Mahindra Life space: Mahindra Lifespace: Bengaluru Project Sells Rs 350 Cr Homes in 2 Days, Stock Still Down
The Mahindra Life Space company sold Rs.350 cr worth of 150 homes booked in two days in Bengaluru. The main concept of Sale is Zero waste+ Energy in this Project makes Greener Future.
MAHINDRA LIFESPACE Market Price is moving in Ascending channel and market has fallen from the higher high area of the channel
65% of inventory homes sold through this sale of Project. Due to Iran conflict with Israel this stock is down in the market.
Despite the company’s successful sale of homes worth Rs 350 crore in a Bengaluru residential project and the announcement of Bengaluru’s first net zero waste + energy residential project, Mahindra Zen, shares were down at Rs 623.80 in the opening trade on April 19. This decline occurred amid broader market weakness following reports of a fresh Israel strike on Iran.
The project, Mahindra Zen, experienced a remarkable response from homebuyers, with over 150 homes booked within just two days, amounting to 65 percent of the launched inventory and totaling over Rs 350 crores in value, as stated by the company in its release.
Vimalendra Singh, Chief Business Officer (Residential) at Mahindra Lifespace Developers, remarked, “The successful sales of Mahindra Zen reinforces our commitment to environmentally responsible development and highlights the growing preference for sustainable living among our customers in Bengaluru. This achievement highlights the increasing awareness and desire among homebuyers to contribute to a greener future.”
The company’s board is scheduled to meet on April 26 to approve the annual audited standalone and consolidated financial statements and results for the quarter and financial year ended March 31, 2024. Additionally, the board will consider a final dividend, if any, according to the company’s statement.
Wipro: Wipro ADR Surges 4% on Q4 Results Beat
The Wipro ADR shares in the US Market jumped to 3.78% after the Q4 Earnings beat street estimates. Revenue slumped to Rs.2835Cr but it beats street estimate of Rs.2748cr.
WIPRO Market price is retesting the broken horizontal resistance area
Wipro Projected Next quarter earnings will be -1.5% to 0.50% range projected, it is raising from previous quarter projections of -3.5% to -1.5%.
Geopolitical tensions in the Middle East makes worry for Digital businesses to sustain. So IT Companies makes losses in the market and come below the forecast results.
On April 19, Wipro’s American Depository Receipts (ADRs) surged by 3.78 percent to reach $5.36 on the New York Stock Exchange (NYSE) following the IT major’s fourth-quarter earnings surpassing street estimates.
In the quarter ended March 2024, the net profit decreased by 8 percent to Rs 2,835 crore compared to Rs 3,074.5 crore in the corresponding period of the previous year, surpassing analysts’ expectations of Rs 2,748 crore.
According to an exchange filing on April 19, the revenue declined to Rs 22,208.3 crore in the three months ending on March 31. This was down from the consolidated revenue of Rs 23,190.3 crore reported in the same period a year ago.
Although Wipro ADR experienced a decline of over 10 percent in the last month, it managed to achieve a gain of more than 22 percent over the past year.
ADRs, serving as a vehicle for foreign companies to trade on US stock markets akin to regular shares of US companies, play a significant role in facilitating global investments.
Before the results announcement, Wipro shares closed Friday’s session 1.7 percent higher at Rs 452.1 on the National Stock Exchange (NSE).
Wipro’s management maintained the revenue guidance for the June quarter (Q1FY25) within the range of -1.5 percent to 0.5 percent.
In January, Wipro had adjusted its revenue growth guidance for the fourth quarter, setting it between -1.5 percent to 0.5 percent at both the lower and upper ends. This adjustment followed the company’s earlier revision of the guidance to -3.5 percent to -1.5 percent in October.
Aparna Iyer, the Chief Financial Officer of Wipro, commented, “At the moment, it is a tough macroeconomic environment where our clients are also going through a very challenging time, we’re staying close to them, we need to be partnering with them at this point.”
Meanwhile, on April 18, Infosys ADR plummeted by 7 percent intraday after the IT services company missed revenue estimates for the quarter ended March 31, 2024. The company had also lowered its revenue guidance to 1-3 percent, below analyst estimates, due to continued weakness in discretionary and digital projects.
The Canara bank announced Stock Split of 1:5 and record date is May 15. Due to easy public access of its company equity shares, Board approved Stock split of Rs.10 face Value to Rs.2 Face Value. Major Institutional investors sell their part of stake in Canara Bank.
CANARA BANK is moving in Ascending trend line and market has reached higher low area of the pattern
Canara Bank, a public sector lender, has announced May 15 as the record date for its planned stock split. This split will involve dividing the bank’s shares in a 1:5 ratio. Essentially, one equity share with a face value of Rs 10 will be subdivided into five equity shares, each with a face value of Rs 2.
The decision to undertake this stock split was approved by the board with the intention of enhancing the liquidity of Canara Bank shares and making them more accessible to retail investors. Typically, a stock split is implemented to increase the affordability of the stock for retail investors or to boost trading volume.
Earlier, credit rating agency Fitch Ratings assigned a ‘BBB-‘ rating for Canara Bank with a stable outlook. Fitch observed a resurgence in loan growth, particularly in the farm and corporate sectors. However, the lender exercised caution in retail lending compared to its peers, maintaining a balanced approach.
According to shareholding data, Rekha Jhunjhunwala reduced her stake in the public lender to 1.5 percent in the March-ended quarter from 2.1 percent in the December-ended quarter. Additionally, foreign institutional investors trimmed their stake to 10.57 percent in the March quarter from 11.2 percent in the three months to December 31, 2023. Institutional investors also decreased their holdings in Canara Bank to 24.96 percent from 25.5 percent.
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