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PRE-MARKET REPORT
The Indian equity market benchmark indices, Sensex and Nifty 50, are expected to open lower on Friday amid weak domestic and global market cues.
Gift Nifty was trading at around 23,590 levels, a discount of nearly 58 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.
The U.S. stock market was closed on Thursday, January 9, to observe a National Day of Mourning for former president Jimmy Carter.
Asian markets traded lower as investors eyed key economic data from the region. Japan’s Nikkei 225 declined 0.64%, while the Topix fell 0.34%. South Korea’s Kospi dropped 0.59%, and the Kosdaq slipped 0.8%. Hong Kong’s Hang Seng index futures indicated a stronger opening.
STOCKS TODAY
TCS: Tata Consultancy Services (TCS), India’s largest IT company, has announced its second-highest dividend for FY25, bringing the total declared for the year to ₹96 per share. This is the highest annual dividend declared by the company, apart from FY23. On January 9, 2025, TCS reported a consolidated net profit of ₹12,380 crore for Q3 FY25, marking a 12 percent YoY increase compared to ₹11,058 crore in the year-ago period. Consolidated revenue from operations rose 6 percent YoY to ₹63,973 crore, falling slightly short of estimates. Sequentially, net profit rose 4 percent, showcasing steady growth for the IT major.
IREDA: The Indian Renewable Energy Development Agency (IREDA) announced its October to December quarter results on Thursday, January 9. The state-owned company’s net profits rose 27 percent to ₹425.38 crore in the third quarter of the financial year 2024-25, compared to ₹335.53 crore in the same quarter of the previous year. The revenue from operations rose 37 percent to ₹1,654.45 crore in the October to December quarter results of the financial year 2024-25, compared to ₹1,208.10 crore in the same quarter the previous year.
Tata Elxsi: Tata Elxsi Ltd reported a 13.3 percent sequential decline in net profit for Q3 FY25 at ₹199 crore, compared to ₹229.4 crore in Q2 FY25. Revenue for the quarter dipped 1.7 percent to ₹939.2 crore, down from ₹955.1 crore in the previous quarter. EBITDA declined 7.7 percent to ₹220.7 crore, with the EBITDA margin falling to 24.2 percent from 25.7 percent in Q2 FY25. These results reflect a challenging quarter for the design and technology services provider.
Adani Wilmar: FMCG player Adani Wilmar is expected to draw attention on Friday, January 10, following the Thursday evening announcement that its founder plans to divest a stake in the company via an Offer For Sale (OFS). Adani Commodities, the promoter entity of Adani Wilmar under the Adani Group, plans to divest a 13.5 percent stake, equivalent to 17.54 crore shares, through this OFS, according to the company’s exchange filing on Thursday evening. This represents the base issue size. The company also has the option to exercise a green shoe mechanism, allowing it to sell an additional 6.5 percent stake in the Offer for Sale (OFS).
Phoenix Mills: Phoenix Mills Ltd reported robust growth for Q3 FY25, driven by strong performance across its retail, hospitality, office, and residential segments. Retail consumption rose to ₹3,998 crore, a 21 percent YoY increase. Excluding newer properties like Phoenix Mall of the Millennium and Phoenix Mall of Asia, like-to-like consumption growth stood at 10 percent, underscoring the company’s sustained operational momentum.
Adani Total Gas: Adani Total Gas Ltd. announced an increase in APM gas allocation by 20 percent, effective January 16, 2025. This revision, communicated by GAIL (India) Ltd., follows earlier allocation reductions reported in October and November 2024. The company expects this adjustment to enhance operational efficiency and supply stability.