Indian indices ended higher on Wednesday, bucking the broad-based global trend, boosted by IT stocks as investors awaited June quarter earnings of IT major Infosys.
The Sensex ended 134 points higher at 52,904 while the Nifty rose 41 points to settle at 15,854. Broader markets were also in line with the benchmarks with the Nifty Midcap and Nifty Smallcap indices up 0.4 percent and 0.4 percent, respectively.
Back home, four of the top five Nifty50 gainers were from the IT space lifting the sectoral index to over 3 percent. These included Wipro, Tech Mahindra, Infosys and HCL Tech.
Here are the key stocks that moved today:
Mindtree: Shares of Mindtree rallied 8 percent to Rs 2,695.60 on the BSE after the IT services company reported better than estimated earnings for the June quarter. The company’s Q1FY22 net profit rose 8.2 percent to Rs 343.4 crore as compared to Rs 317.3 crore in the previous quarter. Net profit growth on a year-on-year basis was 61.2 percent. It also recorded the highest ever order book of over $500 million. Revenue increased 8.6 percent sequentially to Rs 2,291.7 crore, while revenue in dollar terms increased 7.7 percent to $310.5 million.
Tata Metaliks: The share price of Tata Metaliks jumped 3 percent after the firm turned profitable in the June quarter. It reported a net profit of Rs 94.72 crore in Q1 against a loss of Rs 12.36 crore posted in the same period last year. Total income in Q1 surged 187 percent to Rs 606.45 crore from Rs 210.99 crore in the year-ago period. Expenses also more than doubled to Rs 471.62 crore during the quarter under review from Rs 227.46 crore a year ago.
Steel Strips Wheels: Shares of Steel Strips Wheels (SSWL) surged over 12 percent Rs 1,284 on the BSE after the company said it received new orders for over $15 million (Rs 113 crore) from Western Hemisphere. In a separate regulatory filing, the firm also announced that the promoters have released 1.33 lakh pledged shares reducing the number of shares pledged to 32.8 lakh. This is 21 percent of the total paid-up capital of the company and 33.53 percent of total promoter shareholding.
Wipro: Shares of Wipro rose 7 percent to Rs 561.50 ahead of its June quarter earnings tomorrow. The company is likely to see a 14-19 percent jump in its net profit year-on-year (YoY) during the quarter ended June 2021 (Q1FY22) on 17-19 percent growth in topline. The revenue growth would be led by organic growth in the IT services business and the acquisition of Capco. It also announced that it has granted 28,162 Restricted Stock units under Company's ADS Restricted Stock Unit Plan 2004 to its employees. This grant is effective from July 12, 2021.
(Edited by : Pranati Deva)