Stocks in news: Vodafone Idea, VIP Industries, Tejas Networks, ITC and more
Stocks to watch out for today: Vodafone Idea, Infosys, IndiGo, ZEE Entertainment, VIP Industries, Tejas Networks, ITC, Ashok Leyland and more
Domestic equity market closed lower on Friday amid mixed global cues. Sensex fell 365 points to end the session at 65,322 and Nifty slipped 115 points to settle at 19,428.
Here’s a look at stocks that are likely to remain in news today.
The company’s board has approved acquisition of 100% of Ohm Global Mobility Pvt Ltd from OHM International Mobility for a nominal consideration of Rs 1 lakh. As the company is yet to become operational, the consideration was nominal.
ITC reported a 17.58 per cent year-on-year (YoY) rise in standalone net profit at Rs 4,902.74 crore for the June quarter compared with Rs 4,169.38 crore in the same quarter last year. Revenue for the quarter came in at Rs 16,995.40 crore, down 7.23 per cent YoY over Rs 18,320.16 crore in the same quarter last year.
Debt-ridden telecom operator Vodafone Idea said its consolidated net loss widened to Rs 7,840 crore in the first quarter ended June 30. The company had posted a net loss of Rs 7,295.7 crore in the same period a year ago. The consolidated revenue from operations during the reported quarter increased marginally by 2.3 per cent to Rs 10,655.5 crore from Rs 10,406.8 crore in June 2022 quarter.
Tejas Networks, part of the Tata Group, that designs and manufactures wireless networking products, said it has received a purchase order worth Rs 7,492 crore for equipment from Tata Consultancy Services, also part of the Tata Group.
Shares of VIP Industries are in focus after the company said its managing director Anindya Dutta tendered his resignation on August 14, which would be effective from the close of business hours on November 13. VIP said Dutta resigned due to personal reasons.
Shares of ZEE Entertainment Enterprises (ZEE) are in focus after the markets regulator Sebi said it would conclude the investigations pertaining to Subhash Chandra and Punit Goenka within eight months. Sebi clarified that till the order, the Chandra and Goenka should not hold positions of a director or a KMP in ZEE, other public listed companies and their wholly owned subsidiaries, which are under the control of entities and have been identified as a part of the scheme.
Shares of InterGlobe Aviation (IndiGo) are in focus today as Gangwal family, the promoter group, may sell up to Rs 3,730 crore or $450 million worth shares via block deals, a media report suggested. Gangwal family has put 1.56 crore shares on the block with a floor price of Rs 2,400 per share, which is a 5.8 per cent discount to the closing price of Monday, an ET report citing the term sheet suggested.
Shares of Infosys are in focus today after the IT major bagged an order worth $1.6 billion to evolve and scale Liberty Global’s digital entertainment and connectivity platforms. Infosys has been supporting Liberty Global’s technology services platforms since February 2020.