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IT firm Wipro on Sunday said its board of directors will consider the issue of bonus shares at a meeting scheduled to be held on October 16-17, 2024.

Wipro is set to announce its Q2 FY25 results on October 17, 2024.

“The board of directors of the company will be considering a proposal for the issue of bonus shares, in accordance with the applicable provisions of the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, at its meeting scheduled to be held over October 16-17, 2024,” a regulatory filing said.

The Bengaluru-headquartered firm posted a 4.6 per cent year-on-year increase in its consolidated net profit in the June-ended quarter at Rs 3,003.2 crore. Its revenue declined 3.8 per cent to Rs 21,963.8 crore.

Wipro CEO and MD Srini Pallia had said that the firm is “confident” in its ability to execute better on bookings and profitable growth in Q2, while it continues to build on ai360 strategy and prepare its workforce for an AI-first future.

Shares of Wipro settled at Rs 528.95 on Friday on the BSE, 0.77 per cent higher than the previous close.

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Brokerage firm JPMorgan on Monday, October 14, initiated an ‘overweight’ rating on Larsen & Toubro and a target price of ₹4,360 apiece.

The price target ascribed by JPMorgan, implies a potential upside of nearly 25% from Friday’s closing levels.

The brokerage said the stock offers an attractive combination of growth at a very reasonable valuation. It said L&T shares are already trading 25x the estimated core earnings per share (EPS) for financial year 2026.

The brokerage is expecting L&T’s EPS to grow at a Compounded Annual Growth Rate (CAGR) of 23% over financial year 2024-2027, along with a core Return on Capital Employed (RoCE) of 20%.

The brokerage said that the fast EPS growth will be driven by healthy core revenue growth of 16% and a 60 bps core margin expansion over FY24-FY27E.

With its vast array of capabilities, large order book, strong balance sheet, and cash flows, JPMorgan said L&T is well-suited to benefit from capex tailwinds in India and the Middle East. It added that the company has also significantly upgraded its skills/capabilities in the Middle East, ermerging as the top contractor in terms of project awards in Saudi Arabia in 2023.

“Multiple data points suggest private capex is likely to improve, picking up some of the slack of government capex consolidation. L&T is ideally placed to navigate the short-term twists and turns of the capex cycle while benefiting from long-term tailwinds of capex growth in India,” JPMorgan said.

The brokerage has also estimated L&T’s order book to record a 12% CAGR over FY24-27E. “Any moderation in government capex should be offset by international prospects and a pickup in private orders in India. We expect L&T’s RoEs to expand and focus on generating free cash flow and enhancing shareholder returns to continue,” it said.

Last week, L&T’s president R Shankar Raman told CNBC-TV18 that he was optimistic of the company guidance of ₹3.33 lakh crore in orders for the year, but acknowledged the challenges posed by the global economic environment. “We’re aiming for a 10% growth, and so far, the trends look promising. However, project orders can fluctuate, so we’ll see how it unfolds,” he added.

He also addressed L&T’s significant international presence, with 40% of its orders coming from abroad, particularly the Middle East. Despite geopolitical tensions in the region, Raman highlighted that Middle Eastern countries are taking a neutral stance, which is beneficial for business.

“The Middle East is smartly leveraging its oil wealth to invest in renewable energy, creating big opportunities for us. The projects there are often much larger than those in India, and we’re prepared to handle that scale,” he said.

L&T shares were trading 1.82% higher at ₹3,545.8 apiece at 9.30 am. The stock has gained 14.29% in the past 12 years.

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Noel Tata has been appointed as the new Chairman of Tata Trusts, a move that signals continuity and stability within one of India’s most influential philanthropic institutions. 

The decision was made unanimously by the board, placing Noel at the helm of two of the most significant charitable organizations within the Tata Group.

Noel Tata brings with him over four decades of leadership within the Tata Group. He currently serves as the Chairman and Non-Executive Director of Tata International Limited and holds key positions on the boards of Trent, Voltas, Tata Investment Corporation, Tata Steel, and Titan Company Limited. During his tenure as Managing Director of Tata International Limited, he was instrumental in expanding the company’s revenue from $500 million to over $3 billion between 2010 and 2021.

His leadership extended to Trent Limited, where he transformed the company from a single retail store in 1998 to a robust network of over 700 stores across India. An alumnus of Sussex University, UK, and the International Executive Programme (IEP) at INSEAD, Noel is known for his strategic acumen and commitment to the group’s vision.

Traditionally, the chairmanship of Tata Trusts has been held by members of the Parsi community, maintaining a cultural link to the group’s roots. Noel Tata’s appointment continues this tradition, marking him as the 11th chairman of the Sir Dorabji Tata Trust and the sixth chairman of the Sir Ratan Tata Trust.

Noel was previously considered for the chairmanship of Tata Sons, a role that eventually went to Cyrus Mistry, his brother-in-law. Following Mistry’s controversial exit, N Chandrasekaran took over as Chairman of Tata Sons. Recently, reports indicate a reconciliation between Noel and Ratan Tata, fostering a renewed sense of unity within the group’s leadership.

The leadership transition comes at a pivotal moment for Tata Trusts, which is intricately linked with the broader Tata Group. Ratan Tata’s passing left a legacy of a $165 billion conglomerate, renowned for pioneering acquisitions and transforming India’s business landscape across steel, automobiles, and other sectors. Noel Tata’s appointment as Chairman aims to uphold that legacy while charting a new course for the future.

Here’s what you need to know about Noel Tata

• Noel Tata is the 11th chairman of the Sir Dorabji Tata Trust and the sixth chairman of the Sir Ratan Tata Trust.
• He is the son of Naval H. Tata and Simone N. Tata, and the half-brother of Ratan Tata.
• Noel Tata was already a trustee of both the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, which together hold a 66% stake in Tata Sons, the Tata Group’s holding company.
• Following Ratan Tata’s passing, the leadership focus at Tata Trusts intensified, with a new chairman being appointed from among the trustees.
• The Tata Trusts are the largest public charitable foundation in India, contributing around $56 million (Rs 470 crore) in donations during FY23.
• Noel Tata has been part of the Tata Group for over four decades, holding key board positions, including Chairman of Trent, Voltas, and Tata Investment Corporation, and Vice Chairman of Tata Steel and Titan Company Limited.
• He served as Managing Director of Tata International Limited from August 2010 to November 2021, overseeing its revenue growth from $500 million to over $3 billion.
• Noel Tata played a crucial role in expanding Trent Limited from a single store in 1998 to over 700 stores today and has led various retail ventures, including brands like Westside, Star Bazaar, and Zudio.
• He joined the Sir Ratan Tata Trust board in 2019 and became Vice Chairman of Titan Company in 2018, followed by Vice Chairman of Tata Steel in March 2022.
• Known for his low-profile leadership style, Noel Tata focuses on the Tata Group’s international operations and retail sectors, differing from Ratan Tata’s more public-facing approach.

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The demand for used smartphones is surging in India, driven by increasing new phone costs and the need for affordable upgrades. According to the latest report by IDC, India’s used smartphone market is expected to grow by 9.6 per cent in 2024, with an estimated 20 million used devices traded. This growth rate outpaces new smartphone shipments, which are forecasted to grow at 5.5 per cent next year.

India currently ships around 145-150 million new smartphones annually, making it the second-largest market globally after China.

However, growth in the new smartphone market has been modest since 2021 due to rising average selling prices, improving device quality, and ongoing income stress among consumers. The average replacement cycle has stretched from two years to almost three, making new devices less accessible for many buyers.

With the average selling price of new smartphones climbing steadily, used phones are becoming an attractive alternative for consumers seeking quality devices without the hefty price tag.

This trend is particularly strong among those aspiring to upgrade to a 5G smartphone but finding new models too expensive. IDC data shows that about two-thirds of India’s 650 million smartphone users are still on 4G devices. The limited availability of 5G phones under Rs 10,000 ($125) is restricting wider adoption in the mass market segment.

Brands like Apple and Xiaomi are dominating the used smartphone space in India.

Leading brands in used smartphone market

Apple leads the market with a quarter share of the used segment, fueled by the brand’s premium status and demand for older models like the iPhone 11, 12, and 13 series. Xiaomi, which led the new smartphone market for 20 straight quarters until 2022, holds the second position, followed by Samsung.

Several startups are also organizing the previously fragmented used smartphone market. Platforms like Cashify, Yaantra, and others have introduced quality checks, warranties, and omnichannel presence to boost consumer confidence. Cashify, for instance, has over 200 stores across 100 cities, while Yaantra, owned by Flipkart, focuses mainly on online sales and select offline partnerships.

Looking ahead, IDC forecasts the used smartphone market in India to grow at a compound annual growth rate (CAGR) of 8 per cent over the next five years, reaching 26.5 million units by 2028.

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India’s Adani Group plans to build 10 gigawatts of overseas hydroelectric projects over the next few years, helping the conglomerate reach its net zero carbon emissions goal by 2050.

Billionaire owner Gautam Adani, whose businesses span from rice to cement, announced in 2022 the group would invest $100 billion over the next decade to develop green energy capabilities including setting up the world’s largest solar energy park in western India.

The group is exploring building hydroelectric projects in countries such as Nepal, Bhutan, Kenya, Tanzania, the Philippines, and Vietnam, said the sources, who declined to be named as the talks are private.

While the group is mostly focussed on building pumped hydro storage in India, it is drawn to countries that have favourable topography and demand for hydropower.

Adani Group, through its green energy arm Adani Green Energy, operates 11.2 GW of renewable energy projects, and aims to expand this capacity to 50 GW by 2030, according to the company’s website.

The Adani group did not respond to a request for comment.

“Evaluation process is being done in a number of countries. The group is talking mostly with governments and to some private parties too,” one of the sources said.

In June, Gautam Adani announced that the group had signed an agreement with Bhutan’s government for the construction of a 570 megawatt (MW) hydro power plant in the country’s Chhukha province.

It is also evaluating constructing a 700 MW project at Chamkarchu in Bhutan, where the work can start immediately as required approvals are in place, two of the four sources said.

The group is already in talks with developers that have rights to build power projects in Nepal, the sources said, adding electricity from Nepal and Bhutan can be exported to India.

India’s power demand is expected to rise because of strong economic growth.

Adani already has business interests in Kenya, Tanzania, the Philippines, and Vietnam where it has identified locations and is working on multiple feasibility studies and detailed project reports, the sources said.

Authorities in Nepal, Bhutan, Kenya, Tanzania, the Philippines and Vietnam did not respond to Reuters requests for comments.

Adani has pledged to invest $1.85 billion for leasing and operating Kenya’s international airport and announced plans to invest $3 billion in seaport and renewable energy projects in Vietnam.

Earlier this year, it signed a 30-year concession agreement with Tanzania Port Authority to operate a containers terminal.

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