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Stocks to Watch: Wipro, ICICI Bank, Hindustan Zinc, and more

The Nifty futures on the Singapore Exchange (SGX) traded 0.31 percent higher at 17,694.5. It indicates a positive start for Indian equities on April 24, 2023. In Asia, equities started cautiously on Monday in a week sealed with economic data, central bank meetings, and earnings from the tech goliaths that have kept the S&P 500 afloat this year.

Today’s Earnings in the share market:

IndusInd Bank, Persistent Systems, Bank of Maharashtra, Tata Teleservices, Century Textiles, Tamilnad Mercantile Bank, Mahindra Logistics, and IIFL Securities, among others, will post the January-March quarter (Q4FY23) results.

Here are some stocks to watch today.

ICICI Bank: The second-largest private sector lender in the country recorded its highest-ever quarterly profit of Rs 9,211 crore in Q4FY23, up 30 percent YoY, on the back of impressive margin expansion against the corresponding quarter of the previous year. Net interest income (NII), too, expanded 40.2 percent to Rs 17,667 crore in Q4FY23.

Reliance Industries: The Mukesh Ambani syndicate posted higher-than-expected net profit in Q4FY23. It was buoyed by a drop in raw material prices, and saving on tax expenses. Consolidated net profit hopped19.1 percent year-on-year (YoY) to Rs 19,299 crore, as against Street estimates of Rs 17,850 crore. Revenues also rose to 2.7 percent YoY to Rs 2.13 trillion, during the quarter.

Wipro: The IT services stocks firm is reconsidering a buyback proposal of equity shares. And the company will take the final decision on April 26-27. The outcome of the board meeting will be announced on April 27. And on the same day when the company will announce its Q4FY23, and FY23 results. It will probably be one of the most awaited stocks to watch after two days.

Hindustan Zinc: The firm briefed an 11.78 percent fall in its consolidated net profit at Rs 2,583 crore in Q4FY23, on account of higher expenses. Total income, too, declined 2.3 percent YoY to Rs 8,863 crore from Rs 9,074 crore, in the year-ago period. Expenses, meanwhile, were 13. percent YoY higher at Rs 5,358 crore in Q4FY23.

Torrent Power: The company assimilated an entirely-owned associate, Torrent Urja Pvt 10 (TU10) for generating and transmission of power. That apart, the associate will also be involved in distribution, purchase, procurement, sale, trading, import, export, or otherwise deal in all forms of electrical power, and energy.

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