On the sectoral front, auto, pharma, IT, oil & gas, PSU bank and realty rose 1-3 percent. BSE midcap and smallcap indices added 1-1.7 percent
The benchmark indices ended higher on January 31, as the Economic Survey pegged FY23 GDP at 8-8.5% on the eve of the Union Budget to be presented by Finance Minister Nirmala Sitharaman. At close, the Sensex was up 813.94 points, or 1.42%, at 58,014.17, and the Nifty was up 237.80 points or 1.39% at 17,339.80.
Tata Motors | CMP: Rs 517.50 | The scrip jumped 4 percent on January 31. Tata Motors reported a consolidated net loss of Rs 1,516 crore for the quarter ended December as against a net profit of Rs 2,906.5 crore. The Jaguar Land Rover-maker reported a 4.5 percent year-on-year decline in consolidated revenues for the reported quarter to Rs 72,229 crore. Analysts had expected the automaker to report a consolidated net loss of Rs 2,200 crore. In the previous quarter, the company had reported a consolidated net loss of Rs 4,441.6 crore.
Tata Steel Long Products, MMTC | The stock gained 3 percent and 9 percent respectively after Tata Steel Long Products Ltd (TSLP) was selected by the government as the strategic buyer of the state-run Neelachal Ispat Nigam Ltd (NINL). TSLP submitted the highest bid of Rs 12,100 crore for 93.71 percent stake in the public sector iron and steel production plant, the Ministry of Finance said in a statement on January 31. NINL is a joint venture of 4 CPSEs—MMTC, NMDC, BHEL,and MECON and two Odisha government PSEs—OMC and IPICOL. NINL has an integrated steel plant at Kalinganagar, Odisha.
Reliance Industries | CMP: Rs 2,384.05 | The scrip added over 2 percent after foreign research firm CLSA upgraded the rating and the target price. CLSA has upgraded Reliance Industries’ rating to ‘buy’ and raised the target price to Rs 2,955 from Rs 2,850. “After a sharp fall, the company is now within 15 percent of our conservative value,” the rating agency said. “It’s at a good entry point to play its long-term promise across multiple big India themes.” Reliance had on January 21 reported a consolidated profit after tax (PAT) of Rs 18,549 crore for the quarter ended December 2021, up 42 percent from Rs 13,101 crore registered in the corresponding quarter a year ago. Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Britannia Industries | CMP: Rs 3,544.20 | The share price ended in the green after the FMCGG firm reported a consolidated net profit of Rs 371 crore for the third quarter ended December 2021, lower by 19 percent from Rs 456 crore a year ago. The company had recorded a post-tax profit of Rs 384 crore in the previous quarter. Research house Macquarie has maintained “neutral” rating on the stock with a target at Rs 4,000 a share. The Q3 EBITDA was below estimate, while underlying volumes were up 6-8 percent. The gross margin was impacted despite price hikes.
Sun Pharma | CMP: Rs 834 | The share price ended in the green on January 31. The firm reported a consolidated net profit of Rs 2,059 crore for the December quarter, up 11 percent from the year-ago period. The company’s revenue from operations came in at Rs 9,863 crore for the period under review, an increase of 12% from Rs 8,836 clocked in the last year period. The board also declared an interim dividend of Rs 7 for the financial year ending on March 31, 2022.
Sandip Das
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