Rise With Profit: Yen Hits Three-Month Low, Bharti Airtel Q2 Results

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Equity markets in the US closed higher, even as traders position themselves for the biggest week in the current earnings season and also ahead of the Nov. 5 presidential election.

As many as 169 companies that are part of the S&P 500 will report their earnings through the week. That includes Alphabet Inc., Meta Platforms Inc. and Apple Inc.

Crude oil prices remained under pressure on the back of cooling tensions in the West Asia region. As of this morning, brent crude prices had fallen to $71.4 to the barrel.

With all of that in mind, the early risers in the Asia Pacific region have started mixed. The Japanese Nikkei 225 was trading flat and the other two were moving in opposite directions last I checked.

There’s quite a bit happening in Japan, by the way. The Yen hit a three-month low against the dollar yesterday. It has remained under pressure as a loss by Japan’s ruling coalition in the recent election raises the uncertainty on monetary and fiscal policy there.

Of course, Indian equities saw a spurt at the start of the week, with the benchmark indices snapping a five-day losing streak. That was likely on the back of short covering, with banking stocks leading the gains. Equities ended off the high point of the day, though.

We continue to track the big earnings—yesterday, Bharti Airtel Ltd.’s consolidated net profit fell 12% sequentially in the second quarter and missed consensus estimates. The profit stood at close to Rs 4,150 crore, compared with estimates that had pegged it closer to Rs 4,400 crore. That’s because of an exceptional loss of Rs 854 crore during the quarter.

In fact, margins expanded more than expected, standing at 52.7%. And the average revenue per user has climbed to Rs 233 from Rs 211 earlier.

Besides the earnings, there was also an announcement of a management change. Shashwat Sharma, who is currently chief operations officer, will be appointed the managing director and chief executive officer of the company on Jan. 1, 2026.

Besides that, the Indian Oil Corp earnings also stood out—profit fell by 93.2% during the second quarter and missed analysts' estimates. It stood at Rs 180 crore. The 10% downtick in revenue was driven by the petroleum product segment, where revenue fell 9% sequentially, due to lower demand in the monsoon season. And the over 50% slump in Ebitda was on account of the contraction in gross refining margins. That stood at under $3 per barrel in the quarter down from $13.12 a year ago.

There are many more companies that have posted their second quarter earnings post market hours and you’ll find those details here.

There are several frontline companies posting their results today too—Cipla Ltd., Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd., and Maruti Suzuki India Ltd., among others.

In primary market action, Swiggy has set a price band of Rs 371-390 for its upcoming initial public offering on Nov. 6, according to people familiar with the matter, who spoke with NDTV Profit. On offer in the Swiggy IPO is a fresh issue of Rs 5,000 crore and an offer for sale of 18.53 crore shares, worth about Rs 6,666 crore, according to the updated draft red-herring prospectus filed with the markets regulator this year.

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