On Tuesday, Indian benchmark indices closed with slight gains as profit booking trimmed the day’s earlier advances. Market participants are now focused on the impending US Federal Reserve meeting, with expectations that the outcome will significantly influence global market trends for the rest of the week.
The BSE Sensex, a key barometer, rose by 99.56 points, or 0.12%, to settle at 81,455.40, while the NSE Nifty50 added 21.20 points, or 0.09%, to close at 24,857.30. Despite these gains, the market saw some selling pressure as investors booked profits, reflecting a cautious sentiment ahead of the Fed’s policy announcement.
Stocks that may draw attention before the market opens on Wednesday include Tata Motors, Mahindra & Mahindra (M&M), and Maruti Suzuki. These auto stocks are currently under the spotlight for their resistance and support levels, which are critical for traders focusing on technical analysis.
Varun Beverages also remains in the limelight post its Q2 results and a recent stock split. Analysts have issued target prices and buying recommendations, citing the stock’s current trading at 58 times its earnings.
Bharat Electronics, another notable stock, has attracted analyst attention with predictions of a potential fall of up to 38%. This multibagger PSU stock’s performance will be closely monitored.
Tuesday also marks a busy day for Q1 results announcements from several major companies, including Maruti Suzuki, Mahindra & Mahindra, Coal India, Adani Power, Tata Steel, Ambuja Cements, Bank of Baroda, Bharat Heavy Electricals, Mankind Pharma, Godrej Properties, Prestige Estate Properties, Phoenix Mills, KPR Mill, Tata Investment Corporation, and JBM Auto. These results will likely shape investor sentiment and market direction.
In terms of corporate actions, Goel Food Products will trade ex-bonus in a 4:1 ratio, and Panorama Studios International will trade ex-split. Additionally, shares of Aarti Pharmalabs, Bata India, CRISIL, Kamdhenu, DLF, Igarshi Motors, EIH, Saksoft, SRF, and Sundaram Finance will trade ex-dividend.
Among the notable performances and partnerships, Infosys has announced a strategic partnership with TDC Net, a Danish infrastructure provider, to transform it into a customer-centric technology company. This collaboration aims to modernize TDC Net’s IT infrastructure, enhance customer experience, and optimize service costs through AI-driven hyper-automation and IT systems consolidation.
GAIL reported a significant 93% year-on-year (YoY) increase in net profit to Rs 2,723.98 crore for the first quarter of FY25, compared to Rs 1,412 crore in the previous fiscal year. Revenue from operations grew by 5% YoY to Rs 34,063.26 crore.
Indian Oil Corporation faced an 81% YoY decline in net profit to Rs 2,643 crore, with revenue down 2% to Rs 2.15 lakh crore from Rs 2.21 lakh crore in the previous fiscal year.
Tata Consumer Products reported a consolidated net profit drop of 8.5% YoY to Rs 290 crore for Q1FY25. However, revenue increased by 16% to Rs 4,352 crore.
Varun Beverages posted a 26% YoY increase in net profit to Rs 1,253 crore for the June quarter, with revenue surging 29% to Rs 7,333.6 crore.
Dixon Technologies India recorded a 109% YoY rise in net profit to Rs 140 crore, with revenue growing by 101% to Rs 6,580 crore.
Indus Towers approved a buyback of up to 5.67 crore equity shares at Rs 465 per share, representing approximately 2.1% of the total equity shares of the company. The telecom infra player reported a 42% increase in consolidated profit to Rs 1,925.9 crore.
Macrotech Developers reported a 166% YoY increase in consolidated net profit to Rs 476 crore, with revenues rising by 76% YoY to Rs 2,850 crore. The company’s adjusted EBITDA soared by 107% YoY to Rs 960 crore.
Torrent Power saw an 88% YoY increase in first-quarter profit, with consolidated net profit rising to Rs 972 crore. Revenue from operations grew by 23.3% YoY to Rs 9,034 crore. Additionally, Torrent Power acquired Torrent Urja 18 Private Limited for Rs 1,00,000, a company involved in the hydrogen business.
Granules India reported a net profit of Rs 135 crore for the June 2024 quarter, up from Rs 48 crore in the previous fiscal year, with revenue growing by 19.7% to Rs 1,179.8 crore.
Exide Industries posted a 16% increase in net profit at Rs 280 crore for the June quarter, with revenue from operations increasing by 6% to Rs 4,313 crore.
Indiamart Intermesh reported consolidated revenue from operations of Rs 331 crore against Rs 282 crore in the corresponding fiscal period, with a net profit of Rs 114 crore.
Oriental Rail Infrastructure secured an order worth Rs 1.92 crore from the Modern Coach Factory (MCF) in Raebareli, Indian Railways, for manufacturing and supplying 30 sets of seats and berths.
Balu Forge Industries reported a 104.98% YoY jump in net profit to Rs 34.16 crore in the April-June quarter of 2023, with revenue rising by 56% YoY to Rs 175.3 crore.
As the market looks ahead to the US Fed’s meeting outcome, these developments and earnings reports will likely set the tone for investor sentiment and market movements in the coming days.
