Indian stocks continued to trade in the negative territory on Friday, i.e. 2 August, after witnessing major selloff in the previous session. At 10.28 am, the S&P BSE Sensex was down 345.48 points, or 0.93%, to 36,672.84, while the Nifty 50 index fell 110.10 points, or 1%, to 10,869.90. Bharti Airtel, SBI, ITC, HDFC, Power Grid, Tata Motors and JK Tyre were among the key stocks in news today.
Bharti Airtel: Bharti Airtel Ltd shares jumped as much as 4.6% despite consolidated net loss rising to Rs 2,866 crore in the June quarter versus profit of Rs 107.2 crore a year ago.
Tata Motors: Tata Motors Ltd shares dropped 2% after the company’s domestic sales registered a drop of 34% at 32,938 units in July compared to 50,100 units sold in the same month last year. The company also cut prices of its electric vehicle Tata Tigor EV by up to Rs 80,000 from August, due to GST rate revision.
SBI, ITC, HDFC, Power Grid: State Bank of India shares were down 1.8%, ITC was down 1.5%, Housing Development Finance Corp Ltd (HDFC) slipped nearly 2%, while Power Grid Corporation of India Ltd dropped 1.3% ahead of their June quarter earnings announcement later in the day.
JK Tyre: JK Tyre and Industries Ltd shares slumped over 14% after consolidated net profit declined 73.7% to Rs 17 crore in the June quarter against Rs 64.3 crore a year ago, while revenue rose 5.6% to Rs 2,575.4 crore versus Rs 2.439.5 crore.
Tata Power: Tata Power Ltd shares dropped 3.3% as profit fell to Rs 151.3 crore in the June quarter versus Rs 1,670.9 crore in the year-ago quarter, while revenue rose 6.2% to Rs 7,766.7 crore versus Rs 7,315.2 crore.
Dhampur Sugar Mills: Dhampur Sugar Mills Ltd fell 2.4% as profit rose to Rs 58.5 crore in the June quarter from Rs 32.25 crore a year ago, while revenue jumped to Rs 937 crore from Rs 734.4 crore.
GSK Consumer: GlaxoSmithKline Consumer Healthcare Ltd shares were trading flat after the company’s net profit rose 23% to Rs 248.1 crore in the June quarter versus Rs 200.4 crore a year ago, while revenue was up 7.9% to Rs 1,194.3 crore against Rs 1,107.1 crore.
Dalmia Bharat: Dalmia Bharat Ltd shares gained 3.6% as consolidated net profit rose to Rs 152 crore in the June quarter against Rs 52 crore a year ago, while revenue dropped to Rs 2,537 crore against Rs 2,368 crore.
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