Jio Platforms debut and mixed earnings across Indian corporates ahead of market open
Jio Platforms is set to list on the BSE and NSE on Oct. 28, while several major Indian companies report earnings and order wins, influencing market sentiment.
India's domestic equity market is expected to open lower on Wednesday, with futures indicating the NIFTY50 could start about 230 points down. The opening will be closely watched for the debut of Jio Platforms, which is slated to begin trading on the Bombay Stock Exchange and National Stock Exchange at 10 a.m.
Investors will also monitor Reliance Industries ahead of its September-quarter results due on Oct. 30, as the performance of the Jio listing may provide clues on sentiment toward its parent. Reliance posted a consolidated net profit of ₹3,926.09 crore in the comparable period.
Larsen & Toubro reported consolidated revenue of ₹78,750 crore for the quarter, a 16% year-on-year increase, and secured orders worth ₹1,47,665 crore, with international orders contributing 63% of the total.
Piramal Pharma disclosed a loss of ₹99.22 crore in the year-ago period, while its revenue rose to ₹2,617.06 crore in the September quarter.
Indiamart posted a net profit of ₹82.64 crore and revenue growth of 9.6% to ₹428.64 crore for the quarter.
Maruti Suzuki’s domestic dispatches rose 31.6% to 1.146 million vehicles in the April-September half, though total income fell to ₹334.4 crore in the quarter.
Max Financial Services reported consolidated revenue of ₹17,484 crore (excluding investment income), up 16% year-on-year, and a PAT of ₹219 crore, a 137% increase.
"Subject to the capacity expansion, which is planned from January onwards, we are very much confident that we will be able to grow over last year's H2 numbers. We will aim for a double-digit number," the company said after announcing its results.
"Our performance during the first half reflects the immediate headwinds of an increasingly volatile global landscape," said Aman Kirloskar, Managing Director of L&T, adding that geopolitical tensions and shipping disruptions had temporarily delayed some export clearances.
"Net Sales grew 24%, driven by strong volume growth, structural price increases, premiumisation, favourable geographic mix and improvement in the company's operating mix," said a spokesperson for United Breweries Ltd.
"Post February, you saw a 3x jump in bookings, at least for us... it is a matter of, I would say, 2-3 months that we will be able to ramp up the supply side to the extent of what the demand is," Chandra said at the India EV Conclave.
The market will also keep an eye on other listed names such as Hindustan Unilever, Adani Ports, TVS Motor, Hyundai Motor India, Hero MotoCorp, Vedanta and United Spirits for any price action after the opening.