Market Commentary - Stock Alert
ITC, Hero MotoCorp, RIL, Infosys to be watched As on : 16-Aug-23  08:40

ITC: The FMCG major's standalone net profit jumped 17.59% to Rs 4,902.74 crore in Q1 FY24 as compared with Rs 4,169.38 crore recorded in same quarter last year. Revenue from operations declined 7.23% to Rs 16,995.49 crore during the quarter from Rs 18,320.16 crore posted in corresponding quarter last year.

Meanwhile, the board has approved the Scheme of Arrangement amongst ITC and ITC hotels, upon this Scheme becoming effective and in consideration of the transfer and vesting of the demerged undertaking from ITC to the resulting company in terms of the said Scheme, for every 10 Ordinary Shares of face and paid-up value of Re 1 each held in the demerged company, will get 1 equity share of face and paid-up value of Re 1 in the resulting company.

Hero MotoCorp: The company has received a family settlement agreement from the promoters. The Management and Control of the Listed Entity shall vest with the family group comprising of Santosh Munjal, Renu Munjal, Suman Kant Munjal and Pawan Munjal. Sunil Kant Munjal shall exit from the management and control of Hero MotoCorp, including any position held as Joint Managing Director.

Infosys: Liberty Global plc (Liberty Global), one of the world's leading converged video, broadband and communications companies, and Infosys announced that they have expanded their collaboration to evolve and scale Liberty Global's cutting-edge digital entertainment and connectivity platforms. The parties have entered into an initial 5-year agreement, with an option to extend to 8 years and beyond. Infosys will provide services to Liberty Global estimated at ?1.5 billion over the initial 5-year term and at ?2.3 billion if the contract is extended to 8 years.

Mahindra & Mahindra (M&M): Mahindra Tractors, a part of the Mahindra Group, has launched its future-ready range of tractors - the Mahindra OJA - at Futurescape, an event held in Cape Town, South Africa. M&M showcased its new Global Pik Up concept at its signature Futurescape event in Cape Town.

Reliance Industries (RIL): Reliance Jio Infocomm (RJIL), announced that it has completed its minimum roll-out obligations in each of the 22 Licensed Service Areas (?LSA?), across each of the spectrum bands, ahead of time under the terms of the spectrum allocated to it on 17 August 2022. On 19th July 2023, RJIL had completed submission of the prescribed details towards completion of the Phase 1 minimum roll-out obligation with the Department of Telecommunications (?DoT) Units and by 11th August 2023, necessary DoT testing was completed in all circles.

InterGlobe Aviation (IndiGo): Gangwal family, the promoter group of InterGlobe Aviation, may reportedly sell up to Rs 3,730 crore or $450 million worth shares via block deals. Gangwal family has put 1.56 crore shares on the block with a floor price of Rs 2,400 per share, as per reports.

SBFC Finance: Shares of SBFC Finance will debut on the bourses today. The issue price is Rs 57 per share.

Vodafone Idea: The company reported net loss of Rs 7840 crore in Q1 FY24 as compared with net loss of Rs 7296.7 crore recorded in same quarter last year. Gross revenue rose to Rs 10655.5 crore during the quarter from Rs 10410.1 crore posted in corresponding quarter last year.

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