Top stories: Reliance Industries and HCLTech Q2 results, rising tension with Canada & more
Meanwhile, HCL Technologies has raised its revenue growth guidance for FY25 after beating market expectations with an 10.5% rise in Q2 net profit. The Nifty 50 also saw positive movement, reclaiming the 25,100 mark, bolstered by heavyweight stocks.
On the diplomatic front, tensions between India and Canada have escalated over the investigation into the killing of Khalistani separatist Hardeep Singh Nijjar, with India summoning the Canadian envoy and recalling its high commissioner to Canada. Finally, we touch on global stories, including updates on the Israel-Hezbollah conflict and US election polling.
Reliance Industries Q2 net profit at ₹16,563 cr, powered by Jio’s strong growth
Reliance Industries Ltd (RIL) has reported a net profit of ₹16,563 crore for the second quarter ended September 2024, down 4.7% year-on-year. Gross revenue stood flat at ₹2.32 lakh crore.
Reliance Jio reported a robust 23.2% year-on-year increase in net profit for Q2 FY25, reaching ₹6,231 crore, up from ₹5,058 crore in the same quarter last year. The company’s revenue saw a significant 14.5% rise, growing to ₹28,338 crore from ₹24,750 crore in the previous year.
EBITDA also experienced a healthy 16.1% growth, climbing to ₹15,036 crore compared to ₹12,953 crore last year. Additionally, EBITDA margins improved slightly, increasing to 53.1% from 52.3% year-on-year, reflecting strong operational performance.
Tariff hikes help Jio post a big bump in average revenue per user. Strong performance from Jio helps offset some of the pain in the oil-to-chemicals business.
HCLTech raises growth guidance slightly after Q2 earnings beat estimates
India’s third largest IT major, HCL Technologies reported an 10.5% year-on-year increase in net profit for Q2 FY25, reaching ₹4,235 crore, surpassing market expectations. However, on a sequential basis, the company’s Q2 net profit saw a slight dip of 0.5%, while revenue grew by around 3%.
HCLTech has raised its revenue growth guidance for financial year 2025, now expecting growth in the range of 3.5% to 5%, up from the previous 3% to 5% range.
The company expects its margin to range between 18% to 19%, consistent with its earlier guidance.
Nifty 50 reclaims 25,100 mark, ends at 1-week high led by heavyweight stocks
The Nifty 50 reclaimed the 25,100 mark and ended at a one-week high on Monday, driven by gains in heavyweight stocks like HDFC Bank, L&T and ITC, with information technology stocks also contributing significantly to the benchmark’s gains.
The Nifty closed up 164 points at 25,128. It opened today’s trade session 1,253.9 points away from its recent record high of 26,277.35. The Sensex rose 592 points to finish at 81,973.
India Summons Canadian Envoy Over Nijjar Killing Charges
The diplomatic standoff between India & Canada escalates. India withdraws the high commissioner from Canada and other diplomats after they were named “persons of interest” by the Canadian authorities as they investigate murder of Khalistani Separatist Hardeep Singh Nijjar. India summons the Canadian High Commissioner to lodge a protest.
John Chambers says AI poised to transform India’s AI startup ecosystem
John Chambers, former Cisco CEO, said AI holds transformative potential for India’s startup ecosystem. Speaking at the USISPF Annual Leadership Summit, Chambers said India is ready to leverage AI for growth. He said India will attract significant foreign direct investment from the US and praised government efforts to foster innovation in India.
AI won’t reduce jobs — it will reshape them, says Cognizant CEO Ravi Kumar
Ravi Kumar, CEO of Cognizant, remains optimistic about the potential of artificial intelligence (AI) to reshape the IT sector in India and globally. While there are concerns about job reductions due to AI’s increasing capabilities, Kumar envisions a different future.
In an interview with CNBC-TV18, Kumar confidently stated that rather than eliminating jobs, AI will pave the way for creating more roles. “Jobs of the past will go away,” he acknowledged, “but significantly, more jobs of the future will be created.”
Maharashtra CM waives tolls for light vehicles at Mumbai’s main entry points from midnight
Maharashtra Chief Minister Eknath Shinde, on Tuesday, announced that light motor vehicles will no longer be charged at any of the five toll booths leading into Mumbai. The waiver applies to toll booths at Dahisar, Mulund, Vashi, Airoli, and Tinhath Naka.
The decision, taken during the Maharashtra government’s final cabinet meeting before the upcoming Assembly elections, is set to take effect from midnight today.
Air India and IndiGo flights from Mumbai receive bomb threats
Three flights – an Air India and two IndiGo flights – have received bomb threats since morning on Monday (October 14).
An Air India flight operating from Mumbai to New York was diverted to Delhi following a security concern arising out of a bomb threat. The Air India Mumbai-JFK AI119 was stationed at the Indira Gandhi International Airport in New Delhi.
A senior police officer told PTI that the threat was received through a tweet and is being verified.
Hezbollah drone attack in Israel kills four soldiers, IDF says
Four Israeli soldiers were killed in a drone attack launched by Hezbollah south of Haifa, one of the deadliest strikes against Israeli forces since the Jewish state has stepped up attacks on Lebanon.
The Israel Defense Forces said in a statement that seven were severely injured, adding that all wounded personnel “have been evacuated to hospitals,” without revealing their total number.
US election 2024: Three weeks before polls, Trump catches up with Harris in approval ratings
With just over three weeks to go for the all-crucial US Presidential elections, Republican nominee Donald Trump is neck-and-neck with his Democratic counterpart Kamala Harris in approval ratings. The former president is either tied to his Democratic rival or trails by a narrow margin, latest polls show.
In a new NBC poll of registered voters released on Sunday, both Trump and Harris are tied at 48%. ABC and Ipsos show Harris having a two-point advantage over Trump at 50% and 48%, respectively.
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