SGX Nifty plummeted during the early hours of trade on Friday, hinting at a negative start for domestic markets. Asian markets were in the red on Friday morning, failing to pick up from positive ensign recorded by Wall Street. With Sensex and Nifty having snapped their losing run on Thursday, technical analysts believe domestic markets could welcome bulls back now. “A small positive candle was formed on the daily chart with minor upper and lower shadow. This pattern indicates slower upside momentum. However, a sustainable move above 15810 levels is likely to pull the Nifty towards the next upside hurdle of 15880-15900 levels in the short term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Tech Mahindra: IT major Tech Mahindra reported a 14.6% on-year growth in revenue during the April-June quarter. Adjuster profits came in at Rs 13.85 billion up 39.2% from the previous year. Net new deal intake was strong at $815 million.
Union Bank of India: The Union Bank of India on Thursday reported a 254% jump in its net profit on-year basis to Rs 1,181 crore for the April-June quarter due to a rise in core income and other income. The strong performance was despite an 11% on-year increase in provisioning to Rs 4,122 crore.
Federal Bank: World Bank arm IFC has picked up a stake in Federal Bank. The lender on Thursday said that the equity investment by IFC is expected to increase green portfolio financing for projects related to energy efficiency, renewable energy, climate-smart agriculture, green buildings and waste management.
Bharti Airtel, Vodafone Idea, Reliance Industries: During the month of May, Reliance Jio added 3.55 million wireless subscribers, the highest in the industry for four straight months. Bharti Airtel saw a decline, losing 4.61 million subscribers followed by Vodafone Idea, which lost 4.28 million. State-run BSNL lost 880,810 users.
Punjab & Sind Bank: Punjab & Sind Bank Thursday reported a net profit of Rs 174 crore in the first quarter of the financial year. The back turned profitable on-year basis, helped by a surge in other income and reduced provisioning. Total provisions were down 31% from the previous year to Rs 237 crore, compared to Rs 343 crore in the corresponding quarter last year.
Results today: Sun Pharma, Indian oil corporation, Aditya Birla Fashion, BHEL, Bandhan Bank, Britannia Industries, Dr Lal Pathlabs, JSW Energy, Marico, PI Industries, Macrotech Developers, and KEC International are some of the companies reporting their quarterly results today.