Market news: Sigachi Industries shares rise more than 17 percent after third-quarter results | View the details here
Shares of Reliance Industries were trading 0.18 per cent lower at Rs 2,730 in morning deals after announcing its third quarter earnings results on Friday.
Share market news: Shares of Sigachi Industries Ltd rose over 17 percent during Saturday's special trading session i.e. January 20. The increase comes after the company announced strong Q3 24 results. The company announced the results on Friday after the market closed. The stock opened with a gain of 16.01 percent, compared to the previous closing price of 73.87.
The counter has been positive for the past 6 days and has increased in return by 25 percent during this period. It has outperformed the sector by 11.98 percent.
The company reported a 64.05 percent increase in its consolidated year-on-year (year-on-year) net profit at Rs 16.11 crore in the December 2023 quarter, compared to a net profit of Rs 9.82 crore in the year-ago period.
Meanwhile, equity benchmark indices opened on a positive note on Saturday with Sensex rising 250 points following a revival in financial stocks. The 30-share BSE Sensex rose 250.08 points or 0.35 percent to 71,933.31 points in early trade. The Nifty climbed 75.80 points or 0.35 percent to 21,698.20.
Shares of HUL and Reliance Industries were under pressure after their December quarter results. Shares of Reliance Industries were trading 0.18 per cent lower at Rs 2,730 in morning deals after announcing its third quarter earnings results on Friday.
The company posted a 9 percent rise in net profit in December as a planned maintenance-related weakness in oil sector profits was offset by stability in the retail and telecom industries.
HUL shares fell 2.68 per cent to Rs 2,496 apiece in the initial deals.
Hindustan Unilever Ltd on Friday reported a 1.08 per cent rise in consolidated net profit to Rs 2,508 crore in the third quarter ended December 2023.
Among Sensex companies, HDFC Bank, PowerGrid, NTPC, Bajaj Finance, Sun Pharma and ICICI Bank, ITC and Bajaj Finserv were the biggest gainers.
HUL, Wipro, UltraTech and HCL Tech were among the losers. Most financial stocks traded in the green.
On Friday, the Dow Jones and S&P 500 hit new record highs, while the tech-heavy Nasdaq hit its best closing level in two years. Asian shares ended with mixed feelings.
According to analysts, domestic equity markets are likely to witness subdued activity amid low participation from both global and domestic investors.
“Given that the breadth of the market is very strong, we expect the stock-specific bullish trend is likely to continue. In the near term, Nifty could face resistance at 21,850 while support is seen at 21,500,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Late on Friday, NSE and BSE announced that there will be normal trading sessions on Saturday, while the market will be closed on January 22.
On Friday, the 30-share BSE Sensex rose 496.37 points or 0.70 percent to settle at 71,683.23 points. The Nifty climbed 160.15 points or 0.75 percent to close at 21,622.40 points. The global oil benchmark for Brent crude fell 0.68 percent to $78.56 per barrel.
Foreign institutional investors (FIIs) offloaded shares worth Rs 3,689.68 crore on Friday, according to stock market data.
Disclaimer: The article is for information purposes only and not for investment advice.