Gift Nifty was trading 178 points, or 0.72%, higher at 24,626 at around 7:30 am, indicating that the Indian equity market could open on a positive note.
Early indicators pointed to expectations of a firm opening for Indian equities. Positive cues from global markets, b domestic economic conditions and better first-quarter (Q1) corporate results have supported market sentiment.
Analysts expect the positive market trend to continue on the back of strength in the Indian economy and improvement in corporate earnings.
Investors Focus on RBI Policy and Economic Data
Investors this week will focus on the Reserve Bank of India’s (RBI) monetary policy review, India’s Manufacturing and Services PMI data, fluctuations in crude oil prices and ongoing geopolitical developments in West Asia. These factors could play an important role in determining market direction.
Several Major Companies to Announce Q1 Results Today
Several major companies are scheduled to announce their financial results for the June quarter today. These include SBI Funds Management, DLF, Escorts Kubota, One MobiKwik Systems, Computer Age Management Services (CAMS), DOMS Industries, Dr. Agarwal’s Eye Hospital, Great Eastern Shipping, GlaxoSmithKline Pharmaceuticals, Jindal Stainless, Kalpataru, Kansai Nerolac Paints, KEI Industries, Krishna Institute of Medical Sciences (KIMS), Nazara Technologies, Texmaco Rail & Engineering, Torrent Power and UPL.
Investors and analysts will closely track these results as they could provide indications about the future direction of the respective sectors.
Market Tracks Quarterly Results of Major Companies
Maruti Suzuki India reported a 10.8% year-on-year decline in net profit to Rs 3,352.1 crore. Revenue, however, increased 35.9% to Rs 52,455.7 crore, reflecting b sales performance.
ITC reported a 27.1% decline in profit to Rs 3,578.8 crore. The FMCG and tobacco company’s revenue also declined 14.4% compared with the previous year.
Divi’s Laboratories reported a 65.5% increase in profit. The pharmaceutical company’s net profit stood at Rs 902 crore, while revenue was Rs 3,080 crore.
ABB India reported a 3% increase in profit to Rs 362.3 crore, while revenue increased 21%.
National Aluminium Company (NALCO) reported a 90.9% increase in profit, supported by b commodity prices and better operating performance. Net profit stood at Rs 2,003.1 crore.
Indian Oil Corporation (IOCL) reported a loss of Rs 2,661.3 crore for the quarter, compared with a profit of Rs 5,688.6 crore in the corresponding period last year. The company’s revenue, however, increased significantly.
Glenmark Pharmaceuticals reported that profit increased more than 10-fold to Rs 482.9 crore. The company’s income also increased by more than 23%.
Persistent Systems reported a 13.7% increase in profit to Rs 483 crore, while revenue increased 29.1%.
Central Depository Services (CDSL) reported a 14.8% increase in profit, while revenue also recorded double-digit growth.
Sterlite Technologies and BEL Receive New Orders
Sterlite Technologies has received a multi-year fibre cable supply contract worth approximately Rs 960 crore from a major telecommunications company. The deal will strengthen the company’s order book.
Bharat Electronics Limited (BEL) has received additional defence and technology orders worth Rs 847 crore in recent days. The orders include electro-optics, security solutions, spare parts and other services.
