After opening the day on a positive note, Indian share markets gave up some of the gains as the session progressed and ended the day higher.The bulls were back in action a day after the Interim Budget, with strong gains seen in IT, financials, and index heavyweight Reliance Industries. Strength in overseas peers also aided the sentiment.At the closing bell, the BSE Sensex stood higher by 436 points (up 0.6%).Meanwhile, the NSE Nifty closed higher by 156 points (up 0.7%).BPCL, ONGC, and NTPC were among the top gainers today.Eicher Motors, Axis Bank, and HUL on the other hand, were among the top losers today.The GIFT Nifty ended at 21,957 up by 219 points.Broader markets are trading higher. The BSE Mid Cap is trading 0.7% higher and the BSE Small Cap index is trading 0.5% higher.Sectoral indices are trading mixed, with socks in the oil & gas sector, metal sector, and energy sector witnessing the most buying. Meanwhile, stocks in the FMCG sector, telecom sector, and banking sector witnessed selling pressure.Shares of Bajaj Auto, TCS and BOSCH hit their respective 52-week highs today.The rupee is trading at 82.92 against the US$.Gold prices for the latest contract on MCX are trading marginally lower at Rs 62,910 per 10 grams.Meanwhile, silver prices are trading marginally higher at Rs 72,306 per 1 kg.
Why TVS share price is risingIn news from the auto sector, TVS Motor Company traded 2.4% higher in the afternoon on 2 February after the leading two-wheel manufacturer reported a 23% on-year increase in vehicle sales in January.The company sold a total of 339,513 vehicles in the first month of 2024, up from 275,115 units in the same period last year.It sold 329,937 two-wheelers in January 2024, 25% more than it did in the year-ago period.Motorcycle sales grew 29% to 155,611 units, while scooter sales were up 24% at 132,290 units.In the electric vehicle (EV) segment, sales surged 34%, rising from 12,169 units in January 2023 to 16,276 units in January 2024.TVS’ exports grew by 22%, increasing to 69,343 units in January 2024. Two-wheeler exports experienced a growth of 28% to 61,704 units in January 2024. The company, however, added that dispatches during the month were partially affected due to constraints in the availability of containers.Three-wheeler sales, however, declined, to 9,576 from 10,405 units last year.Between October 2022 to October 2023, shares of the company have gained 47%.
Why Green Energy Stocks Are Rising
Moving on to news from the green energy sector, green energy stocks rallied after the budget day as the BSE Sensex jumped more than 800 points and Nifty gained more than 240 points.Shares of KPI Green, KPEL Energy, Waree Renewables, Orient Green Power, Websol Energy Systems, and Gensol Engineering are seen locked in the upper circuit while Suzlon shares are up by more than 3 %.IREDA shares gain by more than 2.5%, while Inox Wind shares are up by 3%.In its effort to push households to adopt the rooftop solar program, the government will be enlisting state-run power sector companies NHPC, SJVN, NTPC, and Power Grid. Power Grid shares are seen topping the list of BSE gainers, also trading at fresh life highs.The market is expecting a push towards green energy in the full budget.
Devyani International Q3 ResultsMoving to news from the FMCG sector, Devyani International Ltd, which operates KFC and Pizza Hut chains of restaurants, on 2 February reported a consolidated profit of Rs 96 m for the December quarter, falling 87% from the year-ago period.The company’s revenue came in at Rs 8.4 bn, up 6.6% from Rs 7.9 bn last year. The growth is led by new store additions.Earnings before interest, tax, depreciation, and amortization (EBITDA) were at Rs 1.5 bn, down 17%. The EBITDA margin was at 17.3% compared to 22.1% in the year-ago period.In FY24, DIL strengthened its growth strategy by acquiring 283 KFC stores in Thailand, positioning itself as a leading Quick Service Restaurant (QSR) player with a total of 1,735 stores globally.The company aims to achieve its goal of 2,000 stores by the end of 2024, surpassing the original target of 2026. Despite economic challenges, DIL demonstrated resilience in India, adding 94 new stores in Q3 FY24.The company remains committed to opening 250 to 275 outlets in the current fiscal year, reflecting confidence in the long-term potential of the Indian QSR industry.As of 31 December 2023, DIL operates 647 KFC stores, 570 Pizza Hut stores, and 154 Costa Coffee stores, totaling 1,452 system stores across existing geographies.More By This Author:Sensex Today Rallies 700 Points; NBCC Surges 12%Sensex Today Trades Flat Ahead Of Interim Budget Sensex Today Trades Higher; PB Fintech Surges 11%
Sensex Today Ends 436 Points Higher; BPCL, ONGC Top Gainers
