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HomeCURRENT AFFAIRSBUSINESSStock Market Today: GIFT Nifty indicates a bearish start; Adani Enterprises, Tata...

Stock Market Today: GIFT Nifty indicates a bearish start; Adani Enterprises, Tata Motors in focus

With the GIFT Nifty on the NSE IX trading lower by 49 points, or 0.22 percent, at 21,910.50 on Monday, Dalal Street was set for a rough start.

Stock Market Today: Dalal Street was heading for a bad start on Monday as the GIFT Nifty on the NSE IX trading lower by 49 points, or 0.22 percent, at 21,910.50. The Nifty finished the day 156 points higher, creating a little positive candle on the daily chart, but it also created a candle that looked like a shooting star, which is a bearish indicator. A spike in crude oil prices offset the good outlook on robust domestic equities and a weaker greenback overseas, causing the rupee to give up its early gains and trade flat at 82.98 against the US dollar on Friday.

Stock Market Today: Stocks in focus

Tata Motors

In the December quarter of FY24, the automaker reported a 137.5 per cent increase in consolidated net profit at Rs 7,025.11 crore, up from Rs 2,958 crore in the same period the previous year. This topped Street predictions, fueled by robust sales in its British luxury car division, Jaguar Land Rover (JLR). Tata Motors is still upbeat about all three of its auto operations in the short run. Tata Motor’s operating revenue for the third quarter of FY24 increased by 25% to Rs 110,577 crore from Rs 88,488.59 crore.

Adani Enterprises

According to reports, which cited sources, Kutch Copper, a subsidiary of Adani Enterprises, the largest single-location copper manufacturing factory in the world, will begin operations of the first phase by March-end and reach full capacity of one million tonnes by FY29 (March 2029). The plant is located in Mundra, Gujarat. The $1.2-billion plant will lessen India’s reliance on imports of the third-most-used industrial metal, after aluminium and steel, whose demand is rising as a result of the rapidly expanding telecom, electric car, and renewable energy sectors.

InterGlobe Aviation

The largest airline in India, IndiGo, surpassed Prabhudas Lilladher’s projections by clocking a profit after tax of Rs 2,998.1 crore in the December quarter as air travel surged. A year earlier, the company’s net profit was Rs 1,422.6 crore. At 20,062.3 crore, total income increased by 30.2% over the previous year. With respect to the same period last year, IndiGo anticipates capacity growth of 12% in the March quarter.

Disclaimer: (This information is provided solely for informational purposes. It is important to note that investing in the market or a business idea involves market risks. Before investing money as an investor/ owner/ partner, always consult an expert. DNP News Network Private Limited never advises to invest money on stocks or any specific business idea. We will not be liable for any financial losses.)

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