Stocks to watch: At 7:28 AM, the GIFT NIFTY futures were trading at 25,038 levels, down 32 points, or 0.13%. This, as per publicly available information, suggests that the NIFTY50 index will open 11 points lower on Thursday, October 17.
In the overnight trade, US stocks ended higher in opposition to their global counterparts on Wednesday, and crude extended its decline on projected softening demand. Megacap growth stocks faltered, limiting the tech-heavy Nasdaq's advance.
The Dow Jones Industrial Average rose 337.28 points, or 0.79%, to 43,077.70, the S&P 500 rose 27.21 points, or 0.47%, to 5,842.47, and the Nasdaq Composite rose 51.49 points, or 0.28%, to 18,367.08.
Here is a look at the top stocks that may remain in focus today.
Results today: As many as 36 companies are slated to release their Q2 results today. The list includes names such as Infosys,
Nestle (India), Axis Bank, Wipro, LTIMindtree, Polycab India, Tata Chemicals, Tata Communications, Havells, CEAT Ltd, Central Bank,
Indian Overseas Bank, and Jindal Stainless, among others.
Infosys is expected to report single-digit revenue growth for the September quarter, driven by deal ramp-up from foreign clients and AI initiatives. It is likely to report a net profit in the range of ₹6,431 to ₹ 7,154 crore, up 9 to 11%.
Investors will monitor margin numbers, deal pipeline, FY25 guidance, and key financial metrics.
Wipro: Apart from declaring Q2 results, the IT company will consider the issue of bonus shares at a meeting scheduled to be held on October 16-17, 2024.
Bajaj Auto: On a standalone basis, Bajaj Auto reported a PAT of ₹2,005 crore, up 9% as against ₹1,836 crore logged in the second quarter of last fiscal.
Revenue from operation rose to ₹13,127 crore as compared with ₹10,777 crore in the year-ago period.
The company said it sold 12,21,504 units in the second quarter, up 16 per cent as compared with 10,53,953 units in the year-ago period.
On a standalone basis, the company reported a PAT of ₹2,005 crore, up 9% as against ₹1,836 crore in the second quarter of last fiscal.
L&T Tech:
L&T Technology Services (LTTS) on Wednesday, October 16, reported a consolidated net profit of ₹319.6 crore for the quarter ended September 30, 2024 (Q2 FY25), up 1.9% sequentially and 1.3% on a year-on-year (YoY) basis.
Revenue for the period came in at ₹2,572.9 crore, up 4.5% QoQ and 7.8% YoY.
The company also announced an interim dividend of ₹17 per share.
Reliance Industries (RIL):
Reliance Industries informed stock exchanges on Wednesday, October 16, that the record date for the 1:1 bonus would be October 28. Hence, investors holding shares of the company before October 28 will be eligible for bonus shares.
Crisil: Rating agency
Crisil on Wednesday reported a 13% growth in its consolidated net profit to ₹171.55 crore for the September quarter. Its total income rose to ₹833 crore in the third quarter ended September from ₹771.84 crore in the year-ago period.
Mphasis: The company, as per news reports, reported a 4.6% QoQ rise in net profit at ₹423 crore. The revenue came in at ₹3,536 crore, up 3.3% QoQ, while EBIT rose 6% QoQ to ₹544 crore. The numbers were better than Bloomberg estimates.
Kolte-Patil Developers: The company achieved its highest-ever quarterly sales value of ₹770 crore. It added that 30% contribution is from the 24K segment in Q2FY25.
During Q2FY25, average realisations improved 16% YoY, reaching ₹7,472 per square foot, with premium projects at Life Republic (LR) and 24K projects in Baner, Pimple Nilakh, and LR driving the increase.
RVNL: The company has emerged as the lowest bidder (L1) from Maharashtra Metro Rail Corporation for various projects. The cost of the projects is ₹270 crore.
GMR Airports: The company shared its traffic data for September. The company handled more than 10.2 million passengers across all airports—up 9% YoY.
• Domestic traffic was up 7.5% YoY.
• International traffic was up 12.2% YoY.
Cochin Shipyard: The government's 5% share sale in Cochin Shipyard received bids worth over ₹1,900 crore from institutional investors on Wednesday.
Institutional investors oversubscribed the portion of shares reserved for them. As against 59.19 lakh shares offered, institutional buyers on Wednesday bid for 1.28 crore shares at an indicative price of ₹1,550.13 apiece.
Hence, the government has decided to exercise the green shoe option.
EIH: The company has decided to invest up to a 100% stake in EIH London Investments Limited (up to GBP 69 million).
(With inputs from Reuters)
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