Analysis Financial News

Domestic benchmark index NSE Nifty fell 102.9 points to 24646.95, while the BSE Sensex traded 408.4 points down at 80598.21.

buy call on Infosys with a target price of Rs 2,200. The current market price of Infosys Ltd. is Rs 1912.7. Infosys., incorporated in 1981, is a largecap company with a market cap of Rs 817184.02 crore, operating in IT Software sector. Infosys Ltd. key products/revenue segments include software products and software development charges for the year ending 31-Mar-2024.

Sensex and Nifty50 opened lower for the fourth consecutive session on Friday, weighed down by auto, banking and IT stocks, amid foreign fund outflows and disappointing results from marquee companies. The BSE Sensex was trading 580 points, or 0.72%, lower at 80,427. The Nifty50 was down 172 points, or 0.7%, trading at 24,577 around 9:30 am.

Indian market is likely to trade lower on Friday tracking muted global cues. The Nifty future closed negative with losses of 0.81% at 24,845 levels on Thursday. INDIA VIX surged by 2.56%, settling at 13.39, indicating a jump in market volatility.

IT services company LTIMindtree shares are in focus on Friday after the firm reported 8% year-on-year (YoY) growth in its consolidated net profit at Rs 1,251 crore in the quarter ended September 2024. Revenue from operations in the reporting period rose 6% year-on-year to Rs 9,433 crore. In dollar terms, revenues for the quarter stood at $1.1 billion, showing a growth of 5% year-on-year and 3% quarter-on-quarter.

Manappuram Finance are likely to remain in focus after the Reserve Bank of India (RBI) imposed restrictions on four NBFCs (including Manappuram) citing material supervisory concerns, following which, the stock earned multiple rating downgrades or target price cuts from various brokerage firms. The Central Bank on October 17 announced this regulatory action against four NBFCs and NBFC-Micro Finance Institutions (NBFC-MFIs), citing material supervisory concerns. The RBI directed these entities to cease and desist from sanctioning and disbursing loans until further notice.

Axis Bank shares are in focus today after the private lender reported an 18% increase in standalone net profit, reaching Rs 6,918 crore, compared to Rs 5,864 crore in the same quarter of the previous financial year. The bank’s Net Interest Income (NII) grew 9% year-on-year (YoY) to Rs 13,483 crore, while its Net Interest Margin (NIM) for Q2 FY25 stood at 3.99%.

NSE500 stocks closing in the red. The IT sector was the only exception, as the selling was widespread across other sectors. The Nifty50 index declined by around 0.90%, ending just above the critical swing low of 24,694 established on October 7th.

Axis Bank, while Morgan Stanley has downgraded Manapurram Finance to equal-weight. Jefferies has maintained a hold call on Havells and Macquarie has an outperform rating on Wipro.

Godavari Biorefineries has announced a price band of Rs 334-352 per share for its Rs 555-crore initial public offering (IPO), set to open for subscription on October 23. The IPO will close on October 25, with anchor bidding beginning on October 22. The allotment will be finalised on October 28, and refunds and share credits will take place on October 29, followed by the stock listing on October 30.

Jio Financial will be in focus in Friday's trade as the company will announce its second quarter earnings later today. In the run up to the results, shares of Jio have been muted with a fall of over 6%. In the last five days, the stock sinked nearly 4% amid an overall bearish trend in the markets.

IT services company Infosys will be in focus after the company announced its second quarter results, where it posted a 5% growth in net profit and revenues. The Bengaluru-based tech major has also raised its guidance upwards to 3.75-4% for the current fiscal year.

Wipro will be in focus on Friday following IT major's July-September quarter earnings where the company reported a 21% jump in net profit to Rs 3,209 crore for the quarter ended September 2024 versus Rs 2,646 crore logged in the year-ago period. The figure was higher than ET Now poll estimates of Rs 3,050 crore. Revenue from operations in the reported quarter stood at Rs 22,302 crore, marginally lower over Rs 22,516 crore posted in the corresponding quarter of the previous financial year.

Adani Enterprises are expected to remain in focus on Friday after the company successfully raised Rs 4,200 crore in a share sale to investors via a qualified institutional placement (QIP). The company has allocated 1.41 crore shares at an issue price of Rs 2,962 each.

retail investors can get an allotment for the maximum number of bids made. After sailing through on the last day of bidding, Hyundai Motor India is likely to finalise the share allotment for its IPO later today. Going by the subscription numbers, all the retail investors, who bid for the issue, will likely get allotment as the category was not fully subscribed. This is also the case with non-institutional investors.

Zomato will be in focus on Friday as the food delivery company's board of directors will meet on October 22 to consider the plans to raise funds by issuance of equity shares by way of qualified institutions placement (QIP). The company will also announce its September quarter earnings on this day which will be followed by an earnings conference call at 5 pm India time.

government securities at the buyback auction, versus the notified amount of ₹25,000 crore. The amount offered by institutions was ₹33,201.4 crore. This is the second such buyback operation done by the central bank this month. This auction, along with the one last week, was one of the most successful buyback auctions conducted by the RBI since it resumed such operations in May this year, after a gap of six years.

Jio Financial, Infosys, LTIMindtree, Wipro, Tata Consumer, MGL, Axis Bank among others will be in focus due to various news developments and second quarter results. Jio Financial, Tata Consumer, ZEE, ICICI Lombard Jio Financial, Tata Consumer, ZEE and ICICI Lombard will be in focus as the companies will announce their second quarter earnings today.

revenue growth in the past eight years. Against an expectation of around 5% revenue growth, Nestle India posted revenue growth of 1.3% on back of some of its key brands witnessing pressure due to softer consumer demand. The profitability also suffered on account of inflationary prices of coffee and cocoa. The operating profit margin corrected by 100 bps to 23.4%. Raw material cost stood at 43.6% of revenues-same as the year ago elevated level of 43.7%. It has increased its investment in advertising and marketing during the quarter. Other expenses (as a proportion of revenues) increased to 23.6% against corresponding year-ago level of 21.6%. Despite this, muted consumer demand ensured that only five of the company's top 12 brands grew at double-digits.

Bengaluru: Infosys, India’s second-largest IT company, posted a 4.7% increase in September quarter net profit to ₹6,506 crore, slightly below market estimates, from the year earlier. Some deal ramp-ups and an uptick in the key vertical of financial services lifted profit and revenue, which rose 5.1% from the year earlier and 4.2% from the preceding quarter, to ₹40,986 crore.

Subscribe to enjoy similar stories. Every Friday, Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. India's exports saw mild growth in September after a gap of two months, while the Union Cabinet made a slew of announcements for central government employees and farmers, among others.