Tata Motors is the first Nifty stock to double in 2023 as it departs in style.
Tata Motors shares jumped 4% to Rs 783 in afternoon trade, capping the trading session on a high note and making history as the first Nifty company to experience a double in share price in 2023.
The positive forecast for JLR, the steady transition to electric cars, and the growing demand for SUVs as disposable incomes rise are the main drivers of this bullish trend.
The share was up 3.7 percent from the previous close on the NSE as of 3:05 p.m. India’s top EV player has increased by 102% since the year began.
“Tata Motors witnessed an 8-year breakout on the monthly charts around 550-560 levels and has run up strongly since then. It has shown strong outperformance against its 4-wheeler peers. While the stock has the potential to go higher, short-term traders are advised to book profits. The long-term targets are seen around 900 levels where a cluster count target on point and figure charts is placed”, Gaurav Bissa, Vice President, of InCred Equities said.
Shares of Kotak Mahindra Bank drop on a GST demand notice of Rs 57.20 lakh.
A day after the lender received a show-cause-cum-demand notice from the assistant commissioner of central goods and service tax (GST) and excise, Kotak Mahindra Bank’s shares saw a decline on December 29. It assessed a total of Rs 57.20 lakh in central goods and services tax (CGST), along with Rs 5.1 lakh in penalties and relevant interest.
In FY18 and FY19, the input tax credit (ITC) on a few expenses has been denied due to demand.
Taking into account the private sector lender’s Rs 3,191-crore net profit reported for the quarter ended September 2023, the sum is insignificant. It increased by 23.6 percent from the previous year. Its net interest income, which is calculated as the difference between interest paid to banks and interest received, was Rs 6,296.6 crore during the quarter, representing a YoY growth of 23.5 percent.
Shakti Pumps gains 8% after securing a Rs 258-cr green power deal in Haryana.
On December 29, Shakti Pumps (India) saw a spike in intraday trading of more than 8% following the receipt of a new order from the Haryana Renewable Energy Department (HAREDA).
“The company has received a second work order under the KUSUM‐3 scheme from Haryana Renewable Energy Department (HAREDA) for 6,408 pumps,” it stated.
The work order is valued at around Rs 258 crore in total (GST included). Within ninety days of the work order’s issuance, solar water pumping systems must be supplied, installed, and commissioned
Asian Paints trades flat even as the Tamil Nadu plant gets the go-ahead.
A day after the State Environment Impact Assessment Authority granted environmental permission for its Tamil Nadu factory, Asian Paints shares recorded modest gains of less than 0.5 percent on the NSE in early trade on December 29. The stock was trading at Rs 3,400.60 at 9:20 a.m.
Asian Paints announced that the state administration has granted environmental clearance for the company’s Sriperumbudur factory in a regulatory filing dated December 28.
The paint company posted a 53.31 percent year-over-year increase in consolidated net profit in Q2FY24, amounting to Rs 1,232.39 crore. Revenue increased by 0.03 percent to Rs 8,478.57 crore from Rs 8,457.57 crore during the same time. Profits before interest, taxes, depreciation, and amortisation (EBITDA) rose to Rs 1,717 crore from Rs 1219.3 crore, and the EBITDA margin was 20.2 percent compared to 14.4 percent in the previous year during the same period.
Shares of Kotak Mahindra Bank drop on a GST demand notice of Rs 57.20 lakh
A day after the lender received a show-cause-cum-demand notice from the assistant commissioner of central goods and service tax (GST) and excise, Kotak Mahindra Bank’s shares saw a decline on December 29. It assessed a total of Rs 57.20 lakh in central goods and services tax (CGST), along with Rs 5.1 lakh in penalties and relevant interest.
In FY18 and FY19, the input tax credit (ITC) on a few expenses has been denied due to demand.
Taking into account the private sector lender’s Rs 3,191-crore net profit reported for the quarter ended September 2023, the sum is insignificant. It increased by 23.6 percent from the previous year. Its net interest income, which is the difference between interest paid to banks and interest gained, was Rs 6,296.6 crore for the quarter, a YoY growth of 23.5 percent.