Gift Nifty Up 261 Points | Vedanta Q1 Results | Infosys GST Demand Unchanged | Top Buzzing Stocks Today

Wed, 7 Aug Pre-Open

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Indian benchmark indices reversed the trend as the session progressed but ended the day lower.

Equity benchmark indices, the BSE Sensex and the NSE Nifty50, pared early gains to settle in the red on Tuesday.

At the closing bell on Tuesday, the BSE Sensex stood lower by 166 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 63 point (down 0.3%).

Britannia, JSW Steel and HUL were among the top gainers.

HDFC Life, BPCL and SBI on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 0.7% lower and BSE SmallCap index ended 0.6% lower.

Sectoral indices are trading mixed, with socks in realty sector, power and FMCG sector witnessing most buying. Meanwhile stocks in power sector and auto sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.1% higher at Rs 69,413 at the time of Indian market closing hours on Tuesday.

At 8:00 AM today, the Gift Nifty was trading 261 points higher at 24,306 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

Speaking of the stock market, Indian Pharma companies have been at the receiving end of increased enquiries from the US pharma companies that could potentially be a big business opportunity.

Richa Shah, Research Analyst at Equitymaster in her latest video talks about why biosecurity Act could be a potential shot in the arm for pharma stocks

Tune into below video for more details.

Top buzzing stocks today

TVS Motor share price will be in focus today.

TVS Motor Company on 6 August reported a 23% rise in consolidated net profit at Rs 5.8 bn for the quarter ended 30 June 2024. It reported a consolidated net profit of Rs 4.7 bn in the year-ago period.

Revenue for the quarter increased by 16% from last year to Rs 83.8 bn, which is also in line with the estimates of Rs 83.7 bn.

Shree Cement will also be a top buzzing stock.

Shree Cement on Tuesday reported a 51.3% year-on-year (YoY) decline in its consolidated net profit to Rs 2.8 bn for the quarter ended 30 June 2024. The company reported a net profit of Rs 5.7 bn for the corresponding quarter of the last financial year.

Vedanta Q1 Results

Billionaire Anil Agarwal's Vedanta Ltd on August 6 reported a 36.5% increase in consolidated net profit at Rs 36.1 bn for the quarter ended 30 June 2024, against Rs 26.4 bn in the year-ago period.

The mining major's revenue from operations rose 5.6% to Rs 352.4 bn in Q1FY25 as against Rs 333.4 bn in Q1FY24, the company said in an exchange filing on 6 August.

The surge in profit comes amid strong prices of zinc, lead, copper and nickel during the quarter.

First quarter EBITDA increased by 47% YoY on account of structural cost-saving initiatives across businesses, easing of input commodity inflation, and favourable output commodity prices.

It posted an EBITDA margin of 34% in the quarter, as against 24% in the same quarter last year.

Core earnings from the aluminium business shot up the most, rising 144% to Rs 44.4 bn. The company recorded Alumina production at Lanjigarh refinery at 539 kt, up 11% QoQ and 36% YoY, driven by new capacity.

Earnings from Zinc, silver and lead business rose 17.8% to Rs 39 bn.

Infosys GST Demand Unchanged

The Indian government is not considering any relaxation in the tax demand it sent to Infosys last month.

The tax demand is in accordance with the goods and services tax rules and the country's second-largest IT services firm has sought ten days to submit its response after meeting tax officials.

The source declined to be named as they were not authorised to speak to the media.

Shares of Infosys, which were up 1.6% before the news amid a broader market rebound, briefly trimmed gains to about 0.3%.

India sent a tax demand of over Rs 320 bn (US$ 4 bn) to Infosys, related to services received by the company from its overseas branches between July 2017 to 2021-22. This amounts to 85% of its revenue for the quarter ended 30 June.

In a notification to stock exchanges on August 3, the company said it had received communication that the demand for the financial year 2017-18 of Rs 389.8 bn has been closed.

The company had previously said it paid all its dues and was in compliance with central and state regulations.

Power Finance Corporation's Profit Jumps 20%

State-owned Power Finance Corporation on Tuesday posted over 20% rise in its consolidated net profit to Rs 7,182.06 crore in the June 2024 quarter compared to a year ago, mainly due to higher revenues.

The company reported a consolidated net profit of Rs 59.8 bn in the quarter ended on 30 June 2024.

Total income rose to Rs 247.4 bn in the quarter from Rs 210.2 bn in the same period a year ago.

The company's board also approved the declaration of an interim dividend at the rate of 32.5% or Rs 3.25 per equity share (subject to deduction of TDS) on the face value of the paid-up equity shares of Rs 10 each for FY25.

Further, the company informed that August 30, 2024 (Friday) shall be reckoned as the 'record date' for ascertaining the eligibility of shareholders for payment of the interim dividend, which will be paid on or before 5 September 2024.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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