Market Commentary - Stock Alert
TCS, Maruti Suzuki, IndusInd Bank, Grasim in spotlight As on : 12-Oct-23  08:49

Tata Consultancy Services (TCS): The IT major's consolidated net profit rose 2.42% to Rs 11,342 crore in Q2 FY24 as against Rs 11,074 crore reported in Q1 FY24. Revenue from operations rose marginally to Rs 59,692 crore during the quarter from Rs 59,381 crore posted in Q1 FY24. On a year on year (YoY) basis, the IT firm's net profit increased 8.73% and net sales grew by 7.92% in Q2 FY24. TCS said that its board has approved a share buyback of upto Rs 17,000 crore at a price of Rs 4,150 per equity share through tender offer route, on a proportionate basis.

HCL Technologies, Infosys: Both these IT majors will today, 12 October 2023 announce financial results for the quarter ended 30 September 2023.

Maruti Suzuki India: The company has started exports of its off-roader, the Jimny 5-Door. The vehicle will be shipped to destinations including Latin America, Middle East, and Africa regions.

IndusInd Bank: The Reserve Bank of India has given its approval to SBI Mutual Fund for acquiring up to 9.99% of the paid-up share capital in IndusInd Bank. The RBI has advised SBI MF to acquire the said shareholding in the bank within a period of one year i.e. by 10 October 2024.

Grasim Industries: A meeting of the board of directors of the company is scheduled on 16 October 2023 to consider and approve the proposal for raising of fund by way of equity shares or other securities through rights issue, qualified institutions placement, preferential issue or any other method.

Cipla: The United States Food and Drug Administration (USFDA) had inspected the manufacturing facility of InvaGen Pharmaceuticals Inc., wholly owned subsidiary of the company located in Central Islip, Long Island, New York, USA. The company has received the EIR (Establishment Inspection Report) from the USFDA on the classification of the above-referred inspection as Voluntary Action Indicated (VAI).

Plaza Wires: Shares of the company will debut on the bourses today, 12 October 2023. The issue price is Rs 54 per share.

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