On Wednesday, the major indices in India reached new highs, with the Sensex closing at around 67,000 and the Nifty closing at around 19,850. Results for the first quarter of FY24 from tech giant Infosys could show modest revenue growth and a probable decline in operating margins as a result of projects being abandoned in important countries including the US and Europe.
The management’s perspective on the expectations for FY24, especially those related to discretionary spending, business transactions, profit margins, and personnel turnover, will also be scrutinized by investors.
Stock Market
On day 3, subscriptions to the Netweb Technologies IPO exceeded 27 times, with over 30.10 subscriptions coming from retail investors, employees, NIIs, and QIBs.
In spite of concerns over demand and China‘s assurances of growth, crude oil prices globally remained stable. The June quarter results for ICICI Prudential Life Insurance Company Ltd caused a drop of about 4% on Wednesday.
- India’s indices reach highs; Infosys’ Q1 results show modest revenue growth, and potential margin decline.
- Netweb Technologies IPO subscriptions surge 27 times, attracting retail, employee, NIIs, and QIBs.
- Chinese stocks face growth concerns, mixed Asian markets, positive retail, US corporate results.
Over two days, Polycab shares increased by over 10%, reaching a 52-week high of $4,325.15 per share. Tata Motors announced intentions to invest £4 billion in the construction of a new EV battery facility in Britain.
Chinese stocks suffered from growth concerns, which had a mixed effect on Asian stock markets. However, positive retail statistics and strong U.S. corporate results helped Japan and Australia’s stock markets rise.
With a small improvement in NIMs and a decrease in provisions because of an improvement in asset quality, private lender IndusInd Bank posted strong financial results for Q1FY24. With its strategic plan, extensive experience, and cautious approach to disbursements, the bank is well-positioned to expand.
