GIFT Nifty Indicates Positive Opening; Bharat Electronics and Colgate Palmolive to Report Q1 FY25

BANGALORE, India - July 29, 2024 - PRLog -- Nifty started the previous week on a negative note, as it closed lower in the first four trading sessions. However, Friday's session pared the week's losses and helped the index close higher for the eighth consecutive week. This is the longest streak in six years. Friday, it started on a muted note but gained momentum as the session progressed. In the process, it scaled a new all-time high (24,861) and closed at a record level.

On the sectoral front, it was a mixed action. Nifty Pharma (+5.77%) and Media (+5.74%) advanced the most followed by Nifty Auto (+5.16%). On the other hand, financial-related indices declined the most.

Key News:

Results Today: Bharat Electronics, Colgate-Palmolive India, Balmer Lawrie Invs., Hindustan Ptl. (Nse), Indo Count Inds., Indian Bank, Jindal Saw (Nse), Pfizer (Nse), Vedant Fashions, Voltamp Transformers, and Strides Pharma Science, among others will report earnings.

Bharat Heavy Electricals Ltd gets a letter of intent for a project worth Rs 10,000 crore from Damodar Valley Corporation.

Power Grid Corp.Of India's Q1 FY25 results miss estimates. Revenue declined 1.7% y/y to Rs 10,068.1 crore. Profit declined 3.7% y/y to Rs 3,412.2 crore. EBITDA margins contracted 100bps y/y to 86.9%.

Transport Corporation Of India's Q1 FY25 revenue grew 10% y/y to Rs 1,045 crore. Profit increased 10.6% y/y to Rs 91 crore. EBITDA margins contracted 70bps y/y to 9.9%.

Kec International's Q1 FY25 revenue grew 6.3% y/y to Rs 4,511.9 crore. Profit increased 107% y/y to Rs 87.3 crore. EBITDA margins expanded 10bps y/y to 6%. Board approved raising funds of up to Rs 4,500 crore via QIPs or other methods.

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