Q3 2024 results: As we pass the halfway point of the earnings season, anticipation is building for the quarterly financial announcements of nearly 272 companies scheduled for Thursday, February 8. Among the highly anticipated reports, Dalal Street is particularly focused on the performance of key players including Zomato Ltd, Biocon Ltd, Thermax Ltd, Apollo Hospital Enterprises Ltd 3M India Ltd, and more.
The BSE Sensex was down 34 points at 72,152, while the Nifty 50 gained 1.1 points at 21,930.5 on February 7.
The mixed global sentiments led to a soft opening for our domestic market, in which the benchmark index started off soft but soon after gained gradual momentum and continued to surge northward. The extensive buying traction lifted the undertone which was certainly seen in the technical chart structure for Nifty. Amid favorable sentiment, the index managed to maintain a positive stature and settled the day slightly above 21900, gaining 0.72 percent to the kitten of bull, said Sameet Chavan, Head Research, Technical and Derivative – Angel One.
“Technically, there was an insignificant development with minor changes in a broader view of the index. However, sectoral rotation is quite evident, keeping the game in markets. The graphic structure builds a range-bound activity to continue, with a strong close resistance. at the mark 22000, followed by 22100. And a decisive breakthrough could only trigger the next stage of rally in the Nifty50 index. On the contrary, 21800-21750 remains the intermediate support, while the 20 DEMA placed around 21650 can be seen as a sacred support zone for the comparable period, added Chavan.
Some 272 companies will release their quarterly results today – February 8
Biocon Ltd, Bombay Dyeing & Mfg Co Ltd, Escorts Kubota Ltd, Grasim Industries Ltd, Hindustan Construction Co Ltd, Honeywell Automation India Ltd, IRCON International Ltd, Jai Corp Ltd, Jai Mata Glass Ltd, JK Lakshmi Cement Ltd, JSL Industries Ltd, Kajal Synthetics & Silk Mills Ltd, Kanpur Plastipack Ltd, Kilitch Drugs (India) Ltd, Mahan Industries Ltd, MSTC Ltd, Mukand Ltd, NCC Limited, Neelkanth Ltd, Orient Paper & Industries Ltd, Ramco Industries Ltd, Rane Holdings Ltd, Ratnamani Metals & Tubes Ltd, RDB Realty & Infrastructure Ltd, Schneider Electric Infrastructure Ltd, Surya Roshni Ltd, Tiger Logistics (India) Ltd, Torrent Power Ltd, Weizmann Ltd, and Zomato Ltd cover a range of sectors including pharmaceuticals, infrastructure, manufacturing and logistics. .
Zomato Q3 Results: In the second quarter, Zomato showed significant sequential growth in profits, reaching ₹36 crores. Meanwhile, income from operations experienced a remarkable year-over-year increase of 71 percent, overall. ₹2,848 crores.
According to brokerage firm Kotak Institutional Equities, the revenue is likely to grow 61 percent year-on-year (YoY). “We expect 3QFY24 revenue growth to come in at 61% YoY, driven by 45% YoY growth in food delivery revenue (29% YoY growth in GMV and 70 bps YoY takeout rate expansion), 89% YoY growth in Hyperpure revenues and 106% YoY growth in Blinkit revenues. Our food GMV growth assumption implies 8% sequential growth,” it said.
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Published: 08 Feb 2024, 08:08 IST