NewsEarningsIndian Markets Decline as Companies Report Mixed Results and Corporate Updates; Marquee Investors Reshuffle PortfoliosIndian Markets Decline as Companies Report Mixed Results and Corporate Updates; Marquee Investors Reshuffle Portfolios
The Nifty index fell 0.4% to close around 25,795, driven by profit booking and a slump in FMCG shares. Kotak Mahindra Bank reported a 2.70% decline in net profit, while Coforge saw an 86% surge. LIC denied claims of a Rs 34,200 crore investment in Adani Group. Ola Electric received approval to raise up to Rs 1,500 crore. Several companies announced significant orders and updates. Marquee investors like Rekha Jhunjhunwala, Ashish Kacholia, and Vijay Kedia made notable portfolio changes.
*this image is generated using AI for illustrative purposes only.
The Indian stock market extended its downward trend on Wednesday, with the Nifty index falling 0.4% to close around 25,795. The decline was primarily driven by profit booking in heavyweight stocks and a slump in FMCG shares following earnings reports. Amidst this backdrop, several companies reported their quarterly results and made significant announcements, while marquee investors reshuffled their portfolios.
Kotak Mahindra Bank Reports Slight Dip in Profit
Kotak Mahindra Bank, one of India's leading private sector banks, reported a marginal decline in its standalone net profit for the quarter. The bank's net profit stood at Rs 3,253.30 crore, down 2.70% compared to the same period last year.
Here's a breakdown of Kotak Mahindra Bank's key financial metrics:
| Metric | Amount (Rs Crore) | YoY Change |
|---|---|---|
| Net Profit | 3,253.30 | -2.70% |
| Revenue | 16,238.60 | 2.13% |
| Operating Profit | 8,070.30 | 1.50% |
| EPS (Rs) | 16.36 | -2.73% |
Despite the slight dip in net profit, the bank showed resilience with a 2.13% increase in revenue and a 1.50% growth in operating profit compared to the same quarter last year.
Coforge Posts Impressive Profit Surge
In contrast to Kotak Mahindra Bank's performance, Coforge, a global digital services and solutions provider, reported an 86% surge in its quarterly profit. The company's net profit reached Rs 376 crore for the quarter, showcasing strong growth in its business operations.
LIC Refutes Adani Group Investment Claims
Life Insurance Corporation of India (LIC), the country's largest insurer, firmly rejected allegations regarding a Rs 34,200 crore investment in Adani Group companies. This statement comes amidst ongoing scrutiny of investments in the Adani Group.
Ola Electric's Fundraising Plans
Ola Electric, a prominent player in the electric vehicle market, received board approval to raise up to Rs 1,500 crore through a combination of equity and convertible securities. This move is likely aimed at fueling the company's expansion and research initiatives in the rapidly growing EV sector.
Other Notable Corporate Updates
- Sobha Ltd reported unsold inventories worth Rs 13,000 crore, indicating potential challenges in the real estate market.
- JSW Energy announced plans to operationalize its battery assembly plant in Pune during the third quarter, marking a significant step in its renewable energy initiatives.
- Waaree Energies secured substantial solar orders totaling 570 MW, highlighting the growing demand in the renewable energy sector.
- Larsen & Toubro (L&T) won orders worth Rs 2,500-5,000 crore from Hindalco and Tata Steel, reinforcing its strong position in the engineering and construction sector.
- Dr Reddy's Laboratories received clearance for generic semaglutide manufacturing, potentially opening up new revenue streams in the pharmaceutical sector.
- NCC Limited bagged a significant Rs 6,829 crore contract from Central Coalfields, boosting its order book in the infrastructure space.
Marquee Investors Reshuffle Portfolios
Several prominent investors made strategic portfolio changes during the September quarter:
- Rekha Rakesh Jhunjhunwala, with a portfolio valued at Rs 62,054.7 crore, increased stakes in Titan Company (5.32% from 5.15%), Tata Motors Passenger Vehicles (1.35% from 1.30%), Federal Bank (2.42% from 1.48%), and Canara Bank (1.57% from 1.46%).
- Ashish Kacholia's Rs 2,710.59 crore portfolio saw reduced exposure in midcaps including Brand Concepts, Dhabriya Polywood, and Xpro India.
- Vijay Kedia, with holdings worth Rs 1,281.35 crore, reduced his stake in Affordable Robotic & Automation to 7.39% from 9.93% but increased exposure in Global Vectra Helicorp to 4.86% from 3%.
- Mukul Agrawal, whose portfolio stands at Rs 6,679.25 crore, was most active by adding six new stocks: IFB Industries, NR Agarwal Industries, Osel Devices, Solarium Green Energy, Vikran Engineering, and Zelio E-Mobility.
- Dolly Khanna, with Rs 490.06 crore in holdings, trimmed Som Distilleries stake to 2.43% from 2.83% while increasing positions in Southern Petrochemical Industries, Coffee Day Enterprises, and GHCL.
Upcoming Quarterly Results
Investors and market analysts are keenly awaiting the quarterly results of several companies, including Adani Energy Solutions, Bata India, and Indian Oil Corporation, which are set to announce their financial performance in the coming days.
The mixed bag of corporate results, updates, and portfolio reshuffles reflects the diverse challenges and opportunities facing Indian businesses and investors in the current economic landscape. While some sectors show resilience and growth, others face headwinds, contributing to the overall market sentiment.
16
