Indian equity markets are expected to open lower on Monday. At around 7:15 a.m., Gift Nifty was trading at 24,307, down 42 points, or 0.17%. Market participants expect trading to begin on a subdued note, although analysts believe the flow of b first-quarter (Q1) corporate earnings reported so far could support a gradual improvement in market sentiment during the week.
The market's direction this week is expected to depend largely on corporate quarterly earnings, management commentary and sector-specific developments. Several major companies released their financial results over the weekend, and investors will closely monitor management guidance on business performance in the coming quarters.
A number of companies are scheduled to announce their Q1 financial results today, including UltraTech Cement, One 97 Communications (Paytm), Bajaj Healthcare, BlueStone Jewellery and Lifestyle, Canara HSBC Life Insurance, Indian Overseas Bank, Mahindra Logistics, Rallis India, Shyam Metalics and Energy, Shobha, Transformers and Rectifiers (India), Tourism Finance Corporation of India and Venus Remedies. Investors will also assess commentary on demand, costs, margins and management outlook for upcoming quarters.
Reliance Industries reported a 6.1% increase in quarterly profit to ₹23,196 crore from ₹21,859 crore in the corresponding period last year. Total revenue rose 24.5% to approximately ₹3.4 lakh crore, while EBITDA increased 10.1% to ₹54,067 crore.
HDFC Bank reported a 5% increase in profit to ₹19,059.7 crore. Net Interest Income (NII) rose 6.7% to ₹33,534 crore, while provisions and contingencies declined significantly. ICICI Bank also reported higher earnings, with profit rising 15.9% to ₹14,804.5 crore and NII increasing 12.7% to ₹24,384.4 crore. The bank also reported a decline in provisions and contingencies.
Kotak Mahindra Bank reported a 25.6% increase in profit to ₹4,123 crore, while Axis Bank posted a 22.5% rise in profit to ₹7,113.9 crore. Both banks also recorded year-on-year growth in Net Interest Income. Punjab National Bank (PNB) reported a 213.6% increase in profit to ₹5,253.3 crore, although its provisions and contingencies increased.
RBL Bank reported a 27% increase in profit to ₹254 crore. Poonawalla Fincorp reported a 391.5% increase in profit to ₹307.7 crore.
Oberoi Realty reported a 29% increase in profit to ₹543.5 crore, while revenue rose 31.7%.
Natco Pharma received tentative approval from the US Food and Drug Administration (USFDA) for Olaparib 100 mg and 150 mg tablets. The product has been described as bioequivalent to AstraZeneca's Lynparza.
Samvardhana Motherson International received regulatory approval related to the acquisition of stakes in Japan-based Yutaka Giken and Shinichi Kogyo.
GAIL (India) signed a memorandum of understanding (MoU) with KABIL for cooperation in the strategic and critical minerals sector. Cipla said the USFDA completed a routine inspection of its U.S. subsidiary's manufacturing facility in New York.
Power Grid Corporation of India was declared the successful bidder for the Fatehgarh-II Transmission Project.
