Morning Update :–The tech-heavy Nasdaq fell on Tuesday as investors awaited a slew of high-profile business earnings and the Federal Reserve’s monetary policy meeting.
Sensex – Fall -253 Points at 70,886
Nifty 50 – Fall  -57 Points at 21,465
Indian Market
FII AND DII
| FII Sold | 1,970.52 Cr |
| DII Bought | 1,002.70 Cr |
Indian Market News
- The dollar anticipates a monthly increase as investors look to the Fed.
- Oil prices rise amid geopolitical tensions and solid economic indicators.
- L&T’s Q3 net profit jumps 15% to Rs 2,947 crore.
- IMF raises global growth projection, citing unexpected’resilience’.
- Sebi returns Gretex Share Broking’s IPO paperwork.
- Aadhar HF, which is sponsored by Blackstone, aims to re-file for an IPO of Rs 5,000-5,500 crore.
- BLS E-Services IPO was subscribed 15.65 times at launch, with the retail part booked 49.25 times.
- Dr. Reddy’s Q3 net profit increased 11% to Rs 1,379 crore.
- Maruti Suzuki’s Q3 earnings may jump by 21%, with revenue expected to improve due to a favourable mix.
- US job vacancies surprisingly surge, but resignations decrease.
- Nasdaq closes lower ahead of big tech earnings, with attention on Fed.
- Japan’s December manufacturing output jumps on production machinery.
- Australia’s Q4 inflation drops drastically to two-year low, bringing rate cuts closer.
Global Markets updates
GIFT Nifty
Trends in the GIFT Nifty indicate a negative start for the broader index in India, with a loss of 39 points or 0.18 percent. The Nifty futures were trading around the 21,631 level.
US Markets
As the market anticipated a flurry of high-profile company earnings and the Federal Reserve’s monetary policy meeting, the tech-heavy Nasdaq lost ground on Tuesday.
The S&P 500 finished at 4,924.97 points, down 0.06 percent. The Dow Jones Industrial Average increased by 0.35 percent to 38,467.31 points, while the Nasdaq Composite Index decreased by 0.76 percent to 15,509.90 points. The S&P 500 finished at 4,924.97 points, down 0.06 percent. The Dow Jones Industrial Average increased by 0.35 percent to 38,467.31 points, while the Nasdaq Composite Index decreased by 0.76 percent to 15,509.90 points.
Asian Markets
Early on Wednesday, the Asian markets were down, with the Nikkei down almost 1% and the Taiwan Weighted and Kospi down 0.3 % each.
Oil prices
Tuesday saw an increase in oil prices as worries about Chinese demand were allayed by a stronger outlook for global economic growth and rising tensions in the Middle East.
Wednesday’s expiration date for March Brent crude futures saw a 47-cent increase, ending at $82.87 a barrel. At $82.50, the more actively traded April contract finished up 67 cents. At $77.82, US West Texas Intermediate crude finished the day up $1.04, or 1.35 percent.
US dollar
As traders awaited the conclusion of January with the U.S. rates decision, the dollar was poised for its largest monthly gain since September and the yen for its steepest decline in over a year on Wednesday.
This month, the dollar has appreciated by 2% versus a basket of key currencies as investors reduced their expectations for the pace and scope of rate reductions in response to positive US economic data and resistance from central bankers.
News Updates
IMF raises its projection for global growth, citing unexpected “resilience.”
Citing unexpected “resilience” in significant advanced and emerging market economies worldwide, the IMF revealed on Tuesday that it has increased its prediction for global growth in 2024 to 3.1 percent.
The revised estimate, which was disclosed in the most recent World Economic Outlook (WEO) report, is 0.2 percentage points higher than the IMF’s earlier October prediction.
Prior to the release of the report, Pierre-Olivier Gourinchas, the chief economist at the IMF, stated to reporters, “We had simultaneously less inflation and more growth.” It’s not only a US narrative. He mentioned nations like China, Russia, Brazil, and India and stated, “Last year and going into 2024, there was a lot of resilience in many, many parts of the world.”
IMF increases India’s GDP growth projections for FY25 and FY26 to 6.5%.
The International Monetary Fund (IMF) has increased its GDP growth estimate for India for 2024–25 by 20 basis points to 6.5 percent, but it is still below what Indian officials had predicted.
The multilateral agency lowered its growth forecast for 2023–24 to 6.5 percent, which is 20 basis points less than its initial estimate of 6.7 percent. A basis point is one tenth of a percentage point.
Similarly, the Fund increased its 2025–2026 growth estimate by 20 basis points, to 6.5 percent.
L&T’s Q3 net profit surpasses Rs 2,947 crore by 15%.
For the December quarter of FY24, Larsen & Toubro (L&T) announced a consolidated net profit of Rs 2,947 crore, up 15% from the same time the previous year. The company attributed this increase to stronger infrastructure project execution as well as ongoing portfolio expansion in IT and tech services.
Revenue soared to Rs 55,128 crore, up 19% from the previous year, the business reported in a filing to the exchange on January 30.
Stocks in news
Larsen & Toubro: For the quarter that concluded in December of FY24, the infrastructure giant reported a 15% year-over-year increase in consolidated net profit of Rs 2,947 crore. A 19% annual increase in consolidated revenue from operations was attained to Rs 55,128 crore, mostly due to a high order book in projects and manufacturing portfolios that were executed more quickly.
Dr. Reddy’s Laboratories: In spite of increased tax expenses, the pharmaceutical company reported a 10.6 percent year-over-year increase in consolidated net profit at Rs. 1,378.9 crore for the October–December fiscal year of FY24. Compared to the same period last year, revenue from operations for the quarter increased by 6.6% to Rs 7,215 crore, mostly due to gains in market share for already-existing goods in North America and the continuance of growth trajectory in Europe.
Voltas: Despite a good top line, Voltas, a home appliance business, reported a net loss of Rs 27.6 crore for the quarter ended December FY24. This is a decrease from a loss of Rs 110.5 crore in the same period last year, despite a rise in input costs. During the quarter, consolidated revenue from operations increased by 31% YoY to Rs 2,625.7 crore.
Tata Consultancy Services: The biggest IT services provider in the nation, Aviva is the top insurance, wealth, and retirement provider in the UK. Together, the two companies will expand their 15-year cooperation to change Aviva’s UK Life business and improve customer experience through the use of TCS BaNCS-based platform.
PB Fintech: After posting a net loss of Rs 87 crore during the same period in the previous fiscal year, the Policybazaar operator turned a profit of Rs 37 crore for the quarter that ended in December of this year. Operations revenue increased by 43% year over year to Rs 871 crore in the quarter.
Nova Agritech: On January 31, the manufacturer of crop protection and soil health solutions is scheduled to list its equity shares on the stock exchange. The price per share for the final issuance has been set at Rs 41.
Mahindra & Mahindra Financial Services: The non-banking financial company announced a net profit of Rs 553 crore for the fiscal year that ended in December of last year, a decrease of 12% from the same time the previous year. While net interest margin decreased by 60 basis points to 6.8 percent for the quarter, net interest income increased by 10% YoY to Rs 1,815 crore.
SRF: Lower topline and subpar operating performance contributed to the chemical company’s 50.4 percent year-over-year fall in consolidated net profit, which came in at Rs 253.4 crore for the third quarter of FY24, missing analysts’ projections. At Rs 3,053 crore for the quarter, consolidated revenue from operations decreased by 12% year over year.
Cochin Shipyard: For the third quarter of FY24, the shipbuilding company reported consolidated net profit of Rs 244.4 crore, an increase of 121.4 percent over the same time in the previous fiscal year. During the quarter, revenue from operations increased to Rs 1,056.4 crore, an increase of 64.6 percent year over year.
KEC International: Thanks to robust operating results and increased other income, the RPG Group Company reported net profit of Rs 96.87 crore for the quarter that ended in December FY24, increasing 450 percent from the same time the previous year. Operations revenue climbed by 14.4% YoY to Rs 5,006.72 crore in the same period. In addition, EBITDA improved by 54% for the quarter and by 160 basis points to 6.2 percent when compared to the same period last year.
JBM Auto: For the quarter that concluded in December of FY24, the auto component manufacturer reported consolidated net profit of Rs 48.66 crore, up 41.7 percent from the same period the previous year. During the quarter, consolidated revenue from operations increased by 41.2 percent on an annual basis to Rs 1,346.2 crore.
VIP Industries: The luggage manufacturer recorded consolidated net profit of Rs 7.15 crore for the quarter ended December FY24, a significant decrease of 84% from the same period the previous year due to dismal operating results and rising input costs. For the quarter, revenue from operations increased by 3.8 percent year over year to Rs 546.4 crore.
Star Health and Allied Insurance Company: The company’s net profit for the third quarter of FY24 was Rs 289.55 crore, a significant increase of 37.6% over the same time in the previous fiscal year. While net premium earned increased 14.87 percent year over year to Rs 3,293.6 crore for the quarter, net commission decreased 13.1% to Rs 350 crore for the same period.
Must read book about investing – check here
Read more Check the latest news Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update