In the News: HCL Tech, Infosys, Wipro, Zee Entertainment Enterprises and more

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Indian benchmarks are expected to open higher amid positive global indices.

The equity market finished higher for the fifth consecutive session on Wednesday, following gains by Reliance Industries, ITC and Infosys amid a positive trend in global markets.

Sensex finished 452.74 points or 0.75% higher to reach a new closing high of 60,737.05 and Nifty rose 169.80 points or 0.94% to 18,161.75.

Here are the actions likely to be in the spotlight today.

HCL Tech: The company will report its September quarter results today.

Zee Entertainment Enterprises: Zee Entertainment Enterprises Ltd (ZEEL) responded to questions posed by investment firm Invesco regarding the company’s merger agreement with Sony Pictures Networks India and clarified some of the concerns raised.

Responding to the question about the non-compete fee, the company said the deal with Sony envisions Sony’s promoters becoming the majority shareholders of the merged company, and in order to ensure that they can create value in the merged company, Sony insisted that the company’s former promoters do not engage in any competing business with the merged company.

“Instead of such non-compete obligations assumed by the current promoter group, the promoters of Sony will transfer approximately 2.11% of the shares of the merged company to the promoter group. We would like to point out here that this will be a secondary transfer from the promoters. of Sony (not a main issue) and, therefore, will not be dilutive for any of the shareholders of the company as it is a private agreement between two shareholders, ”ZEEL said in a file filed with the stock exchanges.

Infosys: Higher demand environment for scanning services, especially in cloud and business data analytics, has given IT giant Infosys a boost to boost revenue growth forecast in the range of 16.5 to 17.5 percent for FY 22, instead of the 14 to 16 percent he predicted earlier. This despite the attrition rate which climbed to 20.1 percent in the September quarter (Q2, FY22) from 13.9 percent in the last quarter amid the war for talent currently unfolding in the computer industry.

The demand environment for digitization spending has not significantly diminished, Infosys CEO Salil Parekh told BusinessToday.in in response to a question. He added that with the reopening of markets globally and people commuting to work, spending on remote work technology may have declined, however, cloud and data analytics continued to benefit from it. strong traction from customers.

Hero MotoCorp: The company said it has partnered with Gilera Motors Argentina to re-energize and expand its operations in one of South America’s key markets, in line with its aggressive global business strategy.

Under the agreement, Gilera Motors will be the exclusive distributor for the sale and service of Hero MotoCorp motorcycles and scooters in Argentina.

Wipro: Information technology giant Wipro on Wednesday announced an 18.9% year-over-year increase in its consolidated net profit for the July-September quarter to Rs 2,930 crore. The company had reported a net profit of Rs 3,248 crore in the previous June quarter.

Wipro’s operating income increased 30.1% year-on-year to Rs 19,667.4 crore in the quarter under review. On a sequential basis, revenue was 7.8% higher than the June quarter.

Mindtree: Bengaluru-headquartered IT services company Mindtree reported net profit of Rs 398.9 crore on Wednesday, up 57.2% for the quarter ended September 30, 2021.

The company’s consolidated profit increased 16.2 percent and sales increased 12.8 percent from the prior quarter. The company’s turnover increased 34.3% to Rs 2,586.2 crore.

Welspun India: Welspun India launched its Wel-Trak 2.0 enhanced multi-level traceability solution, made possible through blockchain, artificial intelligence and cloud technologies, with the aim of tracking millions of finished products throughout its value chain.

Wel-Trak 2.0 is an upgrade of Wel-Trak, the company’s patented end-to-end traceability technology introduced in 2018. It is designed to help stakeholders – from retailers to farmers and manufacturers to suppliers, traders, certification bodies, and end consumers – to track raw materials through the supply chain to their origin, the company said.

GNP: The state-owned National Bank of the Punjab (PNB) on Wednesday cut the interest rate on loans against gold jewelry and gold sovereign bonds by 145 basis points or 1.45 percentage points in as part of its festive offer.

PNB is now offering loans against 7.20 percent sovereign gold bonds (SGB) and loans against 7.30 percent gold jewelry, the bank said in a statement.


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