Sensex rises 612 pts ahead of interim Budget, US Fed; all sectors gain

Stock market highlights on Wednesday, January 31: In the broader markets, the BSE MidCap and SmallCap indices advanced 1.57 per cent and 1.83 per cent, respectively

1:56 PM

Earnings ALERT:: Maruti Q3 net jumps 33%; stock up 1%

Maruti Suzuki India reported a 33.3 per cent rise in Q3 consolidated net profit at Rs 3,206.80 crore for the quarter ended December 2023 as against Rs 2,406 crore in the year ago period. Total income was up 14.6 per cent YoY at Rs 34,509.20 crore.

1:43 PM

Earnings ALERT:: Kalyan Jewellers Q3 net up 26%; stock tumbles 4%

Kalyan Jewellers today posted a 26.3 per cent growth in Q3 net profit at Rs 168.29 crore for the quarter ended December 2023 as against Rs 133.20 crore in the year ago period. Total income rose 40.4 per cent YoY to Rs 4,534.28 crore.

1:32 PM

Global gold demand down 5% in 2023 on continuing ETF outflows: WGC Report

Outflows from European funds have continued in the opening weeks of 2024, and North American-listed funds have resumed their decline after a two-month respite in November and December, the report said. READ MORE

1:15 PM

IRCTC, L&T, RVNL: How to trade rail, infra stocks ahead of Budget?

Larsen & Toubro

Resistance: Rs 3,560

Downside Risk: 8%

Owing to Wednesday's over 5 per cent fall, Larsen & Toubro has dipped below its 20-DMA (Daily Moving Average) for the first time since in more than three months. The stock is currently testing support around its super trend line at Rs 3,450, which also coincides with the lower-end of the Bollinger Bands and 50-DMA on the daily scale. READ MORE

1:01 PM

Reliance's Jio, Gortune pre-qualify for Sri Lanka Telecom stake bid: Report

This is a part of Sri Lanka's efforts to reduce government stake in state-owned firms under the $2.9 billion International Monetary Fund (IMF) programme. READ MORE

12:46 PM

Reliance Industries most valuable Indian company: Hurun Global 500 2023

Reliance Industries was followed by Tata Consultancy Services (60) and HDFC Bank (68). The net worth of TCS rose by 14 per cent to $158 billion during the year. Its rank improved by five spots in 2023. READ MORE

12:32 PM

Direct tax to GDP ratio in FY24 likely to be the highest since FY01

With nominal GDP estimated at Rs 296.58 trillion, the direct tax-GDP ratio will rise to 6.48 per cent in the RE for FY24. This will be the highest since 2000-01. The BE had projected a direct tax-GDP ratio at 6.04 per cent. Direct tax buoyancy will, however, be at 1.99, higher than the 1.3 pegged in the BE for FY24 and the 1.18 during 2022-23 READ MORE

12:16 PM

Govt should focus on capital expenditure in interim Budget: Former NITI VC

Former NITI Aayog vice chairman Rajiv Kumar on Wednesday said the government needs to continue its focus on capital expenditure in the upcoming interim budget, as private investment is 'still weak' and there is a need to bridge infrastructure gap, which has been 'plaguing' the Indian economy. Read

12:01 PM

L&T, Hero Moto, HUL, IRFC: Stocks to watch ahead of interim budget 2024

Equity market participants are eyeing sectoral budgetary outlays in the coming interim budget for 2024-25 (FY25) on February 1, especially across infrastructure and rural themes, which are expected to see the highest spending priority from the government. Read

11:52 AM

Union Budget session 2024 to start today: 10 things you must know

The Budget session of Parliament is all set to begin on Wednesday, a day before the Interim Budget 2024 is scheduled to be announced. Finance Minister Nirmala Sitharaman will present the Interim Budget, her sixth Budget in a row, on February 1. Read

11:40 AM

US-based Fidelity cuts SoftBank-backed Meesho's valuation to $3.5 bn

US-based Fidelity has again cut the valuation of Meesho, valuing the e-commerce start-up at $3.5 billion. This is a decline of about 29 per cent from the SoftBank-backed company’s peak valuation of $4.9 billion. Read

11:28 AM

Dr Reddy's rallies 4%; market cap touches Rs 1 trillion post Q3 results

Shares of Dr Reddy's Laboratories hit a record high of Rs 6,077.95 as they rallied 4 per cent on the BSE in Wednesday's intraday trade after it reported an 11 per cent rise in its consolidated net profit at Rs 1,379 crore for the third quarter ended December 2023 (Q3FY24), driven by higher market share in existing products in North America and growth in Europe. Read

11:14 AM

Tata Group, Texas Instruments among bidders for SCL Mohali revamp: Report

Nine companies have sent their bids to overhaul the government's Semiconductor Laboratory (SCL) in Mohali, Punjab. According to a report by The Economic Times (ET), citing people aware of the matter, the list of bidders includes the Tata Group, US-based Texas Instruments and Israel's Tower Semiconductor. Read

10:50 AM

PNB: Upsides capped as strong Q3 show, outlook reflected in valuations

Punjab National Bank (PNB) reported a healthy Q3FY24. Net profit surged 254 per cent YoY to Rs 2,220 crore, while net interest income (NII) grew 12 per cent YoY to Rs 10,300 crore as net interest margins (NIMs) improved 4 basis points QoQ to 3.15 per cent. Read

10:35 AM

L&T sinks 7% as margins disappoint, weakness likely in order wins till June

Shares of Larsen & Toubro (L&T) plunged 7 per cent in Wednesday's intra-day trade to Rs 3,387.40 on the BSE after the company reported lower-than-expected margins for the December quarter (Q3FY24) despite beating revenue estimates. Read