Equity Indices Retreat, DLF Shares Surge 3.8% on Strong Q3 Profit

25 Jan 2024 , 01:12 PM

After a strong performance on Wednesday, equity benchmark indices faced losses on Thursday, led by a decline in information technology stocks due to weak results from Tech Mahindra. However, broader markets remained positive.

Sensex and Nifty, the benchmark indices, experienced a downturn on January 25 morning, influenced by mixed global cues.

At the time of writing, Sensex was trading at Rs 70,405, reflecting a -0.92% change, while Nifty was trading at Rs 21,281, indicating a 0.80% dip. Piramal Alternatives Trust (PAT), a wholly-owned subsidiary of Piramal Enterprises, has agreed to acquire a 10.39% stake in Annapurna Finance (AFPL) for Rs 300 crore. This acquisition involves the purchase of equity shares and subscription to optionally convertible debentures.

DLF shares witnessed a 3.8% gain in early trade on January 25 following a notable 26.6% YoY growth in consolidated net profit for the quarter ending December 2023.

DLF’s consolidated net profit for the quarter stood at Rs 655.7 crore, driven by healthy operating margin performance and increased other income. Revenue from operations recorded a 1.8% YoY increase, reaching Rs 1,521.3 crore for the quarter.

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