Indian equity benchmark indices rebounded sharply on Monday on the back of robust buying in Reliance Industries and a rally in Asian Markets. In addition, the stimulus announcement from China and expectations of a favorable Union Budget boosted the market sentiment.
The BSE Sensex jumped 1,240.90 points or 1.76 per cent to settle at 71,941.57. The NSE Nifty climbed 385 points or 1.80 per cent to close at 21,737.60. All the sectors ended in green except for FMCG which was a marginal loser. PSUs, Energy, PSU Banks, and Infra were major gainers with gains of up to 5 per cent.
"The domestic market underwent an upturn as the recent selloff and positive Asian peers provided an opportunity to accumulate quality stocks. Despite premium valuations, confidence is upheld among investors due to the optimistic environment surrounding the interim budget and the recent set of results aligning with forecasts. Globally, the upcoming FED policy stands out as a crucial factor. While a rate cut by the FOMC is unlikely, investors will eagerly monitor their commentary to get cues on future rate paths," said Vinod Nair, Head of Research at Geojit Financial Services.
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The FMCG to hotel major has reported a 10.75 per cent YoY growth in standalone net profit at Rs 5,572 crore for the quarter ended December 2023 despite weak operating numbers, aided by higher other income, and lower tax cost. The company’s revenue from operations increased 1.6% to Rs 16,483.3 crore against ₹16,225.7 crore in the corresponding period of the previous financial year.
The non-banking finance company reported a consolidated net profit grew 22 per cent YoY to Rs 3,638.95 crore for the December quarter led by healthy loan growth. The net interest income grew 25 per cent YoY to Rs 9,293 crore. The company's net non-performing asset (NPA) increased to 0.37 per cent against 0.31 per cent QoQ. Gross NPA increased to 0.95 per cent against 0.91 per cent in the previous quarter.
State-owned power giant NTPC reported over a 7 per cent increase in consolidated net profit to Rs 5,208.87 crore for the December 2023 quarter compared to Rs 4,854.36 crore in the year-ago period. Revenue from operations for the quarter stood at Rs 2,117.12 crore, up from Rs 1,984.92 crore in the corresponding quarter.
The telecom major posted a net loss of Rs Rs 6,986 crore for the December 2023 quarter, down from Rs 7,990 crore in the year-ago period, helped by Rs 755.5 crore one-time exceptional gain. The revenue from operations came in at Rs 10,620.6 crore in the reported quarter.
State-owned gas utility signed a long-term LNG purchase agreement with Abu Dhabi National Oil Company (ADNOC) Gas. The contract includes the purchase of around 0.5 MMTPA LNG from ADNOC Gas. The deliveries will commence from 2025 onwards for next 10 years.