FIIs Continue Selling, Adani Enterprises' Profit Up 500%, Apple India Revenue Hits Record — The Week That Was

The week saw massive changes across market, as Larsen & Toubro Ltd., Cipla Ltd. and Adani Enterprises Ltd., announced their earnings.

FIIs were on a 24 session streak of offloading equities which summed up to a total of 1.25 lakh crore.

Amazon exceeded estimates with total revenue for the third quarter rising 11% to $158.9 billion. Apple set a record revenue in India and saw double-digit growth in iPad sales during the September 2024 quarter.

Larsen & Toubro Ltd. reported a 7% increase in consolidated net profit for the second quarter of the current financial year, exceeding analysts' expectations. The largest engineering, procurement, and construction company in India recorded a profit of Rs 4,113 crore for the July–September period, as stated in an exchange filing on Wednesday. This figure surpassed the consensus estimate of Rs 3,205 crore from Bloomberg-tracked analysts.

International revenue accounted for 52% of the total segment revenue, which reached Rs 32,057 crore.

Tata Power Co. reported a 7% increase in profit for the second quarter of fiscal 2025, aligning with analysts' expectations. The company’s consolidated net profit reached Rs 1,093 crore for the quarter ending September 30, 2024. This figure slightly exceeded the Rs 1,052 crore consensus estimate.

Adani Enterprises Ltd. saw its consolidated net profit surge nearly 500% year-on-year for the quarter ending September 30, driven by significant growth in capacity addition and asset utilisation in its green energy and airports divisions. The conglomerate, led by billionaire Gautam Adani, reported a net profit of Rs 1,989 crore, up from Rs 333 crore during the same period last year.

Cipla Ltd. reported a 13% increase in consolidated net profit for the second quarter of the current financial year, aligning with analysts' expectations. The drugmaker's profit reached Rs 1,305.01 crore for the quarter ending in September. This figure is slightly higher than the Rs 1,247 crore consensus estimate from Bloomberg-tracked analysts.

Foreign Portfolio Investors offloaded equities worth approximately Rs 14,415.7 crore in the week as the financial services sector had its largest outflow in the year, followed by the energy sector.

The highest inflows were seen in commercial and professional services, telecommunication, and consumer services, as per data from the fortnightly sector-wise foreign flow report by Emkay Global Financial Services Ltd.

Domestic Institutional Investors mopped up Rs 9,786.5 crore in the previous week.

FIIs offloaded 1.14 lakh crore in October and were on a 24 session streak of offloading equities which summed up to a total of 1.25 lakh crore.

The Union government's fiscal deficit reached 29.4% of its budget target by the end of the first six months of the financial year ending in March 2025.

From April to September, the deficit ( the gap between spending and revenue) aggregated to Rs 4.75 lakh crore out of a budget limit of Rs 16.85 lakh crore, according to provisional data from the Controller General of Accounts.

For the current fiscal, the government has set a fiscal deficit target of 4.9% of GDP, continuing its efforts to reduce the deficit after achieving a target of 5.6% of GDP in the previous fiscal year.

The fiscal deficit was helped by a dividend payment from the Reserve Bank Of India earlier this year and a slowdown in capital spending, which has not yet started picking up.

Amazon.com Inc. announced results satisfactory for the shareholders. The Amazon Web Services cloud division, continued to regain momentum during the third quarter, in contrast to their record low sales growth in the previous year.

Their strategy for cutting costs and reallocating resources turned out to be effective as the cloud computing and e-commerce conglomerate consolidated its grip on the market.

On Thursday, Amazon announced that its total revenue for the third quarter rose 11% to $158.9 billion, surpassing expectations. The company's operating profit reached $17.4 billion, exceeding the average estimate of $14.7 billion.

Intel Corp. projects revenue between $13.3 billion and $14.3 billion, compared to the average analyst estimate of $13.6 billion. Additionally, Intel anticipates a profit of 12 cents per share, outperforming the 6 cents that Wall Street had predicted.

Formerly a leader in the computer processor market, Intel is now focusing on preserving cash to support its turnaround efforts.

Intel will be replaced by rival Nvidia in the 128-year-old Dow Jones Industrial Average prior to the start of trading on Nov. 8.

Apple set a record revenue in India and saw double-digit growth in iPad sales during the September 2024 quarter, according to senior company officials on Friday. The tech giant reported total net sales of $94.93 billion, up over 6% from $89.49 billion a year earlier.

During the quarter, Apple also opened two new stores in India, in Mumbai and another in Delhi.

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