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Stock Market Highlights: Sensex ends 814 pts higher, Nifty tops 17,300 ahead of Budget; Infy, Wipro, Tech Mahindra up 3-5%.
Economic Survey theme centered around 4 pillars, government has focused on short-term support to economy: CEA V Anantha Nageswaran
Indian equity benchmarks Sensex and Nifty50 jumped more than one percent each on Monday, rising a day ahead of the Union Budget for the first time in three years. Broad-based gains, led by IT, financial, oil & gas and auto shares, pushed the headline indices higher. The Nifty Midcap 100 and Nifty Smallcap 100 indices finished the day 1.6 percent and 1.1 percent higher respectively. The government forecasts GDP growth of 8-8.5 percent in FY23, and 9.2 percent in FY22, according to the Economic Survey, tabled in Parliament on Monday. All eyes were now on the upcoming Union Budget for FY23, to be presented by the Finance Minister in Parliament on Tuesday, February 1.
Q3 Results | Tata Motors net loss at Rs 1,516 crore, revenue misses Street estimates
Tata Motors reported a consolidated net loss of Rs 1,516 crore for the October-December period, as against a net loss of Rs 2,906.5 crore for the corresponding period a year ago. The auto major’s revenue decreased 4.5 percent on a year-on-year basis to Rs 72,229.3 crore. Analysts had estimated the company’s quarterly net loss at Rs 1,101 crore and revenue at Rs 74,088 crore.
Tata Motors posted Rs 7,078 crore in earnings before interest, taxes, depreciation and ammortisation (EBITDA) for the December quarter. Its EBITDA margin was at 9.8 percent in the October-December period, as against 16 percent in the year-ago period. Analysts had estimated the company’s EBITDA at Rs 7,520 crore and EBITDA margin at 10.1 percent. Tata Motors said it expects its performance to improve in Q4 and beyond.
Positive on real estate sector: Analyst has a positive view on the real estate sector. “We feel that this could be a 2-3 year kind of cycle because of the kind of uptick that we are seeing and the inventory cleaning up that is witnessed. We think that people would really want to own real estate in their portfolios and within that, we have a liking for names like Lodha and Oberoi, because of better traction and better valuations,”
Select IT stocks hold value from longer-term perspective: Expert, sees value in select IT stocks from a longer-term perspective. “Over a course of any reasonable time period measured beyond days or weeks, IT stocks would reflect the progress of fundamentals, and ultimately, the cash flow generation and growth thereof. So our team would not agree to the conclusion that IT stocks are overvalued. They have done extremely well over the last 12 months but that is because they started from very supressed levels,”.
“The sector was sort of written off as a mature sector, a slow growth sector for various reasons but the growth delivered has been very strong and continues to be very strong,” he added.
Stock Market LIVE Updates: Sensex jumps 650 points, Nifty tops 17,300; Infosys, Wipro, HCL Tech top gainers:
Economic survey today and Budget on 1st. FM.
AGS Transact Tech- IPO quotes less than offer rate:
The much awaited Budget for the ensuing year 2022-23 will be presented by the F.M tomorrow at the Parliament. Prelude to that will be an analysis of the economic factors plaguing the Indian economy per se and evolving challenges. The Budget is being presented in the context of Elections in five States and hence will be very crucial to decide the fate of ruling party. Hence expected to provide more sops for the Agriculture, start-ups, MSMEs etc., Tomorrow the market is bound to be highly volatile and hence investors are advised to take positions very carefully.
Indian equity benchmarks Sensex and Nifty50 started Monday’s session on a positive note amid cautious gains in other Asian markets. Broad-based gains, led by financial, IT and oil & gas shares, pushed the headline indices higher. Broader markets strengthened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices up 1.4 percent each in early deals. The Street awaited the release of Economic Survey for the year ending March 2022 due later in the day to assess the state of the economy against the fallout from the pandemic. The Finance Minister will present the Union Budget for 2022-23 in Parliament on Tuesday.
Economic Survey 2021-22 to be tabled in Parliament today; here’s what to expect
Finance Minister Nirmala Sitharaman will present Economic Survey for 2021-22 in the Parliament on Monday, the first day of the Budget Session. The Parliament session will commence with President Ram Nath Kovind’s address followed by the Union Finance Ministry presenting the single volume Economic Survey. The Economic Survey for 2021-22 is expected to have only one volume due to the absence of a full-time chief economic advisor. Of course now appointed.
Wipro, ONGC, Tech Mahindra, Titan top blue-chip gainers
Wipro, ONGC, Tech Mahindra, Titan, Divi’s, Bajaj Finance and Infosys were among the top gainers. On the other hand, IndusInd Bank, Larsen & Toubro and NTPC were the only laggards in the Nifty50 universe.
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