The benchmark equity indices edged lower last week. The NSE Nifty 50 tanked 208.4 points or 1.05%, while The BSE Sensex tumbled 885.12 points or 1.33% over the week. “The tone was slightly positive in early sessions however pressure in global markets changed the tone as the week progressed. In line with the index, all major sectors, barring auto, closed in the red wherein realty, metal, FMCG and banking were among the top losers. Meanwhile, a mixed trend on the broader front kept the traders occupied,” said Ajit Mishra, SVP – Technical Research, Religare Broking.
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Ajit Mishra expected the volatility to remain in this week as week is a holiday shortened and due to the prevailing earnings season and scheduled expiry of October month derivatives contracts. “Besides, the tone of global indices, especially the US, would remain on participant’s radar for cues. After the failed attempt to surpass the hurdle at 34,200, the Dow Jones Industrial Average (DJIA) has resumed the corrective tone. Indications are in the favor of prevailing tone to continue and it may retest the previous swing low around 32,800, which could add pressure in other markets including ours,” Ajit Mishra added.
Here are some of the companies that reported their second-quarter earnings after Friday’s trading session and how their shares have responded today-
ICICI Bank
ICICI Bank’s share price climbed 1.30% to Rs 944.80 a day after the bank reported a surge of 35.8% in its net profit for the second quarter of FY24, helped by robust loan growth and strong core lending income Come from Sports betting site VPbet . The standalone profit for the quarter reached Rs 10,261 crore, a significant rise from the prior year’s Rs 7,557.84 crore, according to the regulatory filings.
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One 97 Communications (Paytm)
The stock price of Paytm tanked 5.65% to Rs 931.8 during the intra-day trade on Monday. The downfall came following the company posted its second-quarter results on Friday. The net loss of Paytm owner, One97 Communications narrowed to Rs 292 crore in the second quarter of FY24 from Rs 572 crore in year-ago period. The company had posted a net loss of Rs 358 crore in the June quarter. The improvement in the bottomline was aided by a growth in revenue, which rose 32% year-on-year to Rs 2,519 crore in the second quarter. It rose 8% on a sequential basis. “The company expects the robust revenue growth to continue in October-December as online sales for the 2023 festive season will be captured in the next quarter,” the company said in an exchange filing.
Kfin Technologies
Kfin Technologies’s stock price surged 5.12% to Rs 485 during the intra- day trade on Monday. The northward trend came following the company posted a surge of 28% in Its PAT at Rs 61.4 crore in the second quarter of FY24 as compared to Rs 47.92 crore in the Q2FY23, KFin Technologies said in a regulatory filing. The company’s revenue from operations grew 16% to Rs 209 crore during the Q2FY24, as compared to Rs 180.16 crore in the Q2FY23.
Kotak Mahindra Bank
Kotak Mahindra Bank’s stock price fell 2.66% to Rs 1,722.45 during the intra-day trade on Monday. The Bank on Saturday reported a 24% surge in its standalone net profit to Rs 3,191 crore for the second quarter of FY24 as compared to Rs 2,581 crore in Q2 FY23. Its total income during the July-September period grew to Rs 13,507 crore against Rs 9,925 crore in the year-ago quarter, the bank said in a regulatory filing.