Indian equity benchmark indices settled over half a per cent higher on Monday, breaking their two-day falling streak on buying in index heavyweights Reliance Industries and Tata Consultancy Services and firm global trends.
The 30-share BSE Sensex jumped 367.47 points or 0.56 per cent to settle at 66,527.67. The NSE Nifty climbed 107.75 points or 0.55 per cent to end at 19,753.80.
“Indian indices have resumed their rally, following the global market trend, as cooling inflation across the globe gave hopes of an end to the policy tightening era. The latest positive development was the Eurozone's inflation slowing for the third consecutive month in July, coming in at 5.3%, in line with market predictions,” said Vinod Nair, Head of Research at Geojit Financial Services.
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“Moreover, the euro zone economy grew by 0.3% during the June quarter, according to preliminary estimates, slightly surpassing market expectations,” he added.
Top Stocks To Watch On 1 August:
Maruti Suzuki
The country’s largest passenger car manufacturer reported a standalone net profit of Rs 2,485.1 crore in the quarter ended June 2023. The net profit jumped by a massive 145 per cent as compared to Rs 1,012.8 crore in the corresponding quarter last year, driven by larger sales volume, improved realization, cost reduction efforts and higher non-operating income. Revenue increased by 22 per cent YoY to Rs 32,327 crore with sales volume increasing by 6.4 per cent YoY to 4.98 lakh units. The pending customer orders stood at around 3.55 lakh vehicles.
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Power Grid Corporation of India
The state-owned electric services company has reported nearly 6 per cent YoY decline in standalone profit at Rs 3,542.65 crore for the quarter ended June 2024 despite healthy operating margin, dented by lower topline. Revenue from operation during the reported quarter fell 0.1 per cent to Rs 10,436.1 crore compared to year-ago period. EBITDA rose 3.4 per cent YoY to Rs 9,099.5 crore with margin expansion of 290 bps at 87.2 per cent in June quarter. Power Grid Corporation announced issue of bonus shares in the ratio of 1:3 and raising funds up to Rs 12,000 crore from domestic market through issue of debts in fiscal 2024-25.
Bharti Airtel
The country’s second largest telecom services provider prepaid Rs 8,024 crore ahead of schedule to clear part of its deferred liabilities for the spectrum acquired in 2015 as part of plan to save costs. “The said instalments had an interest rate of 10% and have been prepaid by Airtel, leveraging much lower cost financing available to it," the company said in a statement on Monday, adding that the amount was paid to the Department of Telecommunications.
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