Tech firms and banks report mixed Q2 results as market sentiment falters

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Tech firms and banks report mixed Q2 results as market sentiment falters
Credit: © Reuters.

Investor sentiment in the Indian markets has been negatively impacted by geopolitical tensions and valuation concerns, leading to a drop in GIFT Nifty's 29-point, signaling a negative opening for NSE Nifty 50 and BSE Sensex on Thursday, after their declines earlier this week.

Several significant Indian companies reported their Q2FY24 earnings today. Axis Bank reported a 10% YoY net profit increase to Rs 5,863 crore ($784 million) and total income of Rs 31,660 crore ($4.25 billion). The bank also saw improved Net Interest Margin (NIM), contributing to its positive performance.

Tech Mahindra, on the other hand, reported a significant drop in Q2FY24 profit by 61.6% to Rs 493.90 crore ($66 million), despite new deal wins increasing by 78% quarter-on-quarter. The company's revenue for the quarter was Rs 12,863.90 crore ($1.73 billion) with an EBIT of Rs 606.6 crore ($81 million).

Sona BLW Precision Forgings reported a surge in Q2FY24 net profit by 34% to Rs 124 crore ($16 million) from the previous net profit of Rs 93 crore ($12 million), with revenue at Rs 791 crore ($106 million).

Jubilant Foodworks saw a decrease in Q2 profit by 26.1% to Rs 97.20 crore ($13 million) from the previous Q2 profit of Rs 131.53 crore ($17 million), despite an increase in revenue to Rs 1368.63 crore ($183 million) from the previous revenue of Rs 1301.49 crore ($175 million). The company also reported a decrease in Same Store Sales Growth by 1.3%.

Gulf Oil Lubricants India reported a YoY profit growth of 41.22% to Rs 73.63 crore ($9.9 million), up from the previous PAT of Rs 52.14 crore ($7 million).

Hero MotoCorp raised its HMC MM Auto shareholding from 60% to 66.32% with a Rs 15 crore ($2 million) investment.

In other news, IRM Energy is set to debut on the bourses today, while several companies including Asian Paints, Punjab National Bank, Indian Bank, Canara Bank, Aditya Birla Sun Life AMC, Colgate-Palmolive (NYSE: CL ) (India), Vodafone (NASDAQ: VOD ) Idea, Dixon Technologies and Max India are due to report their Q2 earnings today.

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