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PRE MARKET REPORT
The domestic equity indices, Sensex and Nifty 50, are expected to open higher on Tuesday, extending gains from the previous session’s sharp rally, amid positive global market cues
Asian markets traded higher following overnight gains on Wall Street.
Japan’s Nikkei 225 rose 0.29% and the Topix was flat, while the Kosdaq gained 0.66%. Hong Kong’s Hang Seng index futures indicated a weaker open.
US stock market indices ended higher on Monday, with the S&P 500 notching yet another record closing high, as investors looked ahead to this week’s slew of megacap earnings, economic data and the Federal Reserve’s monetary policy meeting.
The Dow Jones Industrial Average rallied 224.02 points, or 0.59% while the S&P 500 rose 36.96 points, or 0.76%. The Nasdaq Composite ended 172.68 points, or 1.12%, higher.
STOCKS TODAY
ITC: The cigarette-FMCG-to-hotel major has recorded a 10.75 percent on-year growth in standalone net profit at Rs 5,572 crore for the quarter ended December FY24 despite weak operating numbers, aided by higher other income and lower tax costs. Standalone revenue from operations increased by 1.6 percent to Rs 16,483.3 crore compared to the year-ago period, driven by the cigarette and FMCG segments. The company announced an interim dividend of Rs. 6.25 per share.
Mahindra Logistics: The logistics company has registered a consolidated net loss of Rs 16.4 crore for the quarter ended December FY24, against a profit of Rs 1.67 crore in the same period last fiscal year, impacted by weak operating numbers. Revenue from operations grew by 5 percent year over year to Rs 1,397.2 crore for the quarter. The company has received approval from the Investment Committee of the Board of Directors for an investment of up to Rs 50 crore in its subsidiary, MLL Express Services.
Bajaj Finance: The non-banking finance company has registered a 22 percent on-year growth in consolidated net profit at Rs 3,639 crore for the October–December period of FY24, despite higher loan losses and provisions. Net interest income during the quarter increased by 29 percent to Rs 7,655 crore compared to the year-ago period, while the number of new loans booked grew by 26 percent to 9.86 million during the same period. Asset quality has weakened, with the gross NPA rising 4 bps QoQ to 0.95 percent and the net NPA increasing 6 bps sequentially to 0.37 percent for the quarter.
Vodafone Idea: The telecom operator has posted a net loss of Rs 6,986 crore for the quarter ended December FY24, narrowing from a loss of Rs 8,738 crore in the previous quarter, with a margin improvement. Revenue during the quarter fell 0.4 percent sequentially to Rs 10,673.1 crore compared to the previous quarter.
Aditya Birla Sun Life AMC: The asset management company has reported a 26 percent on-year growth in consolidated net profit at Rs 209.3 crore for the October–December period of FY24, aided by higher other income. Revenue from operations increased by 8.7 percent YoY to Rs 341.5 crore for the quarter.
GAIL (India): The country’s largest natural gas company has signed a long-term LNG purchase agreement to purchase around 0.5 MMTPA of LNG from ADNOC Gas (Abu Dhabi National Oil Company). Under this agreement, deliveries will commence from 2026 onwards for 10 years across India.
Petronet LNG: The state-owned liquefied natural gas importer has recorded a consolidated net profit of Rs 1,213 crore for the October–December period of FY24, growing sharply by 41.7 percent over the previous quarter, backed by healthy operating numbers. Revenue from operations grew by 17.7 percent quarter-on-quarter to Rs 14,747.2 crore during the quarter.
Results on January 30: Larsen & Toubro, Dr. Reddy’s Laboratories, Bajaj Finserv, PB Fintech, Arvind, Astral, Adani Total Gas, Blue Star, Cochin Shipyard, Coromandel International, Gillette India, JBM Auto, J Kumar Infraprojects, KEC International, KPIT Technologies, Mahindra & Mahindra Financial Services, Piramal Pharma, Keystone Realtors, Shyam Metalics and Energy, SRF, Strides Pharma Science, Star Health and Allied Insurance Company, Symphony, Triveni Engineering & Industries, VIP Industries, and Voltas will be in focus ahead of declaring their December FY24 quarter earnings on January 30.