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Domestic benchmark indices continued to rise on Monday, led by gains in financial and FMCG shares, tracking strength across global markets amid optimism that major central banks may moderate the pace of COVID-era interest rates. 

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The BSE Sensex climbed 451.2 points and was quoting at 61,401.5 points during early trades on Monday, while the Nifty 50 started the truncated week at 18211.75 points, up 94.6 points. The markets remained closed on Tuesday on account of Guru Nanak Jayanti, therefore, there was no trading activity in the equity segment. 

On Friday, the benchmark indices had a gap-up start and continued to hold on to the gains till the end of the session. The BSE Sensex was at 61,795.04 points, up 1.95%, while the NSE Nifty 50 quoted at 18,349.70 points, up 1.78%. Globally, markets were in the green as inflation in the US had cooled down and they expected that the US Fed might hike interest rates less aggressively. 

Market Movers 

The top gainers this week were: Union Bank of India (up 21%), Zomato Ltd. (up 15.56%), Swan Energy Ltd. (up 15.48%), FSN E-Commerce Ventures Ltd. (up 12.89%), Bank of Baroda (up 11.90%). 

On the other hand, some of the top losers were TeamLease Services Ltd. (down -17.26%), Campus Activewear Ltd. (down -15.95%), Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (down -14.74%), Divi’s Laboratories Ltd. (down -12.68%), Dhani Services Ltd. (down -12.34%). 

The Recap 

In this week’s recap, we shall take a look at the riches of the Tirupati Temple, TVS Motor and Amazon India’s collaboration, Cochin Shipyard’s prestigious order and more. 

Tirupati temple richer than Wipro, Nestle, ONGC 

The world-famous Lord Venkateswara’s Tirupati Temple has a net worth of ₹ 2.5 lakh crore (about USD 30 billion). This is more than the market capitalisation of IT services firm Wipro, food and beverage company Nestle and state-owned oil giants ONGC and IOC! The keepers of the temple have declared its net worth for the first time since its founding in 1933.

Its assets include 10.25 tonnes of gold deposits in banks, 2.5 tonnes of gold jewellery, about ₹16,000 crore of deposits in banks, and 960 properties across India. 

TVS Motor and Amazon India join hands to boost electric mobility

Amazon India and TVS Motor Company in a joint statement said that they have joined hands to strengthen electric mobility in India. A fleet of electric two-wheelers and three-wheelers from TVS Motor will be deployed for Amazon’s last-mile deliveries.

Moreover, they will work in tandem to examine EV use cases for various Amazon business groups for its network and logistical requirements

Cochin Shipyard Ltd bagged ₹ 1000 cr worth of international export orders

Cochin Shipyard Ltd has bagged a prestigious international export order for the construction of Commissioning Service Operation Vessels (‘CSOVs’) for offshore wind farms with a European client. The contract is valued at around ₹1000 crore, with the potential for more orders in the series, according to a statement by the company. The company had also recently bagged an order for eight Multi-Purpose Vessels for a German client. 

Flipkart burnt over USD 3.7 billion cash in about a year till Sep 2022 

According to regulatory filings, e-commerce major Flipkart has burnt cash of USD 3.7 billion (about Rs 30,000 crore) in about a year ending September 2022. It had USD 1 billion in cash in July 2021, which came down to USD 887 million by September 2022.

This is the biggest cash burn in a year by any new-age company in the country, according to industry estimates. However, it has made many investments this year. These include investments in Shopsy, Flipkart Health+, Cleartrip, and ANS Commerce, which will strengthen its supply chain and generate employment opportunities. 

LIC bought an additional 2% stake in this Tata Group Stock for ₹ 635 crores

The Life Insurance Corporation of India (LIC) has bought an additional 2% stake in Voltas Ltd, a Tata group stock. The insurance behemoth acquired Voltas’ shares worth ₹ 634.50 crores through open market transactions.

It has increased its shareholding from 2,27,04,306 shares (equivalent to 6.862 per cent) to 2,93,95,224 (8.884 per cent) in Voltas. Voltas Limited is engaged in the business of air conditioning, refrigeration, and electro-mechanical projects. 

Quarterly Results 

Coal India 

Beating analysts’ estimates, Coal India reported a consolidated net profit of ₹ 6,043.55 crore for the second quarter (Q2FY23), up 106% from ₹ 2,936.91 crore in the year-ago period. Its net profit after tax (PAT) fell 32% from ₹ 8,832.86 crore in the previous June quarter (Q1FY23).

The company also approved a dividend of ₹15 per share. The miner produces 80% of India’s coal and said that it shipped almost 5% more of the fuel during the period and earned a higher average price on those sales. 

One 97 Communications (Paytm) 

The digital payments firm Paytm reported a 76 percent jump in second-quarter revenue, driven by an escalation in loan growth, merchant subscription revenues, and growth in bill payments. 

Its parent company One 97 Communications reported a 76.2 percent increase in its consolidated revenue to ₹ 1,914 crore in the September quarter (Q2FY23), as compared to ₹ 1,086 crore in the corresponding quarter last year (Q2FY22). 

However, its net loss widened to ₹ 571 crores in the latest quarter, from ₹ 473 crores in the corresponding quarter last year. The company said in an exchange filing that expenses related to employee benefits and payment processing charges surged.

BEML 

State-run BEML reported a 52.5 per cent rise in consolidated profit at ₹16.26 crore for the September quarter (Q2FY23) on lower expenses, as compared to ₹ 10.66 crores in the year-ago period. 

However, its consolidated total income dropped to ₹ 806.11 crores, from ₹ 1,013.64 crores in the year-ago period. 

The company’s consolidated expenses declined to ₹ 789.84 crores in the period under review, from ₹ 1,002.99 crores in the year-ago period. 

Written by Simran Bafna 

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For editorial purposes, contact news@tradebrains.in


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