Results for: Quarterly Results

In a move that solidifies Apple’s status as a value stock, the technology giant has authorized an additional $110 billion in share repurchases, marking the largest such announcement ever made in the United States. This move follows the company’s impressive quarterly results, which exceeded investor expectations and signaled an easing of the slowdown that has impacted the company. With this latest buyback, Apple now holds the top six spots for the largest share-repurchase announcements in US history.

In a recent appearance on CNBC’s ‘Fast Money,’ Gene Munster of Deepwater Asset Management offered his insights on Apple’s latest quarterly results and the company’s prospects for the future.

Bajaj Finserv Ltd (BFL), the holding company for the Bajaj group’s financial services businesses, reported a 20% increase in consolidated net profit to Rs 2,119 crore for the March quarter. The company’s total consolidated income during the fourth quarter of FY24 increased to Rs 32,042 crore, as against Rs 23,625 crore in the year-ago period. The Board of Directors has recommended a dividend of Re 1 per equity share for the financial year ended March 31, 2024.

Axis Bank reported a significant increase in its consolidated net profit during the March 2024 quarter, leading to a rise in its stock price. The bank’s net profit for the quarter stood at Rs 7,599 crore, a remarkable growth compared to the previous year’s loss. This positive performance contributed to Axis Bank emerging as the biggest gainer among the BSE Sensex and NSE Nifty firms.

Axis Bank has reported a significant surge in its financial performance for the quarter ended in March 2024, registering a net profit of Rs 7,130 crore. This remarkable turnaround follows a net loss of Rs 5,728 crore during the corresponding period last year. For the entire fiscal year, the bank’s net profit soared to Rs 24,861 crore, reflecting a substantial 160% growth compared to the previous year.

Amit Daryanani, Senior Managing Director at Evercore ISI, appeared on ‘Closing Bell Overtime’ to analyze IBM’s recent quarterly performance. Daryanani offered his insights on IBM’s financial performance and discussed the company’s strategic initiatives.

Hindustan Unilever (HUL) reported a 6% decline in its standalone net profit for the fourth quarter of FY24. The FMCG giant posted a profit of 2,406 crore, falling short of market expectations of 2,435 crore. However, revenue from operations saw a slight increase to 14,693 crore from 14,638 crore in the same period last year. HUL’s consolidated revenue for the quarter remained steady at 15,210 crore, while its net profit declined by 1.5% to 2,561 crore, including exceptional income of 78 crore. The EBITDA margin remained healthy at 23.8%, up by 40 basis points year-on-year. HUL’s home care segment experienced a 1% growth, with underlying volume growth in the mid-single digits. The beauty and personal care sector maintained its premium portfolio expansion trend, with hair care witnessing robust growth. Food and beverage saw a 4% increase in underlying sales growth, driven by functional nutritional drinks and coffee.

Benchmark stock indices in India, the S&P BSE Sensex and NSE Nifty50, witnessed gains in the opening session on Wednesday. The positive momentum was driven by a surge in metals and auto stocks, as well as the anticipation of quarterly results from several Nifty50 companies this week. The S&P BSE Sensex rose 0.24% to 73,884, while the NSE Nifty50 increased 0.2% to 22,405 at 9:25 a.m. IST. Analysts attributed the market’s positive sentiment to improved investor confidence following strong earnings reports from select companies and hopes for easing geopolitical tensions.

Indian stocks are set to open higher on Wednesday, tracking gains in global markets. Asian markets have seen a surge, and US stocks closed at higher levels as investors turned their attention to the quarterly outcomes from Magnificent Seven and other large-cap growth stocks. The Indian stock market indices maintained their positive trajectory on Tuesday, marking the third straight session of gains. Equity benchmarks rose in Japan and South Korea, while futures for Hong Kong pointed up. US futures gained in early Asian trading. Meanwhile, weakness in measures of business activity helped keep alive forecasts for US rate cuts this year, which was positive for equities but weighed on the dollar and Treasury yields. The S&P 500 notched its best back-to-back rally in two months. Treasuries were largely steady after briefly extending gains on a solid $69 billion sale of two-year notes — but quickly returned to levels seen ahead of the auction — with 10-year yields little changed. Oil held a gain as an industry report showed shrinking US crude stockpiles and traders tracked progress toward fresh sanctions against Iran. Gold is little changed.

Tesla, the electric vehicle giant, has reported a significant downturn in its quarterly profits and revenue. However, its share price rallied after CEO Elon Musk announced plans to accelerate the development of a more affordable electric vehicle. The company’s net profit for the first quarter ending March 2024 fell by 55% to $1.13 billion, while revenue declined by 9% to $21.3 billion. Tesla attributed the decline to an intensifying electric vehicle market and described EV sales as being ‘under pressure.’ Despite the setbacks, investors reacted positively to the company’s announcement of plans to expedite the launch of new, more affordable models and to reduce vehicle prices in major markets around the world.