SBI(+2%), Tech Mahindra(-3%) & more

Tribe Daily

Nov 3, 2022

Market Summary

Nifty closes with minor cuts while broader markets outperform.

Companies

SBI(+2%) & Titan (+2%) rise ahead of Q2 earnings. Tech Mahindra (-3%) declined after the company reported the lowest deal wins and lower profits on YoY basis.

Sectors

Nifty PSU Banks (+3%) due to the strong performance of BOI & UCO Bank. Nifty Auto (-1%) due to mixed sales in October.

News of The Day

1. Shares of Relaxo Footwear (-7%) plunged after the company reported a 67.3%( Rs 22.40 crore) decline in net profit. (Economic Times)

2.Shares of Adani Wilmar (-2%) declined after the company reported a 73.25% YoY decline in consolidated profits after tax. (Economic Times)

3. Bikaji Foods International IPO received a subdued demand from investors during the initial hours of the bidding process. (Economic Times)

4.HDFC reported an 18% YoY rise in net profits & the revenue from operations increased by 23% YoY. (Economic Times)

5. Shares of Varun Beverages (+6%) rose after the company reported better-than-expected Q3 profits. The revenue from operations increased by 32.5% YoY. (Economic Times)