3 weeks ago
Indian stocks watch: HAL, L&T, BEML among shares in focus
On Tuesday, the Indian stock market had a rough day.
The Sensex went down by 388 points and the Nifty 50 fell by 112 points.
Investors were selling stocks to take profits while oil prices were rising.
They were also worried about the Strait of Hormuz, a very important water route for oil ships, and about talks between the US and Iran.
Experts think the market will open without much change on Wednesday.
Some big companies like HAL, Tata Motors and Lenskart will share their quarterly results.
BEML got a big order from HAL to build helicopter parts.
Manappuram Finance made much more money this quarter than last year.
L&T agreed to sell one of its businesses for ₹30 crore.
So while the market is cautious, several companies have exciting news.
The Sensex fell 388 points (0.49%) to 78,154.25 and the Nifty 50 dropped 112 points (0.46%) to 24,471.70 on Tuesday, August 11.
Indian markets are expected to open flat on Wednesday, with Gift Nifty trading near the 24,546.50 mark.
Rising oil prices, uncertainty over the reopening of the Strait of Hormuz and US-Iran negotiations, and caution ahead of US inflation data weighed on sentiment.
Hindustan Aeronautics, Grasim Industries, Tata Motors, Lenskart Solutions, GMR Airports and IRCTC are set to declare Q1 results, while BEML received a ₹184.25 crore order from HAL for Light Combat Helicopter aerostructures.
Manappuram Finance's Q1 net profit jumped to ₹584.5 crore, L&T agreed to sell L&T Network Services to Vyoma for ₹30 crore, and Bata India's net profit rose 23.1% to ₹64 crore.
- Who
- Indian stock market investors and companies including Hindustan Aeronautics (HAL), Larsen & Toubro (L&T), BEML, Manappuram Finance and Tata Motors.
- What
- The Sensex and Nifty ended sharply lower on profit-booking, with several companies announcing quarterly results and corporate deals and a flat opening expected next session.
- Where
- India (Indian equity markets), with global cues from Wall Street and the US-Iran situation over the Strait of Hormuz.
- When
- Tuesday, August 11, for the market close; quarterly results and trading action expected on Wednesday, August 12.
- Why
- Profit-booking amid rising oil prices and persistent uncertainty over the reopening of the Strait of Hormuz and the prospects of a US-Iran agreement.
Key facts
- Sensex close
- 78,154.25, down 388 points (0.49%)
- Nifty 50 close
- 24,471.70, down 112 points (0.46%)
- Gift Nifty
- Trading near 24,546.50, signalling a muted/flat opening
- BEML-HAL order
- ₹184.25 crore for fuselage aerostructures for Light Combat Helicopters
- Manappuram Finance Q1 net profit
- ₹584.5 crore, up from ₹138.3 crore a year earlier
- L&T Network Services sale
- Sold to Vyoma for ₹30 crore via share-swap transaction
- Bata India Q1 net profit
- ₹64 crore, up 23.1% year-on-year
- Man Industries Q1 EBITDA
- Record ₹155 crore, up 92.6% year-on-year
Quotes
Ponmudi R.
CEO of Enrich Money
“"Indian equity markets are expected to trade with a cautious undertone as persistent uncertainty surrounding the U.S.-Iran negotiations continues to weigh on investor sentiment."”
livemint.com
Sources
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