Quick Wrap: Nifty Financial Services Index records a surge of 1.62%
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Business Standard
40 minutes ago
- Business Standard
Markets fall amid IT, FMCG earnings disappointment; Sensex down 543 points
Domestic equity benchmarks closed lower on Thursday, weighed down by selling in heavyweight stocks like Reliance Industries, HDFC Bank, and IT majors. Investor caution prevailed amid ongoing India-US trade negotiations and mixed corporate earnings. The Sensex settled at 82,184, down 543 points, or 0.6 per cent, while the Nifty closed at 25,062, dropping 158 points, 0.6 per cent. The selloff erased ₹2.2 trillion from the total market capitalisation, which is now at ₹458 trillion. Reliance Industries, HDFC Bank, and Infosys contributed most to the Sensex decline. IT stocks faced significant pressure after mid-tier firms, Coforge and Persistent Systems, reported weaker-than-expected quarterly results. The Nifty IT index plunged 2.2 per cent – its sharpest single-day fall since May 13 – despite Infosys beating earnings estimates. "IT firms show anaemic revenue growth and profit degrowth, making current valuations unsustainable. Minimal recruitment signals limited near-term upside. Without a dramatic turnaround, these valuations won't hold," said UR Bhat, Co-founder of Alphaniti Fintech. The market's cautious tone persisted even as India and the UK signed a free trade agreement, granting 99 per cent of Indian exports (textiles to engineering goods) tariff concessions. However, analysts noted limited immediate market reaction due to focus on earnings. "Initial optimism about the UK FTA briefly lifted pharma and textile stocks, but attention quickly shifted back to earnings," Bhat added. Vinod Nair, Head of Research at Geojit Financial Services, said, "Subdued Q1 performances dragged IT and FMCG stocks. While earnings are broadly in line, they don't justify India's premium 21 times price-to-earnings multiple. Foreign portfolio investors (FPIs) were net sellers of ₹2,134 crore, while domestic institutional investors (DIIs) provided support with net buying of ₹2,617 crore. Market breadth remained weak, with 2,517 declining stocks versus 1,542 gainers on the BSE. Looking ahead, Siddhartha Khemka, Head of Research at Motilal Oswal Wealth Management, said: "We expect range-bound markets with stock-specific moves driven by Q1 earnings. Global cues, including UK FTA formalisation and India-US trade talks, will be closely monitored." The Indian markets have underperformed emerging market peers, with the Nifty declining 1.8 per cent even as the MSCI EM ex-Japan gained 4 per cent.
Indian Express
an hour ago
- Indian Express
Stocks to Watch on Friday, July 25: Reliance Power, Reliance Infra, REC, Nestle India, Wipro and more
Stocks to Watch: Shares of several companies will remain in focus on Friday (July 25) including Wipro, Canara Bank, Nestle India, Reliance Power, Reliance Infra, REC, NTPC, etc. On Thursday, equity markets fell, with the benchmark Sensex tumbling 542.47 points, amid profit-taking in blue-chip stocks and foreign fund outflows. Despite a positive start, the 30-share BSE Sensex failed to carry forward the momentum and fell later in the trade. The benchmark tanked 542.47 points, or 0.66 per cent, to settle at 82,184.17. During the day, it tumbled 679.42 points, or 0.82 per cent, to 82,047.22. As many as 2,410 stocks declined, while 1,645 advanced and 166 remained unchanged on the BSE. IT services firm Wipro on Thursday said it has bagged a multi-year strategic contract from Saudi Electricity Company (SEC)'s wholly-owned subsidiary National Grid to design and implement a Smart Meter Data Management (MDM) system. Wipro will be responsible for designing, developing, implementing, and supporting a robust MDM system for the Saudi national electricity transmission network, the company said in a statement. SBI Life Insurance reported a 14 per cent growth in net profit to Rs 590 crore for the June quarter of the current financial year. The company's profit after tax stood at Rs 520 crore in the April-June quarter of previous financial year. The total income of the company improved to Rs 38,696 crore as against Rs 34,392 crore in the same period a year ago, SBI Life Insurance said in a regulatory filing. New business premium of the insurance firm rose to Rs 7,270 crore during the period under review compared to Rs 7,033 crore in the June 2024 quarter. UTI Asset Management Company (AMC) posted a 7 per cent decline in its consolidated profit after tax to Rs 237 crore for the quarter ended June 2025. The company had posted a profit after tax of Rs 254 crore in the same quarter of the preceding fiscal (2024-25). Its revenues from operations rose 3 per cent to Rs 547 crore in the quarter under review from Rs 529 crore in the April-June quarter of FY25, according to an exchange filing. Canara Bank posted a 22 per cent growth in standalone net profit to Rs 4,752 crore during the first quarter of the current financial year, supported by a decline in bad loans. The Bengaluru-based bank had earned a net profit of Rs 3,905 crore in the same quarter of the previous fiscal year. The total income rose to Rs 38,063 crore during the June quarter from Rs 34,020 crore in the same quarter of FY25, Canara Bank said in a regulatory filing. Aether Industries on Thursday reported a 57 per cent jump in its consolidated profit after tax to Rs 47.02 crore in the June quarter. Its profit after tax (PAT) stood at Rs 29.93 crore during the corresponding period of the preceding fiscal, the company said in a regulatory filing. Revenue from operations of the company witnessed 42 per cent growth during the quarter under review at Rs 256.13 crore against Rs 180.01 crore in the same period a year ago. Nestle India Ltd reported a 13.4 per cent decline in consolidated net profit to Rs 646.59 crore for the June 2025 quarter, mainly impacted by high commodity prices. The company had posted a net profit of Rs 746.6 crore a year ago, according to a regulatory filing by Nestle India, which owns popular brands such as Maggi, NESCAFE and KitKat. Its revenue from the sale of products increased 5.86 per cent to Rs 5,073.96 crore in the April-June quarter. It was Rs 4,792.97 crore in the corresponding period of the last financial year. Shares of Reliance Power, Reliance Infra will remain in focus following raids by the Enforcement Department on Thursday. The raid was a part of an alleged Rs 3,000 crore loan fraud relating to a money laundering case against the companies linked to Reliance Group Chairman Anil Ambani. State-owned REC Ltd posted a 29 per cent rise in its consolidated net profit to Rs 4,465.71 crore June quarter compared to the year-ago period, mainly on the back of higher revenues. The company had reported a consolidated net profit of Rs 3,460.19 crore in the quarter ended on June 30, 2024, a BSE filing stated. Total income rose to Rs 14,823.98 crore in the quarter from Rs 13,092.44 crore in the same period a year ago. NTPC on Thursday said it has received shareholders' approval to raise up to Rs 18,000 crore through issue of non-convertible debentures on a private placement basis. The fund will be raised in up to 12 tranches, through a private placement during the period commencing from the date of passing of the special resolution till completion of one year thereof, according to a regulatory filing. CG Power and Industrial Solutions on Thursday posted nearly 11 per cent increase in its consolidated net profit to Rs 267 crore in the June quarter compared to a year ago, mainly on the back of higher revenues. Aggregate sales for the quarter were up at Rs 2,878 crore at a growth of 29 per cent compared to Rs 2,228 crore in the same period a year ago, stated a company statement. According to the statement, consolidated profit after tax (PAT or net profit) was 11 per cent higher at Rs 267 crore for the quarter as against Rs 241 crore in Q1FY25. Aditya Birla Sun Life AMC, part of Aditya Birla Capital, on Thursday posted an 18 per cent increase in profit after tax to Rs 277.1 crore for the three months ended June 2025. In comparison, the asset management firm had posted a profit after tax (PAT) of Rs 236 crore in the same quarter of the preceding fiscal. The company's revenue from operations rose 16 per cent to Rs 447.4 crore in the quarter under review from Rs 386.6 crore in the April-June quarter of the preceding fiscal (2024-25), Aditya Birla Sun Life AMC (ABSL AMC) said in a regulatory filing. Cement maker ACC Ltd on Thursday reported a 4.35 per cent increase in its consolidated net profit to Rs 375.42 crore for the June 2025 quarter, helped by volume gains and operational efficiencies. The company had posted a profit of Rs 359.74 crore in the April-June quarter a year ago, according to a regulatory filing by ACC, now a part of Adani Cement. Its revenue from operations rose 18 per cent to Rs 6,035.11 crore. It was Rs 5,113.05 crore in the corresponding period a year ago. ACC's total expenses in the June quarter surged 16.84 per cent to Rs 5,594.25 crore. State-owned Indian Bank on Thursday posted a 24 per cent rise in net profit to Rs 2,973 crore in the first quarter of the current financial year. The Chennai-based lender had earned a net profit of Rs 2,403 crore in the same quarter of the previous fiscal year. The total income rose to Rs 18,721 crore during the June quarter of 2025-26 from Rs 16,945 crore in the same period of FY25, Indian Bank said in a regulatory filing. Snacks manufacturer Bikaji Foods International Ltd has reported a 1.3 per cent increase in consolidated net profit to Rs 58.52 crore in the quarter ended in June 30, of this financial year. The company had posted a consolidated profit of Rs 57.77 crore in the April-June quarter a year ago, according to a regulatory filing from Bikaji Foods. Its revenue from operation was up 14.86 per cent to Rs 637.05 crore in the June quarter. It was at Rs 554.59 crore a year ago. Total expenses of Bikaji Foods in the June quarter were up 16.7 per cent to Rs 584.09 crore. (With inputs from PTI)
Business Standard
2 hours ago
- Business Standard
Rupee moves slightly up, USD/INR futures see good gains in intraday moves
Indian Rupee stabilized around one-month low against the US dollar amid weak equities. INR added 2 paise at 86.42 per US dollar right amid an overall choppy movement. The US dollar index added mild gains, maintaining above 97 mark. Local stocks saw considerable selling pressure today as earnings stayed in focus and the benchmark NIFTY50 index slipped around 0.60% on the day. Economic cues were steady for the INR. At 60.7 in July, the HSBC Flash India Composite Output Index was little-changed from June's final print of 61.0 and therefore signalled another substantial rate of growth. Moreover, the headline figure remained well above its long-run average of 54.8. Meanwhile, Reserve Bank of India (RBI) stated in its latest monthly bulletin that high-frequency indicators for overall economic activity showed mixed signals in June but signalled steady demand conditions. On the NSE, USD/INR futures shed 0.02% at 86.55 but saw good recovery after falling near 86.30 mark in intraday moves.
