Produced by: Aseem Thapliyal
The domestic equity market was trading higher in early deals today. Sensex rose 425 points to 74,673 and Nifty gained 129 pts to 22,643.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "The Q4 results season will kick start results of TCS on 12th. For IT companies, results will be tepid and, therefore, market response will depend on the management commentary. Results of financials will be good and this can push up Bank Nifty higher led by banking majors like HDFC Bank, ICICI Bank etc.”
Tata Steel Ltd shares rose over 2% to hit a record high early deals after the Tata Group company said crude steel production for India business rose 4.5 percent year-on-year to 5.38 million metric tonne (MT), while deliveries climbed 5 percent YoY to 5.41 MT. These were the highest ever quarterly deliveries. Tata Steel stock zoomed 2.14% to a high of Rs 166.85 on BSE. Market cap of the firm rose to Rs 2.05 lakh crore.
Shares of Voltas zoomed over 11% to a record high after the household appliances major said it clocked a 35 per cent sales growth to over two million units in FY24, becoming the first company in the domestic market to cross this mark. Voltas stock climbed 11.44% to Rs 1373.20 against the previous close of Rs 1232.20 on BSE. Market cap of the firm rose to Rs 44,623.12 crore.
Stock of Indiabulls Real Estate Ltd hit a fresh 52-week high after realty firm Indiabulls Real Estate secured over Rs 3,911 crore through a preferential allotment of shares. Indiabulls Real Estate stock rose 5% in early deals to a 52 week high of Rs 144.20 on BSE today. Market cap of the firm rose to Rs 7496.79 crore.
Shares of Cochin Shipyard Ltd hit a record high today after the defence major said it has inked the Master Shipyard Repair Agreement (MSRA) with United States Navy. Cochin Shipyard shares gained nearly 5% to Rs 1135.55 against the previous close of Rs 1080.65 on BSE. Market cap of the defence stock climbed to Rs 29,825 crore.
Shares of Bandhan Bank fell 9.04% to Rs 179.55 after the bank's MD and CEO CS Ghosh put in his papers, a few months before the renewal of his tenure. Market cap of the bank fell to Rs 30,294 crore on BSE. A total of 42.64 lakh shares of the firm changed hands amounting to a high turnover of Rs 78.80 crore on BSE.
Shares of JSW Steel were trading on a flat note today even as the metal major achieved its highest ever annual consolidated crude steel production of 26.43 million tonne, with a growth of 9% YoY. JSW Steel shares were trading at Rs 860.85 against the previous close of Rs 856.50 on BSE. Market cap of the firm stood at Rs 2.10 lakh crore.
Shares of metal and mining major Vedanta Ltd hit their 52 week high in early deals today. The shares of Anil Agarwal-led firm rose to a 52-week high of Rs 325.30 in early deals. Market cap of the firm stood at Rs 1.19 lakh crore.
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