 "Stocks to watch: Tata Tech, Coal India, Infosys, Wipro, Tata Steel, Vedanta, and ITC shares to be in focus")
Around 8:45 am on Thursday (August 1), the GIFT Nifty index was up 60 points, or 0.24 per cent, at 25,109. It hinted at a positive start for Dalal Street. The India VIX, an indicator of volatility in the market, was up 2.87 per cent at 13.25 points.
Global cues remained mixed. In the US, all major Wall Street indices closed in green on Wednesday (July 31). A rally in big tech stocks gave S&P 500 its best day in five months. Asian stocks did not fare that well. Japan’s Nikkei index had slipped over 3 per cent due to a surge in the yen after the Bank of Japan hiked interest rates. The Hang Seng index was in the red, while the South Korean Kospi was up.
Ahead of the opening bell in India, here’s a look at stocks to watch:
Tata Technologies: Tata Tech has incorporated a wholly-owned subsidiary called BMW TechWorks India Private Limited (BTIPL). BTIPL will assist BMW Group in engineering premium products, delivering superior digital experiences to its customers, and driving its digital transformation.
Coal India: The state-owned company reported a net profit of Rs 10,943.5 crore for the first quarter ending June 30, 2024. Revenue from operations stood at Rs 36,464.6 crore. earnings before interest, taxes, depreciation (EBITDA) was 5.6 per cent in the first quarter of this fiscal, with an EBITDA margin of 39.3 per cent.
Tata Steel: The Tata Group company reported a profit of Rs 918.6 crore, a 75 per cent increase from the first quarter of the previous fiscal, though below the CNBC-TV18 poll estimate of Rs 950 crore. Revenue fell 7.9 per cent year-on-year to Rs 54,771.4 crore.
Impact Shorts
More ShortsInfosys: GST authorities issued a Rs 32,403 crore notice to Infosys for services availed from its overseas branches over five years starting in 2017. Infosys, in a stock exchange filing, described the notice as a ‘pre-show cause’ notice, asserting that GST is not applicable to these expenses.
Wipro: Wipro announced it has been selected by MAHLE, a global automotive supplier, to transform its IT infrastructure with a hybrid cloud solution. As part of this multi-year project, Wipro will migrate MAHLE’s two core data centres into Wipro FullStride Cloud’s hybrid cloud solutions.
Vedanta: The company received approval from the Bombay Stock Exchange and the National Stock Exchange of India to split into six independent listed companies.
Adani Enterprises, Tata Motors, ITC, and Dabur India: These major firms are set to report their first-quarter earnings on Thursday.
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