Stocks to watch: HCL Tech, ZEEL, FMCG

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NEW DELHI : Here are the top ten stocks that were in the news on Wednesday

HCL technology: The technology company will announce its September quarter results today. HCL Tech is being watched closely given that both Infosys and Wipro delivered results above expectations and the company even outperformed both the Nifty50 and Nifty IT packages by a wide margin in the quarter just ended.

FMCG shares: Some of the fast moving consumer products companies, especially those in the food sector, could benefit from lowering tariffs on edible oil. The Central Agency for Indirect Taxes and Duties has abolished import duties on raw varieties of palm oil, soybean oil and sunflower oil by March 31, 2022. However, the tariffs on refined soybean oil and refined sunflower oil remain in place.

Thought Tree: The IT company Mindtree reported a net profit of Wednesday 399 crore for the quarter ended September 30. The profit marked a sequential increase of 16.2% over the net profit of EUR 343.4 billion in the previous quarter. The results will be announced on Wednesday after the market closes.

Infosys: Infosys reported net income of on Wednesday 5,421 crore for Q2GJ22. That meant a sequential increase of 4.4%. The income amounted to 29,602 crore, 6.1% more than the previous quarter. Profits exceeded estimates.

Wipro: The tech major reported a 17% year-over-year increase in consolidated net income on Wednesday 2,930 crore for the second quarter to September 2021. In the corresponding quarter of last year, the Bengaluru-based company achieved a net profit of 2,465.70 billion. Group sales rose by around 30% 19,667 crore in the quarter under review from 15,114 crore in the same period of the last fiscal year.

Infrastructure stocks: The government launched Prime Minister Gati Shakti’s program on Wednesday, in which a 100 trillion national multimodal connectivity master plan has been created to develop infrastructure, reduce logistics costs and stimulate the economy. The move is expected to primarily benefit the infrastructure sector and related sectors will benefit from the move. Although the program was launched during trading hours, its full import could be considered and spill over by Thursday.

ZEEL: The plot intensifies in the Invesco-Zee dispute, with the back and forth also pulling Reliance into the dispute. The developments are followed closely.

JSW steel: JSW Steel Ltd Chairman and CEO Sajjan Jindal has been elected Chairman of the World Steel Association (WSA) for 2021-22. Jindal is the first representative of India to serve as chairman of the ESC. Worldsteel acts as a single point of contact for the steel industry and is a global leader in all key strategic issues affecting the industry, particularly with a focus on economic, environmental and social sustainability. The choice of Jindal gives the steel industry in India additional leverage in the global affairs of the industry and could take trade into account today.

Puravankara Ltd: The real estate company Puravankara Ltd will invest around 420 crore for the construction of two residential projects in Mumbai and Bengaluru and aims at over 1,250 crore sales proceeds from these properties over the next four years due to the increasing demand for housing. The company launched two projects on Wednesday – Provident Palm Vista near Shil Phata, Mumbai with a million square feet of retail space and Tivoli Hills near Devanahalli, Bengaluru with a total area of ​​approximately 1.4 million Square feet. The stock, which has been in the red since the week, could be boosted by the proposed move.

Pension shares: The coal shortage denied by the government is likely to have an impact on the power sector if the necessary measures are not taken. It was reported that as of Tuesday, 61 of India’s 135 coal-fired power plants had supplies of two days or less. The situation is likely to continue to have a negative impact on the electricity sector. Stocks in the sector could feel the heat of the developing situation.

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