Asian markets traded mixed on Friday following overnight gains on Wall Street and ahead of key economic data from China.Japan’s Nikkei 225 rose 0.5%, while the Topix gained 0.34%.US stock market ended mostly higher on Thursday after strong retail sales data, with the Dow Jones registering its fourth record close in the last five sessions.Here’s a table showing how US stocks performed on Thursday:
Source: EquitymasterAt present, the BSE Sensex is trading 566 points lower and NSE Nifty is trading 177 points lower.Wipro, TVS, and Axis Bank are among the top gainers today.Titan, BPCL, and Bajaj Auto the other hand are among the top losers today.Broader markets are trading on a negative note. The BSE Midcap index is trading 1.1% lower and the BSE Smallcap index is trading 1.9% lower.Sectoral indices are trading on a negative note today with in realty sector and oil & gas sector witnessing selling pressure.The rupee is trading at Rs 84.06 against the US dollar.In commodity markets, gold prices are trading 0.6% higher at Rs 77,565 per 10 grams today.
Axis Bank Q2 ResultsPrivate lender Axis Bank reported a standalone net profit increase of 18%, reaching Rs 69.2 bn, compared to a profit after tax (PAT) of Rs 58.6 bn in the corresponding quarter of the previous financial year.The bank’s Net Interest Income (NII) grew by 9% YoY to Rs 134.8 bn, while its Net Interest Margin (NIM) for Q2 FY25 stood at 3.9%.The bank’s operating profit for the quarter grew by 24% YoY and 6% QoQ to Rs 107.1 bn. Core operating profit (i.e., operating profit minus trading profit) increased by 10% YoY to Rs 96 bn.Operating cost growth moderated to 9% YoY in Q2 FY25, down from 11% YoY in Q1 FY25. Meanwhile, net profit grew by 15% on a QoQ basis in Q2 FY25.The fourth largest private lender opened 150 new branches in the last three months, both urban and rural.Fee income for Q2FY25 grew 11% YoY and 6% QoQ to Rs 55.1 bn. Retail fees also advanced 11% YoY and 5% QoQ, constituting 70% of the bank’s total fee income.As of September 30, 2024, the bank reported gross NPA and net NPA levels at 1.44% and 0.34%, respectively, as against 1.54% and 0.34%, respectively, as of June 30, 2024.
Zomato to Consider FundraisingFood delivery platform Zomato Ltd’s board will consider fundraising through qualified institutions placement (QIP) on 22 October.Zomato also said that its board will approve the second quarter results on 22 October.If approved, this will be the first fundraiser by the Gurugram-headquartered food delivery giant since its stock market debut three years ago and will come at a time when its rival Swiggy is headed for an initial public offering (IPO).Zomato reported a consolidated profit of Rs 2.5 bn in Q1FY25, up from Rs 1.8 bn a quarter ago and Rs 2 crore in the year-ago period. The firm’s revenue from operations rose 74% to Rs 42.1 bn in Q1 from Rs 24.2 bn a year ago.
Bharat Forge to Acquire AAM India
Forging company Bharat Forge on Thursday announced it has entered into a definitive agreement to acquire AAM India Manufacturing (AAMIMCPL) for a sum of Rs 5.4 bn AAMIMCPL is a subsidiary of American Axle & Manufacturing Holdings (AAM), a US-based player in the automotive components sector.This acquisition will enable Bharat Forge to expand its footprint in the axle manufacturing business for commercial vehicles across India. AAMIMCPL, established in 2008, is a manufacturer of axles for light, medium, and heavy-duty commercial trucks and passenger buses in India.The acquisition brings AAMIMCPL’s commercial vehicle axle businesses in Pune and Chennai, along with its Pune Engineering and Development Center, under the umbrella of Bharat Forge.The deal is subject to approval from the Competition Commission of India (CCI) and customary closing conditions. The transaction is expected to close upon receiving the necessary regulatory approvals.Kalyani emphasized that this move aligns with Bharat Forge’s broader strategy to diversify its offerings in-vehicle components and enter a new product segment.More By This Author:Sensex Today Tanks 495 Points; Nifty Ends Below 24,800Sensex Today Trades Flat; Nifty Below 25,000Sensex Today Ends 319 Points Lowe; Nifty Below 25,000
