Stocks in news: Infosys, RITES, Paytm, Persistent Systems, IRCON and more

The domestic equity market closed lower on Thursday. Sensex lost 64.67 points to 66,408 and Nifty ended 17 points lower at 19,794.

Here’s a look at stocks that are likely to remain in news today.

Infosys

Infosys shares are in news today after the IT firm reported a 3% year-on-year (YoY) rise in its Q2 net profit. Infosys cut the upper end of its annual revenue guidance, raising concerns about near-term demand.

HCL Tech

Shares of HCL Technologies are in news today after the IT firm reported a 10% rise in second-quarter profit helped by a robust deal momentum even as larger macroeconomic weakness persisted. The firm reported net profit of Rs 3,832 crore in Q2FY24 as against Rs 3,487 crore in Q2FY23.

IRCON International

Shares of IRCON International are in news today as the government has granted Navratna status to the state-owned firm.

Maruti Suzuki

Car maker Maruti Suzuki will consider and approve the issue of equity shares to Suzuki Motor Company (SMC) in a meeting on Tuesday, October 17. The shares will be issued to Suzuki Motor Corporation on a preferential basis to discharge the consideration payable by Maruti for the acquisition of a 100% equity stake of the former in Suzuki Motor Gujarat Private Ltd.

RITES

Shares of RITES are in focus today as the central government has decided to grant Navratna status to the engineering consultancy firm. In addition, the board of the firm said it is likely to consider payment of second interim dividend.

HDFC Asset Management Company

The firm reported a net profit of Rs 436.5 crore for the quarter ended September 2023, logging a growth of 20% year-on-year (YoY). The company posted a net profit of Rs 363.8 crore in the year-ago quarter.

Paytm

Paytm shares are in news today as the Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5.39 crore on Paytm Payments Bank for non-compliance. One 97 Communications (Paytm's parent) stock slipped 1.47% to end at Rs 957.60.

HDFC Life

HDFC Life Insurance Company will announce its second-quarter (Q2) earnings for the financial year 2023-24 today.

Earnings today

Other companies such as Amal, Artson Engineering, Aditya Birla Money, Den Networks, Gala Global Products, Gujarat Hotels, Hathway Bhawani Cabletel Datacom, Sai Silks (Kalamandir), Premier Capital Services, Som Distilleries & Breweries, S&T Corporation, Tata Steel Long Products and Vivanta Industries will also announce their September quarter results today.

Advance Lifestyles

Advance Lifestyles shares will trade ex-bonus today in a 1:1 ratio. Advance Lifestyles closed 1.98% higher at Rs 123.70 in the previous session.

MRP Agro shares

Shares of MRP Agro will trade ex-bonus in the ratio of 2:1.Separately, BSE and NSE have placed the MRP Agro stock under the long-term ASM (Additional Surveillance Measure) framework.

RMC Switchgears shares

Shares of RMC Switchgears will trade ex-bonus today in a ratio of 1:2.

Sun Pharma

Shares of Sun Pharmaceutical Industries are in focus today after the company presented 'Phase-4 data' showing that CEQUA (cyclosporine ophthalmic solution) 0.09% induces sustained improvement in the signs and symptoms of dry eye disease.

Glenmark Pharmaceuticals

Glenmark Pharmaceuticals said its wholly owned arm Ichnos Sciences has signed an exclusive worldwide licensing agreement with Astria Therapeutics for its OX40 antagonist monoclonal antibody portfolio for use in inflammatory and immune diseases, and will receive $320 million (over Rs 2,660 crore).

IDBI Bank

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, a Reuters report said

Persistent Systems

The country’s third-largest fund house HDFC Asset Management Co. has sold over 2% stake in Persistent Systems for at least Rs 905 crore.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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