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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open lower on Friday tracking weakness in global markets.
Gift Nifty was trading around the 23,322 level, a discount of nearly 55 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
The US stock market ended lower on Thursday as investors eyed the most recent corporate earnings and gauged economic data.
The Dow Jones Industrial Average declined 68.42 points, or 0.16%, to 43,153.13, while the S&P 500 fell 12.57 points, or 0.21%, to 5,937.34. The Nasdaq Composite closed 172.94 points, or 0.89%, lower at 19,338.29.
Asian markets traded lower on Friday following overnight weakness on Wall Street and as investors await key economic data from China. Japan’s Nikkei 225 fell 0.21%, while the Topix declined 0.48%. South Korea’s Kospi was flat and the Kosdaq dropped 0.11%. Hong Kong’s Hang Seng index futures indicated a weaker opening.
STOCKS TODAY
Reliance Industries: Reliance Industries reported a 7.4 percent rise in net profit for the December quarter, driven by a strong retail rebound and improved telecom earnings. Consolidated net profit rose to ₹18,540 crore, or ₹13.70 per share, compared to ₹17,265 crore, or ₹12.76 per share, in the year-ago quarter. Sequentially, profits increased from ₹16,563 crore in the July-September period. Revenue from operations climbed to ₹2.43 lakh crore, up from ₹2.27 lakh crore in the same period in 2023.
Infosys: Infosys, India’s second-largest IT services provider, posted an 11.46 percent rise in net profit for the third quarter, attributed to a surge in demand. The company raised its revenue growth guidance for FY25 for the third time, projecting 4.5-5 percent growth, up from 3.75-4.5 percent earlier. Net profit reached ₹6,806 crore, up from ₹6,106 crore a year ago, while revenue increased by 7.6 percent to ₹41,764 crore.
Axis Bank: Axis Bank recorded a 4 percent year-on-year growth in standalone net profit, which stood at ₹6,304 crore for the December quarter. This compares to ₹6,071 crore in the corresponding period last year. Total income increased to ₹36,926 crore, up from ₹33,516 crore in the same period last year. The bank’s interest income rose to ₹30,954 crore, compared to ₹27,961 crore in the year-ago quarter.
Metro Brands: Metro Brands reported a 3.9 percent year-on-year decline in net profit at ₹95 crore for the December quarter. The result includes a one-time tax charge of ₹25 crore related to reconciling tax balances for the Fila business. Revenue from operations increased 10.6 percent to ₹703 crore, compared to ₹635.5 crore in the same quarter last year.
LTIMindtree: LTIMindtree reported a 7.14 percent year-on-year decline in net profit to ₹1,085.4 crore for the December quarter. However, revenue from operations grew 7.14 percent year-on-year to ₹9,660.9 crore. On a sequential basis, profits dropped 13.23 percent, while revenue rose 2.41 percent.
SpiceJet: The Delhi high court on Thursday ordered budget airline SpiceJet to pay $2.67 million to Team France within a week for using the aircraft lessor’s three engines. The payment is part of a larger outstanding default of $6 million owed by the airline. In presiding over a single bench, Justice Anish Dayal also instructed SpiceJet to deposit an additional $335,999 with the court registrar within three weeks.