IT stocks stumble after Accenture result, L&T bags mega order & more

NIFTY50: 19,638 ▲ 114 (+0.5%)
SENSEX: 65,828 ▲ 320 (+0.4%)

• Markets bounced back on the last trading session of the month
• In all, 38 of the NIFTY50 stocks closed in the green
• Eurozone inflation eased to 4.3% in September from 5.2% in August, reaching the lowest level since October 2021 

Among the NIFTY sectoral indices, Pharma (+2.6%) and Media (+1.9%) were the top gainers, while IT (-0.3%) was the sole losers.

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⭐ IT stocks stumble after Accenture results

Shares of major IT companies, including LTI Mindtree, Infosys and HCL Technologies fell upto 1% despite a rise in the broader market. This comes after global IT firm Accenture Plc gave a modest revenue growth guidance of 2-5% for FY24. The company’s revenue for the quarter ending August 2023 rose by a mere 4% YoY to $16 billion. Meanwhile, its new deal bookings declined by 9.7% YoY. Accenture results are seen as a lead indicator for the performance of Indian IT firms, which will declare their Q2 results in the first half of October.

⭐ L&T bags mega order

The infrastructure firm has secured a mega order amounting to more than ₹7,000 crore from the Mumbai Metropolitan Region Development Authority (MMRDA). The project involves the design and construction of an underground road tunnel in Mumbai to be executed in 54 months. The company’s shares closed 0.5% higher today.

⭐ Sun Pharma to buy out Mexican subsidiary 

Shares of Sun Pharmaceuticals rose 2.4% today after the company acquired the remaining 25% stake in its Mexican subsidiary, Sun Pharma de México, from its local partner Indi Pharma S.A.P.I. This deal is worth 161.85 million pesos (₹75 crore) and is likely to be completed by 31 October 2023. 

⭐ Ashok Leyland rises on order win

Shares of the commercial vehicle maker rose 1.8% today after winning a new order to supply 1,282 fully built buses. This new order comes from Gujarat State Road Transport Corporation (GSRTC) and will help strengthen the company's dominant position in the Indian bus market.

⭐ Godrej Properties buys new land parcel

Godrej Properties shares gained more than 1% after the company acquired a 109-acre land parcel in Nagpur. The company plans to develop residential units on this land, which is strategically located near the Mumbai-Nagpur Expressway with a saleable area of 2.2 million square feet.

IPO Corner

⭐ The Plaza Wires IPO opened for subscription today and received a strong response from investors, with an overall subscription of 4.6 times on Day 1. The company is engaged in manufacturing of wires, cables and fast moving electrical goods (FMEG). To know more and apply for this IPO, click here.

⭐ The ₹152 crore IPO of Valiant Laboratories, which focuses on bulk drug manufacturing, was subscribed 2.1 times on Day 3. This IPO will remain open for subscription till 3 October 2023. To know more and apply for this IPO, click here.

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