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Market at Close | Sensex and Nifty 50 ends lower, market posts biggest single-day fall
-- Adani group erases mkt cap of Rs 1 lakh crore, Adani Ports, Ambuja, ACC top losers.
-- Adani group stocks see major fall on Hindenburg report, stocks down up to seven percent.
-- Financials drag Nifty the most with all Nifty Bank constituents closing lower.
-- Autos support market following healthy earnings from Maruti, TVS and Bajaj Auto
-- Cipla reports a mixed set of earnings, stock sees a cut of two percent.
-- Indus tower slides seven percent after reporting a quarterly loss for the first time.
-- Granules India’s increased capex leads to a fall of seven percent in the stock price
-- Concor, USL, SBI Card fall as well on quarterly earnings.
-- Market breadth favours declines, advance-decline ratio at 1:3.
Stock Market News | TeamLease reports December quarter earnings
-- Net profit down 9.1 percent at Rs 29 crore vs Rs 31.9 crore quarter-on-quarter
-- Revenue up 2.7 percent at Rs 2,008.3 crore vs Rs 1,955.1 crore quarter-on-quarter
-- EBITDA flat at Rs 31.7 crore vs Rs 31.7 crore quarter-on-quarter
-- EBITDA margin flat at 1.6 percent vs 1.6 percent quarter-on-quarter
Share Market Update | Kush Bohra's view on Infosys
"Definitely hold on this one, the stock has rebounded quite a bit, the only suggestion I would have for the gentleman here is hold it with trailing stop loss of Rs 1,510. In case the stock were to drop below that it could see a bit of a medium term downtrend or near term downtrend and he will still be in a profit if he exits, at Rs 1,510 those levels. Couple of averages converging there, that is why the level becomes critical. Otherwise, hold on to the stock, nothing to worry about as of now Rs 1,600-1,620 is where I would place my target one and target two," Kush Bohra, Founder, kushbohra.com.
Share Market Update | PNB Housing Finance looking at 22-25 percent growth in disbursals in FY24
PNB Housing Finance is positioning itself for steady growth in the coming fiscal year, with a focus on affordable housing and a balanced loan mix. The company's strong book retention and targeted net interest margin and spreads also indicate a commitment to maintaining financial stability. (Read more)
Stock Market Update | Motherson Sumi Wiring down for seventh day
- Shares trading with losses of 0.3 percent
- Declining for the seventh day in a row
- Stock has declined in 11 out of the last 12 trading sessions
- In eight out of the last 11 trading sessions, the stock has declined less than 1 percent
Stock Market Update | Go Fashion Reports Q3 Earnings (YoY)
- Revenue up 24.4 percent to Rs 176.7 crore
- Net profit up 2.5 percent to Rs 24.3 crore
- EBITDA up 13.4 percent to Rs 59.1 crore
- EBITDA margin narrows to 33.4 percent from 36.7 percent
- Shares trade 1 percent lower at Rs 1,103.95.
Hindenburg's report is a malicious combination of selective misinformation and stale: Adani Group
Jugeshinder Singh, Group CFO, Adani, on Wednesday responded to Hindenburg Research's report published on Jan 24. "We are shocked that Hindenburg Research has published a report on 24 January 2023 without making any attempt to contact us or verify the factual matrix. The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts."
Singh added that the timing of the report’s publication "clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation" with an objective of affecting the upcoming Follow-on Public Offering.
Share Market Live | Vardhman Textiles reports December quarter earnings
-- Net profit down 76.2 percent at Rs 102 crore vs Rs 429 crore year-on-year
-- Revenue up 72.1 percent at Rs 2,370 crore vs Rs 1,377.7 crore year-on-year
-- EBITDA down 71 percent at Rs 178.5 crore vs Rs 619 crore year-on-year
-- Margin at 7.5 percent vs 23.8 percent year-on-year
Share Market Live | Swaraj Engines reports December quarter earnings
-- Net profit up 9.5 percent at Rs 23 crore vs Rs 21 crore year-on-year
-- Revenue up 17.5 percent at Rs 279 crore vs Rs 237 crore year-on-year
-- EBITDA up 14.4 percent at Rs 33.3 crore vs Rs 29.1 crore year-on-year
-- Margin at 12 percent vs 12.2 percent year-on-year.