After a three-day downturn, the Sensex and Nifty made a strong comeback on Friday. Investors anticipated an action-packed session with four major Nifty companies, including Reliance Industries, India’s largest firm by market value, set to announce their earnings for the December quarter.
UltraTech Cement Reports Impressive Q3 Results
UltraTech Cement’s third-quarter results were a highlight, with a significant 68% year-over-year increase in net profit, reaching Rs 1,777 crore, aligning with market expectations. The company’s revenue from operations also saw an 8% rise year-on-year, amounting to Rs 16,740 crore. These strong results led to a 1% increase in UltraTech Cement’s share prices.
Stock Market Dynamics and Key Company Performances
The stock market’s live updates showed varied movements among different companies. Oil And Natural Gas Corporation Ltd., Rail Vikas Nigam Ltd., and HP Adhesives Ltd. were among the top gainers, while Zee Entertainment Enterprises Ltd. and Metro Brands Ltd. faced declines.
Special trading sessions planned for Saturday were expected to have a different dynamic, as noted by Anand James, Chief Market Strategist at Geojit Financial Services. These sessions would feature a shorter timeframe and a restricted daily operating range, potentially limiting volatility.
In other market news, India’s market regulator, SEBI, is investigating three IPOs for potentially inflating subscription numbers. Additionally, strategic expansions and new contracts were announced, including JMD Ventures’ foray into multi-language OTT platforms and C.E. Info Systems’ new contract worth Rs. 400 Cr.
The financial market also saw some fluctuations in the global context, with gold prices heading for their worst week in six due to falling rate-cut bets, and the U.S. dollar gaining strength.
