Infosys Posts 3% YoY Rise in Q2 Net Profit - Top Indian Market Updates
Here are some of the major updates that could move the markets tomorrow:
Infosys Q2 Results: Net profit rises 3% YoY to ₹6,212 crore
Infosys Ltd reported a 3% YoY increase in consolidated net profit to ₹6,212 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue rose 7% YoY to ₹38,994 crore. Infosys adjusted its revenue guidance for FY24. The company now anticipates revenue growth in the range of 1-2.5% in constant currency terms. The IT major has announced a dividend of ₹18 per equity share.
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India's CPI inflation eases to three-month low at 5.02% in Sept
India's retail inflation eased to a three-month low in September, led by lower vegetable prices. The Consumer Price Index (CPI)-based inflation stood at 5.02% in September, compared to 6.83% in August. Food inflation fell to 6.56% in September, against 9.67% in August.
Meanwhile, India’s industrial output as measured by the Index of Industrial Production (IIP) stood at 10.3% in August 2023.
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RBI likely to complete vetting bidders for IDBI Bank by Oct-end
The Reserve Bank of India (RBI) is expected to accelerate a key process of vetting IDBI Bank's potential buyers and complete it by October end, helping speed up the sale of a majority stake in the lender. The Central Govt, which holds 45.48% of IDBI Bank, and LIC, which owns 49.24%, plan to sell 60.7% of the lender. RBI began the vetting process known as 'fit and proper criteria' in April.
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HCL Tech Q2 Results: Net profit rises 9.8% YoY to ₹3,832 crore
HCL Technologies Ltd reported a 9.8% YoY increase in consolidated net profit to ₹3,832 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue rose 8% YoY to ₹26,672 crore. In USD terms, HCL Tech’s revenue grew to $3,225 million, up 0.8% QoQ and 4.6% YoY. The IT major’s board has declared an interim dividend of ₹12 per share.
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JLR sales grew two-fold to 2,356 units in H1 FY24
JLR India reported a 105% year-on-year (YoY) increase in total sales to 2,356 units in the first half of the financial year 2023-24. Of these, 1,000 units were of the Defender which is currently the brand’s best-selling model. The strong half-yearly growth was driven by record sales in both quarters, with Q2 witnessing a 108% YoY growth and retails of 1,308 units.
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Maruti Suzuki to consider equity issue to parent Suzuki
Maruti Suzuki India Ltd will consider issuing equity shares on a preferential basis to its parent company, Suzuki Motor Corp., in a board meeting on October 17. The move is for acquiring a 100% stake in Suzuki Motor Gujarat Pvt Ltd, subject to the approval of the members through postal ballot and all regulatory compliance. At present, Suzuki Motor Corp. holds 100% of the Gujarat manufacturing facility.
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Ircon granted 'Navratna' status
Ircon International Ltd. was granted the status of a 'Navratna' by the Department of Public Enterprises on Thursday. It’s the 15th central public sector enterprise to receive the status of a 'Navratna'. Ircon is a Central Public Sector Enterprise (CPSE) under the Ministry of Railways, with an annual consolidated turnover of ₹10,750 crore and a net profit of Rs 765 crore for FY23.
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RBI imposes ₹5.39 cr penalty on Paytm Payments Bank
The Reserve Bank of India (RBI) has imposed a penalty of ₹5.39 crore on Paytm Payments Bank Ltd for non-compliance with certain provisions, including Know Your Customer (KYC) norms. RBI also found non-compliance with certain provisions related to 'RBI Guidelines for Licensing of Payments Banks', 'Cyber security framework in banks' and 'Securing mobile banking applications including UPI ecosystem'.
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