Sensex and Nifty are likely to see a negative start to trading on Friday, August 2, amid weak global cues. In the overnight trade, US stocks ended sharply lower after a round of economic data on Thursday spurred concerns that the economy may be slowing faster than anticipated while the Federal Reserve maintains a restrictive monetary policy.
The Dow Jones Industrial Average fell 494.82 points, or 1.21%, to 40,347.97, the S&P 500 lost 75.62 points, or 1.37%, to 5,446.68, and the Nasdaq Composite lost 405.25 points, or 2.30%, to 17,194.15.
Asian shares, too, were trading with losses in the morning deals.
Meanwhile, GIFT Nifty futures were trading 0.25%, or 62.50 points, lower at 24,835, indicating a huge gap-down opening for the domestic stocks.
Here's a list of stocks that may remain in focus today:
Infosys: A day after it received ₹32,403 crore GST demand, Infosys said on Thursday that Karnataka state authorities have withdrawn the 'pre-show cause' notice to the company and directed it to submit a further response to the Directorate General of GST Intelligence (DGGI) on the issue. The company had described the notice as a 'pre-show cause' notice and categorically maintained that it believes that GST is not applicable to the expenses mentioned.
Earnings today: Titan Company, Hindustan Zinc,
Delhivery, Britannia, Mrs. Bectors Food Specialities, CAMS, SML Isuzu, and
Samhi Hotels are some of the names that are scheduled to release their June quarter numbers today.
Tata Motors: Tata Motors on Thursday said its consolidated net profit increased 74% to ₹5,566 crore in the June 2024 quarter, aided by robust performance by Jaguar Land Rover as well as domestic business. The Mumbai-based auto major posted a net profit of ₹3,203 crore in the April-June quarter of the last fiscal.
The company also informed stock exchanges that its board has approved the demerger of commercial vehicle businesses into TML Commercial Vehicles Limited and announced that the passenger vehicle businesses, including PV, EV, JLR, and related investments, are in another entity.
Dr Reddy's, Nestle India: As per news reports, Nestle India has invested ₹705.5 crore in a joint venture with Dr Reddy's Laboratories that caters to nutritional health solutions.
Godrej Agrovet: Diversified food and agri-business conglomerate
Godrej Agrovet (GAVL) on Thursday said it has signed an agreement with Tyson India Holdings, an affiliate of Tyson Foods Inc., to buy the latter's 49% stake in Godrej Tyson Foods Ltd (GTFL). Following the completion of the transaction, GAVL will now hold a 100% stake in GTFL, further consolidating its business.
Besides, the company declared its Q1 results too, wherein it reported a 28.3% rise in first-quarter profit, helped by falling input costs. Consolidated net profit rose to ₹135 crore ($16.1 million) for the three months ended June 30 from ₹105 crore a year earlier.
Zomato: Food delivery aggregator
Zomato on Thursday reported a multifold jump in consolidated net profit to ₹253 crore for the April-June quarter of 2024-25 compared to ₹2 crore in the year-ago period. The company's revenue from operations jumped more than 74% to ₹4,206 crore in the first quarter of this fiscal from ₹2,416 crore in the April-June period of last year, according to a regulatory filing by Zomato. Its total expenses also rose to ₹4,203 crore during the quarter under review, from ₹2,612 crore a year ago.
RattanIndia: RattanIndia Power on Thursday posted a consolidated net profit of ₹93 crore in the April-June 2024 quarter, mainly due to higher revenues. The company had reported a loss of ₹549.36 crore in the quarter ended on June 30, 2023. The company said its total income rose to ₹1,016.36 crore in the reporting quarter from ₹935.98 crore a year ago.
ITC: Diversified conglomerate ITC on Thursday reported a standalone net profit of ₹4,917.45 crore in the first quarter of the current 2024–25 fiscal, marginally up from ₹4,902.74 crore in the year-ago period. The total income of the company during the April-June period of FY'25 stood higher at ₹18,921.01 crore as against ₹17,704.23 crore in the corresponding quarter of the last financial year. ITC said in a statement that the FMCG business (non-cigarettes) displayed resilient growth amidst muted demand conditions and extreme heat waves in parts of the country.
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