Indian equity benchmark indices ended in the red on Monday, extending corrections from their all-time highs for the second consecutive session due to massive selling in heavyweight stocks.
Foreign fund outflows and rising crude oil prices all pulled the indices down as traders were awaiting the US Federal Reserve’s monetary policy decision to be announced this week.
The BSE Sensex slipped 299.48 points or 0.45 per cent to settle at 66,384.78. The NSE Nifty fell by 72.65 points or 0.37 per cent to end at 19,672.35.
"As expectations are getting reset in sync with the first quarter earnings that are underway, we witnessed profit booking post earnings and news flows today in heavyweights as well as financials. Investors need to be mindful of cuts in stock prices if eventual outcomes on earnings fail to match up with expectations," said S Ranganathan, Head of Research at LKP Securities.
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"The PSE Index, however, exhibited keen interest from participants as several of its constituents rose on the back of likely inclusion in the MSCI as well as new clean energy orders," he added.
Top Stocks To Watch On 25 July:
Tata Steel
The steel major reported on Monday a 93 per cent year-on-year decline in consolidated net profit at Rs 524.9 crore for the April-June quarter of fiscal 2024. The company said profit was affected by a non-cash deferred tax charge on account of a buy-in transaction at the British Steel Pension Scheme. It reported an EBITDA of Rs 6,122 crore and an EBITDA margin of 10 per cent.
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Reliance Industries
Billionaire Mukesh Ambani’s company is collaborating with Brookfield Infrastructure Partners Lp and Digital Realty Trust Inc. in a three-way venture for setting up special purpose vehicles (SPVs) aimed at developing data centres in India. Reliance will own a 33.33 per cent stake in the SPVs, a joint statement by the three companies said.
The company said it has partnered with Brookfield Infrastructure and Digital Realty in their special-purpose vehicles set up for developing data centres in India.
Maruti Suzuki
The country’s largest carmaker has recalled 87,599 S-Presso and Eeco models manufactured between 5 July 2021 and 15 February 2023, to check and replace faulty steering tie roads. "Affected vehicle owners will be receiving communication from Maruti Suzuki authorized dealer workshops for inspection and replacement of the faulty part, free of cost," the company said in an exchange filing.
TVS Motors
TVS Motor Company reported a net profit of Rs 468 crore, up 46 per cent from Rs 321 crore in year-ago period. The company’s operating EBITDA increased 60 basis points from a year ago to 10.6 per cent in April-June quarter, including its EV business. It also witnessed an improvement in market share. The two- and three-wheeler maker’s revenue grew 20 per cent to Rs 7,218 crore in first quarter, compared with Rs 6,009 crore in the year-ago period.
