India Movers: Infosys, ITC, Tata Motors, Zomato

Arun Goswami
02 Aug, 2024
Mumbai

India indexes plunged as much as 1% and halted an 8-week rally following a global market sell-off. 

World markets declined after key manufacturing and labor market data in the U.S. raised the prospect of a recession in the world's largest economy. 

The Sensex index increased by 0.8% to 81,212.63, and the Nifty index fell by 0.8% to 24,812.65. 

On the Mumbai stock exchange, 177 stocks traded at their 52-week highs, and 17 stocks traded at their 52-week lows.

Zomato rose 12.% to ₹262.66 after the delivery service company reported a jump in its June quarter revenue and earnings. 

Revenue increased 74% to ₹4,206, and net income soared multi-fold to ₹253 crore from ₹2 crore a year ago, respectively. 

Net income increased 44.5% from ₹175 crore in the previous quarter. 

Tata Motors declined 3.9% to ₹1,106.20 despite the company reporting revenue and earnings matching market expectations. 

Consolidated revenue increased 6% to 1.08 lakh crore from 1.02 lakh crore, and net income advanced 74% to 5,566 crore from 3,203 crore a year ago, respectively. 

The company's board also approved the spin-off of its UK-based JLR division as a separate company over the next 12 to 15 months. 

Revenue at its JLR division rose 5.4% to £7.3 billion, but its operating margin slipped 50 basis points to 15.8%. 

ITC declined 1.1% to ₹488.55 after the diversified conglomerate reported a decline in earnings in the June quarter. 

Consolidated revenue increased 7.5% to ₹20,029 crore from ₹18,639.5 crore, and net income declined 0.3% to ₹5,091 crore from ₹5,104 crore a year ago, respectively. 

Infosys declined 1.3% to ₹1,829.90 after the Karnataka state withdrew its preliminary request for goods and service tax for the period between 2017 and 2022, demanding 32,403 crore.