All the sectoral indices ended in the green, with bank, realty, pharma, FMCG, IT and PSU Bank indices up 1-3 percent. BSE midcap and smallcap indices rose 1-1.5 percent
The benchmark indices ended higher for the third straight session on February 2, with the Sensex up 695.76 points, or 1.18%, at 59,558.33, and the Nifty gaining 203.20 points, or 1.16%, at 17,780.
Tech Mahindra | CMP: Rs 1,485.05 | The stock ended in the red on February 2, a day after the IT firm reported a 2.2 percent quarter-on-quarter rise in consolidated net profit at Rs 1,368.5 crore. It posted a 5.2 percent sequential rise in consolidated revenues of Rs 11,451 crore. In the US dollar terms, Tech Mahindra’s revenues rose 4.1 percent sequentially, while in constant currency terms, the growth was 4.7 percent on-quarter. UBS has kept the ‘sell’ call on the stock with a target at Rs 1,260 as the Q3 revenue was in-line and margin was a miss, while slower hiring is likely to cause concern.
HDFC | CMP: Rs 2,617 | The share gained 2 percent after the company reported 11.4 percent jump in its Q3 net profit at Rs 3,260.7 crore versus Rs 2,925.8 crore and net interest income (NII) was up 7% at Rs 4,284 crore versus Rs 4,005 crore, YoY.
Jubilant FoodWorks | CMP: Rs 3,300 | The stock fell 4 percent after the company’s Q3 earnings largely disappointed investors. The QSR major reported a same-store sales growth of 7.5 percent, which was below analysts’ estimate of 8-10 percent. The consolidated net profit of the company rose 7.5 percent on-year to Rs 133.2 crore but missed analysts’ estimate of Rs 150 crore. The fast-food company’s operating margins also failed to impress, expanding 40 basis points on-year to 26.6 percent.
ITC | CMP: Rs 231.85 | The share price ended in the green on February 2, registering a second successive day of gains after taxes on cigarette and other tobacco products were left untouched by Finance Minister Nirmala Sitharaman in her Budget for the year 2022-23. As cigarette or tobacco business contributes more than 40 percent to the company’s revenue, the Street always turns cautious on the scrip in the run-up to the Budget amid fear of an increased tax. Sitharaman, however, didn’t make any changes in the taxes, which experts said was a positive for ITC.
Vodafone Idea | CMP: Rs 11.40 | The scrip jumped over 6 percent backed by high volumes on optimism that the company could see a lower dilution in total shareholding after conversion of interest on deferred spectrum installments and adjusted gross revenue dues to the government. Vodafone Idea’s peer Tata Teleservices on February 1 told the bourses that the company walked back its decision to convert the interest on the deferred spectrum and AGR dues into equity shares worth Rs 850 crore. The company’s reversal came because the Department of Telecommunication informed the company the net present value of the due of the company was at Rs 195.2 crore and not Rs 850 crore. With DoT revising down the interest burden of Tata Tele, investors hope for a similar respite for Vodafone Idea.
Sandip Das
`); } if (res.stay_updated) { $ (“.stay-updated-ajax”).html(res.stay_updated); } } catch (error) { console.log(‘Error in video’, error); } } }) }, 8000); })
