Domestic Indices are expected to open on the green in line with the GIFT Nifty futures, trading positively in the early opening hours on Friday. 

The benchmark equity indices, NSE Nifty 50 and S&P BSE Sensex, extended losses for the third session with a bearish trend in global markets following the US credit rating downgrade. 

The Nifty 50 slipped below 19,400 levels falling by 145 points or 0.74% to close at 19,381.65, while Sensex declined 0.82% or 542 points to end at a four-week low of 65,240.68. 

Companies Announcing Quarterly Results Today: Aditya Birla Fashion and Retail, Bharat Heavy Electricals, Britannia Industries, CE Info Systems, Computer Age Management Services, Delhivery, Edelweiss Financial Services, IDFC, IKIO Lighting, IRB InvIT Fund, JK Tyre & Industries, JSW Holdings, Mahindra & Mahindra, Rain Industries, SBI, Tata Investment Corporation, and Welspun Corp among other.

Bharti Airtel: Bharti Airtel reported a 46% quarter-on-quarter (QoQ) drop in its consolidated net profit for the June 30, 2023 quarter to Rs 1,612.5 crore. The leading telecom operator saw its average revenue per user touch Rs 200 for the first time in a decade. Its revenue from operations came in at Rs 37,440 crore, up 14.1% on a year-on-year (YoY) basis. 

Adani Enterprises: In its financial report for the first quarter of fiscal 2023-24, the Adani Group flagship company announced a 43.6% jump in its net profit to Rs 673.93 crore from Rs 469.46 crore in the same quarter last year. However, the company’s revenue from operations fell by 37.7% at Rs 25,438.45 crore, against Rs 40,844.25 crore during Q1FY23. 

Zomato: The food delivery platform posted its first-ever profit driven by the contribution of its quick commerce business, Blinkit turning positive for the first time. The profit for Q1FY24 stood at Rs 2 crore. The company incurred a loss of Rs 186 crore during the corresponding quarter of FY23. 

Torrent Power: Subsidiaries of Shapoorji Pallonji & Company and Torrent Power Ltd have inked a Power Transfer Agreement with an estimated project cost of Rs 700 crore for the supply of 132 MW of solar power for the latter’s desalination plants in Gujarat. Additionally, Torrent Power has installed its first set of electric vehicle charging stations in Ahmedabad. 

Vedanta: S&P Global Ratings downgraded the credit outlook for Vedanta Ltd’s parent company, Vedanta Resources, from stable to negative, citing increased refinancing risks. The agency affirmed the ‘B-‘rating for the company. 

LIC Housing Finance: LIC Housing Finance posted a 43% YoY rise in its net profit at Rs 1,324 crore and a 28% growth in interest income at Rs 6,304 crore in the June quarter of 2023. It’s total revenue in the first quarter of the current fiscal rose to Rs 6,747 crore against Rs 5,291 crore in the year-ago period.