India's Retail Inflation Hits 6-Month High, Wipro and Infosys' Quarterly Results, and Buzzing Stocks Today

Thu, 13 Jan Pre-Open

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Indian share markets ended on a strong note yesterday.

Benchmark indices rallied for the fourth straight session, tracking firm cues from global peers, led by gains in telecom, auto, metal and energy stocks.

At the closing bell yesterday, the BSE Sensex stood higher by 533 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 157 points (up 0.9%).

M&M and Bharti Airtel were among the top gainers.

Titan company and TCS, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.1% and 0.7%, respectively.

Sectoral indices ended on a positive note with stocks in the telecom sector, power sector and energy sector witnessing most of the buying interest.

Consumer durables stocks, on the other hand, witnessed selling pressure.

Shares of Deepak Fertilisers and Affle India hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 47,740 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, Brijesh Bhatia discusses why auto stocks are set to deliver fast profits, in his latest video for Fast Profits Daily.

All the big auto names, after a period of underperformance, are now outperforming the Nifty.

But will this momentum continue? Brijesh certainly think so. Tune in to the below video to find out why.

Top Stocks in Focus Today

Among the buzzing stocks today will be Wipro.

IT major Wipro on 12 January 2022 reported a net profit of Rs 29.7 bn in the third-quarter of the fiscal 2022, which is higher than Rs 29.3 bn reported in the quarter ending on 30 September 2021.

The revenue in quarter three of 2022 came in at Rs 204.3 bn, which is higher than Rs 196.7 bn reported in the previous quarter.

The numbers also mark a 30% year on year (YoY) growth, as Wipro had reported a revenue of Rs 156.7 bn in the corresponding period last year.

The earnings before interest and taxes (EBIT) for the same period came in at Rs 35.5 bn.

Commenting on the results, the company's CEO and Director Thierry Delaporte said,

• Wipro has delivered a fifth consecutive quarter of strong performance, both on revenues, and margins. Order bookings have been strong too, and we have added seven new customers in the more than US$100 m revenue league, in the last 12 months.

In the regulatory filing, Wipro also noted that its board has declared an interim dividend of Re 1 per equity share.

On the outlook for quarter four of the fiscal 2022, Wipro said it expects revenue from IT services business to be in the range of US$2,692 m to US$2,745 m, which will translate into a sequential growth of 2% to 4%.

Infosys share price will also be in focus today.

Another IT major Infosys said its consolidated net profit for the quarter ending December climbed 11.8% to Rs 58.1 bn from Rs 52 bn in the same quarter last year.

The company said its revenue from operations increased 22.9% year on year (YoY)to Rs 318.7 bn. The figure stood at Rs 259.3 bn in the same quarter last year.

The company upgraded its revenue guidance to 19.5%-20% for the financial year 2022. Earlier it had estimated growth at 16.5%-17.5% in constant currency.

The Bengaluru-based firm said it delivered a strong quarter three performance with sequential growth in a seasonally weak quarter. Infosys outlined that its growth remained broad-based and deal momentum robust, with digital transformation rapidly scaling across verticals and regions.

Salil Parekh, CEO and MD at Infosys said,

• Our strong performance and market share gains are a testament to the enormous confidence our clients have in us to help them in their digital transformation.
  
  We expect the healthy technology spend to continue with large enterprises progressing on their digital transformations.

Large deal wins accelerated with total contract value (TCV) of US$2.5 bn in quarter three. The operating margin for the quarter was healthy at 23.5%, with free cash flow conversion at 92.6%.

Mahindra Finance's Quiklyz to Offer Range of EVs for Leasing and Subscription

Quiklyz, the vehicle leasing and subscription business vertical of Mahindra & Mahindra Financial Services (Mahindra Finance/ MMFSL), announced that it will offer a wide range of electric vehicles (EVs) for leasing and subscription to potential customers.

Quiklyz is a new-age, digital-born vehicle leasing and subscription platform that offers convenience, flexibility, and choice to customers across Indian cities.

According to a press release, Quiklyz currently has the largest portfolio of EVs on the subscription platform.

The portfolio spans electric 4-wheeler from the leading original equipment manufacturer (OEMs) offering electric vehicles, including Mahindra, Tata Motors, Mercedes-Benz, MG Motors, Audi, and Jaguar as well as electric 3-wheeler load vehicles from Mahindra and Piaggio, for e-commerce fleet operators.

Customers will have the flexibility to upgrade their vehicle in 2-3 years keeping in tune with ever-increasing technology features in newer EV launches going forward.

The EVs on-road price is currently higher than petrol and diesel vehicles, although the running cost is much lower.

The customers intending to purchase EV vehicles through bank loans therefore must pay a very high down payment. However, with Quiklyz, there is no requirement for a down payment, and monthly subscription charges for EV 4W starts from as low as Rs 21,399/per month.

Going forward, the company plans to add more EVs to its portfolio, as it aims to create exciting EV subscription products for its customers. The customers can access various offerings and book their vehicle on Quiklyz.com.

India Retail Inflation Rises to 5.59% in December, Hits 6-Month High

India's benchmark inflation rate, measured by the Consumer Price Index (CPI) firmed up to 5.59% YoY in December 2021, data released by the Ministry of Statistics and Programme Implementation on Monday showed.

A survey of economists by Reuters had forecast that Indian retail inflation rose to 5.80%. In November, the retail inflation had firmed up to 4.91% YoY, up from 4.48% in October 2021. Back in December 2020, the retail inflation stood at 4.59%.

Fuel and light inflation moderated to 10.95% YoY. It had risen to 13.35% in November 2021 from 14.35% in October. Inflation in the food and beverages basked stood at 4.47%, up from 1.87% in November.

With this, the CPI has remained within the tolerance level for the sixth consecutive month. According to the Monetary Policy Committee's official mandate, the rate-setting panel is supposed to keep inflation in a band of 2-6%, with the medium-term target being 4%.

Retail inflation has now been above the RBI's medium-term target for more than two years.

We will keep you updated on the latest developments from this space. Stay tuned.

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