Today’s top morning headlines - 1st February 2024

Good morning

Markets are trading flat as FM Sitharaman presents the budget, with the NIFTY50 trading above 21,700 as of 11:30 am. Here are the top stories for the day!

Top gainer: Maruti Suzuki: 10,585 ▲ 398 (+3.9%)
Top loser: Dr Reddy: 5,963 ▼ 158 (-2.5%)

:star:Godrej Consumer surges 12% to 52-week high
Shares of Godrej Consumer Products rose 12% in morning trade to hit a 52-week high of ₹1,314 today. This comes after the FMCG major reported a 6.4% year-on-year (YoY) rise in its net profit to ₹581 crore in October to December quarter of FY24. Its revenue witnessed a 2% growth to ₹3,659 crore in the same period.

:star:Shree Cement net profit doubles
Shares of the cement manufacturer jumped 6% to hit a new 52-week high of ₹30,344 today. This comes after the company reported a double-fold consolidated net profit to ₹701 crore in Q3 FY24, up from ₹281 crore in the previous year.Its revenue rose 21.5% to ₹5,223 crore in this quarter, compared to ₹4,299 crore in the year ago period.

:star:Maruti Suzuki zooms 4% after robust Q3 performance
Shares of India’s largest car manufacturer are up more than 4% today. Experts said that the company beat the street estimates in the December quarter. Favourable product mix, higher realisation and improved volumes led to a 33% rise in the profit to ₹3,130 crore.

:star:Paytm shares tumble 20% after RBI restrictions
The Reserve Bank of India (RBI) on Wednesday ordered Paytm Payments Bank, an associate of Paytm, to stop accepting fresh deposits in its accounts or popular wallets from March. Paytm said this RBI directive could have an impact of ₹300 to ₹500 crore on its annual EBITDA going forward.