IndiGo net profit rises 111%, Abbott India hits 52-week high & more

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NIFTY50: 21,853 ▲ 156 (+0.7%)
 SENSEX: 72,085 ▲ 440 (+0.6%)

  • Benchmark indices posted biggest weekly gains in last two months
  • In all, 38 of the NIFTY50 stocks closed in the green
  • The World Food Price Index drops for the sixth straight month to 118 points in January 2024, hitting a three-year low since February 2021

Among the NIFTY sectoral indices, Oil & Gas (+3.5%) and Metal (+2.5%) were the top gainers, Bank (-0.7%) and Financial Services (-0.4%) sectoral losers today.

What's Up

Top gainers Today's change
BPCL 557 ▲ 48 (+9.5%)
Power Grid 278 ▲ 12 (+4.9%)
257 ▲ 9.5 (+3.8%)

What's Down

Top losers Today's change
Eicher Motors
3,835 ▼ 98 (-2.5%)
Axis Bank 1,067 ▼ 16 (-1.5%)
HDFC Life 578 ▼ 8.2 (-1.4%)

Market Sentiment

USD-INR  14.70 ▲ 0.2 (+1.6%)
NIFTY MIDCAP 100 48,477 ▲ 179 (+0.3%)
NIFTY SMALLCAP 100 16,277 ▲ 150 (+0.9%)
India VIX 82.90 ▼ 0.05 (-0.06%)

Stock Buzz

⭐ IndiGo’s net profit doubles in Q3 FY24

InterGlobe Aviation posted an 111% year-on-year (YoY) jump in net profit to ₹2,998 crore in the December quarter of FY24. Further, its revenue surged 30% YoY to ₹19,452 crore. The growth was led by continued demand for air travel and a fuel surcharge introduced in October. Meanwhile, shares of IndiGo gained 2.5% today.

⭐ Abbott India hits 52-week high post Q3 numbers

Shares of Abbott India soared 8.5% today and hit a 52-week high of 28,220 per share. This comes a day after the company reported a 26% year-on-year (YoY) rise in its net profit to ₹311 crore in Q3 FY24. The management stated that higher sales outpaced the impact of a pricing cap on certain medicines. 

⭐ Castrol India shares gain after profit jumps

Shares of the engine oil maker Castrol India surged 5.3% today. This came after the company reported a 25% year-on-year (YoY) rise in its fourth-quarter profit to ₹242 crore. This was aided by higher demand for its automobile lubrication products. Additionally, the company benefited from sustained growth in auto sales and maintenance demand in the world's third-largest car market.

⭐ PB Fintech falls after Claymore's sell-off

Shares of the parent firm of Policybazaar fell 1.6% today after Claymore Investments sold its entire stake of 2.44 crore equity shares worth ₹2,425 crore in the company. Meanwhile, PB Fintech reported profit of ₹37 crore in Q3 FY24 against a loss of ₹87 crore in the previous year. Its revenue also rose 43% YoY to ₹871 crore in the same period.

IPO Corner

⭐ IPO of hotel chain operator Apeejay Surrendra Park Hotels will open for subscription between 5 to 7 February 2024. The company plans to raise ₹920 crore through this IPO, with a price band of ₹147 to ₹155 per share and lot size of 96 shares.

⭐ The ₹600 crore IPO of Rashi Peripherals, an information and communication technology company will open on 7 February 2024. The price band of the IPO is ₹295 to ₹311 per share with a lot size of 48 shares.

⭐ Capital Small Finance Bank plans to raise ₹523.07 crore through its IPO with a price band of ₹445 to ₹468 per share and lot size of 32 shares. The IPO will open on 7  February 2024.

⭐ Jana Small Finance Bank will raise ₹570 crore through its maiden public issue. The IPO price band is ₹393 to ₹414 per share, with lot size of 36 shares. The IPO will open on 7 February 2024.


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What is a pricing cap?

A pricing cap is a maximum limit set by regulators or authorities on the price that can be charged for a particular product or service. It aims to prevent price gouging and ensure affordability and fair competition in the market. The cap serves to protect consumers from excessively high prices.

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