Infosys, BPCL, IndusInd Bank and JSW Steel report today as Jio's record IPO closes

Friday is one of the heaviest days of the September-quarter results season, and the market will spend it waiting for one name in particular. Infosys, India’s second-largest software exporter, reports after the close, a day after a slump in US technology shares and with investors already wary of what clients are spending.

Infosys is due to release its numbers around 3:45 pm, with a leadership press conference at 4:30 pm and a call with analysts at 6 pm. The board will also consider an interim dividend. The consensus compiled by Bloomberg points to net profit of about ₹7,904 crore on revenue of about ₹49,108 crore, with an operating margin of 21.2%.

What analysts expect

Brokerages are looking for modest growth. Emkay Global expects profit of ₹8,026.70 crore, up 9% from a year earlier. “We expect 1.5 per cent QoQ dollar revenue growth,” it said, adding that it expects the company to trim its constant-currency revenue guidance to 1.5% to 2.5%, excluding the Versent acquisition, while keeping its 20% to 22% margin range. Kotak Institutional Equities is more cautious, at ₹7,689 crore. HDFC Institutional Equities expects deal wins of $2 billion to $3 billion.

Investors will also listen for chief executive-designate Ashiss Kumar Dash on the leadership handover and on large deal renewals. The shares closed at ₹1,156 on Thursday.

The rest of the list

Bharat Petroleum, whose margins have been squeezed by crude above $110 a barrel, is due to report, along with IndusInd Bank, JSW Steel, Jindal Steel, Dr Reddy’s Laboratories, Torrent Pharmaceuticals and Adani Power. Coforge, Mastek and Newgen Software add to the technology read. CSB Bank, Jana Small Finance Bank and UTI Asset Management Company are also on the calendar. Kotak Mahindra Bank, IDFC First Bank and AU Small Finance Bank follow on Saturday.

Jio’s last day and the reserves

Jio Platforms’ ₹30,213 crore share sale, the largest attempted in India, closes on Friday. By Thursday evening it had drawn bids for 5.51 times the shares on offer, with institutions subscribing 13.14 times and small investors 1.53 times.

In the evening, the Reserve Bank of India is due to publish its weekly statistical supplement, including foreign exchange reserves for the week to 16 October. Reserves had fallen for five straight weeks to $726.03 billion by 9 October as the central bank defended the rupee, which closed at 94.82 to the dollar on Thursday.

The backdrop

The day opens under pressure. The Nasdaq fell 2.6% overnight on worries over AI spending, Brent crude is above $110 and the Sensex has fallen three sessions in a row.