Stock Market Live: Infosys, Wipro exceed Q2 revenue estimates

Asia Index, a subsidiary of BSE, on Thursday said it has launched a new thematic index -- BSE Premium Consumption -- which will provide investors an opportunity to tap into the future of consumption in the country.

The new index measures the performance of companies selected from the relevant industries that broadly have an association with premium spends, selected based on free-float market capitalisation from the BSE 500 Index.

"We believe the launch of the BSE Premium Consumption Index is perfectly timed as India's evolving consumer landscape reflects a shift towards premiumisation, driven by growing disposable incomes, an increasing demand for high-quality lifestyle and wellness products, and the resilience of our thriving economy. This index provides investors a unique opportunity to tap into the future of consumption in India," Ashutosh Singh, MD and CEO of Asia Index, said in a statement.

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Wireless and fixed-network equipment maker Nokia on Thursday reported better-than-expected third quarter earnings, mainly on the back of cost-cutting measures, but saw its sales dive 8 per cent largely due to a weaker India market.

The Espoo, Finland-based company reported a net profit of 358 million euros (USD 389 million) for the July-September period, up 22 per cent from 293 million euros (USD 318 million) a year earlier.

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Axis Bank announced a larger-than-expected increase in second-quarter profit, buoyed by strong core lending income and rising credit demand.

The fourth-largest private lender in India, by market capitalization, reported a standalone net profit of Rs 6,918 crore for the quarter ending September 30, reflecting an 18 per cent increase year-over-year. This figure surpassed analyst expectations, which had averaged Rs 65.27 billion, according to estimates from LSEG.

Net interest income, defined as the difference between interest earned and interest paid, rose by 9.5 per cent to Rs 13,483 crore, as calculated by Reuters.

Since April 2022, loans extended by Indian banks have been growing at double-digit rates, driven by increased consumer spending and a focus on retail loans to meet rising consumer credit demand. However, deposit growth has not kept pace, prompting banks to either slow loan growth or seek additional deposits.

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Infosys Ltd announced a 4.7 per cent increase in its net profit for the second quarter of the fiscal year, reporting a figure of Rs 6,506 crore for the July-September period. This marks an increase from Rs 6,212 crore during the same quarter last year and represents a 2.2 per cent rise compared to the previous quarter. The company also saw a 4.2 per cent growth in revenue, reaching Rs 40,986 crore.

Infosys aslo raised its revenue guidance for the fiscal year 2024-25 for the second consecutive quarter. The company now anticipates revenue growth between 3.75 per cent and 4.50 per cent, an increase from the previous forecast of 3 per cent to 4 per cent.

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The initial public offer of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, got fully subscribed on the third day of the bidding on Thursday.

The Rs 27,870 crore initial share sale got bids for 14,07,68,187 shares against 9,97,69,810 shares on offer, translating into 1.41 times subscription, as per NSE data till 13:21 hours.

Japanese rubber futures ended flat on Thursday, as investors assessed the impact of a delay in a key EU deforestation law, while a lack of fresh stimulus from a key policy briefing in top consumer China also weighed on prices.

Hyundai Motor India's $3.3 billion initial public offering was fully subscribed on the final day of bidding on Thursday, as domestic banks and mutual funds bought into the country's first automaker to go public in two decades.

Bidding in the carmaker's share sale, India's biggest ever and the world's second-largest IPO this year, opened on Tuesday and ends on Thursday.

Nestlé India reported a net profit of Rs 899 crore for the second quarter of FY25, showing a slight decline from Rs 908 crore in the same quarter last year.

 Revenue from operations for the quarter stood at Rs 5,104 crore, marking a 1.3 per cent increase compared to Rs 5,037 crore a year ago.

On Tuesday, 15 October, Tesla, the electric vehicle (EV) maker, transferred 11,509 Bitcoin (BTC), worth approximately $770 million, to several new wallet addresses. This marks Tesla’s first activity involving its Bitcoin holdings in over two years and may involve the last of its Bitcoin treasury, following its major sell-off in 2022.
 

Tata Power on Thursday said it has secured ERES-XXXIX Power Transmission Ltd, a project special purpose vehicle (SPV), from REC Power Development and Consultancy Ltd.

In a regulatory filing Tata Power said it has received a Letter of Intent (LOI) from REC Power Development and Consultancy Ltd, a wholly-owned subsidiary of REC Ltd, to acquire ERES-XXXIX Power Transmission Ltd.

Annual transmission charges of the project stood at Rs 289.729 crore, the filing added.
 

A Mumbai-bound Vistara flight with 147 persons on board made an emergency landing here on Wednesday upon its arrival from Frankfurt in Germany following a bomb threat to the aircraft, a source said.

The Boeing 787 aircraft was immediately taken to the isolation bay for mandatory security checks, according to the source.

The rupee witnessed range-bound trade and appreciated 3 paise to 83.99 against the US dollar in initial deals on Thursday, as suspected RBI intervention, coupled with softer oil prices supported the rupee at lower levels.

China's yuan held steady against the U.S. dollar as reactions to the country's housing policy briefing were muted overall and as investors await China's economic activities data due on Friday.  

The dollar edged down on Thursday but still stood near 2-1/2-month highs on the prospect of a Donald Trump presidency.

The motorcycle maker Bajaj Auto's shares dropped over 9 per cent on Thursday and looked set for their worst day since March 2020 after the company's weak outlook for overall motorcycle sales during the festive period.

In an analyst call on Wednesday, Executive Director Rakesh Sharma said he expects motorcycle sales during the early October-November festive season to grow just 1 per cent-2 per cent. That is lower than the industry's expectation of at least 5 per cent-6 per cent.

The domestic stock markets recorded a positive start on Thursday following the broader global market cues as Asian markets hint optimism carrying forward the record highs in Wall Street.  

As of 09:18 am on Thursday, the BSE’s 30-share Sensex opened 147 points or 0.17 per cent higher while the National Stock Exchange’s benchmark Nifty 50 was trading 6 points or 0.02 per cent lower, moving below the key mark of 25,000. 

China will expand a "white list" of housing projects eligible for financing and increase bank lending for such developments to 4 trillion yuan ($562 billion), Minister of Housing and Urban-Rural Development Ni Hong said on Thursday.

Redevelopment of cities will also gather pace, with a million "urban villages" to be included in such plans, Ni said at a press conference, adding that people being resettled will help absorb existing housing inventories.

China will expand a "white list" of housing projects eligible for financing and increase bank lending for such developments to 4 trillion yuan ($562 billion), Minister of Housing and Urban-Rural Development Ni Hong said on Thursday.

In January, China announced a plan for a "white list" of housing projects that can receive further financing, with the aim of helping to stabilise the embattled market and home buying sentiment. As of the of end of September, banks had approved 5,392 such projects, with financing reaching nearly 1.4 trillion yuan.

Boeing is closing in on a plan to raise around $15 billion with common shares and a mandatory convertible bond as the jetmaker bolsters finances worsened by a crippling strike, but the timing remains unclear, four sources familiar with the matter told Reuters.

South Korea's surprise inclusion in a global bond index is expected to draw fresh money inflows from countries including Japan and help keep Korean bond yields steady amid rising debt supply, a senior government official said on Wednesday.

In a milestone for Asia's fourth-largest economy, FTSE Russell on Oct. 8 said it will add South Korean sovereign bonds to an estimated $30 trillion World Government Bond Index next year.

Australian employment beat forecasts for a sixth straight month in September, while the jobless rate held steady, reinforcing the view that the labour market remains tight as market bets for a rate cut by year end diminish.

The Australian dollar AUD=D3 rose 0.5 per cent to $0.6698, rebounding from a one-month low, while the three-year government bond yield AU3YT=RR jumped 7 basis points to 3.829 per cent.

China and Hong Kong stocks opened higher on Thursday as market participants looked forward to a government briefing focused on the property sector for more support measures.

China's blue-chip CSI300 Index .CSI300 and the Shanghai Composite Index .SSEC were both up 0.6% at market open. Hong Kong's benchmark Hang Seng .HSI climbed 0.9%.