Sensex drops 221 pts day ahead of RBI decision; Adani Ent up 15%, Paytm 5%

CLOSING BELL: Adani Enterprises (up 15 per cent), Dr Reddy's Labs, Adani Ports, Kotak Bank, IndusInd Bank, Bajaj Finance, Bajaj Auto, ONGC, JSW Steel, and Eicher Motors led the recovery

2:25 PM

Declining core inflation limits need for further rate hikes by RBI: S&P

S&P Global Ratings on Tuesday said core inflation in India has been declining sequentially, and an elevated 6.25 per cent policy rate limits the need for further rate hikes. READ

2:16 PM

Adani Ports eyes Rs 15,000 cr Ebitda in FY23, will prepay Rs 5,000 cr debt

Adani Ports and Special Economic Zone is targeting an Ebitda (earnings before interest, depreciation, tax and amortisation) of Rs 14,500-15,000 crore in the financial year ending this March, Karan Adani, CEO and wholetime director of APSEZ said. READ

 

2:02 PM

Earnings Alert: Ramco Cements Q3 net drops 19%; stock gains 3%

The Ramco Cements reported a 19.3 per cent fall in Q3 net profit at Rs 67 crore for the quarter ended December 2022 as against Rs 83 crore the corresponding quarter a year ago. Total income, however, grew 29.7 per cent YoY to Rs 2,018 crore.

1:54 PM

News Alert:: Ramco Aviation signs deal with Nova Systems

Ramco Aviation part of Ramco Systems has inked a deal with UK-based Nova Systems to provide MRP and MRO services for its UK-based operations.

1:48 PM

Earnings Alert: TTK Healthcare Q3 net down 8%; stock up 4%

TTK Healthcare Q3 net slipped 7.9 per cent to Rs 11.20 crore in the quarter ended December 2022 as against Rs 12.16 crore in Q3FY22. Total income, however, was up 19.1 per cent YoY at Rs 194.35 crore.

1:42 PM

Stock of this smallcap company has zoomed 58% in 6 days on strong Q3 result

Shares of Apar Industries rallied 16 per cent to hit a new high of Rs 2,230 on the BSE in Tuesday’s otherwise weak intra-day trade. In the past six trading days, the stock has zoomed 58 per cent after the company reported a massive 210 per cent year-on-year (YoY) jump in its consolidated profit to Rs 170 crore for the December quarter (Q3FY23) led by strong operational performance. READ MORE

1:31 PM

Earnings Alert: Adani Ports Q3 net slips 13%; stock pares gain

Adani Ports & SEZ reported a 12.9 per cent decline in Q3 net profit at Rs 1,336.51 crore for the quarter ended December 2022 as against Rs 1,535.28 crore in Q3FY22. Total income, however, was up 7.2 per cent YoY at Rs 5,051.17 crore.

1:28 PM

Municipal corporations may issue bonds worth Rs 1000 cr in next 3 months

At a time when the Finance Ministry and the Reserve Bank of India are looking to encourage municipal bodies to issue bonds, debt market sources said that around five to six such corporations may sell bonds worth around Rs 1,000 crore in three to four months. READ MORE

1:27 PM

To pacify stakeholders, top banks declare their exposure to Adani Group

In an earlier interview with Network18, Union Finance Minister Nirmala Sitharaman said that the exposure of the Life Insurance Corporation of India (LIC) is "well within" the permissible limits. In a post-budget press conference in Mumbai on February 4, she said that the regulators are working and monitoring the Adani Group situation closely. READ MORE

1:14 PM

Q3 results: PSBs' net profit jumps 66% on healthy interest margins

Eleven public-sector banks (PSBs) reported an average of 65.7 per cent year-on-year (YoY) growth in net profit at Rs 28,620 crore in the third quarter ended December 2022 (Q3FY23). Growth came primarily on the back of a steady rise in net interest income (NII). READ MORE

1:08 PM

BSE 500:: Adani Enterprises, Paytm, Triveni Turbine top gainers chart

Adani Enterprises up over 17 per cent was the top gainer among the BSE 500 stocks so far on Tuesday. It was followed by Paytm, Triveni Turbine, Swan Energy and Adani Ports, up 6 - 9 per cent each.

12:58 PM

Stay selective on defensives amid current market volatility: Analysts

Given the uncertainty on how the market trajectory may play out ahead, analysts believe investors can rotate allocation from high beta stocks to defensive plays albeit selectively. READ MORE

12:53 PM

MARKET CHECK :: Sensex at day's low, slumps 400 pts

Sensex at day's low.

12:40 PM

RBI policy preview :: Moderation in policy rate hike intensity will lift homebuyer

In its upcoming policy meeting, we expect the RBI to hike repo rate moderately by 20 to 25 bps as inflation has softened to below 6% in the last two months. With inflation coming under control and reduced pace of US Fed rate hike, the focus of the RBI is now likely to shift towards maintaining growth, which can moderate in the coming financial year owing to global uncertainties. Thus, moderation in the pace of repo rate hike is pertinent to keep domestic demand afloat to support the economy. 

 

Borrowing costs have increased across product categories including home loans. The Knight Frank Affordability index of the home buyers has worsened marginally by average 1.4% in this rate cycle and hence remains supportive of demand. Although, consumers’ inclination towards home purchases have remained resilient in the last few months, there has also been some signs of moderation in sequential growth in home sales as hinted by the early indicators. 
 

Thus, we hope that moderation in policy rate hike intensity will lift homebuyer and industry sentiment and help maintain the housing sales trajectory in the country.

Views by: Vivek Rathi- Director Research, Knight Frank India

12:35 PM

CG Power hits new high on heavy volumes; stock surges 18% in one month

A combined 4.75 million shares representing 0.31 per cent of total equity of the company changed hands on the NSE and BSE till 12:10 PM. READ MORE