Anand Rathi Wealth Profits Soar 32%, TCS Bets on Generative AI, Wipro Faces Selling Pressure
October 18, 2024Meanwhile, TCS management remains optimistic about investments in Generative AI, reporting a rise in client engagements from 275 in Q1 to 600 in Q2, despite a weak quarter.
In contrast, Wipro has faced selling pressure, closing below its 20-day moving average for four consecutive sessions, signaling bearish momentum.
In the financial sector, HDFC Life's stock has gained around 5% over the past month, reflecting a positive trend in the Nifty Financial Services index.
HDFC AMC has also seen a modest increase of about 0.5% over the last month, indicating stability in its performance.
On the corporate front, the company secured two $20 million deals and four $10 million deals, alongside significant empanelment agreements in sustainability.
Anand Rathi Wealth reported a robust net profit increase of 32.39%, reaching Rs 76.11 crore for the quarter ending September 2024, compared to Rs 57.49 crore in the same quarter last year.
The company's profit before tax (PBT) also saw a significant rise of 17.54%, amounting to Rs 39.88 crore in Q2 FY25, up from Rs 33.93 crore in Q2 FY24.
Additionally, revenue from operations grew by 11.53% year-on-year, totaling Rs 928 crore for the quarter ending September 30, 2024.
In a broader economic context, Amish Mehta, CEO of CRISIL, noted the diverging global growth patterns, highlighting India's strong GDP growth amid geopolitical uncertainties.
Despite these uncertainties, Mehta emphasized the resilience of CRISIL's businesses, indicating a positive outlook.
In shareholder news, Wipro's board has recommended a 1:1 bonus equity share issue, pending approval from its members.
This report was powered by Capital Market - Live News, providing insights into the latest financial developments.
Summary based on 152 sources
Get a daily email with more Financial Markets stories
Sources
Business Standard • Oct 17, 2024
Axis Bank PAT jumps 18% YoY to Rs 6,918 cr in Q2 FY25Business Standard • Oct 8, 2024
JLR's disappointing September quarter update drags Tata Motors share 4%Business Standard • Oct 8, 2024
TCS, Infy, HCL Tech: Should you buy or sell IT stocks ahead of Q2 results?Business Standard • Oct 8, 2024
TCS Q2 Preview: Analysts expect single-digit profit rise, focus on outlook