Tech Mahindra in spotlight after Q4 results

Tech Mahindra after market hours today, 21 May 2013 reported 36.8% rise in consolidated net profit to Rs 377 crore on 6.5% rise in revenue to Rs 1907 crore in Q4 March 2013 over Q3 December 2012.

Vineet Nayyar, Executive Vice Chairman of Tech Mahindra said, I am satisfied that we have delivered profitable growth for FY13, with significant margin improvement. I am confident that with our deep domain expertise in Telecom and a full portfolio of offerings, we would be able to leverage our leadership position to deliver higher value, for all our stakeholders.

C P Gurnani, Managing Director of Tech Mahindra said, We are optimistic about FY14, buoyed by our deal pipeline, business traction from recent acquisitions and leverage of business synergies with Mahindra Satyam. Our focus on non-linear growth alternatives like Platforms and Customer co-innovation continues to portend a steady future for us.

The company's board of directors recommended a dividend of Rs 5 per share for the year ended 31 March 2013.

L&T unveils Q4 results today, 22 May 2013. Zee Entertainment Enterprises, Thermax, Redington India, Sagar Cements, Lakshmi Machine Works, NCC and Schneider Electric Infrastructure, among others, will declare their January-March 2013 quarter results today, 22 May 2013.

IT stocks will be in focus as the rupee dropped to its lowest in nearly six months against the dollar on Tuesday. The partially convertible rupee fell for a third straight session to close at 55.41/42 per dollar compared with Monday's close of 55.10/11. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

JSW Energy will be watched as Sangita Jindal, one of the company's promoters, will today, 22 May 2013, sell 2.82 crore shares in the company. About 2.82 crore shares would be offloaded through the Offer for Sale (OFS) window. The floor price of each scrip is Rs 61.50. The offer will open today at 9:15 IST and close at 15:30 IST. At the end of Q4 March 2013, Sangita Jindal held 4.13 crore shares, or 2.52% shareholding in the company. Promoters of JSW Energy held 76.72% stake in the company at the end of March, 2013. Post share sale, the overall stake held by promoter and promoter group entities would be 75%. According to Sebi norm, private sector listed companies need to have minimum 25% public shareholding by 30 June 2013.

Oracle Financial Services Software will be in focus as Oracle Global (Mauritius), one of the company's promoters, will today, 22 May 2013, sell 44.30 lakh shares in the company through the Offer for Sale (OFS) window. The floor price of each scrip is Rs 2,275. The offer will open today at 9:15 IST and close at 15:30 IST. Promoters of Oracle Financial Services Software held 80.27% stake in the company at the end of March 2013.

Kajaria Ceramics turns ex-dividend today, 22 May 2013, for dividend of Rs 3 per share for the financial year ended 31 March 2013 (FY 2013).

Zydus Wellness turns ex-dividend today, 22 May 2013, for interim dividend of Rs 6 per share for the financial year ended 31 March 2013 (FY 2013).

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