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Here are the top stories from the F&O corner to start your day.
⭐Tech Mahindra's Q3 profit skids
₹1,015 ▼₹21 (-2.0%)
Shares of Tech Mahindra fell 2% on Tuesday, while the OI of the February futures shrank 2.6%, indicating long unwinding in the contract. This comes after the company announced its December quarter results, where its net profit dropped 5.3% YoY to ₹1,297 crore. During the same period, the revenue rose 19.9% to ₹13,735 crore. The management said that the company is witnessing moderation in growth due to the tough macro economic environment.
⭐PNB jumps over 5%
₹53 ▲₹2 (+5.6%)
Punjab National Bank's February futures contract rose over 6% on Tuesday, while the OI of the contract fell 1.7%, indicating short-covering. This comes after the state-run lender's CEO reportedly said that it has a total exposure of ₹7,000 crore to Adani Group, but there are currently no concerns regarding these accounts.
⭐UPL’s Q3 profit rises
₹757 ▲₹12 (+1.6%)
UPL shares closed in the green on Tuesday after the company announced its Q3 results. Against this backdrop, the February OI of its futures contract rose 0.8%. In addition, the OTM call option contracts in the range of 770-800 jumped between 65% and 153%. This comes after, the company's December quarter revenue rose 21% YoY to ₹13,679 crore, while net profit rose 16% to ₹1,087 crore.
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