HCL Tech rallies on net profit rises 7 percent

The Markets Today in a nutshell

• Domestic benchmark indices ended on a negative note.
• Weak domestic economic data impacted investor sentiments. India’s consumer price inflation rose to a five-month high of 7.41% in September from 7% in August. Industrial production in India declined 0.8% year-over-year in August, reversing a 2.2% rise in July. This was the first decrease since February 2021.

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News you could use

? HCL Tech rallies on net profit rises 7 percent
The company’s consolidated net profit for Q2FY23 increased 7 percent to Rs 3,489 crore from Rs 3,259 crore reported a year ago. The management also increased revenue guidance to 13.5-14.5 percent YoY in constant currency terms, thanks to higher deal wins.

? NALCO share price gained after aluminum prices surged on LME
Aluminium prices on the London Metal Exchange (LME) soared on reports of the US considering a ban on Russian aluminium. Analysts believe this could work out in favour of Indian companies as the demand for aluminium in international markets is huge.

? Adani Wilmar share price drops as tepid company guidance
The FMCG firm’s share price dropped 3.6 percent as the company expects its revenue for September FY23 quarter to grow in low single digits compared to the year-ago period. Revenues and volumes for the first half of FY23 are expected to register low double-digit growth.

News from the IPO world?

• Fidelity, HDFC Mutual Fund eye India’s Five Star IPO at lower valuation
• Sahyadri sets up subsidiary to raise funds, IPO also on cards 
• Kaynes Technology gets SEBI’s go ahead to float IPO

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