Domestic equities opened flat for the second session straight on Tuesday, tracking global cues, and ahead of key Q1 results, such as PVR Inox and Adani Total Gas. BSE benchmark Sensex opened 31.76 points, or 0.05 per cent lower at 66,559.43, while broader NSE Nifty50 was up 6.90 points, or 0.03 per cent at 19,760.70.

By 9.30 am, Sensex was trading 87.13 points, or 0.13 per cent higher at 66,614.80, while Nifty 50 gained 15.90 points, or 0.08 per cent to trade at 19,769.70.

Maruti Suzuki slipped over 1 per cent after India's largest automobile company's net profit for the June quarter more than doubled to Rs 2,485 crore, and its revenue from operations jumped 22 per cent to Rs 32,326.9 crore.

Business highlights for Q1 FY2023-24 at Maruti Suzuki India Limited showcase impressive growth and achievements in various areas. In the domestic market, passenger vehicle wholesales saw a significant 12.2% increase, outpacing the industry's growth rate. The company achieved a market share of approximately 20% in the SUV segment, supported by a robust product lineup. It also attained leadership in the price segment of INR 10-20 lakh. The debut of Invicto, powered by a strong hybrid powertrain, further strengthened their presence in the INR 20 lakh+ price range. The service network expanded to over 4,500 touchpoints, enhancing customer support.

Regarding exports, Maruti Suzuki continued to be the largest exporter of passenger vehicles from India, exporting around 63,000 units. The export portfolio expanded with the introduction of Fronx exports to Latin America, the Middle East, and Africa.

India’s largest IT service player Tata Consultancy Services (TCS), announced a new operating structure, which will be rolled out on August 1. One of the key aspects of this rejig is to bet on the future and in this connection, the IT major is setting up TCS AI.Cloud, a separate business unit.

TCS is perhaps the first major IT player to set up a separate business unit focused on AI. This arm will have its own sales team and profit and loss (P&L) statement, said sources in the know.

Mukesh Ambani is the richest Indian and he is known for his business skills and investment. He manages India’s most valuable company, Reliance Industries, which has a Rs 17.69 trillion market cap. Apart from this, he is also the owner of many popular Indian startups that also includes Milkbasket, which will reportedly be phased out soon. For those who do not know, Milkbasket is a subscription-based grocery providing startup that was launched in 2015. Mukesh Ambani acquired more than 96% stake in the company in 2021 by paying an undisclosed amount. Now Reliance Retail, parent company of Milkbasket, may give new identity to the startup as the company is about to launch a new Jio Smart Daily platform.

ITR filing deadline: The Tax Advocates Association of Gujarat has formally requested the Central government to extend the due date for filing income tax returns. The Ahmedabad- based association, comprising tax advocates and consultants enrolled with The Bar Council of Gujarat, asked for the concession on grounds of heavy rains in the Western state since the past 15 days.

In its letter addressed to Finance Minister Nirmala Sitharaman, the Chairman of the Central Board of Direct Taxes (CBDT), and the Chief Commissioner of Income Tax, Gujarat, the association stated the loss of life and property due to the torrential rainfall.