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Business News/ Markets / Live Blog/  Sensex gains 320 pts, Nifty ends above 18,100; IT index shines

Sensex gains 320 pts, Nifty ends above 18,100; IT index shines

Share Market Close: Indian stock market closed in the green on Monday with Sensex ending above 60,900 pts and Nifty adding 90 pts. HUL, Sun Pharma and TechM gained, while Ultratech Cement shed 4%. IT, Bank and Auto indices climbed. Realty, Metal struggled.

Stock Market Today: Fed's comment on lower rate hikes bring cheers among investors (Bloomberg)Premium
Stock Market Today: Fed's comment on lower rate hikes bring cheers among investors (Bloomberg)

Most Asian indices tracked Friday's Wall Street rally and ended higher on Monday. Tokyo gained in today's trading. Shanghai and Hong Kong were closed for holidays. European markets were also trading higher in the morning.

23 Jan 2023, 07:32:49 AM IST

Adani Group to spin off hydrogen, airports, data centre businesses by 2028: CFO

Billionaire Gautam Adani's group plans to spin off businesses like hydrogen, airports and data centre between 2025 and 2028 after they achieve a certain investment profile, it's Chief Financial Officer Jugeshinder Singh said.

Adani Enterprises Ltd, which is looking to raise 20,000 crore in a follow-on share sale, is the business incubator for the group. Over the years, businesses such as ports, power and city gas were first incubated in AEL before being spun off or demerged into separate listed companies.

AEL currently houses new businesses such as hydrogen, where the group plans to invest USD 50 billion over the next 10 years across the value chain, flourishing airport operations, mining, data centre and roads and logistics.

"The businesses have to achieve a basic investment profile and maturity before being considered for a demerger. Between 2025 and 2028 we think these businesses can achieve the desired levels for a demerger," Singh told PTI. (PTI)

23 Jan 2023, 07:32:25 AM IST

JSW Steel Q3 net profit tanks 86% YoY to ₹474 crore

JSW Steel on Friday reported an 85.50% year-on-year (YoY) slump in its consolidated net profit for the fiscal third quarter ended December (Q3FY23) to 474 crore. The steelmaker had reported a profit of 4,516 crore in the year-ago period. Revenue from operations grew 2.79% YoY to 39,134 crore. Operating Ebitda (earnings before interest, tax, depreciation and amortisation) was at 4,030 crore during the quarter under review, with a margin of 13%.

Total income during October-December rose to 39,322 crore from 38,225 crore a year ago. Expenses were also higher at 38,288 crore as against 31,986 crore. (Read More)

23 Jan 2023, 07:31:27 AM IST

Reliance’s Q3 net profit beats Street on retail boost

Mukesh Ambani’s Reliance Industries Ltd beat analysts’ expectations for quarterly profit as its new consumer ventures compensated for the decline in its chemicals business. Net profit fell 15% to 15,792 crore in the three months ended 31 December from 18,549 crore in the year earlier on rising expenses. However, the December quarter profit beat the 14,537 crore consensus analyst estimate, according to a Bloomberg survey.

The company’s consumer-facing ventures, Reliance Jio and Reliance Retail, posted strong growth, even as improved refining margins boosted the oil-to-chemicals (O2C) business despite weakness in the petrochemicals segment. Additionally, higher gas prices benefited the oil and gas exploration and production business. (Read More)

23 Jan 2023, 07:30:27 AM IST

Back IT, startups may cut up to 20,000 jobs in next 6 months

India’s IT and startup sectors may lay off 15,000 to 20,000 employees in the next six months, battling slowing demand after the hiring frenzy of the last two years inflated salary costs. Recruitment consultants expect fewer hiring mandates in the months ahead and have decided not to enter new businesses for now.

However, even as some IT and startup companies will shed staff to manage costs, others within the same sectors are hiring, too.

“We expect about 20,000 layoffs over the next few quarters. Over the last year, companies faced the fear of missing out on talent hiring and recruited in large numbers and paid them many folds more than inflation and market standards," said Lohit Bhatia, president of workforce management for recruitment firm Quess Corp. (Read More)

23 Jan 2023, 07:27:45 AM IST

Rally for US tech stocks on Friday helps soften Wall Street's rough week

A rough week on Wall Street dominated by worries about a weakening economy ended Friday with a broad rally that gave the market its best day in two weeks.

The S&P 500 rose 1.9%. Despite the gains, the benchmark index still ended with its first weekly loss in the last three. The Dow Jones Industrial Average rose 1% and the Nasdaq composite closed 2.7% higher.

Technology and communication services stocks powered much of the gains as investors cheered another big quarterly surge in Netflix’s subscribers. Remarks from a Federal Reserve official also helped build hope among investors that the central bank may decide to slow its pace of interest rate hikes as soon as next month.

The major indexes started the week in the red largely because of worries that the economy may not be able to avoid a scarring recession. Several reports on the economy came in weaker than expected, as the full weight of the Federal Reserve’s hikes to interest rates last year started to make their way through the system.

Not long ago, bad news on the economy was often perversely good news for Wall Street. That’s because investors took it to mean the Fed may ease up on its rate hikes. But the bad news on the economy is increasingly becoming bad news for Wall Street, too, which is worrying more about the prospects of a serious recession.

But on Friday, Fed Gov. Christopher Waller said he favors just a quarter-point hike on Feb. 1, when the central bank gives its next interest rate policy update. Waller also said that rates are already high enough to be slowing the economy. The remarks could have helped calm rising-rate worries in the market. (AP)

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