In the early opening hours on Thursday, the GIFT Nifty futures were trading in a highly volatile range. It was in the green at 8 am but fell just an hour before the market opened and rose again at 9 am. 

The benchmark equity indices, NSE Nifty 50 and S&P BSE Sensex tanked in the trading session on Tuesday as investors went on a sell-off frenzy after Fitch Ratings downgraded US credit ratings. The Nifty 50 plunged 1.05% or 207 points to close at 19,526.55. On the other hand, the Sensex fell 1.02% or nearly 677 points to 65,782.78.

Companies Announcing Quarterly Results Today: Adani Enterprises, Adani Power, Bharti Airtel, Dabur India, Cummins India, Kansai Nerolac Paints, Blue Star, Piramal Pharma, Eicher Motors, Cera Sanitaryware, JM Financial, Gulf Oil Lubricants India, Avadh Sugar & Energy, Lupin, MRF, LIC Housing Finance, Nilkamal, Sun Pharmaceutical Industries, Varun Beverages, and Zomato, among others.

Hindustan Petroleum Corporation (HPCL): HPCL saw its net profit rise by 87% on a quarter-to-quarter basis to Rs 6,765 crore in the first quarter of the current fiscal 2023-24. The company reported a net loss of Rs 10,196.94 crore in the last year’s corresponding period. 

Ambuja Cements: The Adani Group cement company has inked a deal with Sanghi Cement to acquire the latter at a valuation of Rs 6,000 crore, the first acquisition by the firm since the Hindenburg Research report.

Hero MotoCorp: The Enforcement Directorate (ED) seized foreign currency, cash, gold, and diamond jewellery worth Rs 25 crore after raiding 12 locations, including offices and residences of executive chairperson Pawan Kant Munjal and others, on August 1 in Delhi and Gurugram in a case against top officials of Hero MotoCorp. 

InterGlobe Aviation: The IndiGo flight operator posted its highest-ever quarterly consolidated net profit at Rs 3,090.6 crore for Q1FY24, compared to a loss of Rs 1,064.3 crore during the same period last financial year. The company’s revenue increased by 32% year-on-year (YoY) in the June quarter to Rs 17,161 crore. 

Nykaa: The fashion-to-cosmetics retailer saw six significant executives resign since April, including Chief Marketing Officer Shalini Raghavan. Rozita Nouruzi has been appointed as the new CEO of the Beauty business.

JSW Steel: Japan’s JFE Steel has inked a 50:50 joint-venture agreement with JSW Steel to produce cold-rolled grain-oriented (CRGO) silicon steel. The total consideration of the project is Rs 5,500 crore, financed by a mix of equity and debt.

L&T Finance Holdings: Bain Capital plans to sell 79 million shares or a 3.2% stake in L&T Finance Holdings Ltd in a block deal at a floor price of Rs 128.1 per share for approximately $123 million or Rs 1,011.99 crore.