Sensex Gives Up 60K, Nifty Down 100 Pts; Tata Motors Soars 6%
The advance for US shares followed mixed economic data. US gross domestic product rose at a faster-than-forecast pace in the December quarter, but there were signs of slowing underlying demand as the steepest rate hikes in decades threaten growth.
A surprise drop in initial jobless claims also pointed to resilience in the labor market.
Adani Enterprises kicks off share sale, shares down over 2%
Billionaire Gautam Adani’s flagship Adani Enterprises Ltd began a record ₹20,000 crore secondary share sale for retail investors on Friday.
This follow on public offer comes days after New York-based Hindenburg Research flagged concerns in a report about debt levels and the use of tax havens at the conglomerate.
Adani Group has dismissed the report as baseless.
Tata Motors surges over 6% aided by December quarter profit
Tata Motors Ltd widely surpassed Street expectations as the parent of Jaguar Land Rover (JLR) swung to its first quarterly net profit in two years.
The Mumbai-based automaker posted a consolidated net profit of ₹2,597.71 crore in the three months ended 31 December, compared with a loss of ₹1,516.14 crore a year earlier. Analysts polled by Bloomberg had estimated the company to deliver a ₹1,060 crore net profit during the quarter.
The homegrown passenger and commercial vehicle maker last made a net profit in the third quarter of fiscal year 2021.