Avenue Supermarts, TCS, Tejas Networks Lead Stocks on Watch
Overview
Indian markets closed lower Friday as Q3 earnings season ignites. Avenue Supermarts posted higher profit and revenue but announced MD Ignatius Noronha's exit Jan 31, 2026. Tata Consultancy Services, HCL Technologies, and others report Q3 results today. Tejas Networks reported a loss, while NTPC secured a power acquisition deal. Bank of Baroda rates remain stable.
Stocks Mentioned
Markets Extend Losses as Earnings Season Kicks Off
Indian stock markets closed in the red for the fifth consecutive session on Friday, January 9. The benchmark Sensex shed over 600 points to finish at 83,576, and the Nifty 50 declined nearly 194 points, settling near 25,683. Investors now turn their attention to a flurry of third-quarter earnings reports and corporate developments scheduled for Monday, January 12, 2026.
Key Earnings and Corporate Updates
Avenue Supermarts, operator of the popular DMart retail chain, reported robust third-quarter results. Net profit climbed 17% year-on-year to ₹856 crore, while revenue from operations increased by 14% to ₹18,101 crore. However, the company also disclosed that Managing Director and Chief Executive Officer Ignatius Navil Noronha will complete his tenure on January 31, 2026, stepping down at the close of business hours on that date.
Several other prominent companies are set to announce their Q3 earnings today. This includes major IT firms Tata Consultancy Services (TCS) and HCL Technologies, alongside a mix of mid- and small-cap names. Telecom equipment manufacturer Tejas Networks posted a consolidated loss of ₹196.55 crore for the October-December quarter, citing lower sales and delayed orders from Bharat Sanchar Nigam.
Sectoral Movements and Financial News
In the energy sector, National Thermal Power Corporation (NTPC) and Maharashtra State Power Generation Company signed an agreement concerning the acquisition of Sinnar Thermal Power. Bank of Baroda announced that its Marginal Cost of Funds Based Lending Rate (MCLR) will largely remain unchanged from January 12, 2026, with only the six-month rate seeing a minor reduction.
Phoenix Mills reported healthy growth in consumption across its retail portfolio during the third quarter, with mall consumption reaching approximately ₹4,787 crore. Gold loan financier Manappuram Finance rejected a recent media report suggesting delays in its proposed transaction with Bain Capital-linked entities, terming it speculative and factually incorrect.
Other Corporate Actions
Real estate developer Signatureglobal reported a year-on-year decline in pre-sales during the third quarter, with sales remaining flat compared to the previous quarter. Lemon Tree Hotels approved a business restructuring plan that includes a fresh investment from global private equity firm Warburg Pincus into its subsidiary, Fleur Hotels. Lloyds Engineering Works informed exchanges about a purchase agreement with US-based The Material Works Limited. Spandana Sphoorty Financial's board is evaluating the potential merger of its subsidiary, Criss Financial, into the parent company.
