Airtel and ONGC to Report Q1 FY25 Results Today

BANGALORE, India - Aug. 5, 2024 - PRLog -- After eight consecutive weeks of gain, Nifty closed lower last week. The index closed higher in the first four trading sessions but it erased all its gains on Friday as it gapped lower on weak global cues. As the session progressed, Nifty slipped further and closed near the day's low. The broader market indices, Nifty Midcap and Smallcap were also down for the week. On the sectoral front, it was a mixed action. Nifty Energy (+2.53%) and Pharma (+1.39%) advanced the most followed by Nifty Media (+1.19%). On the other hand, Nifty Realty (-3.76%) and IT (-3.04%) declined the most.

Last month, Nifty crossed its previous high (23,339) and made an all-time high. Hence, we upgraded the market status to a Confirmed Uptrend. Midcap and Smallcap indices are also trading near their new highs. Overall, the market breadth has improved. Leading stocks across many sectors are making good progress. The current distribution day count is down to one as one distribution day expired last week. We may downgrade the status to an Uptrend Under Pressure if the distribution day count increases and Nifty breaches its key support level.

Key News:

Results Today: Bharti Airtel, Oil & Natural Gas, Marico, Tata Chemicals, Beml, and Guj.Ste.Fert.& Chems., among others will report earnings.

Central Depository Services (India)'s Q1 FY25 revenue increased 72% y/y to Rs 257 crore. Profit increased 8.1% y/y to Rs 134 crore. EBITDA margins expanded 600bps y/y to 60%.

Bank Of India's Q1 FY25 PAT grew 10% y/y to Rs 1,702 crore, NII grew 6.1% y/y. NNPA down to 0.99% versus 1.22% q/q.

State Bank Of India's Q1 FY25 NIM was at 3.35% versus 3.47% y/y and 3.47% q/q. NNPA was flat q/q at 0.57%. PAT grew 0.9% y/y to Rs 17,035 crore.

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