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At 09:30 IST, the barometer index, the S&P BSE Sensex, rose 125.93 points or 0.16% to 76,732.26. The Nifty 50 index added 16.80 points or 0.07% to 23,220.
In the broader market, the S&P BSE Mid-Cap index shed 0.26% and the S&P BSE Small-Cap index gained 0.07%.
The market breadth was positive. On the BSE, 1,846 shares rose and 1,288 shares fell. A total of 162 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,318.06 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,572.88 crore in the Indian equity market on 17 January 2025, provisional data showed.
Economy:
India’s foreign exchange (forex) reserves declined $8.714 billion to $625.871 billion in the week ended January 10, according to the latest RBI data.
For the week ended January 10, foreign currency assets, a major component of the reserves, decreased by $9.469 billion to $536.011 billion, the data released on Friday showed.
Gold reserves increased by $792 million to $67.883 billion during the week. The special drawing rights (SDRs) were down by $33 million to $17.781 billion, the RBI said.
India’s reserve position with the IMF was down by $4 million at $4.195 billion in the reporting week, the apex bank data showed.
Stocks in Spotlight:
Kotak Mahindra Bank surged 8.93% after the private lender's net profit jumped 9.97% to Rs 3,304.80 crore on 13.86% rise in total income to Rs 16,050.38 crore in Q3 FY25 over Q3 FY24.
Wipro jumped 7.56% after the company’s consolidated net profit grew 4.51% to Rs 3,353.8 crore in Q3 FY25 as against Rs 3,208.8 crore posted in Q2 FY25. However, revenue from operations increased marginally to Rs 22,318.8 crore in the December 2024 quarter as against Rs 22,301.6 crore reported in the preceding quarter same year. The company’s board has declared an interim dividend of Rs 6 per equity share.
Jio Financial Services slipped 2.17%. The company’s consolidated net profit marginally rose 0.32% to Rs 294.78 crore in Q3 FY25 as compared with Rs 293.82 crore in Q3 FY24. Total income jumped 8.34% to Rs 448.89 crore in Q3 FY25 as compared with Rs 414.33 crore in the corresponding quarter last year.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was up 1.71% to 6.890 as compared with previous close 6.774.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.4900, compared with its close of 86.6025 during the previous trading session.
MCX Gold futures for 5 February 2025 settlement shed 0.16% to Rs 78,893.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.26% to 109.06.
The United States 10-year bond yield rose 0.26% to 4.623.
In the commodities market, Brent crude for March 2025 settlement lost 11 cents or 0.14% to $80.68 a barrel.
Global Markets:
Most Asian stocks rose on Monday, buoyed by hopes that U.S. President-elect Donald Trump may adopt a less aggressive stance toward China than previously feared when he assumes office later in the day.
Regional markets took cues from Wall Street’s strong performance on Friday. U.S. stocks rallied as robust bank earnings and expectations of interest rate cuts fueled investor optimism. The Dow Jones Industrial Average climbed 0.78%, hitting a new one-month high, while the S&P 500 rose 1.00%, and the NASDAQ Composite added 1.51%. Key performers included NVIDIA Corporation (+3.10%), Amazon.com Inc (+2.39%), and Goldman Sachs Group Inc (+2.11%).
Investor sentiment improved further after Trump avoided mentioning trade tariffs during a 'victory lap' rally in Washington on Sunday. However, he reiterated plans to crack down on immigration and reduce government oversight of domestic companies.
Despite the optimism, uncertainty lingers. Fox News Digital reported that Trump is expected to sign a record number of executive orders upon taking office on Monday. While details remain unclear, some orders could potentially include increased trade tariffs against China.
Previously, Trump had vowed to impose tariffs of up to 60% on Chinese imports and suggested similar measures targeting Mexico and Canada. Such policies could disrupt global trade and pose challenges for export-driven economies.
Meanwhile, the People’s Bank of China (PBOC) left its benchmark loan prime rate unchanged on Monday, as widely anticipated. Beijing appears to be holding off on new stimulus measures while awaiting greater clarity on Trump’s trade policies.
Lastly, U.S. markets will remain closed on Monday in observance of Martin Luther King, Jr. Day.
On a year-on-year (YoY) basis, Tech Mahindra's net profit soared 93.63% while revenue grew 1.41% in Q3 FY25.
EBITDA stood at Rs 1,809 crore in the quarter ended 31 December 2024, up 3.36% QoQ and up 57.78% YoY.
In terms of dollars (USD), revenue stood at $1,567 million in Q3 FY25, registering de-growth 1.3% QoQ and 0.4% YoY. In constant currency terms, revenue grew by 1.2% QoQ and 1.3% YoY. Profit after tax was at $116 million, up 9.9% QoQ and up 88.5% YoY. Free cash flow was at $199 million in the December quarter.
During the quarter, EBITDA was at $213 million, up 2% QoQ and up 54.7% YoY. EBITDA margin came in at 13.6% in Q3 FY25, up 40 bps QoQ and 480 bps YoY.
The IT firm secured net new deals TCV worth $745 million in Q3 FY25 as against $603 million in Q2 FY25 and $381 million reported in Q3 FY24.
Total headcount was at 150,488, registering de-growth of 2.5% QoQ and up 2.9% YoY. The last twelve months (LTM) IT attrition rate for Q3 FY25 was 11%, an increase from 10% in Q3 FY24 and a decrease from 11% in Q2 FY24.
Cash and cash equivalent were at Rs 6,841 crore as of 31 December 2024, compared with Rs 7,012 crore as of 31 December 2023 and Rs 6,566 crore as of 30 September 2024.
Mohit Joshi, chief executive officer and managing director, Tech Mahindra, said, “We see an improved rate of deal wins in our key verticals and prioritized markets. This, coupled with consistent expansion in operating margins, despite cross-currency headwinds during the quarter, reaffirms that we are on track to achieve our long-term goals.”
Rohit Anand, CFO of Tech Mahindra, said, “We delivered growth in EBIT margin and operating PAT, both on a sequential and year-on-year basis, resulting from our targeted actions under Project Fortius, along with a steady increase in new deal wins across prioritised verticals and markets. Our continued focus on optimising working capital management has resulted in the generation of robust free cashflow.”
Tech Mahindra is focused on leveraging next-generation technologies, including 5G, blockchain, cybersecurity, artificial intelligence, and more, to enable end-to-end digital transformation for global customers.
Shares of Tech Mahindra shed 0.01% to Rs 1,658.70 on the BSE.
Shares of Tech Mahindra declined and closed at 1.81% to Rs 1,658.85 on the BSE.
At 13:25 IST, the barometer index, the S&P BSE Sensex, rose 58.55 points or 0.08% to 77,677.40. The Nifty 50 index fell 3.60 points or 0.02% to 23,522.90.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.44% and the S&P BSE Small-Cap index slipped 1.66%.
The market breadth was weak. On the BSE, 931 shares rose and 2,951 shares fell. A total of 114 shares were unchanged.
Gainers & Losers:
Tata Consultancy Services (up 5.91%), Tech Mahindra (up 3.94%), Wipro (up 3.51%), Infosys (up 2.76%) and HCL Technologies (up 2.46%) were the major Nifty gainers.
Tata Consultancy Services (TCS) rallied 5.91% after the company reported 3.95% increase in consolidated net profit to Rs 12,380 crore in Q3 FY25 as compared with Rs 11,909 crore in Q2 FY25. Revenue from operations fell 0.45% QoQ to Rs 63,973 crore during the quarter.
Shriram Finance (down 3.91%), IndusInds Bank (down 3.76%), Adani Enterprises (down 2.73%), Sun Pharmaecuticals (down 2.48%) and HIndalco Industries (down 2.35%) were the major Nifty losers.
Tata Elxsi tumbled 6.58% after the design led technology service provider reported 3.59% decline in net profit to Rs 199 crore on 2.72% increase in revenue from operations to Rs 939.17 crore in Q3 FY25 over Q3 FY24.
JSW Steel advanced 1.15% after the company announced its highest ever consolidated Crude Steel production for the Q3 FY25 was at 7.03 million tonnes, which is higher by 2% as compared with 6.87 million tonnes reported in Q3 FY24.
GTPL Hathway tumbled 9.48% after the company’s consolidated net profit slipped 57.03% to Rs 10.17 crore in Q3 FY25 as compared with Rs 23.67 crore in Q3 FY24. Revenue from operations increased 4.27% to Rs 887.27 crore in Q3 FY25 as compared with Rs 850.87 crore posted in the corresponding quarter last year.
Aditya Birla Fashion and Retail (ABFRL) shed 0.70%. The company informed that its board will meet on 15 January 2025 to consider the proposal for raising funds, subject to required approvals.
IRB Infrastructure Developers declined 3.13%. The company’s toll collection jumped 19% to Rs 580 crore in December 2024 as against Rs 488 crore posted in December 2023.
Senco Gold fell 5.27%. The company announced that its revenue grew 22% year on year (YoY) and retail growth was steady at 19% YoY in the quarter ended 31 December 2024.
Indian Renewable Energy Development Agency (IREDA) dropped 4.38%. The company’s standalone net profit jumped 27% to Rs 425 crore on 36% increase in revenue from operations to Rs 1,698 crore in Q3 FY25 over Q3 FY24.
The Phoenix Mills rose 1.45% after the company said that its total consumption stood at approximately Rs 3,998 crore in Q3 FY25, registering a growth of 21% year on year (YoY).
Indegene declined 0.93%. The company announced a strategic partnership with CliniOps, a leading provider of advanced digital clinical trial solutions to drive innovative digital transformation in clinical trial processes and achieve better patient outcomes.
U.S. stock futures point to a weak open Friday, with the Dow Jones Industrial Average futures down 54 points. This follows persistent concerns over a slower pace of interest rate cuts in 2025, exacerbated by upcoming nonfarm payroll data that could provide further insights into the economy. The upcoming earnings season, kicking off next week with major bank reports, adds another layer of uncertainty.
European market traded mixed on Friday as investors as investors monitor economic data and ongoing turbulence in the U.K.’s debt markets.
Asian indices mostly declined on Friday, concluding a volatile first full trading week of 2025. Investor sentiment remains fragile amid concerns over slower U.S. rate cuts and the possibility of a rate hike by the Bank of Japan.
Japanese stocks extended their losing streak to three days as stronger-than-expected wages and private spending data increased expectations of a potential BOJ rate hike in January.
Weak inflation data from China, released earlier this week, further dampened sentiment, compounded by speculation regarding potential trade tariffs against the country.
Regional markets mirrored losses in global markets, as hawkish signals from the Federal Reserve this week reinforced expectations of slower monetary easing in 2025.
The U.S. market was closed Thursday to honor the passing of former President Jimmy Carter.