Indian equity benchmark indices tumbled over 1 per cent on Wednesday amid weak global market trends and continuous foreign fund outflows. Global rating agency Fitch Ratings has downgraded the United States’ credit rating to AA+, citing mounting debt at the federal, state, and local levels and a "steady deterioration in standards of governance" over the past two decades.
The BSE Sensex fell 676.53 points or 1.02 per cent to close at 65,782.78. The NSE Nifty plunged by 207 points or 1.05 per cent to settle at 19,526.55.
“The Indian market witnessed a broad sectoral slide, affected by weak global market trends. Negative news regarding the US rating downgrade on fiscal concerns, coupled with weak factory activity data from Eurozone and China, led to widespread worries across the globe. Additionally, prolonged FII selling, triggered by a rise in US bond yields, has disrupted the mood of the domestic market,” said Vinod Nair, Head of Research at Geojit Financial Services.
Top Stocks To Watch on 3 August:
Titan Company Limited
The consumer lifestyle company reported revenue growth of 19 per cent in the first quarter of financial year 2023-24. The total income for the quarter on a standalone basis stood at Rs 10,306 crore, while the consolidated total income was Rs 11,070 crore. EBIT slipped 2 per cent on both standalone and consolidated basis. The profit before tax (PBT) before exceptional items declined b 4 per cent to Rs 1,024 crore on standalone basis. The profit after tax (PAT) decreased by 2 per cent to Rs 777 crore on a standalone basis.
Anil Agarwal’s Twin Star Holdings Ltd, a promoter in Vedanta, is likely to offload a 4.3 per cent stake in the Indian mining company for Rs 4,136 crore. The stakeholder is planning to sell 16 crore shares at a price of Rs 258.5 crore per share. The stake sale is a part of Agarwal’s plan to reduce debts and transform his company into a pure-play green energy and non-ferrous business.
InterGlobe Aviation (IndiGo)
The parent company of IndiGo reported its first quarterly earnings with a profit after tax of Rs 3,090.6 crore compared to a loss of Rs 1,064.3 crore in the corresponding quarter last financial year. Total income rose by 32% to ₹17,161 crore from a year earlier, on the back of robust demand for air travel, lower fuel costs, and favourable foreign currency movement.
The cement company owned by Adani Group has signed a deal to acquire Sanghi Cement at a valuation of Rs 6,000 crore. This would be the first acquisition by the Gautam Adani-led group after the Hindenberg Report.
After raids at 12 locations, Enforcement Directorate (ED) seized cash and jewellery worth Rs 25 crore during raids against top officials of Hero MotoCorp. The agency also found incriminating documents at the residences and offices of executive chairperson Pawan Kant Munjal and others. ED conducted searches at Munjal’s premises on 1 August located in Delhi and Gurugram. It also registered a case against him under the Prevention of Money Laundering Act (PMLA), reported news agency PTI.