[07/02 Market Update] Adani Ports (+2%) rose due to Q3 results.
[07/02 Market Update] Adani Ports (+2%) rose due to Q3 results.
Tribe Daily
Market Summary
Nifty declined ahead of RBI's credit policy meeting and USA FED speech.
Companies
Adani Enterprise (+15%) rose after the conglomerate prepaid loans worth $ 1.1 billion. Adani Ports (+2%) rose as Q3 revenue grew by 18% to Rs 4,786 cr and the firm is aiming to repay Rs 5,000 cr debt by the end of 2023-2024. Dr. Reddy (+2%) rose as the firm got the CDSCO panel nod to manufacture and market lipid-regulating agent Icosapent ethyl capsules. Tata Steel (-5%) declined as Q3 net loss zoomed to Rs 2,224 cr due to higher expenses.
Sectors
Nifty Bank (+1%) rose due to robust balance sheets, and improvement in asset quality. Nifty Consumer Durables (-1%) declined due to higher commodity prices and an increase in interest rates.
Market News
1. Ambuja Cement (+2%) rose as Q3 profit rose by 46% to Rs 369 cr. (Money Control)
2.Bharti Airtel Q3 net profit surged by 91% to Rs 1,588 cr and ARPU at Rs 193. (Money Control)
3.Ramco Cements delivered a disappointing Q3 result as expenses surged. (Economic Times)
4.Adani Green's Q3 net profit more than doubled to Rs 103 cr. (Money Control)
5.Kalyan Jewellers Q3 PAT rose by 10% to Rs 148.43 cr. (Economic Times)
Market Sentiment
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