Domestic benchmark gauges started the week with a flat opening. The Nifty 50 opened at 17818.55 points and the BSE Sensex at 60847.21. The Adani Crisis continued to cast a shadow on investor sentiments this week.
The markets ended on a lower note on Friday, due to selling pressure in metal and energy stocks. Snapping its two-day gaining streak, the 30-Share BSE Sensex ended 123.52 points or 0.20 per cent lower at 60,682.70 points, while the broader NSE Nifty 50 slipped 0.21 per cent to finish at 17,856.50 points.
Top gainers and Losers
Some of the top gainers this week were Adani Enterprises (up 26.05 per cent), PB Fintech (up 20.29 per cent), One 97 Communications (Paytm) (up 19.18 per cent), Adani Ports and Special Economic Zone (up 17.46 per cent), and Elgi Equipments (up 11.42 per cent).
On the other hand, some of the top losers were Adani Green Energy (down 18.54 per cent), Adani Total Gas (down 18.55 per cent), Tata Teleservices (Maharashtra) (down 15.43 per cent), Mahindra Logistics (down 8.82 per cent), and Bharat Dynamics (down 8.31 per cent).
The Recap
Electric passenger vehicles retail sales decline 10.51 % in January
According to automobile body, the Federation of Automobile Dealers’ Association (FADA) data, the retail sales of electric passenger vehicles declined by 10.51 per cent sequentially to 3,346 units in January 2023 over 3,379 vehicles sold in December last year. The e-three-wheelers sale also dropped 3 per cent sequentially at 32,911 vehicles in comparison in January this year from 33,949 vehicles in the last month of 2022. The sales of e-two-wheeler volumes stood flat at 64,363 vehicles as against 64,348 units retailed in December 2022.
India can be a superpower in defence manufacturing: General Chauhan
Lauding the private sector’s contribution to defence manufacturing, Chief of Defence Staff (CDS) General Anil Chauhan said that India has the potential to emerge as a superpower in making military equipment and has displayed the wherewithal to develop big and complex platforms. He added that the HAL (Hindustan Aeronautics Limited) helicopter factory in Karnataka’s Tumakuru will encourage tier-2 and tier-3 industries and generate employment.
Adani Crisis – Indian banking system stronger, larger to be impacted by ‘case like this’
Reserve Bank Governor Shaktikanta Das on Wednesday said that the strength, size and resilience of the Indian banking system now are much stronger and larger “to be affected by a case like this” in reference to the developments regarding the Adani group crisis. Meanwhile, the RBI projected India’s economic growth to slow down to 6.4 per cent in FY24 from 7 per cent in the current fiscal, citing risks from geo-political tension and tightening global financial conditions. It hiked the repo rate to 6.50 percent and maintained the stance of “withdrawal of accommodation.”
Equity mutual funds inflow hits 4-month high at ₹ 12,546-cr in Jan on strong SIP flows
Equity mutual funds have attracted ₹ 12546 crores in January 2023, driven by buoyant SIP flows, making it the highest net infusion in four months, despite volatility in the stock market. This is way higher than the inflow of ₹ 7303 crore seen in December, ₹ 2,258 crore in November and ₹ 9,390 crores in October. However, equity mutual funds witnessed an inflow of ₹ 14,100 crores in September.
Aditya Birla Group commits ₹ 25,000 cr investment in Uttar Pradesh
At the Global Investors Summit, the Aditya Birla Group on Friday committed ₹ 25,000 crore investment across its various businesses in Uttar Pradesh. Kumar Mangalam Birla said the investment would go into various businesses like cement, metals, chemicals, financial services and renewable energy. Investors are already taking note of the changing face of Uttar Pradesh as over the last three years ending September 2022, the state has attracted FDI worth USD 1.1 billion, he added.
Results
Life Insurance Corporation of India (LIC)
The public sector life insurer LIC’s net income increased multifold to ₹ 6,334.2 crores during the three months ending December 2022 as against ₹ 235 crores a year ago. It earned ₹ 1,11,787.6 crores in net premium income during the reporting quarter against ₹ 9724.7 crores in the same period a year ago. LIC’s income from investments rose to ₹ 84,889 crore from ₹ 76,574.24 crores a year ago.
Suzlon Energy
Suzlon Energy’s consolidated net profit more than doubled to ₹78.28 crore during the December 2022 quarter, mainly due to reduced expenses. The company clocked a net profit of ₹ 36.77 crores during the October to December quarter of the preceding fiscal. Girish Tanti, Vice Chairman, Suzlon Group, said that the beginning of 2023 has been highly encouraging for the wind energy sector with a slew of crucial policy announcements. He added that Indian wind energy is equipped and on track to contribute substantially towards India’s energy transition roadmap.
Shree Cements
The cement manufacturer reported a 41.61 per cent decline in consolidated net profit to ₹ 281.83 crore in the third quarter that ended December 2022 due to an increase in input cost. The company posted a net profit of ₹ 482.70 crore in the October- December quarter of the last fiscal year. The company said in its earnings update that the total volume increased by 23 per cent year-on-year (YoY) from 6.55 million tonnes to 8.03 million tonnes. There was a strong momentum in cement demand due to a rise in construction activities.
Written by Simran Bafna
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