Nestle beats Q2 estimation, Container Corporation +6% & more
Market closes in the green. Indices gain for the 4th consecutive session. Nifty rises 25 points.
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.
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)
Expert of The Day
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