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ITC reports significant increase in Q2 profits, while Tata Motors acquires stake in Freight Tiger.

The Latest Updates in the Indian Stock Market: ITC’s Q2 Profit Soars, Tata Motors Acquires Stake in Freight Tiger

Market Outlook and Influencing Factors

The GIFT Nifty indicated a potential negative outset for NSE Nifty 50 on Friday, influenced by global political tensions, US treasury yield, and lukewarm IT earnings. Market sentiments were also affected by the anticipation of the US Fed chair’s speech and the Q2 earnings season. However, there was maintained optimism as the West Asia conflict showed signs of stabilization and ITC reported substantial FMCG growth.

ITC’s Remarkable Q2 Performance

ITC, a leading company in the Indian market, reported a significant rise in net profit for Q2 FY24 to Rs 4,173.72 crore ($558 million). This success can be attributed to the thriving FMCG segment of the company. InvestingPro Tips highlight that ITC consistently increases its earnings per share and maintains impressive gross profit margins. Additionally, ITC holds more cash than debt on its balance sheet, which has contributed to its resilience. For more insights on ITC, visit InvestingPro Tips, which provides 15 additional tips on the company.

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HUL’s Slight Profit Decrease

Hindustan Unilever (HUL) experienced a slight profit decrease of 0.3% compared to FY23.

Tata Motors’ Acquisition of Stake in Freight Tiger

Tata Motors announced its acquisition of a 26.79% stake in Freight Tiger through equity shares and compulsory convertible preference shares investments amounting to Rs 150 crores ($20 million). Tata Motors is a prominent player in the Automobiles industry, and its stock price movements are quite volatile. The company has experienced a significant price uptick over the last six months and is trading near its 52-week high. For more detailed insights on Tata Motors, refer to InvestingPro Tips, which provides 11 additional tips on the company.

Other Corporate News

  • Cyient’s Q2 FY24 profit increased by 132.1% compared to the previous year, leading the company to announce an interim dividend of Rs 12 per equity share.
  • The USFDA inspected Natco Pharma’s division in Kothur Hyderabad, India.
  • Grasim Industries faced a Rs 141 crore demand notice for unpaid stamp duty on a scheme of arrangement involving Indian Rayon and Industries Limited.
  • United Breweries reported a 20% year-on-year dip in Q3 net consolidated profit, despite witnessing a 14% revenue growth.
  • SoftBank’s venture capital fund SVF Growth is expected to divest a 1.1% stake in food delivery giant Zomato for Rs 1,024 crore ($137 million).

Real-Time Metrics

According to InvestingPro, ITC’s market capitalization is adjusted to 36.91M USD, and it has a P/E ratio of 9.93. Its revenue for LTM2023.Q2 is 29.37M USD, with a decline in revenue growth of -20.45%. However, the company’s gross profit for LTM2023.Q2 was 11.24M USD, with a gross profit margin of 38.29%.

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This article offers a comprehensive overview of the latest updates in the Indian stock market. It provides insights into the remarkable performance of ITC, the acquisition by Tata Motors, and various other corporate news. The information presented here is valuable for investors seeking to stay informed about the Indian stock market.

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