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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open higher on Friday following a rally in global markets amid upbeat sentiment.
Gift Nifty was trading around 24,385 level, a premium of nearly 265 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices.
The US stock market ended higher on Thursday, with the Nasdaq and S&P 500 rallying more than 2% each.
The Dow Jones Industrial Average jumped 683.04 points, or 1.76%, to 39,446.49, while the S&P 500 surged 119.81 points, or 2.30%, to 5,319.31. The Nasdaq Composite closed 464.22 points, or 2.87%, higher at 16,660.02.
Asian markets traded higher on Friday tracking an overnight rally on Wall Street amid easing recession fears.
Japan’s Nikkei 225 gained 1.63%, while the Topix rose 1.43%. South Korea’s Kospi rallied 1.43%, while the Kosdaq jumped 2.67%. Hong Kong Hang Seng index futures indicated a higher opening.
STOCKS TODAY
Eicher Motors: The company reported a 20% rise in Q1FY25 consolidated net profit to ₹1,101 crore, driven by favorable commodity prices, inventory benefits, and positive volume growth in the Royal Enfield (RE) segment. Total revenue from operations increased by 10.2% to ₹4,393 crore. EBITDA rose 14.1% to ₹1,165.5 crore, with a margin of 26.5%.
Biocon: The company reported a 550.5% increase in Q1FY25 net profit to ₹659.7 crore, driven by a ₹1,057.3 crore gain from a transaction in its Biologics business. Revenue from operations rose 8.3% to ₹2,613.4 crore. Biocon’s Biologics business entered a deal with Eris Lifesciences for the sale of its business in March 2024. The company recommended a final dividend of ₹0.5 per equity share, subject to shareholder approval.
Sobha: The company’s consolidated net profit plunged 50% YoY to ₹6.06 crore in Q1FY25 from ₹12.05 crore last year. The company posted a revenue of ₹669 crore in Q1, down from ₹901 crore in Q1 FY24. Collections from homebuyers increased by 14% to ₹1,546 crore. Quarterly sales stood at ₹1,874 crore, up 28% YoY.
Bharat Forge: The company reported a net profit of ₹269.4 crore for Q1FY25, below expectations due to an exceptional loss of ₹146 crore. Revenue for the quarter was ₹2,338 crore, up 10% YoY. EBITDA increased 18.7% to ₹651.3 crore, with margins expanding by 200 basis points to 28%.
Container Corporation of India: State-run CONCOR reported a 14% rise in net profit to ₹3.17 billion ($38 million), driven by growing volumes in its export/import (EXIM) segment. Total revenue increased by 6.4% to ₹23.25 billion, with EXIM revenues rising by 9%.
Steel Authority of India: SAIL reported a 61% year-on-year fall in consolidated net profit to ₹81.78 crore for Q1FY25, amid weaker domestic steel prices due to increased competition from China. Consolidated revenue from operations stood at ₹23,997.8 crore, down 1%. Standalone net profit plunged 92.3% to ₹11 crore from ₹150 crore.