Tata Consultancy Services, Tata Motors, Adani Ports, Vedanta, Tata Power, Bank of Baroda stocks in focus

Tata Consultancy Services, Tata Motors, Adani Ports, Vedanta, Tata Power, Bank of Baroda stocks in focus

Indian equity markets are likely to open higher on Friday amid positive trends across global markets. SGX Nifty futures were trading 0.8 per cent or 128 points up at 16,261 signalling that Dalal Street was headed for a gap-up start. “The recent uptick in the index has certainly eased some pressure but the key is to sustain amid mixed sentiment. Apart from the global markets, the focus will be on the IT major, TCS results for cues. A decisive close above 16,200 in Nifty can further fuel the recovery,” said Ajit Mishra, VP – Research, Religare Broking. In the previous session, BSE Sensex advanced 427 points or 0.80 per cent to close at 54,178, while NSE Nifty 50, rose 143 points 0.89 per cent and managed to close above the 16,000 mark.Stocks in focus on 8 July, 2022

TCS: The first earnings season for the financial year 2023 will kick start today and as has become customary over the past few quarters, IT services major Tata Consultancy Services (TCS) will open the innings this time too. The company is expected to report a consolidated revenue growth of 15-16 per cent on-year and 4-5 per cent on-quarter for the first quarter ended June 2022. The consolidated profit after tax (PAT) for the largest Indian IT services company, is expected to rise by 10 per cent on-year. Experts expect the dollar revenues for the company to grow by close to 11 per cent on year

Adani Ports: Adani Ports announced the appointment of D Muthukumaran as the Chief Financial Officer (CFO) and Key Managerial Personnel of the company. In a regulatory filing, the Gautam Adaini-led Adani Group company stated that the appointment was made in accordance with recommendations of the Nomination and Remuneration Committee and Audit Committee, the Board of Directors of the Company at its meeting held on 7th July. D. Muthukumaran is expected to join the company on July 25, 2022.

Vedanta: Vedanta Ltd said it will acquire debt-ridden Athena Chhattisgarh Power for Rs 564.67 crore. Liquidation process for the company was initiated in March 2021. The acquisition for a purchase price of Rs 564.67 crore is likely to be completed in the current financial year, adding that the consideration will be in the form of cash. “Vedanta Limited to acquire 100 per cent of the paid-up capital of Athena Chhattisgarh Power Ltd,” the metals and mining major said in a filing to BSE.

Tata Power: Tata Power Company Ltd will spend Rs 75,000 crore to expand capacity in its renewable business, the company said on Thursday. “Tata Power is looking to scale its Generation capacity to over 30 GW by FY27 from current 13.5 GW with an increased clean energy portfolio from current levels of 34% to 60% by 2027 and 80% by 2030,” said N Chandrasekaran, Chairman Tata Power at the company’s 103rd annual general meeting, which was held virtually. An amount of Rs 10,000 crore would be spent in 2022-23 (FY23) to take the total capital expenditure (capex) during the financial year to Rs 14,000 crore.

Bank of Baroda: Bank of Baroda is mulling to raise capital by issuing long term bonds to finance infrastructure and affordable housing sectors in the country. A meeting of the investment committee will be convened later this month to get an approval, Bank of Baroda said in a regulatory filing on Thursday. “The Investment Committee meeting of our bank is scheduled to be held on 16th July 2022 to finalise the quantum and timing of issuance of long term bonds for financing of infrastructure and affordable housing, out of the board approved limit of Rs 5,000 crore,” it said.