GIFT Nifty indicated a subdued start for Indian equity markets on Friday, with the index trading 77.50 points or 0.31% lower at 24,557. On Thursday, the NSE Nifty 50 closed 93 points (0.38%) lower at 24,548, while the BSE Sensex rose 236 points (0.29%) to settle at 81,290. Investors are bracing for market volatility as several key developments come into focus.
Stocks in Focus
Zomato
Zomato faces a GST demand of Rs 401.7 crore for non-payment of tax on delivery charges between October 2019 and March 2022. Including penalties and interest, the total tax liability amounts to Rs 803.4 crore, raising concerns about its financial outlook.
ONGC
ONGC is prioritizing cost optimisation and profit maximisation amid fluctuating crude oil prices. The company aims for 40 million metric tonnes of indigenous oil and gas production in the medium term, with new fields expected to contribute significantly.
Tata Motors
The automaker announced a price hike of up to 2% across its truck and bus segments, effective January 1, 2025. This move aims to offset rising input costs, potentially affecting demand dynamics in the commercial vehicle sector.
TCS
Tata Consultancy Services has secured a five-year deal with Telenor Denmark to manage its IT infrastructure. Services will be delivered from TCS’s European centre, strengthening its presence in the Nordic region.
Hindustan Aeronautics (HAL)
The Ministry of Defence signed a Rs 13,500 crore deal with HAL for 12 Su-30MKI fighter jets. With over 62% indigenous components, this contract underscores the government’s focus on self-reliance in defence manufacturing.
Ashok Leyland
Ashok Leyland won a Rs 345.58 crore contract to supply 1,475 bus chassis to the Tamil Nadu State Transport Corporation. This order boosts its position in the commercial vehicle segment.
GR Infraprojects
The company received a letter of intent for a transmission project worth Rs 107.7 crore per annum under a build-own-operate-transfer (BOOT) model.
CRISIL
CRISIL plans to invest Rs 33.25 crore for a 4.08% stake in Online PSB Loans, enhancing its presence in digital credit infrastructure for MSMEs.
