Stock Market Updates: Weak start of the market, today’s top 5 shares on which investors will be eyeing
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Sensex was trading at a level of 60,508.82 points with a gain of 1.92 points. Nifty was trading at 17,763.30 points, down 1.30 points, or 0.01 per cent. The color of ADANIENT, ADANIPORTS, DRREDDY, INDUSINDBK, BAJFINANCE is green on Nifty i.e. positive reaction is being seen in these stocks.
The domestic stock market started flat amid mixed global cues. There is a slight decline in both the Sensex and Nifty indices in today’s trade. Sensex was trading at a level of 60,508.82 points with a gain of 1.92 points. Nifty was trading at 17,763.30 points, down 1.30 points, or 0.01 per cent. The color of ADANIENT, ADANIPORTS, DRREDDY, INDUSINDBK, BAJFINANCE is green on Nifty i.e. positive reaction is being seen in these stocks.
On the other hand, big stocks like TATASTEEL, HINDALCO, ITC, HEROMOTOCO, SUNPHARMA are seen in red, which means they are showing signs of decline. There is a selloff in metal stocks. At the same time, some buying is visible in bank and auto stocks. Mixed trading is being seen in Adani Group shares today. Today i.e. on 7 February 2023, some stocks are ready to show action in a volatile market. These stocks can remain in focus in the market today. If you are looking for better stocks in intraday then you can keep an eye on these.
Hindalco
Novelis reported sales of $4.2 billion, well below expectations. Last year it did $4.3 billion in sales. Its operating profit declined by 33 percent. This is due to lower volumes, higher inflation and tighter scrap spreads. The management said things were bottoming out in the December quarter. Also added that the firm is confident of reaching $500 – $525 per tonne EBITDA per tonne by next year.
Tata steel
Tata Group company Tata Steel has incurred a loss of 2502 crores in the December quarter. In the same quarter a year ago, the company had a profit of 9598 crores. Revenue fell 6.1% YoY to Rs 57,083.6 crore. EBITDA also decreased by 74.5% YoY to 4048 crores. Margin decreased by 1906 bps to 7.09%.
Adani Transmission
Adani Group’s company Adani Transmission (ATL) reported a 73 per cent increase in its consolidated net profit at Rs 478 crore in the third quarter of the current financial year. The profit of the company has increased due to increase in one time income and revenue. The company had earned a profit of Rs 277 crore in the December quarter of the last financial year 2022. ATL’s consolidated income also increased from Rs 2,623 crore to Rs 3,037 crore during this period. The company is the largest private transmission company in the country. It has its presence in 13 states of India.
Vodafone Idea
The government has asked Vodafone Idea to convert AGR dues of Rs 16,133 crore into equity shares. The company has been directed by the Ministry of Communications to issue 1,613.31 crore equity shares of face value of Rs 10 each at an issue price of Rs 10 each. The government had passed an order on February 3 to convert AGR dues into shares.
JK Paper
The company’s profit more than doubled in the third quarter due to high demand. Its profit for Q3FY23 grew by 119 per cent to Rs 329.3 crore. While its revenue increased by 60.5 percent to Rs 1,643 crore. The company’s margin increased by 985 basis points to Rs 34.4 crore.
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