PremiumAsian indices had a mixed day with Tokyo gaining on the back of BoJ's decision to keep the interest rate the same. Chinese index remained flat, while Hong Kong ended with some gains. European indices are trading higher.
Indian benchmark indices continued their strong run with a gain of around 0.6% with foreign investors turning as net buyers of domestic shares helping the sentiment.
Sensex went above 61,000 intraday but ended slightly below the mark at 61,045, a jump of 390 points. Nifty also closed higher at 18,165, a gain of 112 points.
Metal index led the rally and soared more than a per cent. Pharma and Financial Services made decent gains. PSU Bank shed more than per cent. Realty, Auto and Energy indices closed flat.
The rally was led by Hindalco, Tata Steel and L&T which climbed by more than 2%. UPL and Wipro also ended in the green with a gain of above 1.5% each. Adani Enterprises, Tata Motors, HDFC Life and Ultratech Cement shed more than a per cent in today's session.
Asian indices had a mixed day with Tokyo stocks closing higher. Investors were relieved after the Bank of Japan kept its monetary easing policies unchanged, sending the yen cheaper. The benchmark Nikkei 225 index climbed 2.5%, while the broader Topix index added 1.68%.
During the early afternoon trade, the Japanese central bank said there would be no change to its longstanding ultra-loose policies, bucking heavy speculation that it could again tweak a key lever.
China stocks seesawed in thin trading volume on Wednesday as many urban workers left ahead of the Lunar New Year holidays and with some investors booking profits on concerns of any uncertainty when markets are closed for the festival.
China's blue-chip CSI 300 Index slipped 0.2% and the Shanghai Composite Index ended almost flat. Hong Kong's Hang Seng Index and the Hang Seng China Enterprises Index edged up 0.5% and 0.4%, respectively.
European shares advanced as risk appetite was supported by a slew of positive earnings updates, setting the benchmark index on track for its longest winning streak since November 2021. The pan-European STOXX 600 was up in the morning boosted by rate-sensitive technology stocks.
UK's FTSE 100 edged higher on Wednesday to scale a fresh 4-1/2-year high after data showed consumer inflation eased more than expected in December, although worries over tight monetary policy remained as the rate hovered in double-digit territory.
The Delhi high court on Wednesday issued summons to former managing director Ashneer Grover and BharatPe as part of a lawsuit filed by founder Bhavik Koladiya seeking to reclaim shares transferred to Grover. During an hour-long hearing, justice Prateek Jalan directed Grover not to create third-party rights over the 16,110 shares in question until further orders.
“The defendant No. 1 (Ashneer Grover) bound down to the said statement and is directed to file undertaking to this effect within one week from today. Reply to the application within four weeks, rejoinder within two weeks thereafter," the court said in its order. (Read More)
India’s steel production and consumption grew 5.7% and 11.5%, respectively, year-on year (YoY) during the first nine months of FY23 (April to December), CareEdge Research said in a report on Wednesday. The rating agency estimates India’s steel production to be in a range of 117-119 million tonne, up 3-5% in FY23. (Read More)
Shares of cosmetics-to-fashion retailer Nykaa are in the news these days as investors have lost a massive amount of wealth in the past few months. Though listing of FSN E-Commerce Ventures, the parent of Nykaa was a big hit as it listed on the Indian stock market at a bumper premium of 71%. Nykaa launched in October 2021 at a price band of ₹1,085 to ₹1,125 per equity share. Its share price went northward after listing and climbed to its lifetime high of ₹2,573.70 apiece. However, the stock has been hitting fresh lows since February 2022.
However, Nykaa is not the only company whose valuation has collapsed like a house of cards after registering a bumper opening in the stock market, there are several other recent IPOs where investors have incurred big losses in recent times.
Such companies include -Zomato, Paytm, Policybazaar, CarTrade, etc, in which investors have been bleeding heavily and chances are the recovery of their money looks quite bleak.
Market veteran Mahesh, who is an AMFI-registered mutual fund distributor wrote that investors have made total loss of about ₹1,81,471 crore from 20 recently-launched IPOs. (Read More)
Adani Enterprises, the flagship company of ports-to-energy conglomerate Adani Group, said it would raise ₹20,000 crore in follow-on public offering of new shares, according to reports. The FPO will open for subscription on 27 January and close on 31 January. The company will issue shares on a partly paid basis. The anchor investor bidding date for the FPO has been fixed on 25 January. (Read More)
Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.
UK inflation dipped for a second month in December, boosting hopes that the worst cost-of-living crisis in a generation may be starting to ease.
Consumer prices rose 10.5% from a year earlier, the Office for National Statistics said Wednesday. That’s slower than the 10.7% gain in November and a peak above 11% in October, when domestic energy bills surged.
The data “suggests the peak has now passed" for inflation, said David Bharier, head of research at the British Chambers of Commerce. “But this simply means that prices will stabilize at a much higher level than one year ago."
Inflation remains five times higher than the government’s 2% target and has touched off a wave of strikes by public sector workers angry their wages are falling short of the pace of price increases. Prime Minister Rishi Sunak has made halving inflation one of his five key pledges for the year. (Bloomberg)
The initial public offering (IPO) of Olatech Solutions Limited is one of the multibagger IPOs that Indian secondary market. The BSE SME issue was launched in August 2022 at a fixed price of ₹27 apiece and the SME stock made its debut in the secondary market on 29th August 2022. The SME share had a dream debut on Dalal Street as it listed on the BSE SME exchange at 51.30 per share levels, delivering around 90 per cent return to the lucky allottees. However, the SME share further went upside after strong debut and ended at ₹53.85 per equity share on its listing date. (Read More)
Cryptocurrency exchange Coinbase Global Inc on Wednesday said it will halt operations in Japan due to volatile market conditions.
All Coinbase Japan customers will have until Feb. 16 to withdraw their fiat and crypto holdings, the company said in a blog post.
Coinbase's decision to exit comes only a few weeks after rival exchange Kraken said it, too, would cease its operations in Japan this month.
Several firms have suffered from waning investor appetite for crypto after major exchange FTX blew up in September. Higher interest rates and worries of an economic downturn have also piled pressure on the crypto industry, as investors flee risky assets.
The crypto sector's woes have continued this year, marked by plunging deposits, layoffs and multiple legal hurdles. (Reuters)
Oravel Stays Ltd, which operates travel tech firm and brand OYO, on Wednesday said it will refile its draft public listing application by the middle of next month. Earlier this month capital markets regulator Sebi had asked the company to refile the draft initial public offering (IPO) papers with certain updates.
"We are working on updating all key sections simultaneously. Responsibilities have been divided among different teams, with senior company leaders driving the collaboration with the Book Running Lead Managers, essentially the IPO bankers, the lawyers and the auditors. (Read More)
Gita Gopinath, the International Monetary Fund’s No. 2 official, said the global economy has shown “signs of resilience," and European Central Bank Governing Council member Francois Villeroy de Galhau said the euro region should avoid a recession this year.
The comments on Wednesday were in line with the general tone of cautious optimism at the World Economic Forum. On the opening day of the gathering of the business and financial elite in Davos, Chinese Vice Premier Liu He projected that the world’s second-largest economy will normalize as Covid-19 restrictions ease. (Bloomberg)
Eris Lifesciences (ERIS IN) – Param Desai – Research Analyst, Prabhudas Lilladher Pvt Ltd
Rating: BUY | CMP: Rs652 | TP: Rs850
Q3FY23 Result Update - In line quarter; new launches scale-up is key
Eris Lifesciences (ERIS) reported muted performance during the quarter, due to higher promotional expenses from new launches. However, we maintain our estimates and continue to believe benefits of operating leverage will play out, as revenue scales up from these new launches. Acquisition of Oaknet and Glenmark’s derma portfolio to strengthen Eris’s entry in the derma segment, which is currently operating at sub optimal profitability. Eris’s turnaround of Strides acquired portfolio provides comfort for similar executions. The company continues to outperform core cardio metabolic market which expects robust growth over next three years with wide patent expiration opportunities. We maintain our ‘BUY’ rating at TP of Rs850, valuing 16x EV/EBITDA on Sept FY24E.
In a significant development, India may have already surpassed China as the world's most populous country. According to projections from the World Population Review (WPR), India’s population was 141.7 crore as of the end of 2022. That's a little more than 50 lakh more than the 141.2 crore declared by China on January 17, when there was the first fall since the 1960s, according to official announcements.
India, a country where 50 percent of the population is under 30, is anticipated to have the world's fastest-growing major economy. The milestone was supposed to be reached later this year, according to the UN. According to WPR, India's population increased to 142.3 crore people as of January 18. WPR predicts that, though India's population growth has slowed, it will still climb until at least 2050. (Read More)
Women have opened the doors of financial freedom and self-sufficiency for themselves by seizing all opportunities and choosing job roles that were dominated by their male counterparts until now.
An upsurge is seen in the participation of women from tier-2 cities in the gig economy, according to a report. Jobs and professional networking platform 'Apna' highlighted that there was a 34% increase in the number of women taking up delivery, drivers, factory workers, and lab technicians jobs.
Besides, the platform underscored that there was a 67% growth in job applications from women for part-time jobs and a 34% rise in full-time jobs. More women applied for night shifts, the job platform added. "There has also been an increase in the number of women applying for night shifts, to the tune of a whopping 60%," the report stated. (Read More)
India Inc's revenue is expected to rise 14 per cent year-on-year in the third quarter of this fiscal ended December 2022 to ₹10.9 lakh crore, following a steady rise in volume and some price hikes, and driven primarily by the consumer discretionary segments, according to CRISIL.
On a sequential basis, revenue is seen up 0.9 per cent, and profitability 140 basis points (bps).
The Market Intelligence and Analytics (MI&A) research of CRISIL said in a statement that the operating margin is likely to have contracted 270 bps year-on-year -- slower than in the past two quarters -- as easing commodity prices provided succour amid moderating revenue growth. However, this would mark the fifth quarter of on-year contraction.
On a sequential basis, however, operating margin would rise for the first time in six quarters to 18-19 per cent in the third quarter from 17.2 per cent in the second, CRISIL said. The number has been falling since touching 23.7 per cent in the first quarter of last fiscal. (PTI)
Car workshop and auto spare parts platform, GoMechanic is going to let go of approximately 70% of its workforce. This was announced by co-founder Amit Bhasin in a long LinkedIn post. GoMechanic, which offers everything from mechanics to carwashing services on an app, bills itself as having India’s largest auto service center network. With its funding round in jeopardy, the startup is now facing a cash crunch, the people said.
“We made grave errors in judgment as we followed growth at all costs, particularly in regard to financial reporting, which we deeply regret," Bhasin said in a LinkedIn post on Wednesday, without sharing details. “We take full responsibility for this current situation and unanimously have decided to restructure the business while we look for capital solutions. This restructuring is going to be painful and we will unfortunately need to let go of approximately 70% of the workforce. In addition, a third party firm will be conducting an audit of the business." (Read More)
Shares of Deep Industries Ltd surged more than 3% to ₹310 apiece on the BSE in Wednesday's trading session after the company informed that its board will meet on Monday, February 6, 2023 to consider the proposal of sub division of equity shares or stock split along with announced its third quarter earnings (Q3FY23).
“We wish to inform you that, the meeting of the Board of Directors of the Company is scheduled to be held on Monday, February 06, 2023 inter-alia to transact the following business: To consider, approve and take on record Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and nine months ended on December 31, 2022 and to take on record Limited Review Report thereon pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," the company announced in an exchange filing. (Read More)
Gold prices in India fell for second day in a row after hitting record high earlier this week. On MCX, bullion futures fell 0.3% to ₹561,63 per 10 gram. On Monday, the precious metal had hit a high of ₹56,562 tracking firm global rates. Silver futures in Indian market was today flat at ₹69,221 per kg. In global markets, gold today dipped 0.3% to $1,902.79 per ounce, pressured by a stronger US dollar which tends to make gold more expensive for buyers holding other currencies.
The dollar index was today up 0.25% to 102.403. The Japanese yen tumbled and bonds notched their biggest rally in two decades today after the country's central bank stuck to its ultra-easy monetary policy, defying expectations that it would start phasing out its massive stimulus programme. (Read More)
Zerodha co-founder Nikhil Kamath has shared a piece of advice for companies after Wall Street's iconic firm-Goldman Sachs-posted its worst earning miss in a decade. Goldman's profits tumbled 66% to $1.33 billion in the fourth quarter, well below what Wall Street had expected. The big investment bank pointed to a "significant decline" in completed mergers and acquisitions. (Read More)
Anand Rathi research team on Mastek and the Infrastructure Sector
Mastek
Mastek’s Q3 was weaker than expected on dollar organic growth (down 1.7% q/q, 4.8% y/y) but the order backlog was a strong $206m, reflecting good deals won in Q3. Meta Soft was fully integrated in Q3, and is likely to boost US growth in FY24 (lower organically in Q3). Overall, Mastek should return to growth in Q4 and cross-currency along with greater utilisation would help it regain margin momentum. We retain our FY24e/FY25e EBIT but lower other income leading to a ~4% cut in EPS. The TP we accordingly revise to Rs.2,180 (16.5x FY25e) from Rs.2280 earlier.
The Infrastructure Sector
The Indian economy is exhibiting promising signals thanks to a sound banking system, robust tax collections and sufficient foreign exchange reserves. Gradually receding inflation (though core still sticky) also upholds the optimism regarding growth expectations. Resultantly, this fiscal year has had many more announcements and tendering than the last fiscal, their combined value already surpassing the previous best. With sturdy investment intentions, tendering seems set to persist. Despite a brief lull in awarding in Oct’22 and Nov’22, it swiftly returned in Dec’22, and the trend is likely to continue, leading up to the general elections in 2024. Yet, the fluid global scenario remains the key risk. With this, we present our review of Q3 ordering and estimates preview.
The Japanese yen tumbled and bonds notched their biggest rally in two decades on Wednesday after the country's central bank stuck to its ultra-easy monetary policy, defying expectations that it would start phasing out its massive stimulus programme.
Speculation in the bond market that the BOJ would tweak its yield curve control (YCC) settings at the meeting that concluded on Wednesday had pushed 10-year government bond yields above the policy cap of 0.5% for a fourth straight session.
The bank, however, maintained ultra-low interest rates, including its 0.5% cap for the 10-year bond yield.
The 10-year yield fell as much as 15 basis points - the biggest drop since November 2023 - to a low of 0.36%, after hitting an intraday high of 0.51% before the BOJ announcement came through. It last traded at 0.395%. (Reuters)
Efforts by Indian diamond traders to secure more uncut product from Russia and allay an export slump in the world’s biggest polishing hub are being hampered by currency risks. Supplies from Russia to India have fallen 40% since April, leading to a knock-on slump in exports from the Asian nation. Furthermore, not a single jeweler has utilized a special facility set up in July to allow the trade to be handled in rupees, according to the Gem & Jewellery Export Promotion Council.
“Nobody is willing to take the exchange risk and volatility," the council’s chairman, Vipul Shah, said in an interview. “The Russians are not comfortable with the rupee invoicing as far as the gems and jewelry sector is concerned." (Read More)
More than a dozen of Apple Inc.’s Chinese suppliers are receiving initial clearance by India to expand in the country, helping the tech giant’s efforts to diversify its assembly network beyond China.
AirPods and iPhone assembler Luxshare Precision Industry Co. and a unit of lensmaker Sunny Optical Technology Group Co. are among the companies gaining approval, people familiar with the matter said, asking not to be named because the permits aren’t public. The clearances from key Indian ministries are a step toward full approval for expansion in India, and the companies will still likely to be required to find local Indian joint venture partners, the people said. (Read More)
The rupee depreciated 13 paise to 81.82 against the US dollar in early trade on Wednesday, as a strengthening American currency and firm crude oil prices weighed on investor sentiments.
At the interbank foreign exchange, the domestic unit opened weak at 81.80 against the dollar, then fell to 81.82, registering a decline of 13 paise over its last close.
In the previous session on Tuesday, the rupee settled at 81.69 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.49 per cent to 102.88.
Brent crude futures, the global oil benchmark, advanced 0.65 per cent to USD 86.48 per barrel.
Traders said market participants remain cautious ahead of the Bank of Japan's policy statement. (PTI)
The initial public offering (IPO) of Dharni Capital Services Limited has opened today for subscribers and the public issue will remain open for bidding till 20th January 2023. The public offer is proposed for listing on the BSE SME exchange and the SME company aims to raise ₹10.74 crore from its issue offer by a fresh issue of 5,370,000 shares of the company. The company has a fixed public issue price at ₹20. Meanwhile, the grey market is also dropping signals about the issue. As per the market observers, shares of the financial services company are available at a premium of ₹2 in the grey market today. (Read More)
Shares of FSN E-Commerce Ventures Ltd, the parent of cosmetics-to-fashion retailer Nykaa, continued to decline with the stock falling to an all-time low at ₹124 apiece, down more than 6% on the BSE in Wednesday's early deals. The scrip has been under pressure in the past few days and has plunged over 19% in the last five trading sessions as compared to nearly 2% rise in benchmark BSE Sensex during the period.
“Nykaa share price chart pattern suggests lower top lower bottom formation and the stock has been continuously nosediving after giving breakdown at ₹160 apiece levels. The immediate support for the fashion retail stock is placed at ₹110 levels and it may hit double-digit figure if the current support is breached. Those who have this stock in their portfolio are advised to maintain strict stop loss at ₹110 and try to exit the position on any rebound caused by short covering," said Anuj Gupta, Vice President — Research at IIFL Securities. (Read More)
Aristo Bio-Tech And Lifescience Limited's initial public offering (IPO) opened for public subscription on Monday, January 16, 2023, and will conclude on Thursday, January 19, 2023, and will subsequently be listed on the NSE Emerge platform. The SME issue has been overall subscribed 9.41 times as of day 2 on Tuesday, with 15.38 times bid in the retail category, and 3.45 times in the non-institutional investors (NII) category.
As per market observers, Aristo BioTech shares' GMP have remained steady and is commanding a premium of ₹15 in the grey market today. The company's shares are expected to list on the NSE Emerge platform next week on Friday, January 27, 2023. (Read More)
China is likely to see 36,000 Covid deaths a day during the Lunar New Year holidays, making it one of the most deadly periods of the pandemic, according to an updated analysis of the largest outbreak the world has yet experienced.
The revised figures from the independent forecasting firm Airfinity Ltd. added 11,000 deaths a day to its Dec. 29 estimate, a jump that shows the breathtaking pace of the outbreak and the lack of clear information about how it’s spreading in the world’s most populous nation. The update is based on data from China’s regional provinces combined with rates seen in other Covid Zero countries after they first lifted restrictions, the London-based research firm said.
China will likely experience “one longer, more severe Covid wave," rather than repeat peaks and valleys, as the traditional festival marked by millions of people returning home to reunite with their families fuels high levels of virus transmission, according to the predictive health analytics company that’s been tracking the pandemic. (Bloomberg)
After climbing to a lifetime high of 63,583, 30-stock Sensex has remained under sell-off heat and the Bombay Sensitive Index has lost around 3,000 points from its peak since 1st December 2022. However, in this period, some stocks have delivered a whopping return to its shareholders. Shares of Fertilisers & Chemicals Travancore are one of them.
This chemical stock with a market capital of near ₹20,740 has ascended to the tune of 120 per cent since 1st December 2022. So, Fertilisers & Chemicals Travancore shares are one of the multibagger stocks that Dalal Street has delivered after 1st December 2022 despite Sensex dipping to the tune of 3,000 points. (Read More)
STOCK IN FOCUS
Voltas (CMP 810): 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
BERGEPAINT (PREVIOUS CLOSE: 568) BUY
For today’s trade, long position can be initiated in the range of Rs567- 563 for the target of Rs582 with a strict stop loss of Rs559.
MARUTI (PREVIOUS CLOSE: 8,479) BUY
For today’s trade, long position can be initiated in the range of Rs8,420- 8,370 for the target of Rs8,620 with a strict stop loss of Rs8,315.
INDIGO (PREVIOUS CLOSE: 2,080) SELL
For today’s trade, short position can be initiated in the range of Rs2,110- 2,125 for the target of Rs2,045 with a strict stop loss of Rs2,145.
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: India’s outperformance in 2022 has been temporarily reversed in January 2023, till date, mainly due to FII outflows to other markets, mainly China. Consequently, Hang Seng and Shanghai Composite have appreciated by 9 percent and 4.4 percent respectively YTD while Nifty is down by around 0.3%. India’s current underperformance is likely to be temporary since India has the best growth and earnings prospects among large economies. However, concerns of global slowdown this year and the possibility of FIIs again turning sellers at higher levels will cap the upside to the market in the near-term. From now on Budget expectations also are likely to influence the market trend. IT stocks which have bounced back after the good Q3 results and high quality banking and capital goods stocks along with RIL have the strength to support the market.
The Indian rupee is likely to inch up against the dollar on Wednesday, helped by the decline in the USD/INR non-deliverable forwards (NDF).
The rupee is expected to open at around 81.60 compared with 81.76 in the previous session. Over the last two sessions, the local currency has come under pressure on dollar purchases from public sector banks and on position adjustments by speculators.
The USD/INR 1-month NDF declined after normal over-the-counter market hours on Tuesday, hovering near 81.70. On the interbank order match system, rupee was last dealt at 81.60.
The rupee, taking cues from NDF, should inch up at open, but is unlikely to do much after that considering the Asian cues, a trader at a Mumbai-based bank said. It looks like the rupee is now in a new range of 81.20 to 82.00, he added. (Reuters)
India's top carmaker Maruti Suzuki on Wednesday said it was recalling 17,362 units of its seven models, Alto K10, S-Presso, Eeco,Brezza, Baleno and Grand Vitara, to rectify a possible defect in airbag controller according to a regulatory filing by the company. The affected vehicles are manufactured between 8 December 2022 and 12 January 2023.
"The Company has announced to recall a total of 17,362 vehicles manufactured between 8 December 2022 and 12 January, 2023. The affected models are Alto K10, S-Presso, Eeco,Brezza, Baleno and Grand Vitara," the company said in a statement. (Read More)
IndusInd Bank, Persistent Systems, Central Bank of India, Oracle Financial Services Software, CCL Products and PSP Projects will be among the stocks in focus as they declare their December quarter earnings today. (Read More)
Leading general insurer ICICI Lombard on Tuesday reported an 11 percent growth in net income at ₹353 crore in the three months ended December boosted by capital gains of ₹152 crore and higher sales.
The company's gross direct premium income for the quarter rose 16.9 per cent, lower than the industry growth of 18.1 per cent, at ₹5,493 crore. In the year-ago period, the same stood at ₹4,699 crore.
Excluding crop segment, the gross direct premium income growth was 17.1 per cent, which is higher than the industry growth of 16.6 per cent, the company said in a statement.
The combined ratio, a key profitability matrix, improved to 104.4 from 104.5 on-year, it added.
The ICICI group company booked ₹152 crore from its market investments in the latest December quarter, up from ₹131 crore a year ago, boosting its bottom line. (PTI)
Quant Mutual Fund bought a fresh stake in Apollo Micro Systems in December 2022. As per the Quant Mutual Fund shareholding after the end of December 2022, the mutual fund has added 18 fresh stocks in its portfolio and small-cap stock are one of them. The asset management company (AMC) has bought 5,52,774 shares of Apollo Micro Systems Ltd, which is around 2.66 per cent of the net paid-up capital of the listed stock. These Apollo Micro Systems shares held by Quant Mutual Fund are to the tune of 0.11 per cent of the total asset under management of the mutual fund.
In the last month, this small-cap stock has surged to the tune of 25 per cent whereas, in the last six months, this multibagger stock has ascended from around ₹134 to ₹334, logging around 150 per cent rise in this period. (Read More)
Adani Enterprises on Tuesday signed an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck (FCET) for mining logistics and transportation with Ashok Leyland, India, and Ballard Power, Canada.
“This collaboration marks Asia’s first planned hydrogen powered mining truck. The demonstration project will be led by AEL, a company focused on both mining operations and developing green hydrogen projects for sourcing, transporting, and building out hydrogen refueling infrastructure," the company said in a statement.
To deepen its presence in the anti-fungal and anti-psoriasis segments, Indian drugmaker Eris Lifesciences Ltd on 17 January said it would acquire a portfolio of dermatology brands from Glenmark Pharmaceuticals Ltd for ₹3.4 billion. Through Eris' dermatology-focused unit, the deal is for the purchase of nine brands, including Onabet, Halobate, Sorvate, and Demelan for India and Nepal, Eris said.
Post divestiture of the brands, Glenmark said that will further consolidate its position in the core therapeutic areas of cardiometabolic, respiratory, dermatology, and oncology segments. (Read More)
ICICI Prudential Life Insurance on Tuesday reported a 29 per cent decline in its profit at ₹221 crore for the third quarter ended December 2022.
The company had posted a profit of ₹311 crore in the same quarter a year ago.
During the third quarter of this fiscal the net premium income increased to ₹9,465 crore as against ₹9,074 crore in the same period a year ago, ICICI Prudential Life said in a regulatory filing.
The assets under management of the company stood at ₹2,51,884 crore, it said, adding, the company had a debt-equity mix of 54:46 as on December 31, 2022. (PTI)
The organiser of the World Economic Forum Summit that is being held at Davos Switzerland, said that Elon Musk wasn't on the guest list, even though the Twitter owner claims. WEF Yann Zopf knocked down Musk's claim saying that the billionaire wasn't there, though he says he was invited.
The spokesman added the last time the Tesla CEO got an invitation was “not this year and not recently — last time in 2015".
On 22 December, Musk wrote a tweet that read: "My reason for declining the Davos invitation was not because I thought they were engaged in diabolical scheming, but because it sounded boring af lol". (Read More)
Bhavik Koladiya, the original founder of BharatPe, has filed a lawsuit against Ashneer Grover in the Delhi High Court. Koladiya is taking legal action against BharatPe’s co-founder and former managing director Grover “to get back his shares from him."
The matter has been listed before Justice Prateek Jalan in the Delhi High Court. Koladiya and Grover's fight over shares was first reported by Mint last year. (Read More)
India’s pace of spending on infrastructure, buildings and other fixed assets will probably slow in the coming fiscal year, a development that could dent the nation’s ability to maintain world-beating growth.
To sell itself as an attractive destination for foreign capital, Asia’s third-largest economy has leaned on robust capital spending, increasing its infrastructure budget by 39% and 26% in the last two years. But as recessionary woes spread globally, India’s tax collections and asset sales are likely to fall, analysts say. (Read More)
Stock indexes on Wall Street closed mixed Tuesday, as investors focus on a busy week of corporate earnings for insight into how much damage inflation is inflicting on the economy.
The S&P 500 slipped 0.2%, ending a four-day winning streak. The Dow Jones Industrial Average fell 1.1%, mostly because of a big drop in Goldman Sachs after the investment bank’s results came in far below analysts’ estimates as dealmaking dried up.
Gains in technology stocks helped the Nasdaq composite eke out a 0.1% gain, extending the tech-heavy index's winning streak to a seventh day.
The mixed start to the holiday-shortened week follows a solid start to the year for Wall Street after a dismal 2022. The broader market is coming off its best week in two months, but investor sentiment could quickly turn as companies report their results for the October-December quarter.
Analysts still expect companies in the S&P 500 to report a drop in profits for the fourth quarter from a year earlier. That would mark the first such decline since 2020, when the pandemic was crushing the economy.
More importantly, investors are listening closely to financial updates from companies to get a better determine whether inflation will continue squeezing consumers' wallets and sapping corporate profits. (AP)
Download the App to get 14 days of unlimited access to Mint Premium absolutely free!
