Thursday began with the Sensex index down by 100 points, but stocks such as IndusInd and Nestle India are leading a market recovery. Nestle India reported a net profit increase of 36% in Q1FY24, driven by strong domestic demand. This was accompanied by an overall net profit jump of 23.9% across all products, demonstrating double-digit growth.
In addition to this, Nestle India's shares surged 4%, reaching a new high of Rs 23,619. This surge is attributed to the company's plans for a stock split in the ratio of 1:10 and a second interim dividend of Rs 140 per equity share. In an effort to expand its market share, Nestle India also plans to sell Maggi packets for Rs 10.
Bajaj Auto's stock reached a record high this week, surging by 5% due to a robust Q2 margin. Meanwhile, Shakti Pumps' stock rose by 20% after winning a Rs 1,603-crore order from MSEDCL.
A PSU civil construction company has seen its stock soar over 60% in the past three months. Hind Zinc's stocks rallied by 8%, with an interim dividend for FY24 under consideration since July 8, 2023.
Despite the drop in the Sensex index, these companies are showing signs of resilience and growth potential in the market.
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