[01/02 Market Update] Adani Enterprise (-26%) & budget summary
[01/02 Market Update] Adani Enterprise (-26%) & budget summary
Tribe Daily
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
Expert of The Day
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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