The equity market started on a shaky note on Monday and domestic benchmark gauges shed their marginal gains amid mixed cues from Asian markets. The 30-share BSE Sensex declined 196.61 points or 0.32 percent to 60,486.09 points while the NSE Nifty fell 38.50 points or 0.22 percent to 17,818 points.
On Friday, The BSE Sensex closed at 61002.57 points, down 0.52% or 316.94 points. Similarly, the Nifty closed at 17944.20 points, down 0.51% or 91.65 points. The markets snapped their winning streak from the last three sessions.
Top Gainers and Losers
Some of the top gainers this week were Shilpa Medicare Ltd. (up 22.77%), Finolex Cables Ltd. (up 19.76%), Tejas Networks Ltd (up 13.21%), Torrent Power (up 10.87%) and Tech Mahindra (up 12.10%).
On the other hand, some of the top losers were Adani Total Gas Ltd (down 18.54%), Adani Transmission Ltd (down 18.38%), Adani Green Energy Ltd (down 8.60%), One 97 Communications Ltd (down 6.89%) and Lupin Ltd (down 5.29%).
The Recap
Demat accounts surge 31% to 11 crores in Jan
Amid attractive returns from equity markets, ease of account opening process and increased financial savings, the number of Demat accounts rose to 11 crores in January 2023 as compared to 8.4 crores in January 2022, indicating a surge of 31 percent. Market experts said that increased financial literacy and the growing popularity of trading amongst youth have been some other major factors contributing to the rise. At present, the top five discount brokers — Zerodha, Angel One, Groww, ICICI Securities and IIFL Securities — account for 59.2 percent of the overall NSE active clients
Joe Biden, Macron, and Rishi Sunak hail Tata group-owned Air India’s ‘historic’ multi-billion dollar deal
Tata Group-owned Air India, in one of the largest orders by an airline, announced that it will buy 470 narrow-body and wide-body planes from Airbus and Boeing, with the total deal value estimated to be worth USD 80 billion (over Rs 6.40 lakh crore). World leaders hailed Air India’s deal.
Joe Biden underlined how the Air India-Boeing deal will support over one million American jobs across 44 states. UK Prime Minister Rishi Sunak hailed the “landmark” deal between Air India, Airbus and Rolls-Royce and said it demonstrates that the sky’s the limit for the UK’s thriving aerospace sector. French President Emmanuel Macron welcomed the Air India-Airbus deal at a virtual event and said it was a new success in the aerospace sector.
Adani Group touts ‘very healthy’ balance sheet in a bid to calm investors
Gautam Adani-led conglomerate, the Adani group said that its balance sheet is “very healthy” and is laser-focused on continuing business momentum, as it looked to reassure investors to keep faith in the conglomerate despite a share rout triggered by a damning report by a US short-seller Hindenburg Research. Jugeshinder (Robbie) Singh, the group’s CFO said that the group has adequate cash reserves and has the ability to refinance debt. He added that the group is confident in its internal controls, compliance and corporate governance.
India discovers lithium worth $ 34 trillion, almost 10x the size of its economy
The Geological Survey of India discovered 5.9 million metric tonnes of lithium in the Salal-Haimana area of the Reasi district in Jammu and Kashmir. At current prices, it is worth $ 34 trillion. For context, the size of India’s economy is $ 3.5 trillion. There are talks about how India is all set to become the next EV hub as EVs are powered by lithium-ion batteries. Market experts say that mining companies, battery manufacturers, and EV makers could benefit from this discovery, especially in the long run.
India’s investment in Private wireless network seen at USD 250 m by 2027: Nokia report
India’s investment in private wireless networks is expected to reach nearly USD 250 million by 2027, according to a report by Nokia. It said that there was a three-fold jump in mobile data usage in the country over the last five years. “India’s investment in private wireless network is expected to reach around USD 250 million by 2027,” the report said. It outlined that mobile data traffic in India has risen 3.2 times over the last five years. All India mobile data usage per month grew from 4.5 exabytes in 2018 to 14.4 exabytes in 2022.
Results
Torrent Power
Power Utility Company Torrent Power Ltd. posted an 88 per cent growth in its consolidated net profit at ₹ 694.54 crore for the December quarter on account of higher income. It clocked a net profit of ₹ 369.45 crore in the October-December period of fiscal 2021-22. The company’s total income rose to₹ Rs 6,526.44 crore in the December quarter from ₹ 3,833.14 crores in the year-ago period. Its board has approved an interim dividend of ₹ 22 per equity share (including ₹ 13 per equity share as a special dividend) for FY 2022-23.
Vodafone Idea
Debt-ridden telecom operator Vodafone Idea reported a widening of its consolidated loss to ₹ 7,990 crore for the third quarter that ended December 31, 2022. It registered a loss of ₹ 7,234.1 crores in the same period a year ago. However, its consolidated revenue from operations increased by 9.29 per cent to ₹ 10,620.6 crore from ₹ 9,717.3 crores in the December 2021 quarter.
Nestle India
FMCG major Nestle India Ltd on Thursday reported an increase of 65.50 per cent in its net profit at ₹ 628.06 crores for the fourth quarter that ended December 31, 2022. The company follows the January to December financial year and it posted a net profit of ₹ 379.48 crore in the same period a year ago. The net sales rose 13.95 per cent to ₹ 4,233.27 crore during the period under review, as against ₹ 3,714.86 crores in the corresponding period last fiscal
Written by Simran Bafna
Disclaimer
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