MARKET OVERVIEW :
Currency Market Overview January 31, 2024
L&T Shares May See More Upside On Hopes Of Strong Prospects Post Q3 Earnings
Thank you for reading this post, don't forget to subscribe!Shares of Larsen & Toubro (L&T) fell 5% in trade Wednesday after the engineering and infrastructure conglomerate’s December quarter (Q3FY24) revenue beat Street estimates, but lower-than-expected margins led to a miss in net profit. L&T’s Q3 performance was supported by robust order inflows. The company reported a 19%, 14%, 15% year-on-year (YoY) growth in revenue, EBITDA, and PAT on a consolidated basis.
At 9:30 am, the scrip was trading 5.23% lower at ₹3,443.15 apiece on the NSE. At this price, L&T shares have tumbled 4% in the last five trading sessions. That said, the stock has rallied over 60% in a year.
VIP Industries Hits 52-Week Low
VIP Industries shares are trading near their 52-week low of Rs 513.15 apiece, which it hit earlier today.The stock has fallen 25.63% in the past year.
|Nova AgriTech Shares List At Over 36% Premium To IPO Price
The shares of Nova AgriTech listed with a premium of 36.5% on the exchanges on Wednesday, January 31. The stock debuted at ₹56 on BSE over the issue price of ₹41 while it debuted at ₹55, up 34.15% on NSE. Ahead of the listing, the shares of the crop nutrition player traded with a premium of ₹13 in the unlisted market.
Auto Stocks Up, Tata Motors, Bharat Forge, M&M Top Nifty Auto Gainers
The Nifty Auto index is the top gainer among sectoral indices, up 1.28%. Barring Tube Investments of India, Hero MotoCorp and Balkrishna Industries, the remaining 12 stocks in the index are in the green.
Suzlon Shares Gain Nearly 3% Ahead Of Q3 Earnings
Suzlon shares are up for the fifth day today, trading 2.63% higher. The company is set to report its third quarter earnings today.The stock has gained 137.2% in the last six months and 358.67% in the past year.
PB Fintech Shares Cross IPO Price Of Rs 980 After Two Years Following First Ever Profit
Shares of PB Fintech Ltd. crossed their IPO price of ₹980 on Wednesday after the company reported its first ever quarterly profit in the December quarter.
The stock had slipped below its IPO price in January 2022, following which, it made an all-time low of ₹356 in November that year.
Cochin Shipyard Hits All-Time High
Cochin Shipyard shares hit their all-time high of Rs 903.2 per share today. The stock is currently up 3.4%
It has gained 171.66% in the last six months and 255.5% in the past year.
L&T Falls Nearly 5% but will see an up-surge…
L&T shares are in the red for the second day today, down nearly %.
The stock has been in the green for three out of the last five trade sessions.
Its management tells CNBC-TV18 that likely to end the year with order inflow growth of 20%+. The company had earlier guided for order inflow of 12% for financial year 2024. Possibility of high teen revenue growth, likely to beat upper end of revenue growth guidance of 12% to 15%. Core EBITDA margin for the current financial year may be between 8.25% to 8.5%. Frontline numbers were mixed with net profit below estimates, as was the EBITDA margin. Order inflow during the quarter up 25% to ₹76,000 crore.
The stock has gained 62.47% in the past year.