Top News on August 2: Q1 results, Delhi shelter home deaths, Paris Olympics 2024 and more

Titan missed first-quarter profit estimates on Friday as politicians in Delhi fumed over the death of 14 shelter home inmates and Indian athletes remained on track to secure fresh Olympic medals. Rescue operations continued in landslide-hit Wayanad on Friday as several hundred people remained missing. Meanwhile the Nifty 50 ended its longest weekly win streak since 2010 amid significant selling pressure.

Here are the top news stories:

Titan Q1 Results
Titan Company missed its profit estimates for the June quarter as higher gold prices hindered demand in its mainstay jewellery segment. The Tata-owned organisation reported a 5% fall in consolidated profit to ₹770 crore while revenue rose 9% YoY. Titan's watches and wearables segment, which contributes eight per cent to the total revenue, reported a 12% growth in revenue. 

Delhi Shelter Home Deaths
The Delhi government ordered a magisterial inquiry on Friday after 14 residents of the state-run Asha Kiran shelter home died within a few days. The incident has drawn widespread condemnation with members of the Opposition BJP led protests across the city after being denied entry into the shelter home premises.

“A report is coming that 14 deaths have occurred here in the month of July...among 14 one is a child. This is a serious matter and to investigate this a magisterial enquiry has been ordered. The preliminary report will be submitted within 24 hours. We are waiting for the postmortem report and after 24 hours the preliminary report of the magisterial enquiry will come out. We will take action as per that report,” Delhi Minister Atishi said.

India at the Paris Olympics
Indian shooter Manu Bhaker is now on track to secure a third Olympic medal after booking in a place in the finals for the 25m sports pistol event. The shooter delivered one of her most memorable performances on Friday, ranking second in the qualification round.

Meanwhile the Indian men's hockey team beat Australia for first time in the Olympics since 1972 during their Pool B match. India bounced back from a 1-2 loss to the defending champions Belgium in their previous game to win the match 3-2 on Friday. The team has now displaced Australia to take the second spot in the pool with three wins, two draws and a loss. The quarterfinals of the men's hockey competition are set to start from August 4.

(With inputs from agencies)