[17/02 Market Update] Nestle India (-3%) declined after Q4 volumes declined.
[17/02 Market Update] Nestle India (-3%) declined after Q4 volumes declined.
Tribe Daily
Market Summary
Nifty declined due to weak global cues.
Companies
Ultratech Cement (+2%) rose after the company announced the commissioning of 1.30 mtpa brownfield cement capacity at Hirmi in Chattisgarh and 2.80 mtpa greenfield grinding capacity at Cuttack in Odisha. Adani Enterprise (-4%) declined as the Supreme court refused to accept the Centre's suggestion in a sealed cover. Nestle India (-3%) declined after the company reported a volume decline in Q4 results.
Sectors
Nifty Oil & Gas (+1%) rose after govt cut the windfall taxes on crude, aviation, turbine fuel and diesel.
Market News
1.GAIL is planning to buy a 26% stake in the US LNG project. (Money Control)
2.PTC Industries (+9%) as the company arm won the Safran Aircraft order. (Business Standard)
3.Cement shares in focus; Ultra Tech Cements (+2%), Dalmia Bharat (+1%) hit 52-week high. (Business Standard)
4.IPCA Labs (-3%) declined due to weak Q3 results. (Economic Times)
5.Bajaj Steel (+10%) rose after the company's board approved the sale of the plastic division Superpack. (Business Standard)
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