Stock Market Today: Indices likely to start on positive note; Maruti Suzuki, Power Grid in focus

Stock Market Today: Due to bullish market movements worldwide, Indian equity benchmarks Nifty 50 and Sensex are set to open Tuesday's session on a high note. Before the opening bell on Dalal Street, GIFT Nifty futures, a pre-opening barometer of the Nifty 50 index, was up 42 points or 0.21 percent at 19,883.

Wall Street and Tokyo stocks

As investors welcomed Wall Street advances and awaited the announcement of Toyota's quarterly earnings in the afternoon, Tokyo markets opened higher on Tuesday. US stocks ended a good July with a modest gain on Monday thanks to positive company reports and expectations for a soft landing for the country's sturdy economy.

Oil holds near three-month high

With producers implementing output cutbacks and strong demand in the United States, the world's largest fuel consumer, oil prices were little changed on Tuesday, trading close to a three-month high achieved on Monday.At 0135 GMT, October Brent crude futures were trading at $85.30 a barrel, down 13 cents or 0.15% from the previous close. On Monday, front-month Brent reached its highest closing price since April 13.

Stock Market Today: Stocks in focus

Maruti Suzuki India

The largest producer of passenger cars in the nation saw its standalone profit increase by 145.4% year over year to Rs 2,485.1 crore for the quarter ended June FY24, mostly due to increased sales volume, greater realisation, cost-cutting initiatives, and higher non-operating income. Sales volume increased by 6.4% YoY to 4.98 lakh units, while revenue increased by 22% to Rs 32,327 crore. Meanwhile, the number of vehicles still on backorder from customers was roughly 3.55 lakh.

Power Grid

Despite a healthy operating margin that was impacted by a reduced topline, the state-owned electric utility business reported a nearly 6% year-over-year fall in standalone profit at Rs 3,542.65 crore for the quarter ended June FY24. Compared to the same period last year, operating revenue for the quarter decreased by 0.1% to Rs 10,436.1 crore. In Q1FY24, EBITDA increased by 3.4% YoY to Rs 9,099.5 crore, with a margin increase of 290 basis points to 87.2%. The business said that it would issue bonus shares in a 1:3 ratio and issue debt in the domestic market to raise up to Rs 12,000 crore in the fiscal year 2024–2025.

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