Trending Stocks: HCL, Wipro, Vedanta & others in news today

HCL Technologies: IT services major HCL Technologies on Wednesday raised its annual revenue growth forecast to 13.5%-14.5%, from 12%-14%, after it reported a consolidated net profit of Rs 3,489 crore for the second quarter of the financial year 2022-23, an increase of over 7% year-on-year (YoY). The revenue of the company grew by 19.5%, services business grew by 18.9% YoY, the IT major said. The services revenue is expected to grow 16%–17% YoY in FY23, according to the company’s forecast.

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Wipro: IT services major Wipro witnessed a 9.2% decline in its net profit for the second quarter of FY23 on a year-on-year (YoY) basis. It reported a net profit of Rs 2,659 crore in the second quarter, against Rs 2,930.7 crore a year ago. The revenue for the quarter came in at Rs 22,539.7 crore, up 14.6% on a YoY basis; sequentially, the figure was up 4.69%.

Wipro’s Q2 performance was slightly below Bloomberg estimates, which pegged revenue at Rs 22,615 crore and net profit at Rs 2,844 crore.

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NMDC: The Ministry of Corporate Affairs (MCA) has approved the demerger of NMDC Steel, a three-million tone steel plant in Chhattisgarh, from NMDC Ltd, the iron ore miner said in a communication to BSE. It s in the process of demerging its Greenfield steel plant built at Nagarnar in Chhattisgarh with an investment outlay of over Rs 20,000 crore.

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Vedanta: Vedanta group on Wednesday said that its shareholders had approved a proposal to transfer Rs 12,857 crore from its general reserve to its profit and loss (P&L) account. According to data compiled by the BS Research Bureau, Vedanta paid the most dividend, Rs 16,740 crore in FY22. In FY23, the company had so far announced two interim dividends, amounting to an outflow of Rs 18,960 crore, data shows.

Much of this dividend will go towards servicing the debt obligations of Vedanta Resources, which holds a nearly 70% stake in Vedanta, according to rating agency Moody’s.

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State Bank of India: India’s largest lender State Bank on Wednesday said its home loan book has crossed the Rs 6 lakh crore mark, taking it to the largest in the industry. The bank had crossed Rs 5 lakh crore mark in January 2021, the bank stated in a statement, adding that it is the first lender to achieve the Rs 6 lakh crore milestone in the residential category. Commenting on the achievement, SBI chairman Dinesh Khara said “SBI has over 28 lakh home loan customers.”