Page 17 - Markets

Nandish Shah of HDFC Securities suggests Bull Spread strategy on IGL

The stock price of Indraprastha Gas (IGL) has been taking support at 200 day EMA since January 2023

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

LIC's net income jumps manifold to Rs 8,334.2 crore in December quarter

Public sector insurer LIC on Thursday reported manifold jump in net income at Rs 8,334.2 crore during the three months ended December 2022 as against Rs 235 crore a year ago. The Life Insurance Corporation (LIC) earned Rs 1,11,787.6 crore in net premium income during the reporting quarter as against Rs 97,620.34 crore in the year-ago period, it said in a regulatory filing. The numbers are strictly not comparable as the insurer was not a publicly traded company earlier. LIC's income from investments rose to Rs 84,889 crore from Rs 76,574.24 crore a year ago, the filing said. Its investments into the crisis-ridden Adani Group has been under tremendous criticism even though the value of the investment of close to Rs 36,000 crore are still in the green despite those shares losing almost 60 per cent of their value since January 25.

Hindalco PAT drops 63% in December quarter on elevated input costs

Hindalco Industries, the Aditya Birla Group metals flagship, on Thursday posted a 62.9 per cent decline in consolidated profit after tax at Rs 1,362 crore for the quarter ended December 31, 2022 mainly due to elevated input costs, unfavourable macros and inflationary impacts. The company had posted consolidated Profit After Tax (PAT) of Rs 3,675 crore in the year-ago period, Hindalco said in a regulatory filing. "Consolidated PAT in Q3 FY23 was at Rs 1,362 crore compared to Rs 3,675 crore in Q3 FY22, a decline of 63 per cent YoY (Year-on-Year)," the company said in a statement. However, the revenue from operations in the third quarter increased to Rs 53,151 crore, over Rs 50,272 crore a year ago, the filing said. "Though the India aluminium upstream business EBITDA came under pressure from the surge in input costs and lower realisations, this was partially offset by higher volumes. The India aluminium downstream business segment delivered a higher EBITDA YoY, due to higher volumes

Page Industries slips 4%, hits 52-week low on disappointing Q3 results

Ebitda margin contracted by 530 bps year-on-year, and 320 bps quarter-on-quarter to 15.8 per cent, primarily due to lower absorption, advertising and manpower costs

Adani Wilmar bucks weak trend in group companies; surges 5% post Q3 results

The stock of Adani Wilmar has recovered 9 per cent from its intra-day low of Rs 405.10, lifted by heavy volume. In the past three days, it has bounced back 16 per cent

Quake toll surpasses 11,000; Turkey Halts Trading After $35-Bn Wipeout

The tally was expected to rise as hundreds of collapsed buildings in many cities have become tombs for people who had been asleep in the homes when the quake hit in the early morning

Here's why Macquarie has double upgraded Paytm's stock to 'Outperform'

Following the upgrade, shares of Paytm surged 18.5 per cent to an intra-day high Rs 698 per share on the BSE on Wednesday

New-age stocks in focus; Paytm, Policybazaar, Zomato, Nykaa gain up to 10%

In the past one year, these stocks have underperformed the market by falling between 31 per cent and 53 per cent, as against 5 per cent rise in the Sensex

Wonderla Holidays surges 13%, nears 52-week high on strong Q3 results

The management said the significant boost in the number of visitors was due to the increase in domestic tourism, walk-in customers and the revival of student excursion trips

Allegations made by Binance 'false and unsubstantiated', says WazirX

This comes just days after Binance gave an ultimatum to Zanmai Labs, the parent company of WazirX, to not spread 'false claims' and stop using Binance's wallets by February 3

Rupee appreciated 4 paise to 82.66 against US dollar in early trade

The rupee appreciated 4 paise to 82.66 against the US dollar in early trade on Wednesday, supported by a firm trend in domestic equities ahead of the Reserve Bank of India's monetary policy decision. However, investors remained concerned over rising crude prices in the overseas markets and persistent foreign capital outflows, forex traders said. At the interbank foreign exchange, the domestic unit opened strong at 82.67 against the dollar, then inched higher to 82.66, a rise of 4 paise over its last close. In early deals, it was moving in a close range of 82.66-82.67. On Tuesday, the rupee rose 6 paise to close at 82.70 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.10 per cent to 103.33. Brent crude futures, the global oil benchmark, advanced 0.18 per cent to USD 83.84 per barrel. The Reserve Bank of India's monetary policy decision on Wednesday will be closely watched by investors for furt

Here's why Vinay Rajani is bullish on Dr Reddy's, Oracle Financial Services

As per the technical analyst, the Budget session high of 17,973 and low of 17,353 have become crucial levels to watch out for any directional move in the Nifty index

Sell-off in bank stks amid Adani fiasco provides good entry point: Analysts

Analysts believe the sell-off in bank stocks is overdone since exposure of Indian banks to Adani group remains contained

Ambuja Cements reports 46% rise in profit to Rs 328.9 crore in Q3FY23

Ambuja Cements Q3 results: The revenue from operations of the company rose 10 per cent to Rs 4,128.5 crore from Rs 3,739.9 crore a year ago

Stock exchanges up scrutiny of traders whose exposure exceeds income

NSE asks asked brokers to check for suspicious transactions as derivative activity surges

GlaxoSmithKline Pharmaceuticals net profit rises 9.45% to Rs 165 cr in Q3

GlaxoSmithKline Pharmaceuticals Ltd on Tuesday reported a 9.45 per cent rise in consolidated net profit at Rs 164.56 crore in the third quarter ended December 31, 2022. The company had posted a consolidated net profit of Rs 150.35 crore in the same quarter last fiscal, GlaxoSmithKline Pharmaceuticals (GSK Pharma) said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 802.3 crore as against Rs 815.92 crore in the year-ago period, it added. Total expenses were lower at Rs 590.1 crore compared to Rs 636.56 crore in the corresponding quarter last fiscal. "General medicines portfolio grew by 10 per cent led by anti-infectives and dermatology therapies...Vaccine sales were down for the quarter in a declining self-pay vaccines market. However, we continue to gain market share for key vaccine brands," GSK Pharma Managing Director Bhushan Akshikar said. During the quarter, he said, the National List of Essential Medicines (NLEM), 2022

Emerging market currencies to gain on better economic outlook: Reuters poll

Emerging market currencies expected to drift higher in coming months due to improved global growth prospects, boosted in part by the reopening of China's economy, a Reuters poll found

Bharti Airtel Q3 net profit jumps 91% to Rs 1,588 cr; ARPU rises to Rs 193

Telecom operator Bharti Airtel on Tuesday reported a 91.5 per cent year-on-year rise in consolidated net profit to Rs 1,588 crore for the October-December quarter of 2022-23. Total revenue rose nearly 20 per cent year-on-year to Rs 35,804 crore in the December quarter (Q3FY23) "backed by strong and consistent performance delivery across the portfolio", the company said in a statement. Its consolidated net income (after exceptional items) stood at Rs 1,588 crore for the just ended quarter, translating into an increase of 91.5 per cent year-on-year. The consolidated net income (before exceptional items) at Rs 1,994 crore, was up by 147 per cent year-on-year, it added. Bharti Airtel Managing Director Gopal Vittal said the company delivered another quarter of consistent and competitive growth across businesses. "Revenue grew sequentially by 3.7 per cent, while EBITDA margin expanded to 52 per cent. Our strategy of winning quality customers has helped us add 6.4 million 4G customers and

Balaji Amines slips 6%, hits 52-week low on disappointing Q3 results

The company said the fall in operating margin was primarily on account of de-growth in pharma and API sector