Both HUL and RIL announced their quarterly numbers after the market hours on Friday.
RIL’s consolidated profit after tax (PAT) for the quarter rose 10.9 per cent year-on-year (YoY) to ₹19,641 crore. The company’s gross revenue rose by 3.2 per cent YoY to ₹2,48,160 crore led by continued growth momentum in consumer businesses.
EBITDA for the quarter jumped 16.7 per cent YoY to ₹44,678 crore while the EBITDA margin rose 210 bps to 18 per cent.
HUL posted a standalone net profit of ₹2,519 crore for the third quarter of FY24, a growth of just 0.55 per cent from ₹2,505 crore in the same quarter of last fiscal year. However, HUL’s Q3 net profit declined 7.28 per cent from ₹2,717 crore on a sequential basis.
The company’s total revenue in Q3FY24 fell 0.38 per cent to ₹14,928 crore from ₹14,986 crore, YoY. Revenue dropped 0.6 per cent from ₹15,027 crore in the September 2023 quarter. The company saw an underlying volume growth (UVG) of 2 per cent.
Also Read: HUL share price drops over 2% after muted Q3 results; should you buy, sell or hold the stock?
Nifty 50 opened at 21,706.15 against the previous close of 21,622.40 and touched its intraday high and low of 21,720.30 and 21,541.80 respectively. The index closed at 21,571.80, down 51 points, or 0.23 per cent.
Sensex opened at 72,008.30 against the previous close of 71,683.23 and touched its intraday high and low of 72,026.26 and 71,312.71 respectively. The 30-share pack closed 260 points, or 0.36 per cent, lower at 71,423.65, with 23 stocks in the red.
Shares of TCS, HUL, RIL, Infosys, Mahindra and Mahindra, ITC and HCL Tech ended as the top drags on the Sensex index.
Also Read: Kotak Mahindra Bank Q3FY24 results: Net profit jumps 6.75%, total income rises 31% YoY
Midcaps and smallcaps, on the other hand, ended higher, outperforming the benchmarks. The BSE Midcap index rose 0.46 per cent while the Smallcap index rose 0.41 per cent.
Also Read: ICICI Bank Q3 earnings: Consolidated net profit jumps 25.7% to ₹11,052.60 crore
Top gainers of the Nifty 50 index today
Shares of Coal India (up 4.11 per cent), Adani Ports (up 3.34 per cent) and Kotak Mahindra Bank (up 2.59 per cent) ended as the top gainers in the Nifty 50 index.
Top laggards in the Nifty 50 index
Shares of HUL (down 3.72 per cent), TCS (down 2.12 per cent) and Mahindra and Mahindra (down 1.91 per cent) closed as the top laggards in the Nifty 50 pack.
As many as 30 stocks closed lower in the Nifty 50 pack while the remaining 20 ended with gains.
Sectoral indices today
Nifty FMCG index fell 1.17 per cent while the IT index also fell by a per cent. Pharma and Realty indices declined up to a per cent.
However, Nifty PSU Bank clocked a robust gain of 1.86 per cent. Nifty Bank rose 0.78 per cent.
Expert’s views on markets
“Amid rising optimism about AI, US markets surged over the weekend. However, domestic markets exhibited a subdued trend influenced by extended holidays, low volumes, and weekly option expiration. Profit booking was noted in IT and FMCG, while private banks witnessed selective buying post the recent sharp correction and stable Q3 earnings. Next week, the interest rate decisions of the BoJ and ECB, along with US GDP data, are anticipated to drive the market dynamics,” said Vinod Nair, Head of Research, Geojit Financial Services.
Technical views on Nifty 50
“The overall consolidation phase may persist for the next few days or until the Nifty stays within the range of 21,500-21,700. Only a decisive breakout on either side could initiate a directional move. A significant decline below 21,500 might trigger a correction towards 21,300 and below. Conversely, a robust breakout above 21,700 is needed for a resumption of the uptrend,” said Rupak De, Senior Technical Analyst, LKP Securities.
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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 20 Jan 2024, 03:31 PM IST