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Market Updates

The Markets are expected to open marginally higher today as trend in SGX nifty indicate a positive start for the broader index after Nifty closed 17 points lower at 19,794 on thursday.

Infosys:

Temasek has extended the Infosys-Temasek digital services JV by five years. Infosys' Q2 FY24 attrition fell to 14.6% vs. 17.3% QoQ. An interim dividend of Rs 18 per equity share was declared, with the record date set for Oct. 25.

HCLTech:

The company clocked the highest ever new bookings of $4 billion in Q2. Its attrition fell to 14.2% vs. 23.8% YoY. An interim dividend of Rs 12 per equity share was declared, with the record date set for Oct. 20.

Tech Mahindra:

Company to sell a 33% stake in a South African unit for ZAR 23.95 million (approximately Rs 10.5 crore). Divestment is undertaken to comply with South African Broad-Based Black Economic Empowerment guidelines.

Maruti Suzuki:

The company will consider a preferential issue of equity to Suzuki Motor Corp. as consideration for acquiring Suzuki Motor Gujarat.

Airline Stocks:

Air passenger traffic grew 18.3% to 1.22 crore in September. Indigo's market share increased to 63.4% in September from 63.3% in August; Vistara's share increased to 10% from 9.8%; and AirAsia India's share fell to 6.7% from 7.1%.

IRB Infrastructure Trust:

The company has executed definitive agreements with affiliates of Singaporean sovereign wealth fund GIC as financial investors and SPV Samakhiyali Tollway to implement the Rs 2,092 crore Samakhiyali Santalpur BOT project in Gujarat. The Trust will acquire a 99.96% stake in STPL for a total consideration of Rs 116.2 crore.

GMR Airports Infrastructure:

September passenger raffic was up 23% YoY at 94.16 lakh and aircraft movements were up 14% YoY at 62,230.

Dr. Reddy’s Laboratories:

The company has been issued Form 483 with nine observations from the U.S. FDA for Bachupally Manufacturing Plant, Hyderabad. The inspection was conducted from Oct. 4 to Oct. 12.

Zaggle Prepaid Ocean Services:

The company has entered into a $20 million growth agreement with Visa Worldwide for 5 years to further their alliance in support of the issuance of Forex CoBrand Cards.

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