The domestic equity market traded firmly higher by midday on August 3 as buying interest returned across sectors after a volatile previous week. The Nifty was hovering around the 24,595 level, while the Sensex hovered near 78,739. Company-specific developments remained the key driver, with earnings, and fresh order wins keeping several stocks in focus even as benchmark indices extended their gains.
Here are the top movers and shakers at this hour:
GAIL
GAIL (India) share price declined around 5% by midday despite reporting a strong June-quarter performance, as investors booked profits after the recent run-up. Standalone net profit surged 127% year-on-year to Rs 4,292.33 crore and jumped 240% sequentially from Rs 1,262.18 crore, while revenue from operations increased 12% quarter-on-quarter to Rs 38,981.63 crore. EBITDA rose sharply to Rs 6,376 crore from Rs 1,152 crore in the previous quarter and EBITDA margin expanded to 16.35% from 3.31%.
During the quarter, capital expenditure stood at Rs 6,176 crore, while natural gas transmission and liquid hydrocarbon production improved. However, lower gas marketing volumes, polymer production and LPG transmission during the quarter tempered sentiment despite the strong earnings performance.
HFCL
Share price of HFCL Ltd. gained nearly 3% by midday after the telecom equipment maker secured export orders worth $54.81 million, or around Rs 522.73 crore, for the supply of optical fibre cables. The contracts are scheduled to be executed by January 2027 and follow export orders worth around Rs 441.53 crore announced on July 30 and Rs 495.80 crore announced earlier in July, strengthening the company’s overseas order pipeline.
The company recently reported a sharp turnaround in June-quarter earnings, with net profit rising to Rs 179 crore from a loss of Rs 42 crore a year earlier, adding further support to buying interest.
ITC
ITC Ltd. share price advanced around 4% by midday after global brokerages turned positive on the company’s June-quarter earnings despite a decline in profit. Standalone net profit fell 27% year-on-year to Rs 3,579 crore, while revenue from operations increased 28% to Rs 26,943 crore. EBITDA declined 28% to Rs 4,514 crore and EBITDA margin narrowed to 16.75%.
Nomura said the worst appeared to be over for the company, noting that cigarette volume decline was lower than expected, while Jefferies said the earnings miss was largely driven by gradual price hikes and tax-related adjustments, adding that resilient demand could support further pricing action. CLSA also pointed to steady growth in the non-cigarette FMCG business despite changes in the tax structure for cigarettes.
TVS Motor
TVS Motor Company Ltd. share price gained around 1% by midday after the company reported a 38% year-on-year increase in July sales, with total dispatches rising to 629,675 units. Overall two-wheeler sales also climbed 38% to 603,138 units, while domestic two-wheeler sales grew 42%.
Electric vehicle sales surged 158% year-on-year to 60,934 units, helping the company retain its leadership position in the segment with a 27% market share. International business sales rose 29%, adding to the positive momentum after the company’s strong June-quarter earnings, where revenue increased 33% and net profit jumped 67% year-on-year.
Maruti Suzuki
Share price of Maruti Suzuki declined around 2% by midday despite reporting record production and healthy July dispatches, as investors continued to weigh the company’s June-quarter earnings. The automaker produced a record 2,48,845 vehicles during July, up 33% from a year earlier, while management said dealer inventory remained at just 16 days with pending bookings of around 1.6 lakh units.
However, consolidated net profit for the June quarter declined 9.11% year-on-year to Rs 3,446.9 crore as higher material costs weighed on profitability even though revenue from operations increased 35.9% to Rs 52,469.8 crore and quarterly sales reached a record 6,82,724 units.
Redington
Redington Ltd. share price surged around 8% by midday, extending its recent rally after the company’s strong June-quarter earnings and optimism surrounding Apple product sales. The technology solutions provider reported record quarterly revenue and profit for the June quarter, supported by broad-based growth across India, the Middle East and Africa, with demand remaining healthy across enterprise technology, cloud, cybersecurity and mobility segments.
Buying interest also remained strong as the company continued to benefit from its position as one of India’s leading distributors of Apple products and other global technology brands, helping the stock scale a fresh record high during the session.
Urban Company
Urban Company Ltd. share price surged around 17% by midday after the company reported improved June-quarter operating performance and stronger traction in its InstaHelp business. Consolidated revenue from operations increased 44% year-on-year to Rs 528.34 crore and 24% sequentially, while net loss narrowed 43% quarter-on-quarter to Rs 92.12 crore from Rs 161.16 crore. EBITDA loss also improved to Rs 93 crore, with EBITDA margin strengthening to negative 17.53%. The company said InstaHelp crossed 100,000 delivered orders in a single day on August 2, just five months after reaching the 50,000-order milestone.
IEX
The Supreme Court has declined to intervene in the ongoing Indian Energy Exchange (IEX) Market Coupling norms dispute, stating that this is “not the appropriate stage to hear the matter,” on Monday, August 3.
In a setback for IEX, the apex court has allowed the Central Electricity Regulatory Commission (CERC) to go ahead with framing market coupling regulations, while clarifying that it has not expressed any opinion on the merits of the case.
Share price of Indian Energy Exchange Ltd. fell as much as 4% after the Supreme Court remarks.