Stocks in focus on September 2, 2020

New Delhi: Markets ended in green on Tuesday led by index heavyweights amid a positive global cues.

The BSE Sensex finished 272.51 points or 0.71 percent higher at 38,900.80. It hit an intra-day high of 39,226.82 and a low of 38,542.11. Similarly, the NSE Nifty advanced 82.75 points or 0.73 percent to settle at 11,470.25. It touched a high of 11,553.55 and a low of 11,366.90 during the day.

Here are Stocks in focus on September 2, 2020

ONGC

State-owned Oil and Natural Gas Corp (ONGC) on Tuesday reported 92 per cent slump in its June quarter net profit after oil prices halved and gas rates fell to a decade low. Standalone net profit of Rs 496 crore in April-June was 91.7 per cent lower than Rs 5,980 crore net profit a year back, the company said in a statement. The surprise profit came after the company delayed payment of cess on crude oil it produces. Initially, the company did not pay even royalty in anticipation of relief from the government to deal with a slump in oil prices.

Auto Stocks

The top two carmakers in India, Maruti Suzuki and Hyundai, led the recovery in the auto market in August with 20.2 per cent and 19.9 per cent increase in their respective domestic wholesales of passenger vehicles during the month. Mahindra & Mahindra (M&M) also saw its domestic passenger vehicle sales grow by 1 per cent last month, while Toyota Kirloskar Motor witnessed a decline in its passenger vehicle sales, although there was improvement over the preceding months since the gradual reopening of the economy.

OMCs

India`s monthly diesel consumption continued to decline for the second straight month in August, according to preliminary industry data. Diesel consumption accounts for 40% of overall refined fuel sales in India and is one of the key parameters linked to overall economic growth.

Coal India

Coal India on Tuesday said it has registered a 7.1 per cent growth in coal output at 37.17 million tonnes in August compared to the year-ago period. In a statement, the company said that coal off-take increased 9.3 per cent last month compared to the same period a year ago. For the first time in the ongoing fiscal, Coal India has recorded growth in both production and off-take.

Telecom stocks

he Supreme Court Tuesday granted 10 years to telecom firms such as Vodafone Idea, Bharti Airtel and Tata Teleservices for paying the Adjusted Gross Revenue (AGR)-related dues to the Department of Telecommunications (DoT) with certain conditions. The apex court asked telcos to pay 10 per cent of the AGR-related dues by March 31, 2021.