Tata Motors hits record high, UPL tumbles on weak results & more

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NIFTY50:  21,771 ▼ 82 (-0.3%)
 SENSEX: 71,731 ▼ 354 (-0.4%)

  • Benchmark indices erased morning gains in the last hour
  • In all, 33 of the NIFTY50 stocks closed in the red
  • India's Services Purchasing Managers Index (PMI) reached 61.8 in January 2024

Among the NIFTY sectoral indices, Pharma (+1.7%) and Oil & Gas (+1.4%) were the top gainers, FMCG (-0.7%) and Financial Services (-0.5%) sectoral losers today.

What's Up

Top gainers Today's change
Tata Motors 929 ▲ 51 (+5.8%)
Coal India 441 ▲ 21 (+5.1%)
575 ▲ 17 (+3.1%)

What's Down

Top losers Today's change
475 ▼ 58 (-10.9%)
Bajaj Finance 6,626 ▼ 221 (-3.2%)
Bharti Airtel 1,113 ▼ 37 (-3.2%)

Market Sentiment

USD-INR  83.03 ▲ 0.03 (+0.05%)
NIFTY MIDCAP 100 48,410 ▼ 66 (-0.1%)
NIFTY SMALLCAP 100 16,319 ▲ 41 (+0.2%)
India VIX 15.6 ▲ 0.9 (+6.2%)

Stock Buzz

⭐ Tata Motors hits record high after profit jumps

Shares of Tata Motors hit a record high of ₹941.9 on Monday and closed 5.8% higher. This was after it reported a 137% year-on-year (YoY) surge in its consolidated net profit to ₹7,025 crore in Q3 FY24 compared to ₹2,958 crore in the previous year. The growth was driven by strong sales in its British luxury car unit, Jaguar Land Rover (JLR).

⭐ UPL tumbles on weak Q3 results

Shares of the agrochemical maker declined 10% today, after it posted a loss of ₹1,217 crore in Q3FY24, compared to a net profit of ₹1,087 crore in Q3FY23. The destocking of high-cost inventory and higher rebates to support channel partners adversely affected the company’s profitability. The contribution margins contracted to 27.2% in the December quarter from 42.6% in the same period last year.

⭐ Varun Beverages’ Q4 profit rises

In the December quarter, Varun Beverages reported a 76% YoY rise in its net profit to ₹143 crore. Its revenue for the October-December quarter stood at ₹2,731 crore, rising 21% from ₹2,257 crore in the year-ago period. This was led by strong revenue growth, rise in net realisation per case and improved operational efficiencies. As a result, shares of the PepsiCo India franchise rose 1.6% today.

⭐ Titagarh net profit surges 130%

Titagarh Rail Systems reported a 130% YoY surge in its net profit to 74.8 crore for the third quarter of  FY24. Its revenue rose 24.6% YoY to 954.7 crore in Q3FY24. The company recently announced that it had signed an agreement with Amber group with the investment of ₹120 crore each, to foray into railway component and subsystem business in India and overseas. However, shares of the company gave up the early gains and closed 1.9% lower.

IPO Corner

On Day 1, the IPO of hotel chain operator Apeejay Surrendra Park Hotels received an overall subscription of 2.5 times, with the retail segment being subscribed 5.7 times. To know more and apply for the IPO, click here.

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