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Business News/ Markets / Stock Markets/  Q3 results today: State Bank of India, Grindwell Norton, Central Depository Services and more

Q3 results today: State Bank of India, Grindwell Norton, Central Depository Services and more

Q3 results today: Approximately 8 companies will release their Q3 quarter results today on February 3

SBI will release their Q3 results today (HT Print)Premium
SBI will release their Q3 results today (HT Print)

Q3 results today on February 3: Investors would be on edge with some of the major companies releasing their Q3 earnings. A slew of companies, including State Bank of India (SBI), Grindwell Norton, Central Depository Services (India) and more, will be the focus today as they release their Q3 results.

On February 2 close, the domestic equity benchmarks Nifty 50 and BSE Sensex experienced robust buying during intraday trading, concluding the day with substantial gains in the previous session, propelled by the performance of heavyweights in the energy and IT sectors, such as Reliance Industries, Infosys, TCS, Power Grid, and NTPC.

The domestic market witnessed across-the-board buying amid positive global cues while experts observed that the pro-growth Interim Budget 2024 also influenced investors to buy quality stocks after the recent correction.

Also Read | Nifty February series outlook: 4 stocks where investors can park their money; do you own?

The Sensex settled at 72,085.63, up 440 points, or 0.61 percent on Friday and is still 1,342 points down from its all-time high of 73,427.59 which it hit on January 16, 2024. BSE Midcap and Smallcap indices hit their fresh all-time highs of 39,140.16 and 46,169.7 respectively, during the session.

Nifty 50 jumped two percent during the session to hit its fresh all-time high of 22,126.80, however, the index cooled off and closed with a gain of 156 points, or 0.72 percent, at 21,853.80 on February 2. Nifty 50 ended the month of January little changed, after rising nearly 14 percent in the last two months of 2023.

Approximately 8 companies will release their Q3 quarter results today — February 3

SBI, Grindwell Norton, Central Depository Services (India), Krishna Institute of Medical Sciences, Sarda Energy & Minerals, Archean Chemical Industries, D-Link (India), Mirza International.

As the quarter results season continues, a marquee list of Indian companies will be revealing their financial results in the upcoming week. Industry leaders to versatile giants are some of the big corporates who will be expected to declare their results for the current fiscal year.

SBI Q3 results 2024: Market estimates better set of numbers on lower slippages

In an exchange communication with the Indian exchanges, SBI said that its board of directors would consider and approve unaudited financial results in its meeting scheduled on 3rd February 2024. Post-declaration of the SBI Q3 results 2024, a conference call will be conducted at 5:00 PM on Saturday.

On SBI Q3 results expectations, Shreyansh Shah, Research Analyst at StoxBox said, "We expect the banking elephant SBI to come out with a good set of numbers in Q3FY24. Though some marginal decline in NIMs is expected from the PSB due to the ongoing high cost of funds, we anticipate the bank's absolute profitability to witness mid-teen-digit growth in the current quarter on account of high disbursals of advances backed by elevated infra spends. Furthermore, the bank has a large share in the salary account, and the CASA and the CD ratio would not show signs of concern. The highlight of this quarter’s numbers would be seen in the significant growth in its other income backed by the bank’s focus on optimizing its vast branch network of 22,405 for cross-selling opportunities."

Expecting SBI to beat challenges posed by the rising cost of funding, Sandeep Pandey, Founder & Director at Basav Capital said, "Due to the Government of India's focus on infrastructure and rising government expenditure in the segment, the corporate lending business of the Indian banking major is expected to enable SBI to maintain the profitability in Q3FY24."

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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Published: 03 Feb 2024, 06:35 AM IST
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