European markets were trading on a cautious note with FTSE up 0.15 percent at 7,626 while CAC shed 0.15 percent at 7,581. The German DAX shed 0.12 percent at 16,898.
Stocks in the news
Tata Motors: up 5.8%
The share price of Tata Motors jumped over 5 percent 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.
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.
Life Insurance Corporation: 5.9%
The share price of Life Insurance Corporation gained almost 6 percent crossing the IPO price of Rs 949. The market capitalisation crossed the Rs 6 lakh crore mark at Rs 6,32,721.15 on BSE. The LIC stock has surged more than 55 percent in the past three months. The state-run insurer said it has plans to launch three to four products in the coming months to achieve double-digit growth in new business premiums, the company has said.
UPL: down 10.92%
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: 1.4%
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. The stock however closed off days high.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
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