In the early opening hours on Thursday, the GIFT Nifty futures were trading flat-to-positive, indicating an opening in the green for domestic indices. 

The benchmark equity indices, NSE Nifty 50 and S&P BSE Sensex settled Wednesday’s trading session in the green, ending their three-day losing streak. Nifty 50 settled 0.50% or 97.70 points higher at 19,778.30, while the Sensex gained 0.53% or nearly 350 points to 66,707.20.

Companies Announcing Quarterly Results Today: ACC, Accelya Solutions, Ajanta Pharma, Arvind, Astec Lifesciences, Bajaj Finserv, Bharat Electronics, Birlasoft, Coromandel International, Dr Lal Path Labs, Indian Bank, Indian Energy Exchange, Indian Hotels, Indus Towers, Intellect Design, Laurus Labs, Macrotech Developers, Nestle India, RailTel, Shriram Finance, Ujjivan Small among others.

Mahindra & Mahindra, RBL Bank: Mahindra & Mahindra (M&M) has acquired a 3.53% stake in RBL Bank for Rs 417 crore and may consider further investment not exceeding 9.9% ownership in the private sector lender.

Axis Bank: Axis Bank, the third-largest private sector lender in the country, reported a net profit of Rs 5,797 crore in Q1FY24, up 40.5% year-on-year (YoY). The bank’s total income in the April-June quarter grew to Rs 30,644, while its net interest income rose 27% YoY to Rs. 11,959 crore.

RVNL: The public sector undertaking will see an offer for sale (OFS) of up to 7.089 crore equity shares or 3.4% stake by the Government of India at a floor price of Rs 119 apiece, at nearly a 5-10% discount from the current levels. The government might sell an additional 1.96% stake or 4.08 crore shares in the company under the Green Shoe option. The OFS will occur on July 27 for non-retail investors and July 28 for retail investors. 

Reliance Industries: Mukesh Ambani-led Jio Financial Services Ltd and the world’s largest asset manager, BlackRock, will form a 50:50 joint venture (JV) to launch an asset management company (AMC) – Jio Blackrock – with a combined investment of $300 million or Rs 2,460 crore approximately. 

Cipla: The pharma major posted a 45.1% rise in profit YoY to Rs 995.70 crore in the first quarter of the 2024 fiscal, beating estimates. In the same period, Cipla posted revenue from operations at Rs 6,328.89 crore, up 17.7% on-year.

Tata Consumer Products: The FMCG company reported a consolidated profit of Rs 337.71 crore during the first quarter of FY24, up 22% against the corresponding quarter of last year. Revenue from operations rose 12.5% YoY to Rs 3,741.2 crore.