Stock Market News: Tata Motors Hits All-Time High, UPL Hits 52-Week Low

The Indian stock market edged higher intraday on February 5, 2024, led by a rally in Tata Motors‘ share price. At 12:27 PM, Sensex gained 110 points at 72,195. Nifty added 65 points and was trading at the 21,919 mark.

Around 1496 stocks advanced and 770 declined while 380 remained unchanged.

Among the sectors, pharma, auto, oil & gas, and metals added 1-2 percent each. On the other hand, selling was seen in banks and FMCG names as the stock market traded in the green.

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Stocks in the news

Tata Motors: up 6.79%

The share price of Tata Motors zoomed over 7 percent intraday on February 5, 2024. This comes after the company declared its Q3 earnings wherein the auto major reported a 137 percent YoY growth in consolidated profit.

According to an exchange filing to BSE, Tata Motors reported a 137.5 percent on-year growth in consolidated profit of Rs 7,025 crore for the quarter that ended December 2023.

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Revenue from operations for the same period grew 25 percent YoY to Rs 1,10,577 crore for the quarter. EBITDA for the quarter grew 59 percent to Rs 15,333.3 crore. The margin for the reporting period expanded 300 basis points to 13.9 percent.

UPL: Stock price down 3.91% after Q3 net loss of Rs 1,217 crore

Weak demand, inventory destocking, and falling prices led to a quarterly loss for the agrochemical firm in the October-December period. The company reported a net loss of Rs 1,217 crore, surpassing the Street’s estimate of Rs 527.80 crore. In the year-ago period, UPL had posted a net profit of Rs 1,326 crore. Additionally, revenue witnessed a nearly 28 percent decline. It dropped from Rs 13,679 crore in the base period to Rs 9,887 crore.

Interglobe Aviation: up 5.38%

On February 5, 2024, the share price of Interglobe Aviation surged to a record high as the company’s net profit more than doubled in the December quarter, reaching Rs 2,998 crore from the year-ago period. The substantial increase in profit was attributed to persistent demand for air travel and the implementation of a fuel surcharge in October. It helped offset the impact of grounding some aircraft. The company’s operational performance also saw significant improvement due to stronger yields and a decrease in fuel costs, leading to an expansion of the EBITDA margin from 22.8 percent last year to 28.1 percent.

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