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Buzzing Stocks: Axis Bank, Tech Mahindra, Wipro, others in news today
Axis Bank: The private sector lender has posted loss of Rs 5,728.4 crore for March FY23 quarter against profit of Rs 4,117.8 crore in same period last year. The loss was due to the buying cost of Citi Bank's India consumer business during the quarter. Profit excluding the impact of exceptional items would have been Rs 6,625.29 crore for the quarter, a 61% growth YoY. Net interest income grew by 33.1% YoY to Rs 11,742.2 crore in Q4FY23. Tech Mahindra: The IT services provider has reported a 13.8% sequential decline in consolidated profit at Rs 1,117.7 crore on weak operating performance and lower topline growth. Numbers missed analysts' expectations on all fronts. Revenue dropped 0.1% QoQ to Rs 13,718.2 crore during the quarter. The revenue growth in constant currency terms came in at 0.3%, while the deal wins were at $582 million in Q4FY23. Wipro: The IT company has recorded a 0.7% sequential growth in consolidated profit at Rs 3,074.5 crore for quarter ended March FY23, while revenue declined 0.2% QoQ to Rs 23,190.3 crore for the quarter. IT services business revenue increased by 0.7% sequentially to $2,823 million, with constant currency revenue growth declining 0.6%. Wipro said the board has approved share buyback worth Rs 12,000 crore at Rs 445 per share. Source -Money Control
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