Fri Oct 18 05:43:11 UTC 2024: ## Market Volatility Continues: Wipro, Infosys, and More in Focus Amid Earnings Reports

**Mumbai, India (October 17, 2024):** The Indian stock market extended its downward trend on Wednesday, losing almost half a percent in a continuation of the ongoing correction. Several companies are expected to draw investor attention due to their second-quarter earnings reports and other developments.

**IT Giants Deliver Earnings:**

Wipro, Infosys, Axis Bank, Nestle, and LTIMindtree will be closely watched as they release their Q2 FY25 earnings reports today.

**Bajaj Auto Reports Mixed Performance:**

Bajaj Auto reported a 31.4% decline in consolidated net profit for the quarter, reaching Rs 1,385.44 crore, primarily attributed to a one-time deferred tax payment. However, revenue from operations grew by 22.2% to Rs 13,247.28 crore, driven by strong vehicle sales and recovering exports. The company’s Ebitda reached a record Rs 2,653 crore, reflecting a 24% year-on-year growth. The results fell short of consensus estimates for profit and revenue.

**LTTS Reports Revenue Growth:**

L&T Technology Services (LTTS) witnessed a 1.3% increase in net profit to Rs 319.6 crore in Q2, with revenue climbing 7.8% to Rs 2,572.9 crore, fueled by robust demand from the European automobile sector. The company targets 8-10% revenue growth in FY25 and aims to enhance profit margins.

**CRISIL Reports Profit Growth:**

CRISIL reported a 12.86% year-on-year increase in net profit to Rs 171.55 crore for Q3 2024. Its total income climbed by 7.9% to Rs 833.2 crore. The board declared an interim dividend of Rs 15 per share.

**Bikaji Foods Makes Strategic Investment:**

Bikaji Foods International announced a strategic investment of Rs 131.01 crore for a 53.02% stake in Hazelnut Factory Food Products, a Lucknow-based café and artisanal sweets brand. The acquisition aims to expand Bikaji’s product portfolio and establish a “House of Brands” in the QSR segment.

**BSE Downgraded by Jefferies:**

Shares of the Bombay Stock Exchange (BSE) fell over 5% after Jefferies downgraded its rating to ‘underperform’, citing concerns about new regulatory norms impacting futures and options trading.

**RIL’s Patent Portfolio Grows:**

Reliance Industries (RIL) is actively filing patents in AI, 5G, and 6G technologies, with over 3,000 patents submitted. RIL aims to solidify its position in the global tech landscape.

**PFC Expands Global Presence:**

PFC Infra Finance IFSC, a subsidiary of Power Finance Corporation (PFC), received approval to operate as a finance company in Gujarat’s GIFT City. This move is expected to bolster PFC’s global presence and contribute to India’s financial hub ambitions.

**Himadri Specialty Chemical Reports Strong Profit Growth:**

Himadri Specialty Chemical reported a 33% year-on-year increase in net profit to Rs 134 crore for Q2 FY25, fueled by higher margins. Revenue grew by 13% to Rs 1,135 crore.

**Vodafone Idea’s 5G and 4G Upgrades:**

Vodafone Idea (Vi) is set to deploy 5G gear with Samsung in six to seven telecom circles, while also enhancing its 4G capabilities. The company aims to replace aging Chinese equipment and increase 4G population coverage.

**Titagarh Rail Systems Sees Share Transactions:**

Morgan Stanley purchased over Rs 85 crore worth of shares in Titagarh Rail Systems, acquiring a 0.57% stake. Conversely, Capital Group sold more than 7.90 lakh shares in the same company.

**Concor Faces Challenges:**

Container Corporation of India (Concor) saw a 15% decline in its stock since August due to weak demand and increased competition. Analysts are lowering their volume growth estimates for FY25.

**Bharti Airtel’s 5G Equipment Talks:**

Nokia is in talks with Bharti Airtel for a potential multi-billion dollar contract for 5G telecom equipment.

**Jet Airways’ Fate Hangs in the Balance:**

The Supreme Court is set to deliver its verdict on the fate of Jet Airways. Lenders are advocating for liquidation, while the Jalan Kalrock Consortium is fighting to implement their resolution plan.

**BSNL’s Satellite Connectivity Advance:**

Viasat has demonstrated direct-to-device satellite connectivity in India in collaboration with BSNL, showcasing two-way messaging services. This technology could enhance connectivity for millions lacking reliable terrestrial options.

**Investor Focus on Q2 Results:**

Overall, the market is expected to remain volatile in the short term. The release of second-quarter earnings reports from various companies will be a key driver of investor sentiment in the coming days.

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