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​​Like some of the larger peers, it showed a marginal uptick in the banking, financial services, and insurance (BFSI) vertical, the largest vertical contributing 34% to the revenue durng the quarter. While its revenue guidance for the September quarter looks a bit more optimistic than its forecast for the June quarter, demand revival is likely to take a few more quarters.

Mukesh Ambani-led Reliance reported a 5% decrease in its consolidated net profit for the quarter ending June 2024, amounting to Rs 15,138 crore compared to Rs 16,011 crore in the same period last year. Despite this, revenue from operations grew by 12% YoY to Rs 2.36 lakh crore. The reported profit fell significantly short of Street expectations of around Rs 16,341 crore.

The quarterly revenue from operations for the April-June quarter stood at Rs 66,260 crore which was up by 6.6% over 62,159 crore reported by the company in the corresponding quarter of the previous financial year.

The QIP witnessed significant interest from foreign institutional investors (FIIs), mutual funds, insurance companies and other investors, PTI had reported, adding that prominent mutual funds like Nippon, ICICI Prudential, SBI, Mirae, and White Oak put in bids in the offer.

The benchmark 10-year yield ended at 6.9641%, following its previous close of 6.9674%. For the week, the yield dipped 2 basis points, after ending flat last week

The short-term trend for Nifty appears to have reversed from its all-time highs. According to daily and weekly chart patterns, there may be further weakness in the market ahead. Key support levels to monitor are around 24,200 and 24,000. Immediate resistance is at 24,850, according to Nagaraj Shetti of HDFC Securities

General insurance, especially the motor and health segments, has seen rapid growth in the country in recent years with a rise in vehicle sales and improved awareness following the Covid-19 pandemic and resultant medical costs

Even though relatively muted demand and weak pricing impacted profitability of the country’s largest cement producer, the hit was offset by some of the other costs declining as compared to the previous year