Wipro announces Rs 12,000-cr buyback; Opportunity for investors to exit at profit

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Here are the top news from personal finance space that impact your pocket.

Wipro will buy back shares worth of up to Rs 12,000 crore. Wipro will buy back shares at Rs 445 per share. On Thursday, the scrip closed at Rs 374 rupees. So, Wipro will buy back shares at over 19% premium to Thursday’s closing price. This may lead to a fresh rally in the stock at least till the record date. Although, its board is yet to announce the record date. Wipro reported March quarter results on Thursday. The net profit of India’s third largest IT firm dipped marginally and came just above Rs 3,000 crore. Revenue on the other hand rose 11% to more than Rs 23,000 crore.

HUL net up 12%

FMCG major Hindustan Unilever on Thursday reported 12 per cent increase in PAT to Rs 2,601 crore for the fourth quarter of financial year of 2023. Revenue increased by 12% to more than Rs 14,000 crore. Its board has also recommended Rs 22 dividend for FY23. The company said it had given relief to common man by reducing soap prices in recent past. Brokerage house Prabhudas Lilladher has an Accumulate rating on the stock with a target price of Rs 2,800. Shares of HUL on Thursday closed at Rs 2,468 per share

Kotak raises debit card charges

Kotak Mahindra Bank has informed its customers about a hike in their debit card charges. The hike in charges will come into effect from May 22, 2023. Annual Charges on Kotak Bank debit card has increased by Rs 60. Now, account holders will have to pay 259 rupees plus gst as annual charges. Already, people have reduced plastic money usage because of UPI. With annual charges of debit cards getting costlier, Kotak Bank can see fall in number of customers Using its debit card.

Brokerages bullish on Bajaj Fin

After Bajaj Finance came out with robust fourth quarter results, several brokerages gave their outlook on its stock. Motilal Oswal has advised investors to Buy with a Target Price of Rs 7,080. Morgan Stanley is Overweight on the stock with a Target Price of 8,000 rupees. Prabhudas Lilladher has also advised investors to buy Bajaj Finance with a target price of Rs 7,835. On Wednesday, Bajaj Finance’s board recommended Rs 30 dividend for financial year 2023. Record date is Friday, June 30, 2023. On Thursday, the scrip closed 2% higher at Rs 6,199. .

TechM profit drops 27%

Tech Mahindra’s Q4 FY23 PAT has fallen 27% to over Rs 1,180 crore. Its board also announced Rs 32. Final dividend for financial year 2023. The final dividend will be paid by August 11, 2023. The board will fix record date at AGM on Thursday, July 27, 2023. On reporting fall in quarterly profit, brokerages may revise downwards share price target of the scrip.

Buy call on Maruti Suzuki

After Maruti Suzuki came out with March quarter results, let’s take a look at how brokerages see the stock. Foreign brokerage firm, Jefferies has retained Buy rating with Rs 11,000 target price. Emkay Global has reiterated buy call with revised target price of Rs 10,300. Nuvama too has set a target price of Rs 10,300. JM Financial has Maintained Buy call with Rs 11,200 target price. On the contrary, Kotak Institutional Equities has Maintained sell rating with unchanged fair value of Rs 7,850.

Online gaming faces 28% GST

People may have to pay higher subscription fees on online gaming. The government may increase GST on online games to 28%. Currently, government levies 18% GST on online gaming. The Government is pondering on classifying online games into two categories. First is game of skill. And, second is game of chance or luck. Government will likely increase GST on game of chance to 28%. Industry experts have requested the government to at least keep GST unchanged at 18% on game of skill.

Mankind IPO gets subscribed

The IPO of Mankind Pharma has got good response on the D-Street. The IPO quota was subscribed more than 14 times by 4 pm on the last day. Surprisingly, retail investors showed muted response Their quota was subscribed only 81%. Non institutional investors quota was subscribed more than three times. QIIs went absolutely bang on subscribing 45 times their quota. The total size of the IPO is Rs 4,326 crore. Its stock was trading at GMP of 70 rupees on the last day. Earlier, it had garnered Rs 1,298 crore from anchor investors.

See hope in Voda biz: Birla

Industrialist Kumar Mangalam Birla said he joined back Vodafone Idea because he sees ‘hope’ in its business. He said he wants to take the business forward. Birla said government was ‘pretty resolute’ about having three private players in telecom industry. He also said the government was giving good support to the industry. Vodafone Idea is laden with debt. The company is fast losing market share to its rivals Jio and Airtel. It has been unable to provide quality services to subscribers. On Thursday, Vodafone Idea’s scrip jumped more than 5% and closed at Rs 6.89 per share.

No exclusion on demerger: NSE

According to NSE’s latest guidelines, there will be comparatively lower churning in equity indices. The stock exchange has tweaked rules of including or excluding index constituents effected by corporate actions like demerger. Because of these new changes, indices will be subject to lesser churning than before. This will mean RIL will remain in Nifty despite the demerger of Jio Financials. The RIL board is meeting on May 2 to decide on the issue.