The Indian stock market is buzzing with activity as investors keep an eye on the following top stocks today: Infosys, HDFC Bank, Reliance, Tata Motors, Vodafone Idea, Angel One, Network 18, Just Dial, Hathway Cable, Quick Heal Technologies, Zee Entertainment, and Tata Steel. These stocks will be in focus as they announce their earnings for the March quarter.
Infosys, the IT giant, recorded a 16% decline in its total profit after tax (PAT) in Q4FY24, showcasing a sequentially weak quarter growth. The company's revenue also dropped by 2.2% on a quarterly basis. However, the company's operating margins stood at 21% in the fourth quarter of the previous financial year.
Reliance Industries has reduced its planned investment in Viacom18 by 70%, with the joint venture between James Murdoch and a former Star India executive now pumping in 43.06 billion rupees ($527.84 million). In other news, Vodafone Idea has reportedly placed an order of approximately ₹200 crore with Chinese company ZTE for network gear, while Invesco Developing Markets Fund is poised to sell its entire 5.65% stake in Zee Entertainment Enterprises Ltd for as much as ₹1,130 crore.
HDFC Bank posted a 19.8% growth year-on-year in net profit to ₹12,047.5 crore for the fourth quarter ending March 31, 2023 (Q4FY23). Meanwhile, Tata Motors has announced its decision to increase the prices of its passenger vehicles, citing rising input costs and regulatory changes that have made car production more expensive. The Indian automaker has stated that the weighted average increase in prices for its passenger vehicles will be 0.6%, varying depending on the model and variant. The price hike is set to take effect from May 1, 2023, as per the automaker's recent press release.
In other news, Zee Entertainment Enterprises Ltd (ZEEL) investor Invesco Developing Markets Fund is set to sell its entire 5.65% stake in the company for as much as ₹1,130 crore. Homegrown information technology (IT) services firm HCL Technologies' head of Digital Business Services, Anand Birje, has resigned, to pursue another opportunity. Birje, who joined HCL Technologies in 2003 in Infrastructure services sales, moved on to lead the D&A (data and analytics) practice in 2017, and later became the head of Digital Business Services in 2021. HCL Technologies continues to have a stable senior talent pipeline and would announce the new leadership shortly. Birje will continue to serve till May 5, 2023, the company said in a statement.
Overall, these stocks are likely to create some ripples in the Indian stock market, and investors are advised to keep a watchful eye on them.
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