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PRE-MARKET REPORT
The domestic equity indices, Sensex and Nifty 50, are expected to open higher on Wednesday amid mixed global market cues.
Gift Nifty was trading at around 24,190 levels, a premium of nearly 100 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
US stocks rebounded to end higher on Tuesday as recent comments by Federal Reserve officials eased US recession worries.
The Dow Jones Industrial Average gained 294.39 points, or 0.76%, to 38,997.66, while the S&P 500 rallied 53.70 points, or 1.04%, to close at 5,240.03. The Nasdaq Composite ended 166.77 points, or 1.03%, higher at 16,366.85.
Asian markets traded mixed on Wednesday tracking overnight gains on Wall Street and ahead of the trade data from China.
Japan’s Nikkei fell 1%, while the Topix rose 0.3%. South Korea’s Kospi gained 1% and the Kosdaq rallied 1.3%. Hong Kong Hang Seng index futures indicated a higher opening.
STOCKS TODAY
Suzlon Energy: The company will acquire a 76% stake in Renom Energy Services from the Sanjay Ghodawat Group in two or more tranches. In the first tranche, it will acquire a 51% stake for Rs 400 crore; in the second tranche, it will acquire an additional 25% stake within 18 months of the first acquisition for Rs 260 crore.
Vedanta: The company reported a 36.5% increase in consolidated net profit to ₹3,606 crore for the quarter ended June 30, 2024, compared to ₹2,640 crore in the same period last year. Revenue from operations rose 5.6% to ₹35,239 crore. EBITDA increased by 47% YoY to ₹10,275 crore, with an EBITDA margin of 34%, up from 24% last year.
Tata Power: The company reported a consolidated net profit of ₹1,188.63 crore for Q1FY25, up 4% YoY from ₹1,140.97 crore, and a 13% sequential increase from ₹1,045.59 crore in Q4FY24. Revenue rose 13.6% to ₹17,293.62 crore from ₹15,213.29 crore last year. EBITDA jumped 11% to ₹3,350 crore from ₹3,005 crore.
Raymond: The company reported a 26.7% increase in consolidated net profit from continuing operations to ₹57.04 crore for Q1FY25 from ₹45.02 crore last year. Revenue from continuing operations rose to ₹937.65 crore from ₹473.37 crore. The company completed the demerger of its lifestyle business into Raymond Lifestyle Ltd, with its listing expected in Q2.
Infosys: The Indian government is firm on its substantial tax demand for Infosys, the country’s second-largest IT services firm, with no relaxation considered. Infosys sought a ten-day extension to respond to the ₹32,000 crore tax demand related to services from overseas branches between July 2017 and FY22, equivalent to 85% of its revenue for the quarter ended June 30. Infosys stated that the demand for FY18, amounting to ₹38.98 billion, has been closed.
Gland Pharma: The company reported a 25.9% YoY decline in net profit to ₹143.8 crore for Q1FY25, with revenue up 16% to ₹1,401.7 crore. EBITDA was down 10% to ₹264.4 crore. The company plans to grow through acquisitions and new product launches despite challenges from the European holiday season and maintenance shutdowns.