Adani Group stocks rise, DMart tumbles & more

NIFTY50: 21,517 ▼ 148 (-0.6%)
 SENSEX: 71,356 ▼ 535 (-0.7%)

• Markets fell for the second straight day amid negative global cues
• 32 of the NIFTY50 stocks closed in the red
• India's manufacturing PMI hit an 18-month low of 54.9 in December

Among the NIFTY sectoral indices, Realty (+1.2%) and PSU Bank (+1.1%) were the top gainers, while IT (-2.5%) and Metal (-1.8%) were the top losers.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ Adani stocks soar post SC verdict

Major Adani Group stocks surged 2% to 10% today after the Supreme Court rejected petitions to transfer the Adani-Hindenburg case to SIT. While allowing the SEBI to continue the investigation and complete it in three months, the top court said the report of the Orgainised Crime and Corruption Reporting Project (OCCPR) can’t be deemed as ‘conclusive proof’ to doubt the SEBI probe into stock manipulation allegations against the Adani Group.

⭐ DMart tumbles after Q3 update

Avenue Supermarts, DMart’s parent company, saw a fall of nearly 4% after its Q3 business update. The company estimated that its revenue grew 17% YoY to ₹13,247 crore in the December quarter. Despite double-digit growth, investors remain cautious towards the company’s Q3 financials as experts believe slow growth in new store addition is likely to impact revenue growth. D'Mart added just five stores in Q3FY24, taking the total store count to 341. 

⭐REC Ltd & RVNL rise on deal boost

RVNL and REC Ltd gained investors’ interest after signing a MoU to finance ₹35,000 crore for diverse infra projects. These projects include multi-modal logistics hubs, rail infra projects, road, port and metro projects, and will span over five years. Shares of RVNL closed 2% higher while those of REC Ltd rose by over 1%.

⭐ Hero MotoCorp slips on subdued sales

Shares of Hero MotoCorp fell by 2.7% as the company’s December 2023 sales hovered slightly below the previous year. The company sold 3.93 lakh units in December 2023, marginally lower than 3.94 lakh in December 2022. Despite this, the company’s management remains optimistic, anticipating a boost in Q4 from positive market factors.

⭐ Bank of Maharashtra rises on Q3 growth

Bank of Maharashtra’s shares saw a 3.8% surge post its Q3 business update. The public sector bank reported a remarkable 20% growth in gross advances. Its total business hit ₹4.34 lakh crore, a nearly 19% YoY growth, driven by notable rise in deposits and gross advances.

In other news

⭐ Shyam Metalics and Energy has launched its qualified institutional placement with an aim to raise up to ₹3,600 crore. The floor price for the issue has been set at ₹597.63 per share, a discount of 7.06% from its previous close on the NSE. The company’s board of directors approved and passed this fundraising proposal last year.

⭐ Mahindra & Mahindra Financial Services marked a 5% YoY increase in disbursements for December 2023 at ₹4,900 crore. The banking financial arm of Mahindra Group pegged Q3 FY2024 disbursements at about ₹15,500 crore, a growth of 7% YoY.

Learn with Upstox

What is same-store sales?

Same-store sales is a financial metric commonly used in the retail industry. Companies use this metric to evaluate growth in revenue of its existing stores that are operational at least for one year. This metric helps investors determine how well existing stores of the company are performing. Also, investors compare organic revenue growth from existing stores versus growth through store expansion. Consistent rise in same-store sales is positive for the company.

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