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Infosys reports 12.3% QoQ increase in Q2FY23

Written by - Team Fisdom

October 14, 2022 3 minutes

Opening Bell:

SGX Nifty is up by 283 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian markets jumped on Friday taking positive cues from Wall Street overnight as investors shook off strong inflation report. The Japanese Nikkei advanced 2.92 percent and South Korea’s Kospi is up by 2.21 percent. Hong Kong’s Hang Seng also rallied 2.43 percent in the early morning trades.

US stocks surged to close more than 2% higher on Thursday, as technical support and investors covering short bets drove a dramatic rebound from a selloff earlier in the day. S&P 500 closed 2.60 percent higher where as Nasdaq composite was up by 2.23s percent.

India’s headline retail inflation measured by the Consumer Price Index (CPI) rose to 7.41 percent in September from 7.00 percent in August. At 7.41 percent, the September CPI inflation figure was slightly above the consensus estimate

Stocks News:

? Infosys reports 12.3% QoQ increase in profit with constant currency revenue growth at 4% in Q2FY23 & deal wins at $2.7 billion. The IT services company reported earnings (except topline) above analysts’ estimates for Q2FY23 with profit climbing 12.3% sequentially to Rs 6,021 crore and revenue growing 6% QoQ to Rs 36,538 crore.

? Mindtree Q2 earnings beat estimates, profit rises 7.9% QoQ to Rs 508.7 crore and revenue grows 8.9%. The midcap IT services company reported earnings above analysts’ estimates for the quarter ended September FY23 with profit rising 7.9% sequentially to Rs 508.7 crore and revenue in rupee terms growing 8.9% QoQ to Rs 3,400.4 crore.

? HDFC Life Insurance Company gets final approval of IRDAI for Exide Life Insurance merger. The company has received final approval from Insurance Regulatory and Development Authority of India (IRDAI) for the merger of Exide Life Insurance with itself.

? Angel One Q2 profit grows 17.7% sequentially to Rs 213.6 crore, total income rises 9% QoQ. The company posted a 17.7% sequential growth in profit at Rs 213.6 crore for the quarter ended September FY23, with consolidated total income growing 9 percent QoQ to Rs 745.9 crore during the same period.

? Foreign institutional investors (FIIs) net sold shares worth Rs 1,636.43 crore whereas domestic institutional investors (DIIs) net bought shares worth Rs 753.29 crore on October 13, as per provisional data available on the NSE.

Domestic and International Events

  • US inflation jumped more than expected in September, according to government data released Thursday, in the latest sign that pricing pressures have become more intractable despite aggressive central bank action.
  • Oil prices slipped in early Asian trade on Friday as US crude and gasoline inventories jumped, while Saudi Arabia and Washington continued to clash over plans by OPEC+ to slash production.
  • Reflecting the overall decline in fund flows into startups especially since the Ukraine war, private equity investments plunged 77.5 percent to $3.84 billion in the September quarter. On a sequential basis, fund inflows declined 43.5 percent from $6.80 billion in the June quarter and a massive 77.5 percent from $17.05 billion in the September 2021 quarter.
  • South Korea’s unemployment rate rose in September from a record low set in August while employment fell slightly, data showed on Friday, a sign that a year-long policy tightening campaign and slowing exports have begun to cool the economy.
  • Economists opine that retail inflation will start moderating from October 2022, reported Business Standard. Capital Economics India economist Shilan Shah is of the view that late recovery in the monsoon has boosted prospects for agriculture production, which should help in controlling prices.

Key Equity Indices

EMERGING LATEST % 1D
Hang Seng 16,389 (1.9) %
Shanghai Composite 3,016 (0.3) %
DEVELOPED LATEST % 1D
Dow Jones 30,039 2.8 %
DAX 12,356 1.5 %
FTSE 100 6,850 0.4 %
Nikkei 26,237 (0.6) %
Straits Times 3,040 (1.4) %

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