Titan’s 9.5% Profit Increase, Adani’s Robust Growth, Paytm’s Market Setback

Written by - Fisdom Research

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February 1, 2024 3 minutes

Indian markets:

Following a positive start, Indian indices experienced volatility and concluded in negative territory on Thursday, February 1, following the budget presentation.
Before the budget, the BSE Sensex reached its day’s high at 72,151.02, gaining 399 points, and the Nifty advanced 107 points to 21,832.95. However, both benchmark indices dropped nearly one percent from their intra-day highs to their respective intra-day lows after the budget announcement.
A mixed trend saw on the sectoral front, with auto, bank, FMCG and power added 0.2-0.8 percent, while capital goods, metal and realty were down a percent each.

The Singapore stock market closed slightly higher on Wednesday, January 31, 2024, despite overnight losses on Wall Street. The Straits Times Index (STI) ended the session down 0.32%, with trading volume at 1.35 billion shares worth S$1.04 billion.
Decliners outnumbered advancers, with 267 stocks declining compared to 258 advancing.
The Hong Kong share market ended modestly higher on Thursday, February 1, 2024, breaking a two-day falling streak. Bargain hunting resumed as a Caixin-sponsored survey indicated growth in China’s manufacturing sector in January, coupled with renewed expectations of Federal Reserve monetary policy easing from May.
The Hang Seng Index closed up 0.52%, while the Hang Seng China Enterprises Index rose 0.57%.
The mainland China share market closed lower on Thursday, February 1, 2024, as factory activity in the second-largest economy indicated a still-patchy recovery.
The Shanghai Composite fell 0.64%, the Shenzhen Composite dropped 0.46%, and the CSI300 index declined 0.9%.
The Australia stock market closed in negative territory on Thursday, February 1, 2024, as investors took profits following the U.S. Federal Reserve’s remarks on delaying anticipated rate cuts. The S&P/ASX200 index declined 1.2%, and the All-Ordinaries index dropped 1.19%, at the closing bell.

On February 1, Titan Company reported a standalone net profit of Rs 1,040 crore for the December quarter of FY24, marking a 9.5% increase from the corresponding period of the previous financial year. The company’s total revenue stood at Rs 13,052 crore, reflecting a 20% rise from Rs 10,875 crore in the year-ago quarter, as per a regulatory filing. The company slightly missed estimates, with Titan’s revenue expected at Rs 13,177 crore and profit at Rs 1,145 crore, according to a poll of five brokerages.
Adani Enterprises on February 1 reported 2.3x jump in consolidated net profit at Rs 1888.4 crore for the quarter ended December 2023. Adani group’s flagship company had reported net profit of Rs 820 crore in the year-ago period. The company’s revenue from operations rose 6.5percent year-on-year to Rs 28,336.4 crore from Rs 26,612.2 crore.
Mutual funds, insurance, and provident funds collectively lost about Rs 585 crore as shares of Paytm’s parent company, One97 Communications Ltd, fell 20% on February 1 due to the RBI’s crackdown on its lending business. Paytm’s stock closed at Rs 609 on the BSE, down from its previous close of Rs 761. Year-to-date, it has declined by approximately 1%, with a 27.45% loss in 2023. Mutual funds now hold a 5% stake in Paytm, up from 2.79% in the previous quarter ending December 2023.

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