SGX Nifty plummeted through the early hours of trade on Friday, hinting at a unfavorable begin for domestic markets. Asian markets had been in the red on Friday morning, failing to choose up from positive ensign recorded by Wall Street. With Sensex and Nifty possessing snapped their losing run on Thursday, technical analysts think 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,” stated Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Tech Mahindra: IT key Tech Mahindra reported a 14.6% on-year development in income through the April-June quarter. Adjuster earnings came in at Rs 13.85 billion up 39.2% from the earlier year. Net new deal intake was robust 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 revenue and other revenue. The robust overall performance was in spite of an 11% on-year enhance 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 stated that the equity investment by IFC is anticipated to enhance green portfolio financing for projects associated to power efficiency, renewable power, climate-intelligent 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 sector for 4 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 customers.
Punjab & Sind Bank: Punjab & Sind Bank Thursday reported a net profit of Rs 174 crore in the initially quarter of the monetary year. The back turned lucrative on-year basis, helped by a surge in other revenue and decreased provisioning. Total provisions had been down 31% from the earlier 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 providers reporting their quarterly final results today.