Several prominent companies, including Indian Hotels, Wipro, and various banks, are in the spotlight today, July 18th, following the announcement of their latest quarterly financial results. This comes after benchmark stock indices experienced a downturn on Thursday.
Market Recap: A Thursday Dip
On Thursday, both the Sensex and Nifty concluded their trading sessions lower. The 30-share BSE Sensex dropped by 0.45%, settling at 82,259.24 points. Similarly, the 50-share NSE Nifty closed down by 0.40% at 25,111.45 points.
This market decline was primarily driven by selling pressure in IT and banking shares. Investors also adopted a wait-and-watch approach ahead of the outcome from crucial US-India trade talks.
Hospitality and Tech Giants Show Promise
Indian Hotels (IHCL) Reports Strong Growth
Tata Group’s Indian Hotels Company Limited (IHCL) announced a significant 26.56% rise in its consolidated net profit for the June quarter. The company posted a net profit of Rs 329.32 crore, up from Rs 260.19 crore in the same period last year.
Total income from operations also saw a healthy increase, reaching Rs 2,102.17 crore for the quarter, compared to Rs 1,596.27 crore previously.
Wipro and LTIMindtree Maintain Positive Momentum
IT major Wipro reported a 9.8% increase in its consolidated profit after tax, reaching Rs 3,336.5 crore during the June quarter. Consolidated revenue from operations also edged up marginally to Rs 22,134.6 crore.
Similarly, technology consulting firm LTIMindtree saw its consolidated net profit jump by 10.6% to Rs 1,254.1 crore in the June quarter. Revenue from operations for the same period increased by 7.6% to Rs 9,840.6 crore.
Financial Sector Delivers Mixed Outcomes
South Indian Bank’s Profit Rises
South Indian Bank announced a 10% increase in profit for the first quarter, reaching Rs 322 crore. The Kerala-based bank’s total income also grew to Rs 2,984 crore during the June quarter.
Jio Financial Services Sees Profit Boost
Jio Financial Services Ltd (JFSL) reported a 4% increase in its consolidated net profit, which stood at Rs 325 crore for the June quarter. The company’s total income rose notably to Rs 619 crore, with interest income doubling to Rs 363 crore.
Axis Bank Experiences Slight Profit Dip
Axis Bank reported a 4% decline in net profit for the first quarter, settling at Rs 5,806 crore. This dip was primarily attributed to a marginal increase in bad loans. Despite this, the bank’s total income increased to Rs 38,322 crore.
HDFC AMC’s Strong Earnings Performance
HDFC Asset Management Company (AMC) announced a 24% jump in profit after tax, reaching Rs 748 crore for the three months ended June. The company’s revenue from operations also climbed by 25% to Rs 968 crore.
Other Companies Making Headlines
Kalpataru Projects Secures Significant Orders
Kalpataru Projects International Ltd (KPIL) and its international subsidiaries have secured new orders valued at approximately Rs 2,293 crore. These orders include projects in the Buildings and Factories segment in India, alongside Power Transmission and Distribution ventures in overseas markets.
Heritage Foods Faces Profit Decline
Dairy firm Heritage Foods reported a 30.60% drop in consolidated net profit, falling to Rs 40.54 crore during the first quarter. This decline was largely due to higher expenses, even though net income rose by 10% to Rs 1,136.8 crore.
Hexaware Technologies Expands Through Acquisition
Hexaware Technologies has completed the acquisition of a 100% stake in SMC Squared for $120 million, roughly Rs 1,029 crore. This all-cash deal aims to bolster Hexaware’s presence in global capability centers.
- Indian stock benchmarks saw a decline on Thursday, driven by IT and banking shares.
- Major IT firms like Wipro and LTIMindtree, along with hospitality giant IHCL, reported strong profit growth for the June quarter.
- The financial sector showed mixed results, with some banks posting increased profits while Axis Bank saw a slight decline.
- Companies like Kalpataru Projects and Hexaware Technologies announced significant business developments.
As trading begins today, investors will be closely watching how these key company announcements influence market movements and individual stock performances.
