Britannia(+9%), SBI (+4%) & more

Tribe Daily

Tribe Wealth

Nov 7, 2022

Market Summary

The market extends gaining momentum Nifty closes 10-month high.

Companies

Britannia (+9%) rises after the company reported an increase of 28.5% in consolidated net profits. SBI (+4%) rises after the company reported a net profit of Rs 13,264Cr for the September quarter. Divis Labs (-9%) tumbles after the profit declines by 19% YoY.

Sectors

Nifty PSU Bank(+5%) rises after BOB and SBI post impressive Q2 results. Nifty Metal(+2%) rise due to the strong performance of Tata Steel, Coal India, & Adani Enterprise. Nifty Auto (+2%) rises due to the strong performance of Eicher Motors & Tata Motors.

News of The Day

1. Shares of Biscuit maker Britannia Industries (+9%) rallied after the company reported a 28.47% increase in Q2 profits and the company entered the Rs 1 Lakh Cr club. (Economic Times)

2.Shares of Hyderabad-based drugmaker Divi's Labs (-9%) after the company reported an 18.5% YoY drop in its September consolidated profit after taxes.(Economic Times)

3. Kaynes Technology India IPO will open on November 10. The fixed price band of the IPO is Rs 559-597 per share. (Economic Times)

4.Inox Green Energy IPO ( a subsidiary of Inox Wind) will open on November 11. The IPO has a fixed price band of Rs 61-65 per share.(Economic Times)

5. Indian Cement reported a consolidated net loss of Rs 113.26Cr for the second quarter that ended in September 2022. (Economic Times)