The GIFTY Nifty futures were trading in the red during the early hours before the opening of the markets on Friday. Domestic Indices are expected to open negative in line with the GIFT Nifty futures. 

The benchmark equity indices, NSE Nifty 50 and S&P BSE Sensex, settled with losses on Thursday following the RBI’s announcement to keep the repo rate unchanged and decided to reduce liquidity in the economy. The Sensex slipped nearly 308 points 0.47% to close at 65,688.18, while the Nifty dropped 0.46% or 89.54 points to settle at 19,543.1. 

Companies Announcing Quarterly Results Today: ABB India, Apollo Hospitals, Cochin Shipyard, Coffee Day, City Union Bank, Eros Media, Glenmark, Godrej Industries, Hindustan Aeronautics, Jindal Steel, Muthoot Finance, Naukri, Nykaa, ONGC, Patanjali, Pfizer, Raymond, SpiceJet, Sun Tv, Uttam Sugar, and Voltas among others. 

Apollo Tyres: The net profit of Apollo Tyres for the June quarter of the 2024 fiscal more-than-doubled to Rs 396.91 crore from Rs 177.37 crore in the same period last year. The tyre-maker posted a 5.5% year-on-year (YoY) rise in its total revenue at Rs 6,280.12 crore. 

Life Insurance Corporation of India (LIC): The government-run life insurer announced a 13-fold jump in net profit at Rs 9543.7 crore from Rs 683 crore in the first fiscal quarter last year. LIC’s assets under management (AUM) grew 12.4% YoY to Rs 46.11 lakh crore, while its total income came in flat at Rs 98,363 crore. The super-normal growth in net profit is primarily due to a base effect and a change in accounting entry.

Hero MotoCorp: The country’s largest two-wheeler manufacturer reported a 32% YoY growth in its profit after tax or net profit to Rs 824.72 crore for Q1FY24 from Rs 624.52 in the year-ago period. The company’s revenue from operations stood at Rs 8,767 crore, a slight 4.5% bump from Rs 8,393 crore in the corresponding quarter last year. 

Zee Entertainment Enterprises Ltd: 

Shares of the entertainment company will be in focus today as the company announced that the Mumbai Bench of the National Company Law Tribunal had approved the scheme of merger arrangement between Zee Entertainment Enterprises, Bangla Entertainment and Culver Max Entertainment (formerly known as Sony Pictures India). 

Godrej Consumer Products (GCPL): GCPL signed a memorandum of understanding (MoU) with the Tamil Nadu State Government fast-moving consumer goods (FMCG) manufacturing unit in Thiruporur, Chengalpet district, for a total investment of Rs 515 crore over the next five years.