Market Commentary - Stock Alert
Infosys, LTIMindtree, Tata Elxsi, Sheela Foam in focus As on : 18-Jul-23  08:34

Infosys: Infosys has entered into framework agreement with one of its existing strategic clients to provide AI and automation led development, modernization and maintenance services. The total client target spend over 5 years is estimated at $2 billion.

LTIMindtree: LTIMindtree recorded 3.4% increase in consolidated net profit to Rs 1,152.3 crore in Q1 FY24 as against Rs 1,114.1 crore in Q4 FY23. Revenue from operations rose marginally to Rs 8,702.1 crore during the quarter from Rs 8,691 crore posted in Q4 FY23.

Tata Elxsi: Tata Elxsi reported net profit of Rs 188.85 crore in Q1 FY24 as against Rs 184.72 crore in Q1 FY23. Total income from operations rose to Rs 872.48 crore during the quarter from Rs 736.20 crore posted in Q1 FY23.

Sheela Foam: Sheela Foam announced two simultaneous deals, with controlling stake in Kurlon Enterprises Limited (KEL) and a stake in Furlenco furniture. Sheela Foam is acquiring 94.66% shareholding in KEL at an equity valuation of Rs. 2150 crores (cost of acquiring 94.66% around Rs. 2035 crore). Sheela Foam is also investing in 35% shareholding in HOK-Furlenco for an equity valuation of Rs. 857.14 crs (cost of investing in 35% stake is Rs. 300 crore).

Amara Raja Batteries: Foreign investor Clarios ARBL Holding LP is reportedly likely to exit the automotive battery manufacturer selling its entire 14% stake via stake sale in a block deal today, 18 July 2023. The floor price has been set at Rs 651 per share, as per reports.

RPP Infra Projects: RPP Infra Projects and Hs Engineers Associates, RPP-HSEA JV, has been received a letter of acceptance for new project in Hamirpur district, Himachal Pradesh at the cost Rs 138.24 crore.

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