Stocks in focus: The GIFT Nifty recorded a 0.03% gain during Wednesday’s early trading session, with a value of 19,809.5 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex made new all-time highs and ended Monday’s trading session broadly in green. The Nifty 50 rose 146.95 points or 0.75% to close at 19,711.45 after making a new lifetime high of 19,731.85 intraday.
“The bulls continued to lift the market to new heights, but volatility emerged in the second half due to concerns over valuation. Rapid fall in the dollar index and a slide in the US 10-year yield is supporting liquidity in emerging markets. While disappointing economic growth in China and improvement in the US market outlook are drawing attention to the Indian market with the IT sector as the contra bet,” said Vinod Nair, Head of Research at Geojit Financial Services.
L&T Technology Services
L&T Technology Services (LTTS) reported a 2.2% quarter-on-quarter rise in its net profit to Rs 368 crore in the June quarter of FY24, from a net profit of Rs 360 crore in the March quarter. The IT firm posted a revenue of Rs 2,301 crore in Q1FY24, down 2.9% sequentially. The March quarter revenue for the company was at Rs 2,371 crore.
IndusInd Bank
IndusInd Bank posted its fiscal first quarter profit at Rs 2124.50 crore, up 30.2% on-year, in line with the estimates. The bank had recorded a profit of Rs 1631.14 crore in the corresponding quarter of last year. Its Net Interest Income (NII) grew by 18% to Rs 4867 crore from Rs 4125.3 crore on-year.
ICICI Lombard
ICICI Lombard General Insurance Company posted its fiscal first quarter profit at Rs 390.36 crore, up 11.8% in comparison to Rs 349.03 crore during the same quarter last year.
Vedanta
Vedanta Group said the company is awaiting the government’ s approval for its applications under the modified scheme for semiconductor and display fabs. Aftr the approval, the company will immediately begin construction of its fabrication units in Dholera Special Investment Region in Ahmedabad.
TV18 Broadcast
TV18 Broadcast reported a 51.94% hike in its consolidated net profit to Rs 91.20 crore in the first fiscal quarter. JioCinema, the company’s OTT platform, drove views because of its tie-up to broadcast the IPL.