RIL, HCL Tech, Bajaj Finserv, Nestle India in the spotlight
RIL's subsidiary Reliance Retail Ventures has acquired a 52% equity stake in Ritika Pvt Ltd that owns Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar.
SGX Nifty indicates that the Nifty could rise 22 points at the opening bell. Overseas, Asian stocks are trading mixed on Wednesday as China kept its benchmark lending rate unchanged. China on Wednesday kept the one-year loan prime rate (LPR) unchanged at 3.85% while the five-year LPR was also held steady at 4.65%. Here is the list of top stocks that could be in focus on Wednesday.
RIL: Reliance Industries (RIL) subsidiary Reliance Retail Ventures has reportedly acquired a 52% equity stake in Ritika Pvt Ltd that owns Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar, aarké, and Ritu Kumar Home and Living, including the complete acquisition of Everstone’s 35% stake in the company.
HCL Tech: HCL Technologies and Innovaccer Inc., a health cloud company, announced a collaboration to help healthcare and life sciences organizations drive digital health transformation.
Bajaj Finserv: The company said that the asset management company under the name of Bajaj Finserv Asset Management has been incorporated on 18 October 2021 as a wholly-owned subsidiary of the company. The objective is to pursue mutual fund business.
Nestle India: The Maggi noddle maker Nestle India’s net profit rose 5.16% to Rs 617.37 crore on a 9.63% increase in net sales to Rs 3,864.97 crore in Q3 September 2021 over Q3 September 2020. In overall terms, the third quarter saw strong high single-digit volume & mix growth in domestic sales, the company said.
L&T Technology Services: Companies consolidated net income rose 6.4% to Rs 230 crore on a 5.9% increase in revenue to Rs 1607.70 crore in Q2 September 2021 over Q1 June 2021. The company raised FY22 USD revenue growth guidance to 19-20%.
ACC: ACC’s consolidated profit after tax rose 24% to Rs 450 crore on a 5.33% increase in net sales to Rs 3653 crore in Q2 September 2021 over Q2 September 2020.
ICICI Prudential Life Insurance Company: The company reported a profit after tax of Rs 445 crore in Q2FY22 against Rs 303 crore in Q2FY21. Net premium income increased to Rs 9286 crore in the second quarter of the fiscal from Rs 8572 crore a year ago.
Astral: The board of directors of Astral has decided to enter into the business verticals of faucets & sanitaryware as a part of its growth strategy to leverage the brand and its network.