Nestle beats Q2 estimation, Container Corporation +6% & more

Tribe Daily

Oct 19, 2022

Market Summary

Market closes in the green. Indices gain for the 4th consecutive session. Nifty rises 25 points.

Companies

Shares of Container Corporation of India (+7%) rose after the Cabinet approved the new rail and land lease policy. Syngene International (+6%) shares rose after the company reported a 53% rise in consolidated profits. TVS Motors (+4%) is up due to expected strong growth earnings.

Sectors

Nifty FMCG (+0.5%) due to the upcoming long festive season, Nifty Financial Services(+0.40%) is up as the Financial company’s earnings show growth. Nifty IT (-1%) as all the IT stocks are in red today.

News of The Day

1. L&T (-1%) Q2 results announced. The profits rose by 23% YoY and the operating margins down by 10 points. ( Economic Times)

2. TV18 Broadcast (-6%) stock fell after the net profits fell by 96% YoY. Weak economic sentiment and high inflation posed a challenge for companies. ( Economic Times)

3.Nestle India (+2%) profit beats estimates and rises by 8% YoY. The company recorded the highest sales growth of 18.2%. ( Money Control)

4. Prestige Estate Project Limited's (+3%) sales booking rose by 66% YoY. ( Economics Times)

5. Ultra Tech Cement (+1%) consolidated profits fall by 42% YoY to despite growth in sales due to weak demand and an increase in power and fuel costs. ( Mint)