PRE-MARKET INDIAN STOCKS NEWS: Earnings including Bharti Airtel, NHPC, ONGC, PNB Housing Finance & United Breweries, RBI Rate Decision is due today
Bharti Airtel (BHARTI IS) - Co. Q1 (INR) net rose 37.3% Y/Y to 81.674bln, rev. rose 18.4% Y/Y to 585.391bln. (Moneycontrol)
Bharti Hexacom (BHARTIHE IS) - Co. Q1 (INR) net rose 23.2% Y/Y to 4.82bln, rev. rose 10.9% Y/Y to 25.10bln. (Moneycontrol)
BSE (BSE IS) - Co. Q1 (INR) net rose 62% Y/Y, supported by stronger operating revenue and higher investment income. (ET)
Life Insurance Corporation of India (LICI IS) - India’s government will offer a 6.5% stake in the Co. through an offer for sale at an 11% discount, seeking to raise around USD 3.3bln, with non-retail bidding on Tuesday and retail bidding on Wednesday. (ET/Newswires)
Multi Commodity Exchange of India (MCX IS) - Co. Q1 (INR) net rose 103.5% Y/Y to 4.134bln, rev. rose 88.1% Y/Y to 7.02bln. (Moneycontrol)
NHPC (NHPC IS) - Co. Q1 (INR) net rose 2.9% Y/Y to 10.959bln, rev. rose 18.5% Y/Y to 38.083bln. (Moneycontrol)
Oil and Natural Gas Corporation (ONGC IS) - Co. Q1 (INR) net rose 112.3% Y/Y to 170.34bln, rev. rose 45.2% Y/Y to 464.60bln. (Moneycontrol)
One 97 Communications (PAYTM IS) - Elevation Capital V, SAIF III Mauritius and SAIF Partners India IV sold a combined 14.9mln shares in the Co. for INR 20.3802bln. (Moneycontrol)
PNB Housing Finance (PNBHOUSI IS) - Co. Q1 (INR) net rose 4.3% Y/Y to 5.545bln, net interest income rose 7.5% Y/Y to 7.885bln. (Moneycontrol)
United Breweries (UBL IS) - Co. Q1 (INR) net fell 9.6% Y/Y to 1.663bln, rev. rose 7.1% Y/Y to 30.67bln. (Moneycontrol)
The session splits into two distinct drivers. The RBI decision is the macro anchor, and on decision days Indian earnings prints tend to trade with a muted initial read-through in index terms until the policy outcome and, more importantly, the guidance language are known; rate-sensitive sectors such as housing finance, banks and insurers are the usual transmission channel, while the short end of the INR curve and the rupee reprice on any shift in stance versus hold expectations. The corporate slate itself is heavy in regulated and state-linked names: upstream energy earnings of the kind ONGC has printed swing with crude realisations and subsidy or windfall-tax mechanics, and telecom prints like Bharti's are typically read through ARPU and capex rather than the headline growth rate. The LIC offer-for-sale at a discount follows the established pattern of Indian government disinvestment, where the discounted floor price tends to cap the stock near the offer level into the bidding window while absorbing liquidity from the broader large-cap space. Block sales of the Paytm kind by early backers are a recurring feature post-lockup and are usually absorbed if placed cleanly. The follow-ons are the RBI statement tone, the OFS subscription levels, and whether the earnings beats hold against expectations once the policy overhang clears.