Stock Market LIVE Updates: Wall Street falls as Fed holds rates steady; eyes on FM Budget speech

Indian equity indices ended with little change in the volatile session on February 1 after the Finance Minister has presented the inline Interim Budget with no big announcements. At close, the Sensex was down 106.81 points or 0.15 percent at 71,645.30, and the Nifty was down 28.20 points or 0.13 percent at 21,697.50.

We wrap up today’s edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.

I am pleased with how the budget has promised to focus on EV manufacturing and develop EV charging infrastructure in the country and I believe the positive push would offer the much-needed push toward green mobility. Typically, the reduction of the GST compliance burden is a highlight of this budget. Similarly, the government’s push to strengthen the EV charging network across the country through rooftop solarization projects, is also commendable. I believe this would help EV charging infrastructure development companies to amp their charging and installation capacity and in turn address the root of range anxiety, promoting the adoption of electric vehicles across all segments.

Additionally, the reduction of GST compliance for trade and industry could ease the burden of EV entrepreneurs to some extent. However, I wish there were more announcements on the fronts of GST reforms to accelerate the growth of EV charging infrastructure and promote EV adoption in the country. While the budget’s emphasis on green mobility is commendable, I feel it missed an opportunity to uplift the EV sector’s niche segments, such as EV battery recycling.

Tata Motors is likely to see a robust growth in net profit and revenue in the fiscal third quarter, on the back of strong growth in Jaguar Land Rover volumes, price hikes, and superior product mix. The automobile major will announce its Q3 FY24 results on February 2.

According to the average estimate of six brokerages, Tata Motors’ net profit is expected to grow 54 percent on-year to Rs 4,547 crore in the October-December quarter. Revenue may gain 22 percent on-year to Rs 1,08,169 crore. EBITDA margin too is expected to see a sharp jump of 273 basis points to 13.63 percent. Read More

Zetwerk applauds the 2024-25 interim budget’s focus on development, infrastructure, and clean energy. Increased infrastructure spending, including corridors and port improvements, will boost economic activity and logistics efficiency. The net-zero target and free rooftop solar project are commendable steps towards green integration. The decision to cut import duties on essential components for making mobile phones will be leveraged by the sector.

Upgrading railway bogies to Vande Bharat standards will enhance safety, convenience, and passenger experience, further bolstering our infrastructure and manufacturing activities.

The research and development corpus of Rs1 trillion and focus on developing deep-tech in the defence sector will prompt private companies to innovate and contribute to ‘Atmanirbharta’.”

These measures will generate employment and empower our youth. We believe that successful implementation of these plans will add further momentum to the tailwinds propelling the Indian manufacturing industry and economy in general. Overall, this budget positions the Indian economy for continued success in the near and mid-term.

Total sales up 21.6% at 4,33,598 units vs 3,56,690 units, YoY

Domestic sales up 18% at 420,934 units vs 3,49,437 units, YoY

Net profit rose 26% at Rs 311 crore against Rs 246.8 crore and revenue up 8.7% at Rs 1,437 crore versus Rs 1,322.2 crore, YoY.

FIIs net sell Rs 1,879.58 crore in equities and DIIs net buy Rs 872.49 crore in equities today (Provisional)

Net profit up 26.9% at Rs 34 crore versus Rs 26.8 crore and revenue up 20.8% at Rs 572.6 crore versus Rs 474.2 crore, YoY.