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Godrej Consumer, Axis Bank, Wipro, IRB Infra, IHCL, ACC are in Focus

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Strong global signals, lower crude oil prices and March quarter results will guide the domestic market on Friday. As of 7:10 am, the SGX Nifty Index had started at a high of 18,048 points, up above 50 points.

Globally, US stocks rose overnight as upbeat earnings from Meta Platforms lifted tech stocks. The Dow Jones, Nasdaq Composite and S&P 200 surged as high as 2%.

Godrej Consumer: The company has acquired Raymond’s consumer care business – Raymond Consumer Care, in an all-cash deal of Rs 2,825 crore. Through the transaction, Godrej will gain access to key Raymond brands such as Park Avenue (consumer products category), KS (deodorants), KamaSutra and Premium.

Wipro: The IT services company’s consolidated net profit fell 0.4% to Rs 3,074.5 crore in Q4FY23 from Rs 3,087.3 crore a year ago on macro uncertainties and lower discretionary spending in key verticals. Operating income, however, rose 11% year-on-year to Rs 23,190 crore.

ACC: The cement major reported a 39.5% year-on-year fall in net revenue to Rs 237 crore in Q4FY23, missing analysts’ average forecast. Conversely, revenue rose 8.1% year-on-year to Rs 4,790 crore.

HDFC: The housing financier may raise up to Rs 15,000 crore through bonds due in 10 years. The proposed issue may have a base size of Rs 11,000 crore and a greenshoe option to reserve an additional subscription of Rs 4,000 crore.

Axis Bank: The private sector lender reported a consolidated loss of Rs 5,361 crore in Q4FY23, compared to a net profit of Rs 4,417 crore a year ago, impacted by Citi’s takeover charge of Rs 12,490 crore.

Hindustan Unilever: The FMCG giant’s net profit rose 12.8% year-on-year in Q4FY23, in line with Street estimates. However, revenue, operating results, and sales were below analysts’ average expectations.

IRB Infrastructure: The company has acquired the 158 km Hyderabad Outer Ring Road project on a toll-operate-transfer model for Rs 7,380 crore.

Indian Hotels: The hospitality major’s consolidated net profit quadrupled to Rs 338.84 crore in Q4FY23. According to management, the upbeat industry performance was due to short supply.

Torrent Power: The company established two wholly-owned subsidiaries, Torrent Urja 9 Pvt Ltd (TU9) and Torrent Urja 13 Pvt Ltd (TU13), to operate in the power sector, including renewable energy.

Trent: The retailer posted a 65% year-on-year increase in Q4FY23 revenue, boosted by strong sales at its flagship retail chain Westside and affordable store, Zudio.

IPCA Laboratories: The US health regulator issued three opinions under 483 for the company’s formulation manufacturing plant in Piparia, near Silvassa.

NTPC: The company’s subsidiary, NTPC Renewable Energy, has been awarded a 500 megawatt (MW) Renewable Energy 24/7 (RE-RTC) project.

Tata Steel: The steelmaker has signed an agreement with A&B Global Mining to take advantage of new business development opportunities and provide mining technical services.

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