In the early opening hours on Friday, the GIFT Nifty futures were trading 0.4% lower, indicating an opening in the red for domestic indices. 

The benchmark equity indices, NSE Nifty 50 and S&P BSE Sensex, traded in the green in early deals on Thursday but ended deep in the red after a highly volatile session. Nifty 50 fell 0.6% to close at 19,659.9, while the Sensex dipped 440.38 points or 0.66 per cent to close at 66,266.82.

Companies Announcing Quarterly Results Today: Bank of India, Chalet Hotels, DCB Bank, Equitas Small Finance Bank, Exide Industries, Fino Payments Bank, Indian Oil Corporation, Mahindra & Mahindra Financial Services, Marico, MRPL, Nazara Tech, Piramal Enterprises, RITES, SBI Cards, Star Health, Supreme Industries, UBL, UCO Bank, United Breweries, among others. 

Indus Towers: India’s largest telecom infrastructure company reported a massive 182% YoY growth in profit at Rs 1,348 crore for Q1FY24, driven by the highest quarterly tower additions in the company’s history. EBITDA increased 51% YoY to Rs 3,514 crore during the quarter, with Revenue from operations rising 3% to Rs 7,027. 

Bharat Electronics (BEL): The Navratna defence company has reported a 23% YoY rise in net profit to Rs 531 crore for the June quarter. BEL has achieved a turnover of Rs 3,446.69 crore, registering a growth of 12.51% during Q1FY24 over the Rs 3,063.58 crore recorded in the corresponding period last year. 

Cipla: Reports claimed that the Hamied family, the promoters of Cipla holding a 33.7% stake in the pharma company, are looking to sell up to 20% stake to private-equity majors Blackstone and Baring. However, Cipla clarified in an exchange filing that it is unaware of any such event that requires disclosure under Listing Regulations.

Indian Hotels Company (IHC): India’s largest hospitality company reported a 30.5% rise in consolidated net profit at Rs 236.01 crore in the first quarter of the 2023 fiscal. IHC will acquire 100% equity in Zambia-based Pamodzi Hotels from Tata International Singapore.

JK Lakshmi Cement: JK Lakshmi Cement has acquired a 100% stake in Hidrive Developers and Industries for Rs 16.33 crore in cash. The company reported a 30.65% decline in consolidated profit after tax to Rs 79.79 crore in the first fiscal quarter. It has also agreed to raise to Rs 2,500 crore through debt to partly finance its ongoing projects and fund various growth opportunities, including inorganic growth.

Lupin: The drug maker has addressed the concerns of and resolved the 2017 warning letter issued by the US FDA for the company’s Goa and Pithampur Unit-2 by taking corrective actions.

Rail Vikas Nigam Ltd: The Government of India has agreed to exercise the green shoe option in RVNL’s offer for sale and will divest an additional 1.96% stake as the offer sees massive demand.