Stocks to watch: HCL Tech, ZEEL, FMCG – Mint

Sensex closed 452 points higher and NIfty at over 18,150, record levels for both indices, on Wednesday.Premium
Sensex closed 452 points higher and NIfty at over 18,150, record levels for both indices, on Wednesday.

3 min read . Updated: 14 Oct 2021, 07:12 AM IST Ajith Kumar

  • Trading in global markets has started with gains as traders assessed the durability of the economic recovery to inflationary pressures and a looming reduction in the Federal Reserve’s pandemic-era stimulus

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

HCL Tech: The tech company is slated to announce its results for the September quarter today. In the light of both Infosys and Wipro delivering results above expectations, and the company itself outperforming both the Nifty50 and Nifty IT pack by a wide margin in the recently concluded quarter HCL Tech will be keenly watched. 

FMCG stocks: Some of the fast-moving consumer goods companies, particularly in the foods segment could profit from the reduction in customs duties on edible oil. The central board of indirect taxes and customs has scrapped import duties on crude varieties of palm oil, soyabean oil and sunflower oil until 31 March 2022. However, duties on refined soya oil and refined sunflower oil still remain in place.

Mindtree: IT company Mindtree on Wednesday reported a net profit of 399 crore for the quarter ended 30 September. The profit marked a sequential rise of 16.2% from the net profit of 343.4 crore in the previous quarter. With the results being declared after market hours on Wednesday.

Infosys: Infosys on Wednesday reported a net profit of 5,421 crore for Q2FY22. That marked a sequential rise of 4.4%. Its revenue came in at 29,602 crore, up 6.1% compared with the previous quarter. The profits beat estimates.

Wipro: The tech major on Wednesday reported a 17% year on year jump in consolidated net profit to 2,930 crore for the second quarter ended September 2021. In the corresponding quarter last year, the Bengaluru-headquartered company posted a net profit of 2,465.70 crore. Its consolidated revenue increased by about 30% to 19,667 crore in the reported quarter from 15,114 crore in the same period last fiscal. 

Infrastructure sector stocks: The government on Wednesday launched the PM Gati Shakti scheme under which a 100 trillion national master plan for multi-modal connectivity has been drawn up to develop infrastructure and to reduce logistics costs and boost the economy. The move is expected to benefit chiefly the infrastructure sector, and allied sectors stand to benefit from the move. Although the scheme was launched during trading hours, its full import might be factored in and could spill over into Thursday.

ZEEL: The plot is thickening in the Invesco-Zee dispute with the back and forth also dragging Reliance into the dispute. The developments will be keenly watched.

JSW Steel: The chairman and managing director of JSW Steel Ltd, Sajjan Jindal, has been elected chairman of the World Steel Association (WSA) for 2021-22. Jindal is the first representative from India to serve as chairman of the WSA. Worldsteel acts as the focal point for the steel industry, providing global leadership on all major strategic issues impacting the industry, particularly focusing on economic, environmental and social sustainability. The election of Jindal gives the steel industry in India added leverage in the global affairs of the industry and could factor in trading today.

Puravankara Ltd: Realty firm Puravankara Ltd will invest around 420 crore for construction of two residential projects in Mumbai and Bengaluru and is targeting over 1,250 crore sales revenue over the next four years from these properties on the back of rising housing demand. The company on Wednesday launched two projects—‘Provident Palm Vista’ located near Shil Phata, Mumbai with one million square feet of saleable area and ‘Tivoli Hills’ located near Devanahalli, Bengaluru having a total saleable plot area of about 1.4 million square feet. The stock, which has been in the red for the week, could get a fillip from the proposed move.

Utilities stocks: The coal shortage, which the government has been in denial of, is likely to impact the power sector if necessary measures are not adopted. It has been reported that as of Tuesday, 61 of India’s 135 coal-fired plants have supplies that will last two days, or less. The situation is likely to further impact the power sector adversely. Stocks in the sector could feel the heat of the developing situation.

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