Easing inflation expectations keep investors’ spirits high globally, although some caution prevails for another surprise from Japan’s central bank when it sets policy on Wednesday as the yen remains strong.
India’s trade deficit widens to $23.76 bn; exports dip by 12.2% in Dec
India’s merchandise trade deficit in December widened to $23.89 billion as against $21.10 billion year-on-year (YoY). However, the number was largely flat as compared to $23.89 billion in the previous month, according to the data released by the commerce ministry on Monday. A trade deficit occurs when a country imports more than it exports. In other words, when a country buys more than it sells, it has a trade deficit.
The country’s merchandise exports in December last year dipped by 12.2% to $34.48 billion as compared to $39.27 billion in the same month last year. (Read More)
Axis Bank stock drags in today’s trading as it sheds 2%
Google vs CCI: No relief for Google, SC to hear Google’s plea against NCLAT order on 18 Jan
The Supreme Court on Monday listed on 18 January US tech-giant Google’s plea challenging the order of the National Company Law Appellate Tribunal(NCLAT) refusing an interim stay on the competition regulator imposing a ₹1,337 crore penalty on it. The SC bench, comprising Chief Justice DY Chandrachud and Justices PS Narasimha and J B Pardiwala, asked senior advocate AM Singhvi, appearing for Google, to clarify on Wednesday if standards deployed in Europe can also be deployed in India. (Read More)
Unemployed population may rise in 2023; Nearly 21 cr may become jobless: Report
The latest report by the United Nations agency has given a negative forecast regarding the job sector for 2023. The International Labour Organization (ILO)’s latest report has predicted a whopping rise in the unemployment rate this year. ILO’s report stated that growth is expected to slow down sharply to 1% this year due to the economic fallout of the war in Ukraine, high inflation, and tighter monetary policy. ILO’s latest job forecast is lower than its previous estimate of 1.5% growth for 2023. (Read More)
Google-backed ShareChat cuts 20% of workforce
India’s ShareChat, a short video-sharing platform backed by Google and Temasek, said on Monday it let go of around 20% of its employees, as startups face increasing pressure from investors to cut costs.
“There is a growing market consensus that the current global economic downturn would be a much more sustained one, and we thus have to, unfortunately, seek more cost savings by reducing our team size,” ShareChat Chief Executive Officer Ankush Sachdeva said in an internal memo seen by Reuters. (Read More)
Paytm Payments Bank gets final RBI nod to operate as Bharat Bill Payment Operating Unit
Paytm Payments Bank on Monday said it has received final approval from the Reserve Bank of India to operate as a Bharat Bill Payment Operating Unit (BBPOU).
Under Bharat Bill Payment System (BBPS), a BBPOU is allowed to facilitate bill payment services of electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bill and municipal taxes.
BBPS is owned by the National Payments Corporation of India.
So far, Paytm Payments Bank Ltd (PPBL) has been undertaking this activity under in-principle authorisation from RBI.
“PPBL has got the final approval from RBI to operate as Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007. As an entity under Bharat Bill Payment System (BBPS), PPBL has got the final authorization to conduct bill payment and aggregation business as a BBPOU,” the company said in a statement.
Under RBI’s guidance, PPBL will display all agent institutions onboard on its website. (PTI)
NIIF to invest ₹400 crore in Lighthouse India’s fourth fund
National Investment and Infrastructure Fund Ltd’s (NIIF) Fund of Funds has announced an anchor commitment of ₹400 crore (around $48.5 million) to consumer-focused Nykaa and Fabindia-backer Lighthouse Advisors Pvt. Ltd’s fourth alternative investment fund (AIF) to become its first domestic institutional investor.
“With a target size of up to ₹3,500 crore (around $425 million), Lighthouse India Fund IV AIF will invest in high-growth businesses in sectors such as healthcare, specialty manufacturing, digital transformation, and consumer products and services,” NIIF said in a statement. (Read More)
India Inc may dole out 9.8 pc salary hike in 2023: Survey
India Inc is likely to see an average salary increment of 9.8 per cent in 2023, slightly higher than a 9.4 per cent hike in 2022, and for top talent the increase will be much more, says a survey.
According to Korn Ferry’s latest India Compensation Survey, organizations are focused on retaining critical and key talent through various talent management initiatives and formal retention and compensation plans.
The survey that covered 818 organisations with more than 800,000 incumbents noted that salaries are set to increase by 9.8 per cent in India in 2023.
While the increment was significantly down at 6.8 per cent in the pandemic-hit 2020, the current growth trend reflects the resilience and ability of leaders and employees to reimagine and rebuild for a sustainable future.
In alignment with India’s focus on accelerated digital capability building, the survey has projected substantial increments in life sciences & healthcare and high technology sectors at 10.2 per cent and 10.4 per cent, respectively. (PTI)
Media index struggles with almost all stocks in red and the index shedding more than a per cent
Federal Bank Q3 net profit rises 54%, asset quality improves
Federal Bank on Monday reported at % rise in its standalone net profit at ₹803.6 crore during the third quarter ended December 2022 for the current fiscal or Q2 FY23, up 54% as compared to ₹521.7 crore in the same quarter in the previous fiscal. Shares of Federal Bank were trading nearly a per cent higher at ₹139 apiece on the BSE in afternoon deals.
The lender’s net interest income (NII), which is the difference between the interest earned and expended, rose 27% to ₹1,956 crore as compared to ₹1,539 crore year-on-year (YoY). Its provisions (other than tax) and contingencies slipped to ₹198.7 crore versus ₹267.8 crore QoQ and from ₹213.9 crore YoY. (Read More)
Viacom18 pays ₹951 crore for media rights to Women’s Indian Premier League
Viacom18, owned billionaire Mukesh Ambani’s Reliance Industries Ltd., has picked up media rights for the Women’s Indian Premier League (WIPL) for ₹951 crore for the next five years. The company will pay a per match value of ₹7.09 crore during 2023-27, the Board of Control for Cricket in India (BCCI) said on Monday. BCCI secretary Jay Shah, in a tweet, congratulated the broadcaster and said it was a “massive win for women’s cricket”. It is expected that the five teams for the first edition of WIPL will be revealed on 25 January. (Read More)
NTPC struggles in today’s session as it sheds around 2% and is amongst the biggest laggards
Oil’s Advance Takes Breather as Investors Assess China Reopening
Oil dropped for the first time in eight sessions as traders took stock of a complex outlook for worldwide demand, with China’s reopening delivering a lift while other parts of the global economy slow.
West Texas Intermediate fell toward $79 a barrel after rallying more than 8% last week. China ditched Covid-19 curbs in late 2022 after years of strict lockdowns. That’s set to improve economic activity and mobility, with analysts forecasting oil demand in the top crude importer will likely hit a record.
Crude has had a bumpy start to the year, collapsing in the opening week before rebounding. In addition to China’s swift pivot, support for crude prices in recent sessions has come from growing expectations that the Federal Reserve is now nearing an end to rate hikes, and a weakening dollar. Traders are also tracking the impact of sanctions on Russian oil and product flows. (Bloomberg)
Japan’s Nikkei ends at more than a week low as BOJ capitulation bets push up yen
Japan’s Nikkei share average ended at more than a week low on Monday, with exporters feeling the pressure from a stronger yen as investors bet the Bank of Japan could be forced to tweak stimulus settings again as soon as this week.
The Nikkei fell 1.14% to close at 25,822.32, its lowest close since Jan. 5. The broader Topix lost 0.88% to 1,886.31.
The yen reached its strongest since May at 127.215 per dollar with speculators ramping up wagers that the BOJ’s yield curve controls are becoming untenable amid rising inflationary pressure.
The central bank sets policy on Wednesday, after shocking markets last month by doubling the band that it lets the 10-year Japanese government bond yield move around zero, to a range of -0.5% to 0.5%.
The benchmark yield exceeded that target for a second day on Monday, reaching 0.51%. (Reuters)
WPI inflation eases to almost 2-year low in December
India’s annual wholesale price index (WPI) inflation for the month of December 2022 eased to 4.95%, at a 22-month low, mainly due to fall in prices of food articles and crude petroleum, the government data showed on Monday. The Wholesale Price Index (WPI)-based inflation was 5.85% in November 2022 and 14.27% in December 2021.
“The decline in the rate of inflation in December 2022 is primarily contributed by fall in prices of food articles, mineral oils, crude petroleum & natural gas, food products, textiles and chemicals & chemical products,” the commerce and industry ministry said in a statement. The WPI Inflation slipped below 5% for the first time since February 2021. (Read More)
Indices remain flat at noon with IT and PSU Bank gaining, while Metal and Auto shedding
Around 58 pc builders expect housing prices to rise further in 2023: Survey
Around 58 per cent of developers expect housing prices to increase this year because of rise in input costs, while 32 per cent builders feel it will remain stable, according to a survey.
According to the ‘Real Estate Developers Sentiment Survey’, by Realtors apex body CREDAI, real estate consultant Colliers India and property research firm Liases Foras, 43 per cent of developers expect residential demand to remain stable in 2023, while 31 per cent feel the demand would increase up to 25 per cent.
As many as 341 real estate developers from various parts of the country participated in the joint survey conducted during the last two months.
“An overwhelming 58 per cent of the developers feel that housing prices are likely to rise in 2023 amidst volatile input costs, economic uncertainties and sustained inflation rates,” the report said.
However, the survey revealed that about 32 per cent of the developers believe that the prices will remain stable in 2023. (PTI)
NHAI says no data available about faulty FASTags, penalties collected from users at toll plazas
State-owned NHAI has no information about faulty FASTags and the penalties collected from motorists in case their FASTags are non-functional at highway toll plazas.
In case a motorist does not have a FASTag or it is non-functional, then the person has to pay double the toll charges at toll plazas.
According to the National Highways Authority of India (NHAI), more than 6 crore FASTags have been issued as on October 31, 2022.
However, it has no information about the number of faulty FASTag cases and the total amount of penalty collected from users despite having their vehicles fitted with the Radio Frequency Identification (RFID) tag.
In response to RTI queries about the number of faulty FASTag cases and the amount of penalties collected from the users for non-functional FASTags, NHAI said, “no such data is available”. (PTI)
Auto Index puts a huge drag on the market as it sheds around a per cent with most stocks in red
This below ₹100 L&T Group stock hits 52-week high post Q3 results
Shares of L&T Finance Holdings surged up to 5% to hit a 52-week high level of ₹98 apiece on the BSE in Monday’s trading session after the company on Friday reported a 39% jump in net income to ₹454 crore for the December 2022 quarter, driven by record retail loan sales. The key profitability gauge net interest margin (NIM) and fee income rose 70 bps to 8.80% whereas Retail NIM and fees reached 11.38%, up 25 bps.
The non-banking lender in the earnings stated said that the highest-ever quarterly retail loan sales had its retail portfolio mix rising to 64% of the total loan book, up from 58% in the year-ago quarter, Dinanath Dubhashi, the managing director & chief executive officer (MD and CEO) of L&T Finance said that the company is progressing well on its journey towards mission 2026 to become a digitally-enabled retail finance company. (Read More)
Tech Mahindra shines and leads the tech stock rally as it gains 2% in today’s trading
China, HK stocks rise after Beijing signals COVID wave peaked
China stocks jumped to a four-month high on Monday, while Hong Kong shares also advanced, as investors doubled down their bets on economic recovery after Chinese health officials said COVID-19 infections in the region likely peaked.
** China’s blue-chip CSI300 Index rose 2% by the lunch break, while the Shanghai Composite Index climbed 1.4%. Hong Kong’s Hang Seng Index was up 0.7%.
** Beijing said on Saturday nearly 60,000 people with COVID-19 had died in hospital since it abandoned its zero-COVID policy last month. But on the bright side, Chinese health officials said the number of patients visiting fever clinics and needing emergency treatment was steadily falling, and the number of severe cases had also peaked.
** “Overall, the latest data confirmed that the worst of China’s exit wave is behind us,” OCBC Bank wrote in a note on Monday.
** China also reported a sharp rise in travel ahead of the Lunar New Year holiday, and on Sunday, China resumed the high-speed rail services between Hong Kong and the mainland for the first time since the beginning of the pandemic. The Chinese gambling hub of Macau expected a Spring Festival boom in tourism. (Reuters)
Why Sula Vineyards shares today posted their biggest one-day gain since listing
After the announcement of the Q3FY23 business update, Sula Vineyards shares have attracted huge buying interest by Dalal Street bulls in early morning deals on Monday. Sula Vineyards’ share price today opened upside and went on to hit an intraday high of ₹357.70 apiece on NSE, logging its highest intraday rise of nearly 10 per cent on Monday.
According to stock market experts, Sula Vineyards shares are bouncing back from its lows after the strong Q3FY23 business update where it has reported strong 13 per cent YoY volume growth with realisation. In the recently ended December 2022 quarter, Sula Vineyards Ltd has reported its highest-ever quarterly gross billing, both from its own brands and from its wine tourism business. (Read More)
Adani Enterprises struggle in today’s trading as it sheds 2%
India’s Maruti Suzuki raises prices by average 1.1% across models
India’s top carmaker Maruti Suzuki on Monday said it was raising prices by an average 1.1% across its models, with effect from Jan. 16, prompted by cost pressures.
In December, Maruti had said it would have to raise prices in January to pass on the impact from high inflation and cost pressures related to regulatory requirements. (Reuters)
PSU Bank shines in today’s trading as it jumps more than 1.5% with all stocks trading in green
India’s Avenue Supermarts hits six-month low on Q3 margins drop
Shares of India’s Avenue Supermarts Ltd, which operates the D-Mart retail chain, fell to a six-month low on Monday after the company reported that quarterly core profit margins shrunk due to weak demand.
The company said its earnings before interest, taxes, depreciation and amortization (EBITDA) margins fell to 8.34% in the third quarter from 9.39% a year earlier.
It said the decline mainly reflected a change in product mix and weaker-than-expected discretionary non-FMCG sales.
Avenue Supermarts’s shares fell as much as 5.13% to 3,665.50 rupees on Monday. (Reuters)
Gold prices today surge to record high for second day, silver above ₹70,000
Gold extended gains to hit fresh highs in Indian markets. On MCX, futures rose 0.35% to ₹56517 per 10 gram, surpassing previous high of ₹56,370, hit on Friday. Silver also firmed with futures rising 0.75% to ₹70,000 per kg level.
Gold rates have been on a upward trend since November, as a softer dollar and expectations of slower interest rate hikes from the US Federal Reserve added to bullion’s shine. In global markets, spot gold was up 0.3% to nine-month high of $1,926.07 per ounce. The dollar index today further slipped 0.3%, making dollar-priced gold a more attractive bet. (Read More)
Rupee gains 9 paise to 81.29 against US dollar
The rupee gained 9 paise to 81.29 against the US dollar in early trade on Monday supported by broad dollar weakness and a firm trend in domestic equities.
Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias.
At the interbank foreign exchange, the domestic unit opened at 81.29 against the dollar, registering a rise of 9 paise over its previous close.
On Friday, it depreciated by 8 paise to close at 81.38 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.32 per cent to 101.87.
Brent crude futures, the global oil benchmark, fell 0.53 per cent to USD 84.83 per barrel.
According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the Indian rupee opened stronger on Monday, tracking a weak dollar and a possibility of smaller rate hike from the US Fed in February. (PTI)
Wipro stock gains in early trading as it climbs by more than a per cent
Geojit Financial Services on today’s market: So long as the fundamentals of the economy and corporate earnings are good, FII selling is unlikely to impact the market significantly
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: A major trend in the market in 2022 was the tug-of-war between FIIs and DIIs. The massive selling by FIIs was absorbed by DII buying. 2023 has begun on a similar note. Last week, FIIs sold equity for ₹9605 crores in the cash market and this was easily absorbed by DII buying of ₹ ₹10042 crores. So long as the fundamentals of the economy and corporate earnings are good, FII selling is unlikely to impact the market significantly. India’s macros are stable and early Q3 results indicate good earnings growth. Q3 results of IT majors and HDFC Bank indicate that IT and banking are on strong wicket. Some FIIs are shorting India and moving money to other markets like Taiwan, South Korea and Thailand, purely on valuation concerns. This trend is unlikely to last long. Dollar index dipping to 101.85 is positive for emerging market equity and India cannot be ignored for long.
Metal index comes under pressure in early trading as most stocks start in red on Monday opening
Multibagger SME IPO: Small-cap stock gives 300% return to allottees in 3 months
At a time when the main board initial public offerings (IPOs) have failed to make any significant buzz on Dalal Street, a good number of IPOs in the SME segment have delivered a whopping return to their shareholders. While SME stocks like Droneacharya Aerial have been hitting the circuit since it listing in secondary markets, there is a big list of SME shares that have remained a money-making stock for its investors since its listing in recent months.
BSE SME IPO Insolation Energy is one such public issue. It was launched in September 2022 at a price band of ₹36 to ₹38 and the public issue listed on the BSE SME exchange on 10th October 2022 at ₹76 apiece levels, giving a whopping 100 per cent premium to its allottees. (Read More)
Sensex jumps 300 pts and Nifty 100 pts at open as Bank and Finance stocks lead shine at the start
Richest 1% Indians own more than 40% of country’s wealth: Report
A new study on Monday showed that the richest 1% in India now own more than 40% of the country’s total wealth, while the bottom half of the population together share just 3% of wealth, according to the news agency PTI. The rights group Oxfam International has released the India supplement of its annual inequality report on the first day of the World Economic Forum Annual Meeting here.
It said that taxing India’s ten richest at 5% can fetch entire money to bring children back to school. The report is titled ‘Survival of the Richest’. (Read More)
Bitcoin trades above $21,000 as cryptocurrency market cap back above $1 trillion. Latest rates
In cryptocurrencies, Bitcoin price today gained to trade above $21,000 as the world’s largest and most popular digital token was trading with gains of more than 2% at $21,190. It crossed the level on Saturday, first since November 8, 2022. The price of Bitcoin was stuck in a narrow range around $16,000 to $17,000 for weeks before the latest breakout.
The overall market cap of the crypto universe rose above $1 trillion during the weekend for the first time since early November, according to data from CoinGecko. The global cryptocurrency market cap today was up over 2% in the last 24 hours to $1.04 trillion, as per the data by CoinGecko. (Read More)
Sensex soars at the preopen session by around 400 pts; HDFC Bank, Wipro, TCS, L&T Financial Holdings in focus today
Reliance Securities Stock in Focus Today: Hero MotoCorp
STOCK IN FOCUS
Hero MotoCorp (CMP 2,728): In view of likely rural revival, focus on premium segment, HMCL’s market leadership position to capitalize on the demand recovery and attractive valuation, we have BUY rating on HMCL with a 1-Year Target Price of Rs3,000.
SBIN (PREVIOUS CLOSE: 600) BUY
For today’s trade, long position can be initiated in the range of Rs592-
597 for the target of Rs616 with a strict stop loss of Rs586.
BHARTIARTL (PREVIOUS CLOSE: 764) BUY
For today’s trade, long position can be initiated in the range of Rs755-
760 for the target of Rs785 with a strict stop loss of Rs748.
SUNPHARMA (PREVIOUS CLOSE: 1032) SELL
For today’s trade, short position can be initiated in the range of Rs1040-
1045 for the target of Rs1012 with a strict stop loss of Rs1054.
India’s NDTV says president, other senior execs resign
New Delhi Television Ltd said on Friday that some more of its senior executives, including President Suparna Singh, had resigned, a move that comes less than a month after the Adani Group took control of about 65% of the Indian broadcaster.
NDTV’s chief strategy officer, Arijit Chatterjee, and chief technology and product officer, Kawaljit Singh Bedi, also quit, resignations that come after founders Prannoy Roy and Radhika Roy left the company’s board in December.
That was also when the Roys sold most of their stake in NDTV to the Adani Group, giving the billionaire Gautam Adani-led conglomerates control of the broadcaster four months after it launched a takeover attempt.
NDTV made several failed attempts to block the takeover, citing regulatory restrictions on moving shares.
The ports-to-energy conglomerate’s takeover had stoked fears over the freedom of the press among some journalists and led to Ravish Kumar, a senior executive editor at NDTV, resigning soon after Adani acquired its stake. (Reuters)
HDFC Bank shares a long-term ‘Buy’, analysts bullish post Q3
Private lender HDFC Bank’s quarterly profit rose 19%, surpassing estimates, at ₹12,259.5 crore for the third quarter ended December 2022 as compared to ₹10,342 crore in the corresponding quarter of the previous fiscal year.
“Results were in line with our expectation except for NIM, which remained flat qoq. We see loan repricing benefit to have larger impact on NIMs of other private peers like ICICI Bank & Axis Bank. The near term business strategy would focus on creating enablement for smooth amalgamation, hence growth in deposit and retail loan including SME/Agri would take centre stage,” said analysts at PhillipCapital. (Read More)
Stocks to Watch: HDFC Bank, Wipro, TCS, Sun Pharma, DMart, L&T Finance, REC, RailTel, Sula Vineyards, and NDTV
Federal Bank, Bank of Maharashtra, Angel One, Kesoram Industries, SVP Global Textiles, and Indian Acrylics will be among the stocks in focus as they declare their December quarter earnings today. (Read More)
Asian shares cautious, BOJ faces crunch policy decision
Asian shares started cautiously on Monday as investors waited nervously to see if the Bank of Japan (BOJ) will defend its super-sized stimulus policy at a pivotal meeting this week, while a holiday in U.S. markets made for thin trading. There were even rumours the BOJ might hold an emergency meeting on Monday as it struggles to defend its new yield ceiling in the face of massive selling. That had markets in an anxious mood and Japan’s Nikkei slipped 0.9% in early trading. (Read More)
Wipro Q3 net profit rises 2.8% to ₹3,053 cr; says tech spends robust amid macro uncertainties
Wipro Ltd on Friday reported a better-than-expected 2.8 per cent rise in consolidated net profit for the December 2022 quarter to ₹3,053 crore and exuded optimism about “strong” bookings for the fourth quarter despite global headwinds.
The company’s Q4 guidance, however, came below analysts’ expectations. Wipro said its IT services revenue is expected to grow in the range of -0.6 per cent to 1 per cent sequentially in constant currency in the quarter ending March 2023.
The Bengaluru-based company expects revenue from the IT services business for the full year to be in the range of 11.5-12 per cent in constant currency terms.
The revenues of Wipro – which competes with TCS, Infosys, HCL Tech and others in the market – stood at ₹23,229 crore in Q3FY23, 14.3 per cent higher than the same period of the previous year.
Seen sequentially, the revenue grew about three per cent over the September quarter, while the net profit rose 14.8 per cent quarter-on-quarter. (PTI)
SC to hear Google plea against CCI penalty today. Know more about the case
The Supreme Court of India is set to hear a plea filed by Google over the imposition of a ₹1,337-crore penalty by the Competition Commission of India. The global technology firm has challenged the National Company Law Appellate Tribunal’s refusal to provide interim relief. As things currently stand, Google will have to implement all changes by January 19 this year.
While Google licenses its Android system to smartphone makers, critics say that restrictions – such as the mandatory pre-installation of its own apps – is anti-competitive. It insists that the NCLAT “erroneously rejected” its request for relief “based on the Commission’s deeply flawed order”. (Read More)
Rupee outlook positive, central bank eyed; bond yields likely to rise
The Indian rupee is likely to rise further this week on the back of a struggling U.S. dollar but traders were inclined to be wary of possible dollar-buying intervention by the Reserve Bank of India (RBI) that could limit sharp gains.
Government bond yields are expected to tick up as investors shift focus to the upcoming budget.
The rupee climbed 1.7% to 81.3250 per dollar last week, tracking a broad decline in the dollar index. The local currency is expected to trade between 80.80 to 81.70 this week.
The slowdown in the U.S. inflation rate for the sixth straight month in December has prompted investors to pile on to bets that the Federal Reserve will hike rates by 25 basis points (bps) at the next meeting.
There are a lot of positives for the rupee, including the Fed view, the broadly stable oil prices and the fall in Treasury yields, said Anil Bhansali, head of treasury at Finrex Treasury Advisors. (Reuters)
RattanIndia Enterprises completes acquisition of Revolt Motors
RattanIndia Enterprises has announced it has completed the acquisition of electric vehicle maker Revolt Motors and the firm has become a 100 per cent subsidiary of RattanIndia Enterprises. However, the quantum of the deal has not been ascertained.
“RattanIndia Enterprises Limited has completed the acquisition of 100 per cent shareholding in the electric motorcycles market leader Revolt Motors,” a company statement said.
According to the statement, Revolt Motors is the highest-selling electric bike in the country with its manufacturing facility in Manesar, Haryana. The EV maker has expanded its footprint pan-India with 30 dealerships spread across the country, according to RattanIndia Enterprises.
RattanIndia Enterprises in a statement said it seeks to significantly scale up Revolt’s growth and make it the largest EV two-wheeler company in the country. (ANI)
‘Drishyam 2’ to close box office run at Rs. 235 crore
Ajay Devgn’s mystery thriller ‘Drishyam 2’ is likely to end its box office run with collections of Rs. 235 crore, according to trade website Box Office India. With $7 million picked up overseas, this will mean a Rs. 340 crore plus gross worldwide total for the film, the second best post the pandemic after the Rs. 400 crore of ‘Brahmastra’.
In its first week, the film was performing best in Mumbai and Gujarat and had only dipped 10% on weekdays as compared to the opening weekend. The Mumbai circuit now stands at collections of Rs. 93 crore and since week seven, earnings in Delhi and Uttar Pradesh have also been closer to Mumbai on a daily basis. Even East Punjab is recording excellent collections now, Box Office India said. (Read More)
D-Mart Q3 profit rises 6.7% to ₹589.64 cr, sales up 25.5%
Avenue Supermarts Ltd, which owns and operates the retail chain D-Mart, on Saturday reported a 6.71 per cent increase in its consolidated net profit to ₹589.64 crore for the third quarter ended on December 31, 2022.
The company had posted a net profit of ₹552.53 crore in the October-December quarter a year ago, said Avenue Supermarts in a BSE filing.
Its revenue from operations was up 25.50 per cent to ₹11,569.05 crore during the quarter under review as against ₹9,217.76 crore in the corresponding quarter of the last fiscal.
Avenue Supermarts’ total expenses were at ₹10,788.86 crore, up 27.02 per cent in the third quarter of 2022-23 against ₹8,493.55 crore in the corresponding quarter of the last fiscal.
Commenting on the performance of DMart’s brick & mortar business, Avenue Supermarts CEO & Managing Director Neville Noronha said, “FMCG and staples segment continued to outperform the general merchandise and apparel segments. Gross margin percentage decline over the corresponding quarter of last year is a reflection of this mix change.” (PTI)
Buy or sell: Vaishali Parekh recommends 2 stocks to buy today
Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today, here we list out full details in regard to those day trading stocks:
1] GMR Infra: Buy at ₹41.10, target ₹43, stop loss ₹40.50; and
2] REC: Buy at ₹122.80, target ₹128, stop loss ₹120.50. (Read More)
RailTel bags ₹170 cr order for Puducherry smart city project
Indian Railways‘ wholly owned subsidiary RailTel Corporation of India Ltd has received a work order worth ₹170.11crore from the Puducherry government to design, develop, supply, install, test, commission and operations and maintenance of integrated command control centre (ICCC) and other associated activities for smart city.
The contract is for five years and will be completed in 10 months‘ time. “RailTel has been selected through competitive bidding and it is the first smart city project awarded by the Puducherry government,” the company said in a press release. (Read More)
HDFC Bank Q3 results 2023: Net profit jumps 18.5%, NII up 24.6%
Beating the street estimates, HDFC Bank Ltd has reported a strong rise in net profit and net interest income on a year-on-year (YoY) basis. The private lender reported a net profit of ₹12,259.50 crore in Q3FY23 against a Q3FY22 net profit of ₹10,342.20 crore, logging around 18.50 per cent YoY rise in the recently ended December 2022 quarter.
While announcing HDFC Bank Q3 results in 2023, the private lender reported robust growth in net interest income (NII). In the recently ended December 2022 quarter, HDFC Bank reported an NII of ₹22,987.9 crore, around 24.60 per cent higher than its NII of ₹18,443.50 crore in Q3FY22. (Read More)
TCS to trade ex-dividend on Monday: Record and payment dates here
Shares of India’s largest IT services company Tata Consultancy Services (TCS) will trade ex-dividend with respect to its third interim dividend of ₹75 per share, which included a special dividend of ₹67 per share for FY23, on Monday, 16 January. The record date for the dividends totalling ₹75 per share is 17 January 2023, i.e. investors’ eligibility for the dividend will be decided based on their holdings in the stock as of the said date. (Read More)
US stocks finish higher on Friday as bank shares rebound
Wall Street stocks finished a strong week in a positive fashion Friday, shaking off early weakness and pushing higher amid a turnaround in banking shares.
Major indices opened the day lower following results from JPMorgan Chase and other large banks that signalled expectations for a “mild” recession in 2023.
But markets reversed course in the middle of the session, a sign “the weakness was seen as a buying opportunity,” said Briefing.com analyst Patrick O’Hare, who noted the bank forecasts did not imply a deep downturn.
The market is “reasonably confident we’re not going to see the worst-case scenario of a hard landing,” O’Hare added.
The broad-based S&P 500 finished at 3,999.09, up 0.4% for the day and gaining 2.7% for the week.
The Dow Jones Industrial Average advanced 0.3% to 34,302.61, while the tech-rich Nasdaq Composite Index jumped 0.7% to 11,079.16.
The reversal also coincided with a surprisingly strong consumer sentiment report from the University of Michigan, said Art Hogan, an analyst at B. Riley Financial. (AFP)
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