[Market Update 30/01] Bajaj Finance (+5%) rose due to Q3 results
[Market Update 30/01] Bajaj Finance (+5%) rose due to Q3 results
Tribe Daily
Market Summary
Nifty recovered in the last hour of trade ahead of the Union Budget.
Companies
Bajaj Finance (+5%) rose after the company reported its highest-ever quarterly profits at Rs 2,973 cr. Adani Enterprise (+4%) rose after Abu Dhabi IHC invested $ 400 million in Adani Enterprise's FPO. Ultratech Cement (+2%) rose after its subsidiary acquired a 70% stake in Duqm Cement Project International.
Sectors
Nifty IT (+1%) rose due to a strong demand outlook. Nifty PSU Bank (+1%) rose due to improvement in asset quality, credit-growth pick up, and adequate capital position.
Market News
1. Mazagon Dock Shipbuilders Ltd (+8%) rose as the company's Q3 PAT surged by 55% YoY to Rs 337 cr. (Business Standard)
2.GAIL (-5%) declined as the company's Q3 net profit plunged by 92% to Rs 245 cr. (Money Control)
3.Tech Mahindra Q3 profit declined as expenses rose due to a weak macroeconomic environment. (The Print)
4.Larsen and Toubro Q3 net profit rose by 24% to Rs 2,553 cr. (Money Control)
5.PNB Q3 net profit plunged by 44% to Rs 628.8 cr. (Money Control)
Market Sentiment
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