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Stocks in news: HCL Tech, Infosys, Wipro, Zee Entertainment Enterprises and more

Stocks in news: HCL Tech, Infosys, Wipro, Zee Entertainment Enterprises and more

Equity market ended higher for the fifth consecutive session on Wednesday, tracking gains in Reliance Industries, ITC and Infosys amid a positive trend in global markets.

Stocks in news: HCL Tech, Infosys, Wipro, Zee Entertainment Enterprises and more Stocks in news: HCL Tech, Infosys, Wipro, Zee Entertainment Enterprises and more

Indian benchmark indices are likely to open higher amid positive global cues.

Equity market ended higher for the fifth consecutive session on Wednesday, tracking gains in Reliance Industries, ITC and Infosys amid a positive trend in global markets.

Sensex ended 452.74 points or 0.75 per cent higher to a new closing peak at 60,737.05 and Nifty rallied 169.80 points or 0.94 per cent to 18,161.75.

Here are the stocks that are likely to be in focus today.

HCL Tech: The company will announce its September quarter results today.

Zee Entertainment Enterprises: Zee Entertainment Enterprises Ltd (ZEEL) responded to questions raised by investment firm Invesco about the company's merger deal with Sony Pictures Networks India and clarified about some of the concerns raised.

Responding to the question on non-compete fee, the company said that the deal with Sony contemplates the promoters of Sony becoming the majority shareholders of the merged company, and in order to ensure that they can build value in the merged company, Sony insisted that the erstwhile promoters of the company do not engage in any competing business with the merged company.

"In lieu of such non-compete obligations being undertaken by the present promoter group, the promoters of Sony will be transferring approx. 2.11 per cent shares in the merged company to the promoter group. We would like to highlight here that this will be a secondary transfer from the promoters of Sony (not a primary issuance) and, accordingly, will not be dilutive to any of the shareholders of the company as it is a private arrangement between two shareholders," ZEEL said in a filing to the stock exchanges.

Infosys: Higher demand environment for digitisation services, especially in cloud and data analytics from the enterprises, has given a renewed confidence to the IT giant, Infosys, which has increased its revenue growth guidance in the range of 16.5-17.5 per cent for FY22 instead of 14-16 per cent it predicted earlier. This is despite the attrition rate climbing to 20.1 per cent in the September quarter (Q2, FY22) from 13.9 per cent last quarter amidst talent war going on in the IT industry currently.

The demand environment for digitisation spends hasn't gone down considerably, Infosys CEO, Salil Parekh told BusinessToday.in in a reply to a question. He added that with markets re-opening globally, and people reporting to work, the spending on remote work technology may have reduced, however, the cloud and data analytics have continued to see a strong traction from the clients.

Hero MotoCorp: The company said it has tied up with Gilera Motors Argentina to reinvigorate and expand its operations in one of the key markets in South America, in line with its aggressive global business strategy.

As part of the agreement, Gilera Motors will be the exclusive distributor for the sale and service of Hero MotoCorp motorcycles and scooters in Argentina.

Wipro: Information technology giant Wipro on Wednesday reported a 18.9 per cent year-on-year (YoY) rise in its consolidated net profit for July-September quarter at Rs 2,930 crore. The company had reported a net profit of Rs 3,248 crore in the preceding June quarter.
 
Wipro's revenue from operations rose 30.1 per cent YoY to Rs 19,667.4 crore during the quarter under review. On a sequential basis, revenue was 7.8 per cent higher than in the June quarter.

Mindtree: Bengaluru-headquartered IT services firm Mindtree on Wednesday reported a net profit of Rs 398.9 crore, up 57.2 per cent for the quarter ended September 30, 2021.

The company's consolidated profit grew by 16.2 per cent and revenue 12.8 per cent from the previous quarter. The company's revenue was up 34.3 per cent to Rs 2,586.2 crore.

Welspun India: Home textiles major Welspun India launched its upgraded multi-level traceability solution Wel-Trak 2.0, enabled by blockchain, artificial intelligence and cloud technologies, with an aim to track millions of finished products across its value chain.

Wel-Trak 2.0 is an upgrade to Wel-Trak, the company''s patented end-to-end traceability technology introduced in 2018. It is designed to help the stakeholders - from retailers to farmers and manufacturers to suppliers, traders, certifying bodies, and end consumers - to track raw materials throughout the supply chain back to its origin, the company said.

PNB: State-owned Punjab National Bank (PNB) on Wednesday slashed the interest rate on loans against gold jewellery and Sovereign Gold Bond by 145 basis points or 1.45 percentage points as part of its festive offer.

PNB now offers loans against Sovereign Gold Bond (SGB) at 7.20 per cent and loans against gold jewellery at 7.30 per cent, the bank said in a statement.