[20/02 Market Update] Nifty IT (+1%) rose due to a steady recovery in margins and better-than-estimated deal wins.
[20/02 Market Update] Nifty IT (+1%) rose due to a steady recovery in margins and better-than-estimated deal wins.
Tribe Daily
Market Summary
Nifty started the week on a subdued note as rising inflation and the Adani saga continue to weigh on investors' minds.
Companies
Tech Mahindra (+1%) rose on hopes of a turnaround in earnings performance. UltraTech Cement (+2%) rose due to a pick-up in construction and infra activities. Cipla (-6%) declined after its unit got 8 observations from USFDA. Adani Enterprise (-6%) declined as Gautam Adani's net worth slipped below $ 50 billion.
Sectors
Nifty IT (+1%) rose due to a steady recovery in margins and better-than-estimated deal wins. Nifty Auto (+1%) rose due to strong Q3 results and resilient demand.
Market News
1.BPCL is planning to raise Rs 1,500 cr via NCDs in FY23. (Mint)
2.Tata Motors (+1%) rose after the company signed an MoU with Uber to launch a fleet of 25,000 XPRES-T electric cars. (Money Control)
3.Bharat Dynamics (+5%) rose after the company inked export orders worth $ 255 million. (Money Control)
4.NMDC Steel shares list on NSE after the demerger. (Mint)
5.Lumax Auto Tech (+11%) rose after the company announced the acquisition of IAC International Automotive India. (CNBC TV 18)
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