Indian equity benchmarks BSE Sensex and NSE Nifty 50 opened higher on the first trading day of the week amid positive cues from global markets. Gains in financial and IT shares led the headline indices higher. The BSE Sensex started the week at 60876.01 points, while the NSE Nifty 50 was at 8118.45 points.
The week had four trading sessions, as the markets were closed on January 26, on account of India’s Republic Day.
On Friday, the headline gauges suffered sharp cuts and were reeling under pressure. The Nifty 50 breached the 17500 mark on Friday’s trading session, as Adani group stocks continued their losing streak. The Sensex closed for the week at 59,330.90 points, and the Nifty settled at 17,604.35 points.
Market Movers
Some of the top gainers this week were Bombay Super Hybrid Seeds (up 18.31%), Tata Motors (up 10.07%), Bajaj Auto (up 10.73%), Sona Blw Precision Forgings (up 9.64%), and Coforge (up 4.20%).
On the other hand, some of the top losers this week include Ambuja Cements (down 26.41%), Adani Transmission (down 25.39%), Dixon Technologies (down 23.44%), Adani Green (down 24.97%), and Adani Total Gas (down 23.28%).
The Recap
The CBI booked GTL for cheating, bank fraud in ₹ 4,760 crore credit facilities
The CBI has filed an FIR against telecom infrastructure major GTL for allegedly diverting a substantial portion of a ₹ 4,760 crore loan availed from a consortium of banks led by IDBI Bank. The RBI had warned the IDBI Bank on April 1, 2016 to “red flag” the account and conduct a forensic audit. Two months later, the bank stated on behalf of the entire consortium lenders not to classify the account as ‘Red Flags’ and also not to appoint a forensic auditor as it may delay the dues settlement.
Hindenburg alleges ‘brazen’ fraud by Adani; company calls it malicious, baseless
American short-seller Hindenburg Research alleged that Adani Group was “engaged in a brazen stock manipulation and accounting fraud.” The conglomerate described it as malicious, unsubstantiated, one-sided, and having done with malafide intention to ruin the FPO of its flagship company. After this report shares of all the listed companies of the group were painted in the red as they fell anywhere between 10-30% this week.
Indian stock markets migrated to T+1 settlement cycle from Friday
The Indian stock markets embarked on a shorter settlement cycle or a T+1 regime for the final list of large stocks from Friday, a move that will help reduce margin requirements for clients and boost retail investment. India is the only country after China to implement T+1 settlements. China has partially implemented such settlements, whereas India became the first country to implement them completely.
UAE supports India’s ambition of 450 GW of renewable energy by 2030:
The UAE extended cooperation with India in the area of climate and clean energy as it aims to support New Delhi’s ambition to achieve 450 gigawatts of renewable energy installed capacity by 2030 and net-zero carbon emissions by 2070. President and CEO of Dubai Chambers of Commerce, Mohammad Ali Rashed Lootah, said that the agreement would boost the UAE-India bilateral trade to USD 100 billion within five years. In addition, it would provide both the countries with new options to cooperate and leverage the multiple growth opportunities offered by the energy transition.
IndianOil to pump in ₹ 2,200 crore investment for various projects
Indian Oil Corporation has lined up investments of over Rs 2,200 crore in Tamil Nadu in the next two years, a senior official said. The projects include ‘grass-roots terminal’ at Asanur and Vallur, ‘captive petroleum’ project, oil and lubricant-LPG jetty at Kamarajar port among others. The company has achieved 10 per cent ethanol blending with petrol in Tamil Nadu and Puducherry and was working towards increasing it to 20 per cent in line with the Centre’s mandate.
Quarterly Results
Amara Raja Batteries
The battery maker’s consolidated net profit increased by 53 per cent to ₹ 222 crore for the third quarter ended December 2022, against ₹ 145 crores in the corresponding quarter last year. Its total income rose from ₹ 2,385 crores to ₹ 2,664 crores.
Jyothy Labs
FMCG firm Jyothy Labs Ltd posted a 77.25 per cent jump in its consolidated net profit at ₹ 67.39 crore in the third quarter ended December 31, 2022, against ₹ 38.02 crores posted in the corresponding quarter last year. Its consolidated revenue from operations was at ₹ 612.67 crores, as compared to ₹ 539.03 crores in the year-ago-period.
Dr Reddy’s Lab
Dr Reddy’s Laboratories on Wednesday reported a 77 per cent increase in its consolidated net profit at ₹ 1,247 crore in the third quarter ended December 31, 2022, against ₹ 706 crore in the corresponding period last year. The company’s revenue from operations increased to ₹ 6,770 crores during the quarter, against ₹ 5,320 crore in the year-ago period.
Written By – Simran Bafna
