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Stock Market LIVE: Indices gain despite Adani Ent shedding 30%; Banks shine


Indian stock exchanges placed including Adani Enterprises, Adani Ports and Ambuja Cements, under the short-term additional surveillance measure (ASM) framework, effective Friday. These stocks will be subjected to more stringent rules and intraday trading will require a 100% upfront margin. Furthermore, Adani Enterprises shares will be removed from the Dow Jones Sustainability Indices.

03 Feb 2023, 10:25:20 AM IST Apple CEO says India is an exciting market; confirms a retail store in country Apple CEO Tim Cook has announced Apple’s financial results for the fiscal 2023 first quarter which ended on December 31, 2022. Cook mentioned during the earnings call that the Cupertino-based company’s quarterly revenue dropped five per cent over the year. Apple posted quarterly revenue of $117.

2 billion. Hence, Cook said that he is very bullish on India. During the earnings call, Tim Cook said, “Looking at the business in India, we set a quarterly revenue record and grew very strong double digits year over year and so we feel very good about how we performed.

” Although the overall quarterly revenue dropped for the American company, it performed well in India. ( Read More ) Share Via 03 Feb 2023, 10:12:47 AM IST US, Europe Downturn Remains Risk for 2023, ADB’s Asakawa Says Elevated interest rates may still cause a recession in the US and Europe and that’s a risk scenario for Asia this year, according to Asian Development Bank President Masatsugu Asakawa, who some economists see as a contender for Bank of Japan governor. Unlike in Japan, labor markets in the US and Europe could keep tightening to fuel strong wage pressure that would limit central banks’ scope for cutting rates, resulting in a recession, Asakawa said in an interview Thursday.

“The main scenario is a soft landing,” said Asakawa. “But the risk of entering a recession isn’t zero. ” Separately, the ADB chief also flagged the organization’s latest efforts to help finance climate change-response measures.

Asakawa’s comments come with BOJ watchers scrutinizing the views of possible candidates to replace Haruhiko Kuroda as central bank governor. (Bloomberg) Share Via 03 Feb 2023, 10:06:35 AM IST Adani stocks continue their downward trend Adani Enterprises drops 20% View Full Image Adani Group Share Via 03 Feb 2023, 09:57:07 AM IST NCLT disallows second round of auction for Reliance Capital; lenders likely to challenge order The National Company Law Tribunal (NCLT) on Thursday barred lenders of bankrupt Reliance Capital (RCap) from conducting a second auction of its assets, terming it an “illegal mechanism” to circumvent rules of India’s bankruptcy code. The tribunal further directed the RCap administrator to conclude the resolution process.

Torrent Investments emerged as the top bidder in the RCap bankruptcy auction with an offer of ₹ 8,640 crore. However, Hinduja Group firm IndusInd International Holdings Ltd (IIHL) offered to pay ₹ 9,000 crore after the auction ended; when lenders decided to conduct a second auction to determine the winner—called extended challenge mechanism—Torrent moved NCLT. ( Read More ) Share Via 03 Feb 2023, 09:51:54 AM IST SBI Q3 earnings preview: Here is what to expect The poster boy of bank stocks, State Bank of India, or SBI, will post its third quarter numbers today.

Overall performance from banks is expected to be healthy led by strong loan growth and lower credit costs. The net interest income (NII) of SBI is estimated to come in at ₹ 37,187 crore for the quarter ended December 31, 2022, said Sharekhan by BNP Paribas. This is 21.

2% increase from ₹ 30,687 crore in the same period a year ago. The brokerage expects the bank’s profit to be at ₹ 13,572 crore – a jump of 61% year-on-year. ( Read More ) Share Via 03 Feb 2023, 09:40:35 AM IST Bank index shines in early trading with most stocks trading in green View Full Image Bank Index Share Via 03 Feb 2023, 09:35:55 AM IST Geojit Financial Services on today’s market: Investors may wait and watch for the dust to settle.

The Adani crisis impact is slowly diminishing Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The most significant trend in the market so far in 2023 is the big underperformance of India compared to other markets. While S&P 500 is up 8. 8% YTD Nifty is down 3.

23% YTD. This is in sharp contrast to India’s outperformance in 2022. India’s relative overvaluation is the fundamental reason for this underperformance triggered mainly by the sustained selling by FIIs, which continued yesterday also.

The ‘Adani stocks crisis’ also has contributed to the negative sentiments. Investors may wait and watch for the dust to settle. The Adani crisis impact is slowly diminishing.

The ferocious rally of 3. 5% in Nasdaq yesterday is an indication that the market expects a soft landing of the U. S.

economy. IT stocks look strong. High-quality private sector banking stocks and capital goods stocks also are on strong wicket.

Share Via 03 Feb 2023, 09:24:49 AM IST Paytm update: Douglas Feagin resigns as non-executive, non-independent director Douglas Feagin resigned as non-executive, non-independent director of Paytm with immediate effect. It is hereby informed that Mr. Douglas Feagin , NonExecutive, Non-Independent Director of the Company, has tendered his resignation vide letter dated February 2, 2023, with immediate effect, One 97 Communications Ltd or Paytm informed in a regulatory filing.

( Read More ) Share Via 03 Feb 2023, 09:22:59 AM IST Indices jumps at open as Titan and Bank stocks lead the rally; Adani stocks continues to slide View Full Image Sensex at Open Share Via 03 Feb 2023, 09:10:29 AM IST Reliance Securities Stock in Focus for Today: Voltas STOCK IN FOCUS Voltas (CMP 822): Considering the decent earnings growth, higher volume and improved business visibility over the medium-term, we have our BUY rating on the stock, with a Target Price of Rs1,065. Intraday Picks MUTHOOTFIN (PREVIOUS CLOSE: 1,026) BUY For today’s trade, long position can be initiated in the range of Rs1,016- 1,010 for the target of Rs1,060 with a strict stop loss of Rs990. KOTAKBANK (PREVIOUS CLOSE: 1,762) BUY For today’s trade, long position can be initiated in the range of Rs1,752- 1,740 for the target of Rs1,810 with a strict stop loss of Rs1,720.

DRREDDY (PREVIOUS CLOSE: 4,370) BUY For today’s trade, long position can be initiated in the range of Rs4,352- 4,330 for the target of Rs4,440 with a strict stop loss of Rs4,280. Share Via 03 Feb 2023, 09:08:21 AM IST Sensex in the flat-to-positive zone at preopen; Adani stocks, LIC, Tata Consumer will be in focus today View Full Image Sensex at Preopen Share Via 03 Feb 2023, 08:58:18 AM IST Rupee poised for muted opening on dollar recovery, equity outflows The Indian rupee is likely to open little changed to the U. S.

currency on Friday in the wake of the dollar’s recovery and worries over equity outflows. The non-deliverable forwards indicated an opening of around 82. 12-82.

20 for the rupee versus the dollar compared with 82. 1725 in the previous session. The risks are definitely on the side that the rupee could see more losses, a trader at a Mumbai-based bank said.

Market participants, once they assess that the current levels are sustainable, will push the pair higher, he added. On the back of dollar purchases by foreign banks, which market participants said were likely prompted by equity outflows, the rupee was among the worst-performing Asian currencies on Thursday. Foreign investors sold about $374 million worth of Indian equities on Thursday, according to preliminary data.

That is on top of the $3. 5 billion worth of withdrawals in January. Outflows have accelerated on concerns over the fallout of the slump in Adani Group shares.

(Reuters) Share Via 03 Feb 2023, 08:54:28 AM IST Back Buy or sell: Vaishali Parekh recommends 3 stocks to buy today Vaishali Parekh has recommended three stocks to buy today, here we list out important details in regard to those day trading stocks: 1] HUL: Buy at ₹ 2634, target ₹ 2710, stop loss ₹ 2600; 2] Cummins India: Buy at ₹ 1449, target ₹ 1485, stop loss ₹ 1430; and 3] Kotak Mahindra Bank: Buy at ₹ 1761, target ₹ 1810, stop loss ₹ 1740. ( Read More ) Share Via 03 Feb 2023, 08:45:11 AM IST Stocks to Watch: Adani Enterprises, Adani Ports, Ambuja Cement, LIC, Tata Consumer, RailTel, MOIL, Hindustan Zinc, Crompton Greaves, Berger Paints, Godrej Properties, Apollo Tyres ITC, SBI, Divi’s Laboratories, Marico, Bank of Baroda, Tata Power, India Cements, and JK Tyre and Industries will be among the stocks in focus as they declare their December quarter earnings today. ( Read More ) Share Via 03 Feb 2023, 08:26:15 AM IST INDIA BONDS-Bond yields seen little changed before auction, new 10-yr note sale key Indian government bond yields are expected to be little changed in the early session on Friday, as traders await fresh supply via weekly auction, which includes a new 10-year bond.

The benchmark 10-year yield could move in the 7. 20%-7. 32% range till the auction, a trader with a private bank said.

The yield closed up at 7. 2959% on Thursday. A major point of focus would be the cutoff for the new 10-year paper today, especially after a correction was seen in a later trading session yesterday, the trader added.

New Delhi aims to raise 280 billion rupees ($3. 41 billion) through the sale of bonds later in the day, and the auction includes 120 billion rupees of a new 10-year paper, which will replace the existing benchmark bond soon. The new 10-year bond is likely to witness strong demand.

The entire yield curve typically aligns with the cutoff of the new 10-year paper. (Reuters) Share Via 03 Feb 2023, 08:16:24 AM IST India’s CV sales boom likely to last longer: Ashok Leyland The ongoing upswing in commercial vehicle sales is likely to stretch beyond the usual three to four years, given the continued government focus on capital expenditure in the infrastructure sector, said Shenu Aggarwal, the newly appointed managing director and chief executive officer of Ashok Leyland Ltd. While the next year will be one of growth for the medium and heavy commercial vehicle (M&HCV) industry, the positive sales momentum is likely to sustain into the next few quarters beyond FY24 as well, Aggarwal said in an interview.

The focus on a green economy is also helping the company drive its electrification plans faster than it had expected, Aggarwal said. ( Read More ) Share Via 03 Feb 2023, 08:14:14 AM IST Byju’s fires 1,500 staff; senior execs also hit Tiger Global-backed Byju’s has fired about 1,500 employees, including senior executives, in the second layoff exercise by India’s most valuable startup in about four months, said four people familiar with the matter. The layoffs, which underscore the current liquidity crunch in the edtech sector and the broader startup ecosystem, are part of the edtech unicorn’s strategy to optimize costs and outsource operations, the people said on the condition of anonymity.

The latest job cuts are in addition to the 2,500 employees sacked by Byju’s in October, which comprised 5% of its 50,000-strong workforce at the time. The people cited above said that those impacted by the new round of layoffs are mainly from the design, engineering and production verticals. ( Read More ) Share Via 03 Feb 2023, 08:00:11 AM IST TV prices won’t fall soon despite tax cut on open cell parts Indian consumers may have to wait a while before they see television prices drop despite the government announcing a cut in customs duty on open cell components that comprise more than half the cost of a TV set.

Presenting the Union budget on Wednesday, finance minister Nirmala Sitharaman halved the customs duty on parts to produce open cells to 2. 5%, ‘to promote value addition in manufacturing of televisions’ While this initially got some manufacturers excited about the prospects of passing the benefits to consumers, industry executives and analysts opine that brands will only reap benefits of the revised duties on open cell components once contract manufacturers start local assembly of open cells. ( Read More ) Share Via 03 Feb 2023, 07:50:11 AM IST No shares of firms pledged by promoters, say Ambuja Cement and ACC Amid the Adani Enterprises rout, Ambuja Cement Ltd and ACC Ltd on 2 February said that no shares of the firms have been pledged by the promoters, who have only provided a “non-disposal undertaking”.

Releasing a joint statement to the stock exchanges, both Ambuja Cement Ltd and ACC Ltd termed as “misleading” reports of pledging of shares by the promoters as part of financing their acquisition. “Consequently, there are market rumours that amid market volatility, there is a requirement to meet the top-up triggers where in there is selling pressure,” the statement said. ( Read More ) Share Via 03 Feb 2023, 07:48:27 AM IST Apple Blames Rotten Holiday Quarter on Supply Chain, Economy Apple Inc.

reported its worst holiday performance in four years after supply snags and a softening economy hurt iPhone sales, exposing cracks in what has been one of tech’s most resilient companies. Revenue fell 5. 5% to $117.

2 billion in the December quarter, Apple’s biggest sales period of the year, coming in well short of the average Wall Street estimate of $121. 1 billion. It was Apple’s first quarterly decline since 2019 and the first time the company has missed analysts’ holiday sales projections since 2015.

The shares slid as much as 5. 6% in late trading following the report, though they did pare some of the losses after Chief Executive Officer Tim Cook discussed a rebound in China, which is emerging from strict Covid-19 rules. He also said Apple’s production problems have subsided.

The iPhone and Mac were particular weak spots for Apple last quarter, dragged down by a broader slump afflicting mobile devices and computers. The Covid restrictions in China added to Apple’s woes, making it harder to ship enough of the most popular versions of the iPhone. Timing was another issue: The company didn’t launch new Macs and HomePods until recent weeks, missing the end of the holiday quarter.

(Bloomberg) Share Via 03 Feb 2023, 07:39:01 AM IST Adani Enterprises shares to be removed from Dow Jones Sustainability Indices After inclusion of three Adani group stocks — Adani Enterprises, Adani Ports and Special Economic Zone and Ambuja Cements in ASM (additional surveillance measure) list for short term, Adani Enterprises shares have received another jolt from the US markets. Adani Enterprises shares are now facing removal from the Dow Jones Sustainability Indices, effective prior to open on Tuesday, 7th February 2023. The information has been made in index announcement by the US markets.

Announcing about removal of Adani Enterprises shares from the S&P Dow Jones Sustainability Indices, the Index announcement said, “Adani Enterprises (XBOM: 512599) will be removed from the Dow Jones Sustainability Indices following a Media & Stakeholder Analysis triggered by allegations of stock manipulation and accounting fraud. ” ( Read More ) Share Via 03 Feb 2023, 07:35:12 AM IST Tata Consumer Products Q3 profit rises 25. 6 pc to ₹364 cr, revenue up 8.

3 pc to ₹3,474. 55 cr Tata Consumer Products Ltd (TCPL) on Thursday reported a 25. 63 per cent increase in consolidated net profit at ₹ 364.

43 crore for the December quarter led by growth from the domestic food business. The company had posted a net profit of ₹ 290. 07 crore for the October-December period a year ago, TCPL, earlier known as Tata Global Beverages Ltd, said in a regulatory filing.

Its revenue from operations was up 8. 29 per cent to ₹ 3,474. 55 crore during the quarter under review as against ₹ 3,208.

38 crore in the corresponding period last year. Total expenses of the Tata group’s FMCG arm were 10. 13 per cent higher at ₹ 3,119.

73 crore over ₹ 2,832. 68 crore earlier. Speaking to PTI, TCPL Group CFO L Krishnakumar said: “Food segment was a growth driver for us in the domestic market.

Overall portfolio in the food segment grew well. We were up both in pricing and volume during the quarter. ” (PTI) Share Via 03 Feb 2023, 07:26:01 AM IST No plan to take LIC to markets in FY24: Tuhin Kanta Pandey The government does not plan to sell additional shares of state-run Life Insurance Corp.

of India to the public in FY24 due to unfavourable market conditions and weak retail demand, Tuhin Kanta Pandey, secretary of the department of investment and public asset management (Dipam), said in an interview. Events that adversely affect the markets have repercussions on disinvestment deals as well, Pandey said, alluding to the sell-off in the Adani group stocks and its impact on the wider market. Disinvestment is affected by market conditions.

When we want to sell, there will be a buyer, and their thinking also matters a lot. ( Read More ) Share Via 03 Feb 2023, 07:24:07 AM IST Adani Enterprises, Adani Ports, Ambuja Cement under ASM framework in NSE The National Stock Exchange on Thursday placed as many as three Adani group companies, including Adani Enterprises, Adani Ports and Special Economic Zone and Ambuja Cements, under short-term additional surveillance measure (ASM) framework, effective Friday (3 February, 2023). This means that these stocks will be subjected to more stringent rules.

Also, intraday trading will require 100% upfront margin and is expected to curb a lot of speculation and short selling. The move by the stock exchange comes after a rout in the shares of the billionaire Gautam Adani’s group companies in the aftermath of a scathing report by a US-based short-seller Hindenburg Research. Adani Group’s market losses swelled to more than $100 billion today, a day after its flagship company abandoned a ₹ 20,000-crore share sale.

( Read More ) Share Via 03 Feb 2023, 07:24:07 AM IST Wall Street piles more onto big start to year on Thursday as tech surges Wall Street’s bang to start the year got even bigger Thursday, as tech stocks and a surge for Facebook’s parent company led the market higher. The S&P 500 rallied 1. 5% a day after hitting its best level since August.

The Nasdaq composite soared 3. 3%, while the Dow Jones Industrial Average lagged because it has less of an emphasis on tech. It slipped 39 points, or 0.

1%. Meta helped lead the way with a 23. 3% leap after it reported better revenue for the latest quarter than analysts expected and said it expects to spend less this year than earlier forecast.

While its latest profit fell short of expectations, Facebook’s parent also announced a program to buy back $40 billion of its stock. Stocks had already been on the upswing through the start of the year on hopes that the Federal Reserve may be set to pause soon on its hikes to interest rates. Such increases help stamp out inflation but also hurt the economy and investment prices.

A day earlier, stocks and bonds took off after Fed Chair Jerome Powell said the central bank is finally starting to see progress in its battle against inflation. Markets took that as a cue that a pause may indeed be imminent, and investors even raised bets for cuts to rates late this year. Rate cuts act like steroids for markets, juicing prices and providing support for the economy.

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