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[01/02 Market Update] Adani Enterprise (-26%) & budget summary

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[01/02 Market Update] Adani Enterprise (-26%) & budget summary

Tribe Daily

Tribe Wealth
Feb 1
2
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[01/02 Market Update] Adani Enterprise (-26%) & budget summary

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Market Summary

Nifty ended on a mixed note as Investors digested the Budget speech.


Companies

ITC (+2%) rose as National Calamity Contingent Duty (+16% tax) will have a negligible impact and it can be easily transferred to the customers. Adani Enterprise (-26%) and Adani Ports (-17%) plunged after Credit Suisse stopped accepting bonds of Adani companies as collateral for margin loans. HDFC Life (-10%) declined as the government lifted tax exemptions on high-value insurance policies.


Sectors

Nifty FMCG (+1%) rose as the government enhanced capital expenditure outlay by 33% to Rs 10 lakh crore, which will increase demand and investment opportunities.


Market News

1.Britannia's Q3 net profit surged by 152% to Rs 932 cr. (Mint)

2.Jubilant Foodworks (-6%) declined as Q3 results failed to meet analysts' expectations. (Money Control)

3. Apar Industries (+16%) rose due to robust earnings. (Business Standard)

4.Maruti Suzuki's total sales surged by 12% to 172,535 units in January. ( Business Standard)

5.Whirlpool India (-3%) declined as Q3 profit tanked by 74%. (Money Control)


Market Sentiment


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Budget key takeaways-

  • The government increased the income tax rebate limit from Rs 5 lakh to Rs 7 lakh.

  • The government increased NCCD by 16% on certain cigarettes.

  • To promote the manufacturing of television custom duty on open cells of tv panels is reduced by 2.5%.

  • The government also introduced the Mahila Samman Savings Certificate under which one can deposit up to Rs 2 lakh in the name of a woman or girl for up to two years.  

  • The limit for Senior Citizen Scheme will be enhanced from Rs 15 lakh to Rs 30 lakhs.

  • The government will set up 157 new nursing colleges and promote research and development in the pharmaceutical sector. 

  • The outlay for PM Awas Yogana will be enhanced by 66% to over Rs 79,000 cr.

  • The capital investment outlay will be increased by 33% to Rs 10 lakh crore.

  • The capital outlay of Rs 2.40 lakh crore will be provided to the railways.

  • The government will set up three centers of excellence for Artificial Intelligence and 100 labs for developing applications using 5G services.

  • The government will focus on skilling youth to promote employability. The Skill India Digital Platform will enhance demand-based skilling, linkage of employers and MSMEs, and promote entrepreneurship.


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[01/02 Market Update] Adani Enterprise (-26%) & budget summary

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