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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open flat with a positive bias on Tuesday amid mixed cues from global peers.
Gift Nifty was trading around the 24,245 level, a premium of nearly 35 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
The US stock market ended higher on Monday led by gains in mega-cap growth stocks that lifted the tech-heavy Nasdaq.
The Dow Jones Industrial Average rose 50.66 points, or 0.13%, to close at 39,169.52, while the S&P 500 gained 14.61 points, or 0.27%, to 5,475.09. The Nasdaq Composite ended 146.70 points, or 0.83%, higher at 17,879.30.
Asian markets traded lower on Tuesday. Japan’s Nikkei 225 fell 0.41%, while the Topix was flat. South Korea’s Kospi dropped 0.22% and the Kosdaq declined 0.39%. Hong Kong Hang Seng index futures indicated a lower start.
STOCKS TODAY
Tata Motors: Total domestic sales fell 8% year-on-year (YoY) to 74,147 units in June 2024, with commercial vehicle sales declining 7% to 31,980 units and passenger vehicle sales down 8% to 43,524 units. In Q1 FY25, its total sales grew 1.6% to 2,29,891 units compared to the year-ago quarter.
Hero MotoCorp: The world’s largest manufacturer of motorcycles and scooters sold 5,03,448 units in June 2024, increasing 15% over the corresponding month last year. In the domestic market, the company sold 4,91,416 units, up 16% YoY, while exports fell 15.5% YoY to 12,032 units during the month.
TVS Motor: The two- and three-wheeler maker recorded sales of 3,33,646 units in June 2024, growing 5% over the 3,16,411 units sold in the same month last year. Total two-wheeler sales grew by 6% YoY to 322,168 units during the month, and electric vehicle sales registered a growth of 10% YoY to 15,859 units in June 2024. Total exports fell 3.9% YoY to 76,074 units in June. Total three-wheeler sales declined 4.4% YoY to 11,478 units during the month.
South Indian Bank: The lender registered gross advances for the June FY25 quarter at Rs 82,510 crore, growing 11.35% over the same period last year. Total deposits during the same period increased by 8.41% to Rs 1.03 lakh crore. CASA rose by 5.88% to Rs 32,998 crore compared to the year-ago quarter.
Welspun Specialty Solutions: The company received a contract worth Rs 117.17 crore for the supply of seamless stainless steel boiler tubes for NTPC’s Talcher 2 x 660 MW supercritical thermal power project. The contract is expected to be executed by December 2024.
Sakuma Exports: The company received approval from the board for the issuance of 4 bonus shares for every 1 equity share held. The board also approved raising funds to Rs 500 crore via qualified institutions placement, in one or more tranches, and undertaking investments up to Rs 600 crore in direct or step-down subsidiaries of the company.