Stocks To Watch Today: Wipro, HUL, Nestle, ITC, BoB, TCS & More

On Thursday, 19th October 2023, some of the hot stocks that the market will closely watch are Wipro, Bank of Baroda, HUL, Nestle, ITC, and TCS among others.

Wipro

In the quarter that ended on September 30, 2023, Wipro reported a consolidated net profit of Rs. 2,646.3 crore, a 7.8% drop from the profit of Rs. 2,870.1 crore in the prior quarter. In contrast to the profit of Rs 2,659 crore in Q2 of FY23, the PAT was steady.

Gross revenue was Rs 225.2 billion ($2.7 billion1), a 0.1% YoY decline. Revenue for the IT services division was $2,713.3 million, down 2.3% QoQ. The quarter's net income was Rs 26.5 billion ($318.5 million1), a 0.5% YoY decline. Operating cash flows for Q2FY24 were Rs 38.6 billion ($465.0 million), or 145% of net income. Voluntary attrition remained mild QoQ, reaching a 9-quarter low of 13.4% in Q2'24.

TCS

In addition to receiving the World Intellectual Property Organization's (WIPO) National Award for Enterprises, Tata Consultancy Services (TCS) has been selected as the winner of the National Intellectual Property Award 2023 in the category of "Top Public Limited Company for Patents Filing, Grant & Commercialization in India in the field of Service/Others Sector."

IIFL Finance

The company declared a net profit after tax of Rs. 526 Cr for the quarter ended September 30, 2023, up 32% YoY. For Q2FY24, the company's annualised ROE and ROA were 20.1% and 3.9%, respectively. Operating profit before provisions for the quarter was Rs. 922 Cr., increasing 41% YoY. As of September 30, 2023, the GNPA was 1.8%, down 58 bps YoY, while the NNPA was 1.0%, down 20 bps YoY. As of September 30, 2023, the total CRAR2 was 20.5%, above the minimum regulatory threshold of 15%.

At the end of the second quarter of fiscal year 24, there were 4,596 branches nationwide, up from 4,412 branches the previous quarter. As of September 30, 2023, the firm has Rs 9,078 Cr in cash and cash equivalents as well as committed credit lines from banks and institutions. It raised Rs 5,502 Cr throughout the quarter through term loans, bonds, and refinancing. Additionally, loans were directly assigned to raise Rs 4,288 Cr.

Bank of Baroda

Following an internal probe, the state-owned institution Bank of Baroda suspended a number of employees, sources told CNBC-TV18 on Wednesday. The improper registration, activation, and deregistration of the "bob World" app without customers' authorization is what led to the suspension. Such behaviour is regarded as being against the bank's regulations.

ITC

On Wednesday, the company entered into binding agreements to purchase an additional 2,286 equity shares worth Rs 10 each of Delectable Technologies Private Limited, a subsidiary, subject to the fulfilment of predetermined criteria. Upon acquisition of the aforementioned shares, the company's fully diluted shareholding stake in Delectable will increase from 33.42% to 39.32%. ITC is scheduled to declare its Q2FY24 results today.

Oracle Financial Services Software

Revenue for the quarter ended 30th September 2023 of the firm was Rs. 1,445 Crore on a consolidated basis, up 5% from the same period last year. The quarter's net income was Rs. 417 Crore, up 5% YoY from Q2FY23. Operating income was Rs. 531 Crore for the quarter, a 2% YoY from the year-ago quarter.

Hindustan Unilever

The FMCG giant is scheduled to release its results for the quarter ended 30th September 2023. The company has fixed 2nd November 2023, as the record date for the purpose of interim dividend.

Nestle

The company will declare its Q2FY24 results today. On October 19, the board of directors of Nestle India stated it would look into a proposal of stock split of shares with a face value of Rs. 10 apiece. The board of the corporation will also consider and declare a second interim dividend for 2023.

Coforge

The firm reported solid operating and financial performance characterised by significant growth, growing margins, and maintaining business momentum. Revenue for the Q2FY24 was INR 22,762 million and $278.1 million. Revenue climbed QoQ by 2.3% in constant currency, 2.3% in USD, and 2.5% in INR terms. Revenue climbed YoY by 14.1% in CC, 12.6% in USD, and 16.2% in INR during the quarter ended 30th September 2023. Consolidated Profit After Tax (PAT) for the second quarter of current fiscal was INR 1,810 million, up 9.5% QoQ, while the company's EBITDA margin, at 17.6%, climbed by 160 bps Q-o-Q.

IndusInd Bank

On Wednesday, the bank said that its net profit for the quarter that ended on September 30, 2023, was Rs 2,202 crores, which is a rise of 22% YoY from Rs 1,805 crores during the same period of the previous fiscal. Its Net Interest Income (NII) climbed by 18% YoY and 4% QoQ for Q2FY24, to reach Rs 5,077 crores. The net interest margin for the second quarter of FY 2024 was 4.29% as opposed to 4.24% for the second quarter of FY 2023 and 4.29% for the first quarter of FY 2024.