Stocks in News on November 2: Tech Mahindra, Voltas, UPL, LIC Housing, Nykaa

Stocks in News on November 2: Tech Mahindra has reported a 4 per cent decline in consolidated profit after tax at Rs 1,285 crore in the September quarter.

Stocks in News on November 2: Asian markets too were trading mixed in early trade. Photo credit: File

Stocks in News on November 2: Indian share market is likely to have a muted start on Wednesday as SGX Nifty - an early indicator of sentiment on the NSE Nifty50 - was down by 15 points, or 0.08 per cent, to 18230 in the early trade. In the previous session, equity indices closed at over nine-month highs, buoyed by positive macroeconomic data and a bullish trend overseas. Asian markets too were trading mixed today. While Hong Kong’s Hang Seng index slipped 0.81 per cent, the Shanghai Composite in mainland China dipped 0.39 per cent. On the other hand, Nikkei 225, or the Nikkei Stock Average, was up by 0.02 per cent.

Earlier, US stocks closed lower for a second straight session on Tuesday after data indicating the labor market remained on solid ground dimmed hopes the Federal Reserve might have enough reason to begin decreasing the size of its interest rate hikes. The S&P 500 lost 15.88 points, or 0.41 per cent, to end at 3,856.10 points, while the Nasdaq Composite lost 97.301 points, or 0.89 per cent, to 10,890.845. The Dow Jones Industrial Average fell 79.75 points, or 0.24 per cent, to 32,653.20.

Stocks in News Today on November 2

Tech Mahindra: Tech Mahindra has reported a 4 per cent decline in consolidated profit after tax at Rs 1,285 crore in the September quarter. The country's fifth largest IT services exporter had reported a net profit of Rs 1,339 crore in the year-ago period.
The company's overall revenue rose 20.7 per cent to Rs 13,129 crore in the second quarter of the current fiscal. In the same period a year ago, it stood at Rs 10,881 crore, according to a statement.

Voltas: Air conditioning and engineering services provider Voltas Ltd on Tuesday reported a consolidated net loss of Rs 6.04 crore for the second quarter ended September 2022 on account of provisions made for an overseas project. The Tata group firm had posted a consolidated net profit of Rs 104.29 crore in the July-September quarter last fiscal, Voltas said in a regulatory filing.

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LIC Housing Finance: The second largest pure-play mortgage lender LIC Housing Finance on Tuesday announced a 23 per cent on-year growth in net profit at Rs 305 crore for the three months period ending September. The subsidiary of the country's largest insurer LIC said its net interest income for the quarter declined marginally (80 basis points) to Rs 1,163 crore from Rs 1,173 crore, but the management did not give any reason for the same.

UPL: UPL's consolidated net profit rose 25.19 per cent to Rs 969 crore in the second quarter of FY23 on strong sales, The agro-chemical company had posted a consolidated net profit of Rs 774 crore during the second quarter previous year. "Due to ongoing war between Russia and Ukraine, and the sanctions in the region, the Group's business has been impacted to some extent," the company said in a regulatory filing.

Dalmia Bharat Ltd: The company will announce its quarterly results today. In the last quarter, Dalmia Bharat reported a consolidated total income of Rs 872.48 crore. This was up by 36.79 per cent from the last quarter.

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Mahindra & Mahindra Financial Services Ltd: Mahindra & Mahindra Financial Services recently raised Rs 275 crore by issuing bonds on a private placement basis. A meeting of the committee of directors was held on October 31, 2022 and it approved the allotment of 2,750 secured redeemable principal protected non-convertible market linked debentures, the company said in a regulatory filing.

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