Stock Surge: Tata Motors, IndiGo, and LIC Outperform Market Expectations in Q3 Results

Written by - Fisdom Research

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February 5, 2024 3 minutes

Indian markets:

On Monday, the domestic equity benchmark indices, namely the Sensex and Nifty 50, concluded the trading session on a lower note due to fluctuating global signals.
The decline in Asian markets was influenced by diminishing expectations of an imminent US rate cut.
Furthermore, the financial sector’s downturn exerted pressure on the benchmark indexes, thereby dampening the performance of oil-related companies.
On the sectoral front, bank, capital goods, information technology and FMCG were down 0.3-0.9 percent, while auto, pharma, metal, oil & gas and realty up 1 percent each.

China stocks reversed losses on Monday, rebounding off five-year lows, while most Asia markets kickstarted the holiday-shortened week largely lower on fears of higher-for-longer interest rates.
The U.S. Federal Reserve Chair Jerome Powell said the central bank would likely move at a considerably slower pace on rate cuts compared with market expectations.
European markets move higher as investors ponder Fed Powell’s comments; Unicredit jumps 9.7%
The pan-European Stoxx 600 rose 0.2% by late morning, with the majority of sectors slipping into negative territory. Autos were down 0.7% while food and beverage stocks rose 1.1%.
Gold prices slipped to a one-week low on Monday after a robust U.S. jobs data last week and remarks from Federal Reserve Chair Jerome Powell dented hopes for early rate cuts, lifting the dollar and bond yields higher.

Tata Motors witnessed a surge of 5.8 percent in its share price following the release of its Q3 results, which surpassed the Street’s expectations. The company’s profit soared by 137.5 percent year-on-year to Rs 7,025 crore, surpassing the estimated Rs 4,547 crore for the quarter.
Interglobe Aviation, the operator of Indigo, experienced a more than 5 percent intraday surge, reaching a record high on the back of robust Q3 financial performance. The company’s profit for the quarter more than doubled, reaching Rs 2,998 crore. Although the stock moderated some of its gains, it closed 1.4 percent higher.
Life Insurance Corporation of India (LIC) saw a 5 percent increase in its stock value following remarks by Tuhin Kanta Pandey, the secretary in the department of investment and public asset management. Pandey stated that the insurer’s digital transformation would propel it towards becoming a smart organization. Consequently, the stock reached the Rs 1,000 mark during the trading session.