The GIFTY Nifty futures were trading in the red during the early hours before the opening of the markets. Domestic Indices are expected to open flat-to-negative in line with the GIFT Nifty futures. They will likely exhibit a volatile trade as investors await the Reserve Bank of India’s monetary policy decision. 

The benchmark equity indices, NSE Nifty 50 and S&P BSE Sensex, settled with gains on Wednesday. The Sensex gained 0.23% or 149.31 points to settle at 65,995.81, while the Nifty surged 0.32% or 61.70 points to settle at 19,632.55. 

Companies Announcing Quarterly Results Today: 3M India, Apollo Tyres, Bajaj Electricals, Biocon, CarTrade, Container Corporation of India, Grasim, Hero MotoCorp, Indiabulls RealEstate, IPCA Labs, Lemon Tree Hotels, Life Insurance Corporation (LIC) of India, Manappuram Finance, Page Industries, Pidilite Industries, SAIL, Torrent Power and Zee Learn among others.

Schneider Electric: The company’s net profit rose by 31.7% to Rs 34.92 crore in the June quarter compared with Rs 26.52 crore in the year-ago period. The growth was driven by the company’s total income increase to Rs 497.57 crore in Q1FY24, a YoY jump of 33.8% from a year ago.

Axis Bank: Axis Bank will acquire an additional 6.23% stake in Max Life Insurance for a total consideration of Rs 1,612 crore, raising its stake in the company to 16.22%. The private lender and its subsidiaries, Axis Securities and Axis Capital, hold a 12.99% stake in Max Life, acquired in 2021. 

Hero MotoCorp: Tax authorities are reportedly investigating Hero MotoCorp’s relationship with a vendor suspected of posting Rs 90 crore in false expenditure. The company will also announce its results for the first fiscal quarter today. Analysts and market participants expect the company to post improvements in operating performance. 

Indian Railway Catering and Tourism Corp (IRCTC): The company reported a 5.4% year-on-year (YoY) decline in net profit at Rs 232.22 crore for the April-June quarter, missing estimates. IRCTC’s online ticketing business revenue declined 4% to Rs 290 crore during the period; however, total income rose 18.7% YoY to Rs 1,041 crore.

Bata India: The shoe-maker posted a profit after tax (PAT) of Rs 106.89 crore in Q1FY24, down 10.5% from Rs 119.37 crore in the same quarter a year ago. Bata’s total revenue, however, was up 2% to Rs 971.42 crore.