Indian equity markets are expected to open on a positive note today. At around 7:15 a.m., Gift Nifty was trading at 24,070, up 28 points or 0.12%, indicating a firm start for the domestic market.
According to the early market indicators, Gift Nifty was trading around the 24,070 level with a gain of approximately 28 points. Analysts expect the Nifty to trade within the 23,800–24,350 range. The 24,000–23,950 zone is considered an important near-term support level, while market direction at higher levels is expected to be influenced by quarterly earnings and global cues.
Several major companies are scheduled to announce their first-quarter (Q1) financial results today, including Wipro, Tech Mahindra, Jio Financial Services, ITC Hotels, 360 One Wam, 5Paisa Capital, Bharat Heavy Electricals (BHEL), CEAT, Muthoot Capital Services, Piramal Finance, Polycab India, South Indian Bank, Sterling and Wilson Renewable Energy, and WeWork India Management. The results are expected to influence the respective stocks as well as broader market sentiment.
HDFC Life Insurance reported its first-quarter results, with new business premium rising 12% to ₹8,143 crore. Annual Premium Equivalent (APE) increased 9%, while Value of New Business (VNB) also grew 9%.
HDB Financial Services reported a 38.3% increase in net profit to ₹785 crore, while net interest income rose 20%.
Angel One reported net profit of ₹231.4 crore, more than doubling from the corresponding period, while revenue increased by more than 25%.
Mangalore Refinery and Petrochemicals (MRPL) reported a profit of ₹945.7 crore compared with a loss in the corresponding period last year. The company's revenue increased by more than 120%.
Himadri Speciality Chemical reported a 26% increase in net profit and a 28% rise in revenue.
ICICI Lombard General Insurance reported a 46% decline in net profit to ₹403.2 crore, while net premium income increased by approximately 16%.
Network18 Media & Investments reported improvements in revenue, operating profit and EBITDA margin.
GTPL Hathway reported a 78% decline in net profit, although its revenue recorded double-digit growth.
State Bank of India (SBI) has appointed Sunil Ramgopal Agrawal as its Chief Financial Officer (CFO). He will formally assume the position from August 1.
Ather Energy has launched its Qualified Institutional Placement (QIP) and fixed the floor price at ₹1,169.70 per share. The company may offer a discount to this price, if required.
Adani Power has signed a 25-year long-term power supply agreement with Maharashtra State Electricity Distribution Company (MSEDCL) for the supply of 1,600 MW of electricity. The project will be based on a 2×800 MW ultra-supercritical thermal power plant.
HDFC Bank has received approval from the Reserve Bank of India (RBI) for the appointment of Rajiv Kumar as Part-Time Chairman for a term of three years.
Separately, Ayana Renewable Power, a subsidiary of NTPC Green Energy, has secured a successful bid in a Solar Energy Corporation of India (SECI) e-reverse auction.
