Market Update: Key Stocks to Watch Amid Ongoing Selling Pressure
Stocks in news: Airtel, Tata Motors, Dr Reddy's, NTPC, Dixon Technologies
The Economic Times
Image: The Economic Times
On Tuesday, Indian stock markets faced selling pressure, with the Nifty nearing the 23,150 support level. Key companies like Airtel, Tata Motors, and Dr Reddy's reported significant profit declines, while Vodafone Idea plans a fundraising proposal. MTAR Technologies showed strong profit growth, and NTPC is moving forward with a nuclear project feasibility study.
- 01Nifty index approaches support at 23,150 amid market correction.
- 02Dr Reddy's Laboratories reported an 86% drop in net profit year-on-year.
- 03Tata Power's profit fell 4% to ₹996 crore, with revenue down 13%.
- 04MTAR Technologies saw a 223% increase in net profit for Q4.
- 05NTPC plans to submit a feasibility study for its first nuclear project.
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Indian stock markets continued to experience selling pressure on Tuesday, with the Nifty index nearing the 23,150 support level. Key companies are in focus due to recent news developments. Dr Reddy's Laboratories reported a significant 86% drop in consolidated net profit to ₹221 crore for the March quarter, with revenues also declining by 12% to ₹7,516 crore. Tata Power's consolidated net profit fell 4% year-on-year to ₹996 crore, alongside a 13% drop in revenue to ₹14,900 crore. Meanwhile, Vodafone Idea is considering a fundraising proposal to improve its financial position. In contrast, MTAR Technologies reported a remarkable 223% increase in net profit to ₹44.28 crore, driven by strong revenue growth. Additionally, NTPC plans to submit a feasibility study for its first nuclear project, aiming for at least 2 GW of capacity by 2032.
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The declines in profits for major companies like Dr Reddy's and Tata Power could affect investor sentiment and stock prices, potentially impacting shareholders and market stability.
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