PayTM Shares Drop 40% in 2 Days: Sensex Up 1400, Nifty Surges 400; IT and Banking Stocks Rise
The share market today, meaning on Friday (February 2), saw an increase. With a rise of more than 1400 points, the Sensex is trading at the level of 73,000. Similarly, the Nifty has seen an increase of more than 400 points, trading at the level of 22,100. All 30 shares of the Sensex have seen an increase. Today, there has been more growth in IT, metal, and banking shares.
Four Reasons for Market Momentum
- Rise in high-weighted shares like Reliance and Infosys.
- Due to global market momentum, the Indian market is receiving support.
- Foreign investors are increasing their investments in the Indian market.
- It is estimated to reduce the fiscal deficit of GDP by 4.5% till 2025-26 in the budget.
Paytm Shares Dropped 40% in Two Days
The significant impact of the action taken by the Reserve Bank of India (RBI) on January 31 against online payment service company Paytm is being seen on the company’s shares. The company’s shares have fallen by 40% in just 2 days. Today, it is trading at 20% lower circuit. Earlier, even on Thursday, a lower circuit was applied. It is worth mentioning that on January 31, RBI had issued an order to ban Paytm Payment Bank’s banking services.
Adani Enterprises’ Net Profit Increased by 2.3 Times
Adani Enterprises Limited, the flagship company of the Adani Group, has announced its financial results for the third quarter (October-December) of the financial year 2023-24, today, meaning on Thursday (February 1). In Q3FY24, the company’s net profit increased year-on-year (YoY) by 2.3 times or 130.29% to Rs. 1,888.4 crore.
In the corresponding quarter of the previous financial year, the company had reported a net profit of Rs. 820 crore. In Q3, the company’s revenue also increased by 6.5% year-on-year to Rs. 28,336.4 crore. In the corresponding quarter of the previous financial year, it was Rs. 26,612.2 crore.
Market Decline Seen Yesterday
Yesterday, meaning on Thursday (February 1), a decline was seen in the share market. The Sensex fell by 106 points to close at 71,645.30, while the Nifty fell by 28 points to close at 21,697.45.
