Moneycontrol's Budget Sensitivity Index (MC BudEx) closed 0.39 percent higher on February 6. In comparison, the Nifty and the Sensex ended in the red, shedding 90 points and 330 points, respectively.
Adani Ports was the top gainer on the BudEx, closing 8.63 percent higher at Rs 541.90 apiece. The stock was buoyed by the news of its promoters releasing some of their pledged stake in the company.
With prepayment of $1.114 billion of share-backed facility ahead of maturity of September 2024, about 168 million shares (12 percent stake) of the promoters’ holding in Adani Ports will now be released.
As of December 2022 end, Adani Ports had 17.31 percent stake pledged. This will come down to 5.31 percent.
Bank of Baroda, Bharat Petroleum, Hindustan Aeronautics and Crompton Greaves were the other gainers on the index, ending higher by 2-4 percent.
On the other hand, Tata Steel was the biggest loser ahead of its Q3 numbers. The company is expected to report a 12.6 percent dent in revenue sequentially and 13.9 percent annually at Rs 52,352 crore in the quarter ended December 2022, according to a poll of brokerage firms conducted by Moneycontrol.
The Budget 2023-24 has also not offered metal companies any new giveaways, maintaining the status quo on duty and tax structures for raw material sourcing. Increased infrastructure spending, however, will be positive for demand.
