Indian benchmark indices staged a sharp recovery from intraday lows on Thursday, ending in the green for the second consecutive session. The rally was led by market heavyweights Reliance Industries (RIL), ICICI Bank, and HDFC Bank, with strong support from the auto and IT sectors. The BSE Sensex climbed 1,200.18 points or 1.5%, to settle at 82,530.74, while the Nifty jumped 395.20 points or 1.6% to finish at 25,062.10.
When markets resume trading today, and will be in focus due to various related developments.
Bharti Airtel, JSW Energy, Garware Technical Fibres, Spencer’s Retail, Godfrey Phillips
Bharti Airtel
Singapore Telecommunications Limited (Singtel) is likely to sell nearly 5 crore shares in Indian telecom major Bharti Airtel via block deals with the deal size estimated at Rs 8,500 crore ($1 billion). The floor price is likely set at Rs 1,800 per share which is a 3.6% discount from the current market price, CNBC-TV18 reported, citing sources.
Singtel currently owns 9.49% stake representing over 57.82 crore shares in Bharti Airtel through its subsidiary Pastel Limited.
JSW Energy
JSW Energy on Thursday reported a consolidated net profit growth of 16% to Rs 408 crore in Q4FY25 versus Rs 351 crore reported in the year ago period. The company’s revenue from operations in the March-ended quarter stood at Rs 3,189 crore, which was also up nearly 16% versus Rs 2,755 crore in the corresponding quarter of the last financial year.
The company’s board today approved a proposal to raise up to Rs 10,000 crores in one or more tranches by way of private offerings and/or on preferential allotment basis and/or via qualified institutions placement (QIP) mode. The renewable power generation company also recommended a dividend of Rs 2 per equity share for the financial year 2024-25 to the members of the company.
Garware Technical Fibres
The company announced its net profit after tax increased at 1.4% to Rs 71.05 crore in Q4FY25 as against Rs 70.07 cr in the corresponding period of FY24. Net sales increased by 13% to Rs 432.55 cr in Q4FY25 as compared to Rs. 382.27 crore in Q4FY24. Operating EBITDA increased by 8% to 98.26 crore in Q4FY25 as compared to Rs. 91.35 crore in the same period last year.
Spencer’s Retail
Spencer’s Retail Ltd on Thursday reported narrowing of its consolidated net loss to Rs 68.40 crore for March quarter FY25. The company had incurred a loss of Rs 80.69 crore in the January-March period a year ago, according to a regulatory filing from Spencer’s Retail, a RP Sanjiv Goenka firm. However, revenue from operations was down to Rs 411.87 crore in the March quarter from Rs 546.79 crore a year ago. Total expenses were lower by 22.2% to Rs 491.60 crore in the quarter. Total income, which includes other income, fell 23.22 per cent to Rs 423.13 crore.