Shares of LTIMindtree dropped by 5% despite an 8% YoY growth in net profit to Rs 1,251 crore and revenue climbing 6% in Q2 2024. The company noted broad-based sequential growth and new deal closures. However, brokerage Investec maintained its 'Sell' rating, citing concerns over weaker revenue growth in the second half of the year.
As we look towards the next Diwali, the outlook for Indian markets remains largely positive, despite recent volatility sparked by geopolitical tensions. Sensex and Nifty have hit fresh highs this year, supported by robust domestic institutional investments and rising retail participation.
Top brokerage firms have varied recommendations: Nomura recommends buying Axis Bank with a target of Rs 1,380; Morgan Stanley downgrades Manappuram Finance to equal-weight with a new target of Rs 170; Jefferies holds on Havells, cutting the target to Rs 1,870; and Macquarie rates Wipro as outperform with a target of Rs 670.
In the NSE list of stocks, with a market cap of over Rs 1,000 crore, five stocks' close prices crossed above their 200 DMA (Daily Moving Averages) on October 17, according to stockedge.com's technical scan data. The 200-day DMA is used as a key indicator by traders for determining the overall trend in a particular stock. As long as the stock is priced above the 200-day SMA on the daily time frame, it is generally considered to be an overall uptrend. Take a look:
The second quarter earnings season continues with 44 companies, including Jio Financial, Tata Consumer, and ICICI Lombard, reporting results. Tata Consumer is expected to see a 5% drop in net profit year-on-year, despite a 15% revenue growth driven by new businesses in pharma and food channels.
Benchmark Sensex fell for the third day, dropping nearly 495 points amid foreign fund outflows. Key stocks in focus included Wipro, Infosys, and LTIMindtree. Technical Analyst Kushal Gandhi provides investment insights, recommending actions based on technical patterns and recent performance metrics.
The guidance change is the sixth consecutive quarterly revision and seventh in eight quarters. Infosys is seeing a lot of traction in financial services, which has given us good growth last quarter and this quarter, said chief executive officer Salil Parekh. We see that continuing.
The profitability also suffered on account of inflationary prices of coffee and cocoa. The operating profit margin corrected by 100 bps to 23.4%. Raw material cost stood at 43.6% of revenues-same as the year ago elevated level of 43.7%.
