Dalal Street is poised for a positive start, as indicated by the rise of the GIFT Nifty on the NSE IX. Investors are keenly awaiting the Q2 results of several major companies including Adani Enterprises and Tata Motors (NYSE:TTM), which are due to be announced today.
Reliance Industries is contemplating raising ₹15,000 crore through bond issuance. The company's move follows a strong Q2 performance by various firms. The two-wheeler major, though not named in the context, reported a 47% YoY surge in Q2 net profit to ₹1,054 crore.
Other companies such as Triveni Turbine and Fino Payments Bank also had profitable Q2s, reporting net profits of ₹64 crore and ₹19.5 crore respectively. JK Tyres' Q2 net profit was ₹242 crore, with revenue at ₹3,897 crore.
In the petrochemical sector, GAIL secured a propane supply deal with BPCL for its upcoming petrochemical plant in Maharashtra. Meanwhile, Godrej Consumer posted a Q2 net profit of ₹433 crore and an 11% volume growth.
LIC Housing and Britannia also reported increased Q2 profits. LIC Housing's Net Interest Income (NII) stood at ₹2,107 crore (INR100 crore = approx. USD12 million). Britannia's profit surpassed estimates, indicating a robust performance.
However, not all companies had a profitable quarter. Tata Steel posted a loss of ₹6,196 crore for Q2. Despite this setback, the overall market sentiment remains positive as investors await further announcements from Adani Enterprises and other companies.
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