- On January 31, the stock market experienced a surge with the Sensex and Nifty indices rising significantly.
- The article highlights the top gainers, including Voltas and Tata Motors, as well as losers such as VIP Industries, providing insights into their quarterly performances and the factors influencing their stock prices.
The stock market witnessed significant movements on January 31, marked by a surge in the Sensex and Nifty indices. As the Interim Budget loomed, investors engaged in broad-based buying, driving the Sensex up by 612.21 points (0.86%) to 71,752.11, and the Nifty up by 203.60 points (0.95%) to 21,725.70. This rally saw 2,111 shares advancing, 1,133 declining, and 69 remaining unchanged.
Voltas Shines Bright: A 7.09% Leap
Voltas (CMP Rs 1,089) stole the spotlight, experiencing a 7.09% surge. This upward momentum followed the company’s reduction in net losses during the December quarter, reporting a notable improvement in sales. The net loss contracted from Rs 110 crore to Rs 27.6 crore, while revenue soared 31% YoY to Rs 2,625.7 crore.
Nuvoco Vistas and Zodiac Energy in the Spotlight
Nuvoco Vistas (CMP Rs 362.1) also saw a positive turn, gaining 1% as it reported a consolidated net profit of Rs 31.03 crore in Q3, a significant turnaround from the previous year’s loss of Rs 75.29 crore.
However, Zodiac Energy (CMP Rs 271.7) faced a setback, with shares sliding 2% after entering a power purchase agreement with Uttar Gujarat VIJ Company. The 5 MW PPAs are part of a total allotted capacity of 26.8 MW by UGVCL to Zodiac Energy Limited.
Tata Motors Hits All-Time High
Tata Motors (CMP Rs 884.8) experienced a 3.02% surge, reaching a fresh all-time high just before its Q3 results announcement on February 2. The stock has been on an upward trajectory over the past five sessions.
Cochin Shipyard’s Strong Sail
Cochin Shipyard (CMP Rs 910.25) posted a 3.6% jump after announcing robust results in Q3FY24. With a 121% YoY increase in net profit to Rs 244.4 crore and a 64% YoY jump in revenue to Rs 1,056.4 crore, the company demonstrated its financial strength.
VIP Industries Faces Headwinds
VIP Industries (CMP Rs 535) encountered headwinds, falling 4% intraday as net profit declined by 83.78% YoY to Rs 7.15 crore in Q3. Despite a 4% rise in revenue to Rs 546.4 crore, the stock closed 1.6% in the red.
These market movements highlight the dynamic nature of stocks, with some soaring to new heights while others face challenges. As investors navigate these waves, keeping an eye on quarterly performances becomes crucial for informed decision-making.