The benchmark equity indices, NSE Nifty 50 and S&P BSE Sensex ended Monday’s session in red due to profit booking in heavyweight stocks, extending corrections from the recent rally. Nifty 50 settled 0.37% or 12.65 points lower at 19,672.35, while the Sensex dipped 0.45% or nearly 300 points to 66,384.778. 

In the early opening hours on Tuesday, the GIFT Nifty futures were trading negatively, indicating a similar opening for domestic indices. 

Companies Announcing Quarterly Results Today: Asian Paints Ltd, Larsen & Toubro Ltd (L&T), Tata Motors Ltd, Cyient, Bajaj Auto Ltd, Mahindra Holidays & Resorts India, SBI Life Insurance Ltd, CEAT, Suzlon Energy, Jubilant FoodWorks Ltd, KPIT Technologies and others.

Tata Steel: The Tata Group company posted a massive 93% year-on-year (YoY)decline in net profit at Rs 524.9 crore in the first quarter of 2023-24 due to a non-cash deferred tax charge related to the buy-in transaction at British Steel Pension Scheme, successfully derisking Tata Steel UK. Tata Steel reported consolidated revenue from operations of Rs 59,490 crore for Q1FY24, 6.3% lower than last year. 

Reliance Industries: Mukesh Ambani-led company has agreed to invest Rs 378 crore in Brookfield Infrastructure Partners Lp and Digital Realty Trust Inc’s 50:50 joint venture to set up special purpose vehicles (SPVs) to develop data centres in India. After the proposed investment, RIL will own a 33.33% stake in the SPVs, making it an equal partner. 

TVS Motor Company: The automobile major reported a consolidated net profit of Rs 468 crore during the first quarter of 2023-24, 42% up from Rs 305 crore during the corresponding period last year. Revenue from operations during the quarter rose 20% YoY to Rs 7,218 crore.

Maruti Suzuki: The country’s largest carmaker has recalled a total of 87,599 units of S-Presso and Eeco models manufactured between 5 July 2021 and 15 February 2023 to check and replace faulty steering tie rods. Affected vehicle owners will receive communication from authorised dealer workshops for inspection and replacement of the defective part, free of cost.

SpiceJet: On Monday, the Delhi high court (HC) directed budget airline SpiceJet Ltd’s managing director, Ajay Singh, to appear for a hearing on 5 September. The court also directed the airline to disclose all its assets in response to an application filed by Kal Airways seeking payment from SpiceJet.