The domestic equity market is expected to open with significant losses on Monday, January 27, following a mixed bag of economic data and earnings reports. The GIFT NIFTY futures are trading at 22,938, down 147.50 points, or 0.64%, which implies that the NIFTY50 index will open 176 points lower.
Several companies are scheduled to announce their December quarter results, including Tata Steel, Coal India, ACC, Petronet LNG, Canara Bank, LTFoods, and Union Bank of India.
Some notable earnings reports include ICICI Bank, which reported a 15% rise in standalone net profit to ₹11,792 crore for the quarter ended December, and YES Bank, which reported a nearly threefold jump in net profit to ₹612 crore. AU Small Finance Bank reported a 41% jump in net profit to ₹528 crore, while CreditAccess Grameen reported a net loss of ₹99.5 crore.
In other news, Religare Enterprises said that a US-based investor has proposed to pick up a 26% stake in the company at a higher price than offered by entities promoted by the Burman family. Adani Power’s board is considering doubling its fundraise plan to ₹10,000 crore and exploring other means to raise capital.
Mazagon Dock Shipbuilders and Germany’s Thyssenkrupp Marine Systems appear close to securing a ₹70,000-crore deal with the Indian Navy to manufacture six stealth submarines. IndiGo saw its profit after tax slide 18.3% due to foreign exchange losses, but revenue jumped on higher capacity and passenger traffic.
Finally, NTPC Green Energy Ltd reported an 18% rise in consolidated net profit at ₹65.61 crore for the December quarter, on account of higher income. Total income rose to ₹581.46 crore, and expenses were at ₹482.22 crore.