The Indian stock market is expected to open on a subdued note on Tuesday, following the mixed cues from the global markets. The GIFT Nifty was trading at 21,585 levels, down 30 points, at 8:00 AM. Among the stocks that will be in focus today are BHEL, Coal India, LIC, Nestle, and TVS Motor, as they will announce their quarterly results.
BHEL clarifies on NLC order
Bharat Heavy Electricals Ltd (BHEL) has clarified that it has not bagged the order worth Rs 19,400 crore from NLC India Ltd. The company said that it has submitted a price bid for the order, but “submission of bid does not result into automatic bagging of an order”. BHEL also said that it has not received any communication from NLC regarding the award of the order.
Coal India achieves 68% of production target
Coal India Ltd (CIL) has achieved 68 per cent of its production target set for the financial year 2024. The company’s production grew by 8 per cent year-on-year to 71.9 million tonnes (MT) in December 2023. The company also reported a 12 per cent rise in its consolidated net profit for the September quarter to Rs 6,800 crore.
LIC receives tax demand of Rs 806 crore
Life Insurance Corporation of India (LIC) has received a demand order, including a penalty, totaling Rs 806 crore for the fiscal year 2017-18. The company said that it has filed an appeal against the order before the Appellate Authority. LIC also reported a 50 per cent decline in its net profit for the September quarter to Rs 7,925 crore.
Nestle India faces tax demand of Rs 46.4 crore
Nestle India Ltd has received an order for demand of tax amounting to Rs 46.4 crore under the CGST/SGST Act, applicable interest, and penalty amounting to Rs 4.65 crore. The company said that it has filed an appeal against the order before the Appellate Authority. Nestle India also reported a 27 per cent fall in its net profit for the second quarter to Rs 495 crore.
TVS Motor reports 25% rise in sales
TVS Motor Company Ltd reported a 25 per cent rise in its total dispatches at 301,898 units in December 2023. The company’s domestic sales grew by 22 per cent to 197,532 units, while its exports surged by 31 per cent to 104,366 units. TVS Motor also posted a 55 per cent growth in its consolidated net profit to Rs 1,016 crore in the September quarter.