Stock Market Today: GIFT Nifty on the NSE IX increased by 17 points, or 0.08 percent, to 21,804, indicating that Dalal Street will likely have a quiet start to the week. As the Federal Reserve kept interest rates unchanged and dashed expectations for a rate decrease as soon as March, U.S. stocks fell on the final trading day of January. Ahead of the outcome of the US Federal Reserve meeting tonight and the Interim Budget tomorrow, the Nifty ended the day 204 points higher than the 21,700 level, forming a Piercing Line pattern on the daily chart. Nifty finished flat on the monthly chart but produced a Doji candle following a two-month increase, suggesting hesitation at higher levels.
Stock Market Today: Stocks in focus
With better realisation and cost reduction in the face of strong demand growth, the cement business reported a 165 percent year-over-year increase in standalone net profit for the quarter that ended in December of FY24, coming in at Rs 734 crore. Operations revenue increased by 20% year over year to Rs 4,901 crore. Sales volume increased by 11% YoY to 8.89 million metric tonnes, and capacity utilisation increased to 77 percent from 72 percent in the same time frame. The quarter’s EBITDA increased by 74% to Rs 1,234 crore, while its margin expanded by 780 basis points to 25.2% from the same period last year.
Godrej Consumer Products
Driven by strong operating results, the FMCG company reported a 6.4 percent year-over-year increase in consolidated profit for the October–December period of FY24, at Rs 581 crore. In comparison to the same period in the previous fiscal year, the consolidated revenue from operations for the quarter climbed by 1.7% to Rs 3,660 crore, with volume growth of 8% and revenue growth in constant currency of 19% YoY.
In response to Paytm Payments Bank, the Reserve Bank of India has announced that, with the exception of interest, cashbacks, or refunds that may be credited at any time, no more deposits, credit transactions, or top-ups will be permitted in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024. One97 Communications and Paytm Payments Services’ nodal accounts must be closed as soon as possible, but in any case, no later than February 29, 2024.
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