Titan Company, a Tata-owned organization, missed its profit estimates for the June quarter. The increase in gold prices negatively impacted demand in the company’s primary jewellery segment, leading to a 5% drop in consolidated profit to ₹ 770 crore. Despite this, revenue saw a 9% year-on-year growth. The company’s watches and wearables segment, contributing 8% to the total revenue, reported a 12% increase in revenue.
Meanwhile, Delhi is facing a tragic situation with 14 residents of the state-run Asha Kiran shelter home dying within a few days. This incident has sparked widespread condemnation, with members of the Opposition BJP protesting across the city after being denied entry into the shelter home premises. The Delhi government has ordered a magisterial inquiry into the deaths, with a preliminary report expected within 24 hours.
On a brighter note, Indian athletes are making their mark at the Paris Olympics. Shooter Manu Bhaker secured a spot in the finals for the 25m sports pistol event, putting her on track for a third Olympic medal. She delivered a stellar performance, ranking second in the qualification round. In another triumph, the Indian men’s hockey team defeated Australia in their Pool B match, marking their first Olympic victory over the team since 1972. This win comes after a 1-2 loss to defending champions Belgium. The team now holds second place in the pool, with a record of three wins, two draws, and one loss. The quarterfinals of the men’s hockey competition are set to begin on August 4.
Rescue efforts continue in landslide-hit Wayanad, where hundreds of people remain missing. The Nifty 50 index, meanwhile, ended its longest weekly winning streak since 2010, experiencing significant selling pressure.
