Stocks to watch: HCL Tech, Zeel, FMCG

HCL Tech: The tech company is scheduled to announce its September quarter results today. In light of both Infosys and Wipro delivering above-expected results, and the company has outperformed both Nifty 50 and Nifty IT pack by a wide margin in the recently ended quarter, HCL Tech will be keenly watched.

FMCG Stocks: Some fast-moving consumer goods companies, particularly in the food sector, may benefit from a reduction in customs duties on edible oil. The Central Board of Indirect Taxes and Customs has abolished import duty on crude varieties of palm oil, soybean oil and sunflower oil till March 31, 2022. However, duty is still applicable on refined soya oil and refined sunflower oil.

Mindtree: IT company Mindtree reported net profit on Wednesday ₹399 crore for the quarter ended September 30. Profit marked a sequential growth of 16.2% over net profit of ₹343.4 crore in the previous quarter. With the results declared after market time on Wednesday.

Infosys: Infosys reports net profit on Wednesday ₹5,421 crore for Q2FY22. This marked a sequential growth of 4.4%. Its revenue at . came in ₹29,602 crore, an increase of 6.1% over the previous quarter. Profits beat estimates.

Wipro: The tech major on Wednesday reported a 17% year-on-year rise in consolidated net profit ₹2,930 crore for the second quarter ended September 2021. In the same quarter last year, the Bengaluru-headquartered company made a net profit of Rs. ₹2,465.70 crore. Its consolidated revenue grew nearly 30% ₹19,667 crore in the reported quarter ₹15,114 crore in the same period of the previous financial year.

Infrastructure Sector Shares: The government on Wednesday launched the PM Gati Shakti Yojana under which a ₹100 trillion National Master Plan has been prepared for multi-modal connectivity to develop infrastructure and reduce logistics cost and boost the economy. The move is expected to primarily benefit the infrastructure sector, and allied sectors are expected to benefit from the move. Although the scheme was launched during trading hours, it could cover all imports and extend till Thursday.

Zeel: In the Invesco-Zee controversy, the conspiracy is getting thick and is dragging Reliance back and forth in the controversy. Will keep a close eye on the developments.

JSW Steel: Sajjan Jindal, Chairman and Managing Director of JSW Steel Limited has been elected as the President of the World Steel Association (WSA) for 2021-22. Jindal is the first representative from India to serve as the President of the WSA. Worldsteel serves as the focal point for the steel industry, providing global leadership on all major strategic issues affecting the industry, with particular focus on economic, environmental and social sustainability. The election of Jindal gives the steel industry in India an added advantage in the global affairs of the industry and can be a factor in business today.

Purvankar Limited: Realty firm Purvankara Limited will invest ₹420 crores for construction of two residential projects in Mumbai and Bengaluru and exceeds the target ₹These properties generated sales revenue of Rs 1,250 crore over the next four years due to the increasing demand for housing. The company on Wednesday launched two projects – ‘Provident Palm Vista’, located near Sheel Phata in Mumbai with one million sq ft of salable area and ‘Tivoli Hills’, located near Devanahalli in Bengaluru, with a total of Rs. The salable plot is approximately 1.4 million square feet. The stock, which has been in the red for the week, could get an uptick from the proposed move.

Utility Stock: The shortage of coal, which the government has been denying, is likely to hit the power sector if necessary measures are not taken. It is reported that as of Tuesday, 61 of India’s 135 coal-fired plants have supplies that will last two days or less. This situation is likely to have an adverse impact on the power sector going forward. Sector stocks may feel the heat of the developing situation.