Mon, Apr 29, 2024 3:02 PM
Tata Power shares hit lifetime high despite 120% rally in one year
A Flip by Avya Verma
The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth on Wednesday, further expanding the chasm between it and oil producer group OPEC regarding the outlook for global oil demand this year. The Paris-based energy watchdog lowered its growth outlook for this year by 140,000 barrels per day to 1.1 million bpd, largely citing weak demand in developed OECD nations.
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Shares of Colgate-Palmolive dropped 4% today on BSE to the day’s low of Rs 2,703.40 even as the company reported a 20% jump in its net profit to Rs 379.8 crore in the March quarter. The company's net sales in the quarter under review increased to Rs 1,480.7 crore from Rs 1,341.7 crore in the same period a year ago. Rural markets continued to exhibit positive signs of demand recovery.
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The majority of the Nifty Auto constituents have also been positive this year. Two-wheeler stock Eicher Motors, which recently declared its March quarter (QFY24) results, is one of them. The stock hit its record high of ₹4,740.30 in intra-day deals yesterday (May 14). The auto major has now advanced 50 percent from its 52-week low of ₹3,159.20, hit on July 10, 2023.
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