- The BSE Smallcap index was trading unchanged, whereas the BSE Midcap index was down 0.5%.
- Equity Small Finance posted Q3 results that were 2.53% higher than Bloomberg expectations.
- At an LCNG station in the Namakkal area, IRM Energy started conducting business on January 24.
In India, the Power index increased by 1%, but the IT, banking, FMCG, and healthcare sectors all experienced declines. The BSE Smallcap index was trading unchanged, whereas the BSE Midcap index was down 0.5%.
With a net profit of Rs 202 crore, Equity Small Finance posted Q3 results that were 2.53% higher than Bloomberg expectations. Indraprastha Gas declared a net profit of Rs 392 crore for the third quarter. Thanks to effective cost control and a robust domestic two-wheeler sales drive, Bajaj Auto’s December quarter performance surpassed revenue and profit projections.
Sensex and Nifty
With sales up 22% at Rs474 crore, EBITDA up 36% at Rs121 crore, net profit up 44% at Rs90.4 crore, and margin at 25.5% against 22.8%, Elecon Engineering posted Q3 profits. In comparison, a CNBC-TV18 poll of Rs1,498 crore was reported as net profit for HPCL’s third-quarter profits, which came in at Rs529 crore.
The performance of Tata Steel was heavily impacted by China’s exports of steel, which during the December quarter totaled 7-8 million tonnes per month and negatively impacted global steel price realizations.
At 2:00 PM on January 25, 53 people had already purchased shares in Nova Agritech’s Rs 143.81-crore initial public offering. ClSA Global Markets Pte Ltd, a foreign investor, purchased 46,52,002 Sunteck Realty equity shares at an average price of Rs 445.5 per share through open market transactions.
The Nomura perspective on Birlasoft is as follows: buy call, target increased to Rs 950 per share, consistently exceeding expectations, well-positioned to deliver industry-leading quadrant growth in FY25; Q3 revenue & margins exceeded estimates; margin expansion continues under new unified organizational structure; and approximately 4-5 percent increase in FY24–26 EPS.
At an LCNG station in the Namakkal area, IRM Energy started conducting business on January 24. The inventory movements in Tata Steel’s Q3 results were strong, core profits were in line, and the profitability of the company’s India division exceeded our estimate by a significant margin. With a net debt of Rs 77,400 crore, it was flat QoQ.
