreement.
4. Vedanta: Vedanta Ltd has established a wholly-owned subsidiary, ‘Vedanta Iron and Steel Ltd,’ as part of its demerger plan. This move aligns with the company’s decision to demerge its business, as announced on September 29.
5. IndiGo: Over 76,000 passengers of budget carrier IndiGo were affected by flight cancellations and delays of over two hours in September. However, India’s domestic air passenger traffic saw a growth of 29.10% in September, with IndiGo accounting for a significant 63.4% share of the total traffic.
6. Zee Entertainment: The NCLAT has adjourned the hearing to October 13 on Axis Finance’s plea against the merger of Zee Entertainment Enterprise with Culver Max Entertainment, formerly Sony Pictures Networks India. IDBI Bank will also present a plea challenging the NCLT’s approval of the merger on August 10, 2023.
7. One97 Communications: The Reserve Bank of India imposed a ₹5.39 crore fine on Paytm Payments Bank for non-compliance with RBI guidelines related to Know Your Customer (KYC) and cybersecurity. The bank failed to report a cybersecurity incident in a timely manner.
8. Persistent Systems: HDFC Asset Management Co. Ltd has sold over 2% of its stake in Persistent Systems Ltd, raising at least ₹905 crore. This reduced HDFC AMC’s stake in the IT firm to 3.06%.
9. Zaggle Prepaid Ocean: Zaggle has secured a $20 million (about ₹166 crore) deal from Visa to issue forex co-brand cards over five years. This partnership expands Visa’s support for the issuance of such cards.
10. 360 One Wam: Norway’s central bank, Norges Bank, acquired shares of wealth management firm 360 One Wam Ltd for ₹167 crore through an open market transaction. Norges Bank made this purchase on behalf of the Government Pension Fund Global. The shares were bought at an average price of ₹511.20 each, amounting to ₹167.46 crore.