Sensex Today | Share Market Live updates: Sensex, Nifty to start on steady note; Gift Nifty in green
Tata Motors, a prominent player in the automobile industry, unveiled its financial results for the first quarter of fiscal year 2023-24 (Q1FY24) on July 25. During this period, the company achieved a consolidated net profit of ₹3,202 crore, showcasing its strong financial performance.The revenue from operations witnessed a remarkable surge of 42 per cent, reaching ₹102,236.08 crore in the June quarter.
This remarkable achievement exceeded expectations, surpassing the ₹1 lakh crore-mark, in line with projections made by financial analysts. The impressive earnings were attributed to improved margins and robust sales in the company's luxury division, Jaguar and Land Rover (JLR), based in the United Kingdom.Tata Motors' consolidated operating profit, calculated as earnings before interest, taxes, depreciation, and amortization (EBITDA), witnessed an astounding year-on-year growth of 177 per cent, amounting to ₹14,700 crore.
Additionally, the operating margin expanded by 700 basis points (bps) compared to the previous year, reaching 14.4 per cent in the June quarter, further highlighting the company's significant progress. (Read More)The tech-heavy Nasdaq closed higher on Tuesday, leading gains on Wall Street amid investor excitement about artificial intelligence before earnings reports from megacap technology companies Alphabet and Microsoft after the bell.Both Microsoft and Alphabet have launched an array of AI products since OpenAI, backed by Microsoft, released ChatGPT in late 2022.
Investors expect the new products will help tech giants offset a slowdown in their cloud businesses.With the U.S. central bank on track for another 25-basis point interest rate hike on Wednesday, policymakers face a choice over how much weight
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