Indian stock markets opened sharply lower on Monday, i.e. August 5, on negative global cues. At 10.11 am, the S&P BSE Sensex was trading lower by 565 points, or 1.5%, to 36,553, after falling over 650 points in intraday trade. Meanwhile, the Nifty 50 index was down 171.60 points, or 1.6%, to 10,825.75.
Global stocks extended losses after China vowed to retaliate against US President Donald Trump’s decision to impose 10% tariffs on the remaining $300 million of imports from China which were not already subject to levies. Back home,
DHFL: Dewan Housing Finance Corp. Ltd (DHFL) shares dived as much as 10% on reports that Deloitte has quit as the auditor of the cash-strapped company. According to reports, communication regarding the same has been sent to the corporate affairs ministry.
Maruti Suzuki: Maruti Suzuki India Ltd shares fell around 3% after the car maker said it had cut the number of its temporary workers by over 1,000 to cope with a slowdown in auto sales
ITC: ITC Ltd shares dropped over 2% after the company said profit rose 12.6% to Rs 3,173.9 crore in the June quarter versus Rs 2,828.7 crore a year ago, while revenue increased 5.8% to Rs 11,502.8 crore versus Rs 10,874.6 crore.
Coffee Day Enterprises: Coffee Day Enterprises Ltd shares continued their downward spiral, falling by another 10%. The board postponed company’s April-June quarter earnings. It was scheduled to report earnings on 8 August. In addition, Sulakshana Raghavan resigned as independent director for personal reasons. The stock has crashed nearly 53% in the last one week.
Reliance Industries: Reliance Industries Ltd (RIL) shares declined 4% after subsidiary Reliance Industrial Investments and Holdings entered into an agreement for acquisition of equity shares of Shopsense Retail Technologies Pvt. Ltd. (Shopsense or Fynd), the software technology company, for a cash consideration not exceeding Rs 295.25 crore.
Jammu and Kashmir Bank: Jammu and Kashmir Bank Ltd shares slid over 8% after profit fell 58.4% to Rs 21.9 crore in the June quarter versus Rs 52.6 crore a year. The stock, however, later pared losses to trade nearly 3% lower.
Nestle India: Nestle India Ltd shares jumped 4.7% as profit rose 10.8% to Rs 437.8 crore in the June quarter versus Rs 395 crore a year ago, while revenue increased 11.2% to Rs 3,000 crore versus Rs 2,698.4 crore.
Jet Airways: Jet Airways India Ltd shares gained 5% after the Expression of Interest (EoI) submission deadline was extended to 10 August.