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Business News/ Markets / Live Blog/  Adani and Insurance stocks erase budget speech gains; Nifty closes in red

Adani and Insurance stocks erase budget speech gains; Nifty closes in red

Share Market Close: Adani stocks continued to drag the market as all gains post the budget speech was lost and Nifty ended in the red. However, Sensex managed to make a comeback to end in the green. Adani Enterprises sank 26% and Adani Ports 17%. HDFC Life and SBI Life tumbled. Metal and PSU Bank sectors struggled.

Stock Market Today: Budget and Fed's rate hike decision to remain in focus (Photo: Mint)Premium
Stock Market Today: Budget and Fed's rate hike decision to remain in focus (Photo: Mint)

The budget has kept the FY24 Fiscal Deficit target at 5.9% of GDP and has increased the capital expenditure outlay to 3.3%. For direct tax, an increase in income rebate to 7 lakh under the new tax regime and no tax for the first 3 lakh under the old regime. 

01 Feb 2023, 11:23:17 AM IST

FM's Budget Speech: Budget focuses on job creation, upliftment of youth, and tourism

We made significant progress in sustainable goals. Also achieved many milestones in Swachh Bharat, PM Suraksha Bima Yojana, Direct benefit transfer, and Jan Dhan accounts, says FM.

Promotion of tourism to be taken up in mission mode, including via PPPs.

01 Feb 2023, 11:22:14 AM IST

RBI partially relaxes remittance transaction restrictions on SBM Bank

The Reserve Bank of India (RBI) on Wednesday partially relaxed the restrictions it had imposed on SBM Bank (India) ltd to stop all transactions under the Liberalised Remittance Scheme (LRS). The central bank said that the bank initiated corrective actions and made a submission for the relaxation of the restriction.

In a press release, the reserve bank said it has lifted restrictions on SBM allowing ATM/POS transactions under LRS through KYC-compliant internationally active debit cards issued by the bank. (Read More)

01 Feb 2023, 11:18:37 AM IST

FM's Budget Speech: Agriculture accelator Fund to be set up

- Agriculture accelator Fund to be set up to bring modern technology and increase productivity

- Will enable self help groups to reach next level of economic empowerment

01 Feb 2023, 11:16:53 AM IST

From FM's Budget Speech: Economy has become formalised

We have made a significant progess in many sustainable developmnet goals. Economy has become formalised: FM 

In the 75th year of independence, world recognise Indian economy as bright start.

01 Feb 2023, 11:15:59 AM IST

YES SECURITIES - IOCL BUY; SRF BUY; Greenpanel BUY; Max Financial BUY; TTK Prestige BUY; ACC BUY

Indian Oil Corp. Ltd (IOCL IN): Earnings miss estimates on weaker margins

IOCL’s 3QFY23 reported Ebitda at 35.9bn (-62% YoY; +83% QoQ), missed our and street estimates, primarily on weaker than estimated reported GRM at USD 12.9/bbl. The adjusted (for inventory loss) core GRM as per our estimates stood at ~USD 17.4/bbl. Correction in crude oil and product prices during the quarter, resulted in plausible inventory losses, weighing on reported GRMs. Retail marketing margins on Petrol and Diesel, however improved QoQ to 10/ltr (2Q: (0.04)/liter) and (5)-(6)/ltr, (2Q: (12)/ltr), which in our assessment was offset partially by marketing inventory losses. IOCL 9M operating profit nevertheless remains in black, despite the challenging operating environment As we write, while Petrol margins have moderated to 5.5/ltr, the loss on retailing of Diesel has also narrowed to (3-4)/ltr. We expect retail marketing to normalize over FY24-25e and maintain BUY with a TP of 120/sh.

SRF Ltd (SRF IN): Strong Chemicals segment drives earnings

SRF’s 3QFY23 Ebitda at 8.3bn (-5% YoY; +8% QoQ), stood in-line with our and street estimates, with broader earning trends in-line with expectations. In the 9M period the operating earnings have grown by 25% YoY, driven by CB segment. Over 3QFY23, CB revenue at 17.6bn registered a growth of 23% YoY, driven by demand traction for both specialty chemicals and fluorochemicals, helping offset 6% YoY lower PFB revenue at 12bn and 21% YoY lower TTB revenue at 4.3bn. While weaker demand for nylon tyre chord fabric impacted TTB revenues; start of new BOPET & BOPP lines in India and globally led to drop in PFB revenues. Continued investment towards capacity addition in CB, along with introduction of new product lines in specialty chemicals and fluoropolymers are likely to maintain earnings growth CAGR of ~ 20% for SRF. Maintain BUY.

Greenpanel Industries Ltd (GREENP): Imports continue to hurt domestic performance!

We believe, MDF industry will continue to grow at CAGR of 15-20% for next-5 years & GREENP will be one of the biggest beneficiaries of the same. Factoring the import threat & rising domestic competition, we have revised our revenue & margins expectations for FY24E. At CMP, we believe the stock is available at lucrative valuations of P/E(x) of 14.5x on FY24E EPS & major headwinds seems to be factored. Hence though we have revised our FY24E earnings downwards by 16%, we retain our BUY rating on the stock.

Max Financial Services Ltd: New Non-Par product drives super-normal VNB margin, Maintain BUY

(1) The Smart Wealth Advantage Guaranteed (SWAG) product had a standout launch. (2) The growth of the key Banca channel continues to look optically weak on a YoY basis while a sequential recovery ensues. (3) We maintain ‘BUY’ rating on MAXF with a revised price target of 1075.

TTK Prestige Ltd (TTKPT IN): Normalcy to return from FY24; maintain BUY

TTKPT registered disappointing performance with revenue declining 9%. Revenue decline can be attributed to1) shifting of Diwali festival to Q2 vs Q3 in the previous year, 2) lower demand on high inflationary environment, 3) decline in wallet share for the kitchen and 4) Lower pick-up in inventory by the dealers. Gross margins have seen sequential expansion; however, the expansion was lower than expected as company is still holding high costs inventory. We expect FY22-25E normalized growth trajectory of 9% revenue CAGR. With margins also expected to reach 15.3% by FY25, we estimate FY22-25E EBITDA and PAT CAGR of 7.5% each respectively. We continue to value the company at 40x FY24 EPS and arrive at a revised PT of Rs987 maintain BUY.

ACC Ltd (ACC IN): Revenue in-line; muted cost beat margins

ACC Ltd (ACC) reported in-line revenue of Rs45.4bn (+7% y/y & +14% q/q) largely supported by overall volume growth of +3% y/y and +12% q/q to 8MT, aided by pickup in construction activities. EBITDA/PAT came at Rs3.8/1.9bn, declined by 32/43% y/y respectively. In Q4CY22, ACC charged exceptional items of Rs791mn towards a) one time Information technology transition cost b) towards special incentives. ACC’s total cost/te came 4% below YSECe to Rs5400 (+10% y/y) softened by 7% sequentially resulting in EBITDA/te of Rs492 beat by 37% to YSECe (v/s Rs24/te in Q3CY22). At CMP stock trades at 10/7x EV/EBITDA on FY24/25E. We rolled our estimate to FY25E and arrived at a BUY rating with revised price target of Rs2488, valuing the stock at 10x EV/EBITDA on FY25E.

01 Feb 2023, 11:10:12 AM IST

Budget speech underway

Finance Minister Nirmala Sitharaman is presenting the Narendra Modi government's 11th Union Budget in Parliament. This is the fifth budget presentation by the FM. Check this link for live updates

01 Feb 2023, 11:02:23 AM IST

Budget 2023: Why banking stocks are surging before FM Sitharaman's speech

According to stock market experts, banking stocks are rising because of two major reasons — Adani Enterprises FPO passing the acid test and getting subscribed over 100 per cent and the expected credit growth policy for Indian banks in the upcoming budget. They said that expectations are high about the government's thrust on capex and focus on fiscal consolidation. They went on to add that private banks like ICICI Bank and Axis Bank have given strong quarterly numbers and hence they are expected to continue attracting bulls' interest. They said that Prime Minister Narendra Modi's thrust to make India a $5 trillion economy is expected to come with PLI schemes for the manufacturing sector and hence State Bank of India or SBI, Bank of Baroda and Punjab National Bank (PNB) may attract attention of long term positional investors. (Read More)

01 Feb 2023, 10:58:31 AM IST

Adani stocks drag in today's session with Adani Enterprises shedding more than 3%

Adani Enterprises
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Adani Enterprises
01 Feb 2023, 10:44:55 AM IST

India factory growth slowed to 3-month low in Jan, hiring near pause

India's manufacturing industry started the year on a weaker note, expanding at the slowest pace in three months in January as output and sales growth slackened, a private survey showed on Wednesday.

The Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell to 55.4 last month from 57.8 in December, well below the 57.4 predicted in a Reuters poll.

Still, it remained well above the 50-mark separating growth from contraction for a 19th straight month.

"Despite some loss of growth momentum, the sector looks set to at least remain in expansion mode as the final quarter of the current fiscal year draws to a close," Pollyanna De Lima, economics associate director at S&P Global, said in a news release.

"There was a mild resurgence in cost pressures, which manufacturers linked to higher prices for items like energy, metal and electronic components. The rate of cost inflation remained historically subdued, but companies nevertheless hiked their fees as demand resilience facilitated the passing on of additional cost burdens to clients." (Reuters)

01 Feb 2023, 10:38:53 AM IST

Bank index leads the rally as it gains more than a per cent with most stocks trading higher

Bank Index
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Bank Index
01 Feb 2023, 10:31:51 AM IST

Shah Rukh Khan’s Pathaan becomes fastest Hindi movie to enter 300-crore club

Pathaan, starring Shah Rukh Khan, Deepika Padukona and John Abraham in lead roles, earned 21 crore net on January 31, bringing its seven-day total in India to 315 crore. The movie beat Baahubali 2's Hindi version, which took 10 days to join the 300-crore club, becoming the fastest Hindi film to surpass that milestone.

The Hindi version of K.G.F: Chapter 2 entered the 300-crore club on the 11th day, Aamir Khan’s Dangal on the 13th day while Ranbir Kapoor’s Sanju and Salman Khan’s Tiger Zinda Hai took 16 days to reach the milestone, tweeted trade analyst Taran Adarsh. (Read More)

01 Feb 2023, 10:30:55 AM IST

ICICI Bank shines in early trading as it leads the stock market rally with gains of around 3%

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01 Feb 2023, 10:02:30 AM IST

Ranjeet Mahtani, Partner, Dhruva Advisors on GST: Decriminalize certain GST offenses

Views on GST by Ranjeet Mahtani, Partner, Dhruva Advisors: The GST Council recommended various amendments to the GST law; expectations on this front include: to decriminalize certain GST offenses. Besides this, for the period from July 2017 to January 2019, clarity on the taxability of high sea sales – these are excluded from the GST from February 2019. Separately, there is an urgent need to set-up and notify the GST Appellate Tribunal given that the GST law has been in place for more than 5 years, without an effective appellate mechanism

01 Feb 2023, 10:01:36 AM IST

INDIA BONDS-Bond yields tad lower ahead of budget announcement

Indian government bond yields were marginally lower in early trading on Wednesday, as market participants awaited the federal budget announcement due in the next few minutes.

The benchmark 10-year yield was at 7.3346% as of 09:55 a.m. IST, after closing six basis points lower at 7.3438% on Tuesday, posting its biggest single-session fall in two months.

"The market is almost expecting some positive move in the form of a lower-than-feared borrowing number and if it turns out correctly, it does not want to get caught on the wrong side," a trader with a primary dealership said.

Market participants have said the 7.26% level would act as a crucial bottom for the benchmark bond yield. (Reuters)

01 Feb 2023, 09:52:03 AM IST

Oil & Gas index is in red despite most stocks trading higher with Adani Total dragging the index

Oil & Gas Index
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Oil & Gas Index
01 Feb 2023, 09:44:29 AM IST

China's Jan factory activity contracts at slower pace amid COVID infections

China's factory activity shrank more slowly in January after Beijing lifted tough COVID curbs late last year which helped ease pressure on manufacturers though infections among workers hampered production, a private sector survey showed on Wednesday. The Caixin/S&P Global manufacturing purchasing managers' index (PMI) nudged up to 49.2 in January from 49.0 the previous month but missed expectations in a Reuters poll of 49.5. (Read More)

01 Feb 2023, 09:29:57 AM IST

Sun Pharma tanks in early trading as it sheds more than 1.5%

Sun Pharma
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Sun Pharma
01 Feb 2023, 09:28:03 AM IST

Back Buy or sell: Vaishali Parekh recommends 3 stocks to buy ahead of budget speech

Vaishali Parekh of Prabhudas Lilladher has recommended three intraday stocks before the beginning of the budget 2023 speech, here we list out full details of those intraday stocks for today:

1] Tata Motors: Buy at 452, target 570, stop loss 444;

2] Railtel: Buy at 124.50, target 130, stop loss 122; and

3] VRL Logistics: Buy at 535, target 557, stop loss 525. (Read More)

01 Feb 2023, 09:25:10 AM IST

Indices jump at the start as Sensex climbs 400 pts and Nifty 100 pts

Sensex at OPen
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Sensex at OPen
01 Feb 2023, 09:10:30 AM IST

Geojit Financial Services views on today's market: If the budget turns out to be good, with no unpleasant surprises, there can be short covering leading to spurt in the market

Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: The massive FPI selling in Indian markets have impacted market sentiments. NSDL data shows FPI selling of 28852 crores in January. The actual selling in the cash market is a mammoth 53887 crores in January. FPIs are selling in India and buying in cheaper markets like China, Hong Kong and South Korea where valuations are attractive. This “short India and long other cheaper markets" strategy has led to big underperformance of the Indian market, so far this year. While China, Hong Kong and South Korea are up by 5.4 %, 10.4% and 8.4% respectively in January India is down by 2.4%. This kind of underperformance is unlikely to last long. FIIs are also hugely short in the derivatives market.

If the budget turns out to be good, with no unpleasant surprises, there can be short covering leading to a spurt in the market. On the other hand, if there is some negative proposal like hiking the LTCGs tax to 20%, FIIs will continue to sell, pushing the markets further down. The Economic Survey reflects optimism on the growth and corporate earnings front. This augurs well for the markets in the medium term.

01 Feb 2023, 09:07:38 AM IST

Income tax cuts, factory perks: What to watch for in Budget 2023

India’s budget on Wednesday will test the government’s resolve to stay fiscally prudent as expectations of lower taxes, wider social security net and further boost to production gather steam before national elections.

Finance Minister Nirmala Sitharaman may tweak income-tax slabs to provide relief to the nation’s vast middle class and increase spend on the poor through programs such as rural jobs, while ramping up financial incentives for local manufacturing, according to economists and reports in local media.

Social welfare programs would get “appropriate" allocation as “the gap between have and have nots has widened," said India Ratings & Research Pvt. economist Devendra Kumar Pant. Inflation has eroded spending power and relief in tax “can provide the much-needed thrust to the consumption demand." (Read More)

01 Feb 2023, 09:04:54 AM IST

Sensex in green at the preopen session; Coal India, PGCL, Infosys in focus in today's session 

Sensex at Preopen
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Sensex at Preopen
01 Feb 2023, 08:55:27 AM IST

Reliance Securities Stock in Focus for Today: Prince Pipes


Prince Pipes (CMP 623): We expect Prince to expand its leadership with the manufacturing expertise, leveraged distribution and competitive agility in the pipes sector. In view of the expected pick-up in demand, cost optimization measures and series of strategies for the next level of growth, we have our BUY rating on the stock with Target Price at Rs700.

Intraday Picks


For today’s trade, long position can be initiated in the range of Rs4,190-

4,160 for the target of Rs4,350 with a strict stop loss of Rs4,090.


For today’s trade, long position can be initiated in the range of Rs1,206-

1,200 for the target of Rs1,254 with a strict stop loss of Rs1,179.


For today’s trade, long position can be initiated in the range of Rs2,566-

2,552 for the target of Rs2,630 with a strict stop loss of Rs2,515.


01 Feb 2023, 08:47:36 AM IST

Intel slashes employee, exec pay amid PC market downturn

Intel Corp on Tuesday confirmed that it has implemented broad employee pay cuts.

The reductions will range from 5% of base pay for mid-level employees to as much as 25% for Chief Executive Pat Gelsinger, while the company's hourly workforce's pay will not be cut, a person familiar with the matter told Reuters.

Intel spokesperson Addy Burr said the "changes are designed to impact our executive population more significantly and will help support the investments and overall workforce." (Reuters)

01 Feb 2023, 08:46:12 AM IST

Stocks to Watch: Coal India, Infosys, Adani Ports, PGCL, Jindal Steel, IHCL, Tata Motors, Godrej Consumers, Vodafone Idea, and Westlife Foodworld

Britannia Industries, Ashok Leyland, Jubilant Foodworks, Gillette India, IDFC, and Tata Chemicals will be among the stocks in focus as they declare their December quarter earnings today. (Read More)

01 Feb 2023, 08:35:04 AM IST

RPT-India's Jindal Steel and Power says enquiries from European buyers on the rise

India's Jindal Steel and Power Ltd (JSP) has received a flurry of enquiries from European buyers seeking finished steel products, indicating an uptick in exports in the current quarter through March, a senior company executive said on Tuesday.

His comments come after JSP reported a nearly 68% drop in profits for the quarter ended Dec. 31, hit by the government's decision to levy an export tax in May last year on some steel intermediates and a fall in global demand.

"We did see some increase in the order book and a lot of enquiries (from Europe)," Bimlendra Jha, managing director of Jindal Steel and Power, told Reuters in an interview.

Hit by the government's decision to levy the export tax, India's overall exports of finished steel more than halved during the first nine months of the fiscal year that began in April 2022.

That sharp drop forced the government to lift the export tax in November, but steel companies have complained about a loss of share in traditional markets, including Europe. (Reuters)

01 Feb 2023, 08:34:53 AM IST

Footfalls for Hindi films slump up to 50%

Yash Raj Film’s Pathaan has offered a glimmer of hope for the beleaguered Hindi film industry, but cinema attendance in Hindi-speaking markets has plummeted by nearly half post-covid. Even though big hits such as Bhool Bhulaiyaa 2 and Drishyam 2 have reported 15 million ticket sales, theatre owners lamented that they are only a fraction of the pre-covid blockbusters such as Bajrangi Bhaijaan and Dangal, which raked in a staggering 50 million each.

Footfalls for Hindi cinema fell to 189 million in 2022 from 341 million in 2019, 316 million in 2018 and 301 million in 2017, according to media consulting firm Ormax. (Read More)

01 Feb 2023, 08:10:00 AM IST

Rupee falls 36 paise to a 3-week low against USD ahead of Budget, Fed decision

The rupee depreciated by 36 paise to close at a three-week low of 81.88 against the US dollar on Tuesday after the Economic Survey 2022-23 said the domestic unit may remain under pressure on account of plateauing of exports and subsequent widening of the current account deficit.

Forex traders said significant foreign fund outflows and a muted trend in domestic equities also dented investor sentiment ahead of the Union budget and Federal Reserve Policy announcement on February 1.

At the interbank foreign exchange, the domestic unit opened weak at 81.61 against the dollar and lost further ground to fall below the 82 level. The rupee finally ended at 81.88, registering a decline of 36 paise over its last close.

During the session, the local unit witnessed an intra-day high of 81.58 and a low of 82.07 against the US dollar. In the previous session on Monday, the rupee settled at 81.52 against the American currency. (PTI)

01 Feb 2023, 07:58:30 AM IST

Power Grid Corporation net rises nearly 11 pc to ₹3645 cr in Q3

State-run Power Grid Corporation on Tuesday posted a nearly 11 per cent rise in its consolidated net profit to 3,645.34 crore in the December quarter compared to a year ago mainly on the back of higher revenues.

The consolidated net profit of the company was 3,292.97 crore in the quarter ending December 31, 2021, a BSE filing showed.

The total income of the company rose to 11,530.22 crore in the quarter from 10,723.61 crore in the same period a year ago.

The board of directors in a meeting held on 31st January 2023 approved the payment of a second Interim Dividend of 5 per equity share of 10 each (or 50 per cent of the paid-up equity share capital) for the Financial Year 2022-23.

The company incurred a capital expenditure of 5,429 crore and capitalized assets worth 5,190 crore (excluding FERV) on a consolidated basis till 9MFY23, a company statement said. (PTI)

01 Feb 2023, 07:45:56 AM IST

Fiscal deficit close to 60%; core output up

India’s fiscal deficit for the current financial year approached 60% of the year’s target in December, a month in which the economy saw a rise in core sector output. Meanwhile, eight core infrastructure industries grew 7.4% in December, against 4.1% a year earlier.

According to official data released on Tuesday, the fiscal deficit till December reached 59.8% of the FY23 target, led by the increase in capital expenditure and the moderate rise in tax collections. (Read More)

01 Feb 2023, 07:41:47 AM IST

Adani Group acquires Haifa port for $1.2 bn, Israeli PM Netanyahu lauds deal as 'enormous milestone'

The Adani Group on Tuesday acquired the strategic Israeli port of Haifa for USD 1.2 billion and vowed to transform the skyline of this Mediterranean city as part of its decision to invest more in the Jewish nation, including opening an artificial intelligence lab in Tel Aviv.

Adani Group chairman Gautam Adani, whose business empire was rocked by allegations of fraud by US short seller Hindenburg Research, appeared alongside Israeli Prime Minister Benjamin Netanyahu for signing of the deal to takeover Haifa Port, and spoke of investment opportunities.

Prime Minister Netanyahu described the Haifa port deal with the Adani Group as an "enormous milestone", saying it will significantly improve connectivity between the two countries in many ways.

The Port of Haifa is the second largest port in Israel in terms of shipping containers and the biggest in shipping tourist cruise ships.

"I think this is an enormous milestone...Over 100 years ago, and during World War I, it was the brave Indian soldiers who helped liberate the city of Haifa. And today, it's very robust Indian investors who are helping to liberate the port of Haifa," Netanyahu said. (PTI)

01 Feb 2023, 07:40:28 AM IST

PayPal to cut 2,000 workers affecting 7% of workforce

PayPal Holdings Inc. said it will cut 2,000 staffers as it contends with a macroeconomic slowdown that’s weighed on the firm’s business in recent quarters. The cuts, which will affect about 7% of staff, will happen in the coming weeks, Chief Executive Officer Dan Schulman told employees in a memo.

“While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do," Schulman said.

Schulman has been vocal about his plans to improve his firm’s operating leverage — or the ability to grow revenue faster than expenses — and PayPal last year embarked on a cost-cutting initiative that it said would result in $1.3 billion in savings this year. (Read More)

01 Feb 2023, 07:29:53 AM IST

Infosys admits appeal against UK tax assessment: Report

Software services major Infosys on Tuesday admitted that it has appealed against a corporation tax assessment by the UK authorities as British media reports referenced the company’s annual report to reveal the dispute.

Reports here are flagging that the firm co-founded by British Prime Minister Rishi Sunak’s father-in-law, Narayana Murthy, was contesting a GBP 20 million tax bill with His Majesty’s Revenue and Customs (HMRC) department.

The dispute, first revealed by ‘The Times’, comes at a sensitive time for Sunak who sacked his Conservartive Party chief, Nadhim Zahawi, after an investigation found he had breached the ministerial code of ethics over his tax affairs.

“Infosys provides details of certain ongoing disputes with various regulatory authorities, including this specific tax matter with HMRC," an Infosys spokesperson told ‘The Times’.

“The company has filed an appeal against a tax assessment in the UK and obtained a stay on the payment of the tax demand from HMRC," the spokesperson said.

There is no suggestion of wrongdoing by Infosys, the newspaper highlights. (PTI)

01 Feb 2023, 07:24:55 AM IST

Tata Motors to raise prices of passenger cars from today

The prices of Tata Motors passenger vehicles such as Tata Tiago, Tata Punch, Tigor, etc will be increased from today, 1 February 2022. There will be an increase of 1.2% on every vehicle on a weighted average basis. According to Tata Motors, the price increase is due to a rise in overall input cost. In January, the automaker had raised commercial vehicle prices by up to 2%. (Read More)

01 Feb 2023, 07:20:33 AM IST

Coal India net profit soars 70% in Q3 on higher demand; co declares second interim dividend

State-owned Coal India has reported a consolidated net profit of 7,755.55 crore for the third quarter (Q3FY23), up 70% from 4,558.39 crore in the corresponding quarter of last year, as production at the company increased due to higher power demand amid extreme weather conditions. That beat an average estimate of 7,678.03 crore by Bloomberg analysts.

On a sequential basis, net profit after tax (PAT) rose 28% from 6,043.55 crore in the previous quarter (Q2FY23).

The mining giant's consolidated revenue from operations during the quarter under review increased to 35,169 crore, compared with 28,433 crore in the same period last year. (Read More)

01 Feb 2023, 07:05:40 AM IST

HNIs, institutional investors help Adani FPO sail through

In a huge relief for billionaire Gautam Adani, institutional investors and family offices of high net worth individuals (HNIs) salvaged the 20,000 crore follow-on public offering (FPO) of Adani Enterprises Ltd, ensuring the issue was subscribed 1.12 times, up from just 0.03 times the previous day.

However, retail investors and Adani employees remained disinterested, given that shares were available for less in the secondary market.

Apart from anchor investors, who invested 6,000 crore last week, qualified institutional buyers (QIBs)—largely foreign institutional investors—and HNI family offices participated big-time for the remaining 14,000 crore. (Read More)

01 Feb 2023, 07:03:33 AM IST

Budget 2023 to focus on growth, smaller fiscal gap amid Adani woes

India is set to unveil a budget that will chart a path for sustained robust growth and fiscal prudence although the fallout from Hindenburg Research’s allegations on the Adani Group poses an overhang on the presentation.

Finance Minister Nirmala Sitharaman will announce the last full-year budget before Prime Minister Narendra Modi seeks a third term in elections due in the summer of 2024. From 11 a.m. in New Delhi, she is expected to report a spending plan of more than $544 billion in the financial year starting April to boost jobs, fund social welfare and provide perks for manufacturing, according to a survey of economists.

The budget speech will likely be guided by concerns over slowing economic growth and limited fiscal space that the government said it seeks to rebuild to help counter a bleak global outlook. In an annual report card on Tuesday, the finance ministry forecast gross domestic product growth of 6.5% in the fiscal year ahead, compared with the 7% estimated for the current period. (Read More)

01 Feb 2023, 07:03:33 AM IST

Wall Street climbs on Wednesday to add more to its strong January

Wall Street closed out a strong January with more gains on Tuesday, ahead of what many investors hope will be one of the Federal Reserve’s last hikes to interest rates for a while.

Markets got a boost after a report showed that that growth for workers’ pay and benefits slowed during the end of 2022. While that’s frustrating for people trying to keep up with soaring prices, markets see it as an encouraging sign of easing pressure on inflation and possibly a gentler Fed in the months ahead.

The S&P 500 rose 58.83 points, or 1.5%, to 4,076.60. The benchmark index notched its third winning month in the last four. The Dow Jones Industrial Average rose 368.95 points, or 1.1%, to 34,086.04. The Nasdaq rose 190.74 points, or 1.7%, to 11,584.55.

With the pace of inflation cooling since the summer, virtually all of Wall Street expects the Fed on Wednesday to announce its smallest increase to interest rates since March, at 0.25 percentage points. That would be the latest stepdown after it pushed through four straight increases of 0.75 points and then a hike of 0.50 points.

Such moves try to stamp out inflation by intentionally slowing the economy and dragging down on prices for stocks and other investments. The worry is that too-high rates would cause a severe recession and drop-off in corporate profits. (Reuters)

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