Good morning!
Here are the top stories to start your day.
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⭐ Vedanta's profits see meagre rise ⛏️
Vedanta posted a tepid 6% year-on-year rise in its Q1 net profit to ₹5,592 crore. Impacted by rising commodity inflation, the company's operating margin declined YoY from 41% to 32% in the quarter. Meanwhile, its revenues rose 36% YoY to ₹38,251 crore in the same period, led by higher sales volumes and increasing commodity prices.
⭐ TVS Motor's profits zoom past estimates 🏍
TVS Motor reported a Q1 net profit of ₹305 crore, which was better than street estimates. This was compared to a loss of ₹10 crore in the year-ago period. Revenues for the quarter were up 56% to ₹7,315 crore. The company’s two-wheeler sales rose 37% year-on-year to 9 lakh units in the period, due to a low base of last year.
⭐ US GDP shrinks 📉
According to the latest government data, the US economy declined further 0.9% (April-June) for the second straight quarter, following a 1.6% fall in the first quarter (Jan-March). The fall can be attributed to escalating inflation, rising interest rates and supply-chain issues.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 1.27% |
| Nikkei 225 (Japan) | ▲ 0.46% |
| Hang Seng (Hong Kong) | ▼ 1.13% |
| SSE Composite (China) | ▼ 0.07% |
| Dow Jones (US) (July 28) | ▲ 1.03% |
| NYSE (US) (July 28) | ▲ 1.22% |
| Nasdaq (US) (July 28) | ▲ 1.08% |
| S&P 500 (US) (July 28) | ▲ 1.21% |
Fact of the day
A rare pink diamond has been found in Angola. It is considered to be the largest one to be recovered in the last 300 years.