India Movers: Dabur, Grasim, J&K Bank, Macrotech Developers, Nestle India, Sobha, Utkarsh Small Finance

Arun Goswami
05 Jan, 2024
Mumbai

Dalal Street stocks advanced and trimmed weekly losses after a week of choppy trading.

Investors remained optimistic about economic growth and corporate earnings growth in the December quarter.  

The Sensex index increased 123.42 points to 72,051.36, and the Nifty index gained 53.75 points to 21,708.25.

On the Mumbai stock exchange, 412 stocks traded at their 52-week highs and 4 stocks traded at their 52-week lows.

Oil marketing companies were in focus, and the companies offered a higher price for ethanol produced from corn.

Oil companies raised the price by ₹5.79 to ₹71.86 per liter for the supply of ethanol for the new fiscal year that started in November.

HPCL increased 1.4% to ₹421.70, and BPCL advanced 0.8% to ₹456.30.

Dabur India added 0.4% to ₹567.75, and the company reiterated December quarter revenue growth in the "mid- to high single-digit."

The company attributed weak growth to lagging demand growth in rural markets and a subdued price increase for its products.

The consumer products company said gross margins are likely to expand, led by moderating inflation and cost-savings initiatives.

Sobha declined 1.1% to ₹1,280.25 after the real estate developer reported record sales in the December quarter of ₹1,952 crore.

The company also launched two new property development projects in the quarter, with a total saleable area of 3.84 million square feet.

Nestle India declined 1.9% to ₹2,660.10, and the company traded ex-split for the first time.

The company announced a 10-to-1 stock split effective January 5 to increase the participation of retail investors and liquidity.

Foreign institutional investors lowered their stake in the company to 12.1% from 12.38%, and domestic institutional investors increased their stake to 9.32 from 9.05 in the June quarter, respectively.

Grasim Industries increased 0.3% to ₹2,077.0 after the company announced a secondary offering to raise as much as 4,000 crore.

The company set the offering price at ₹1,812 per share, about a 12% discount from the current market price.

Jammu &Kashmir Bank gained 1.6% to ₹130.95 after the bank reported total deposits in the December quarter increased 9% from a year ago to 1.29 lakh crore.

Utkarsh Small Finance Bank jumped 1% to ₹58.15 after the company said gross loans issued increased by 31% in the December quarter.

Macrotech Developers gained 0.9% to ₹1,106.10 after the company said sales in the December quarter increased 12% to 3,410 crore from 3,040 crore a year ago.