[31/01 Market Update] Power Grid (+3%) rose ahead of Q3 results
[31/01 Market Update] Power Grid (+3%) rose ahead of Q3 results
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Market Summary
Nifty ended with modest gains ahead of the Union Budget.
Companies
Mahindra and Mahindra (+3%) rose due to growth prospects driven by new product launches, and capacity expansion into the EV segment. Power Grid (+3%) rose ahead of Q3 results. Tech Mahindra (-2%) declined as Q3 profit slid due to rising expenses.
Sectors
Nifty PSU Bank (+4%) rose due to a healthy recovery in credit growth, reversal of treasury losses, and improvement in asset quality. Nifty Auto (+2%) rose due to a strong recovery in auto sales and an improvement in revenue and profitability.
Market News
1. UPL (+2%) rose as Q3 PAT jumped by 16% YoY to Rs 1,087 cr. (Business Standard)
2.Godrej Consumer (+1%) rose as Q3 profit rose by 3.5% to Rs 546.34 cr. (Mint)
3.Jindal Steel and Power Ltd Q3 net profit fell by 67% to Rs 519 cr. (Mint)
4.Sun Pharma Q3 net profit rose by 5% to Rs 2,166 cr. (Mint)
5.Indian Oil Corporation Q3 net profit declined by 92% YoY to Rs 448 cr. (Mint)
Market Sentiment
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