[19/02 Market Weekly Update] ONGC (+7%) rose due to a cut in windfall taxes and stellar Q3 results.
Weekly Market Summary
Nifty rose marginally following unfavorable global cues.
ONGC (+7%) rose due to a cut in windfall tax on crude oil, exports of aviation turbine fuel and diesel, and stellar Q3 results. Adani Enterprise (-7%) declined as the conglomerate is planning to freeze investments in new road projects till the current volatility around its share prices triggered by US-based short seller Hindenburg Research ends.
Nifty Realty (-3%) declined as an increment in the repo rate will increase the cost of loans and EMI payouts which will, in turn, affect property sales.
Weekly Market News
1.Godrej Industries Q3 net profit zoomed by 118% YoY to Rs 314.26 cr. (CNBC TV 18)
2.Wholesale passenger vehicles sales for January rose by 17.2%: SIAM. (Mint)
3.Eicher Motors Q3 consolidated net profit zoomed over 62% to Rs 740.84 cr. (BQ Prime)
4.Nestle Q4 profit rose by 65% to Rs 628 cr. (Economic Times)
5.Torrent Power Q3 net profit rose by 88% YoY to Rs 685 cr. (Economic Times)
January 20 Tata Steel Ltd, Dilip Buildcon Ltd, Hariom Pipe Industries, and Narayani Steels Ltd quarterly results.
January 21 NHPC Ltd, Heritage Foods Ltd, MTNL Ltd, Lucent Industries, and Amal Ltd quarterly results.
January 22 IRB Infrastructure Developers Ltd, Mahindra CIE Automotive Ltd, and Visaka Industries quarterly results.
January 23 Shriram Finance Ltd, Sanofi India Ltd, and ACC Ltd quarterly results.
January 24 India Grid Trust and Edelweiss Financial Services Ltd quarterly results.
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