Produced by: Prashun Talukdar Designed by: Mohsin Shaikh
"Investors are hoping that likely rate cuts by the US Fed later this year would improve the scenario for the IT sector, which will enable big clients to increase spending on IT sourcing," said Prashanth Tapse, Senior VP (Research) at Mehta Equities. On the stock-specific front, Jio Financial, DMart, HCL Tech and few other counters will be in focus today.
Shares of Jio Financial Services moved 1.47% up to close at Rs 255.20 in the previous trading session. The company is slated to declare its quarterky results today.
Shares of Avenue Suparmarts (DMart owner) climbed 0.56% to close at Rs 3,840.10. The company reported a consolidated net profit of Rs 690.41 crore in the third quarter of fiscal year 2023-24, up 17.09% from Rs 589.64 crore in the year-ago period.
Sukhjit Starch & Chemicals Ltd shares rose 0.94% to close at Rs 590.70. The company will turn ex-dividend today. And, the dividend amount is Rs 8 per share.
Shares of Tata Coffee Ltd jumped 3.57% to settle at Rs 344.80. The stock will trade ex-spinoff from today. Tata Coffee has merged with TCPL Beverages & Foods, a wholly owned subsidiary of Tata Consumer Products with effect from January 1, 2024. Tata Consumer will issue one equity share for every 22 equity shares held in Tata Coffee to existing shareholders.
Shares of HCL Technologies Ltd surged 3.85% to close at Rs 1,543. The IT major's third-quarter net profit rose 6.2%, to Rs 4,350 crore from a year earlier.
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