BUSINESS
Indian equities extend losses
At 9.38 a.m., Sensex traded at 58,508 points, down 0.2% or 137 points from the previous close of 58,645 points. It opened at 58,550 points.
Nifty traded at 17,438 points, down 0.5% or 78 points from the previous close of 17,516 points. It opened at 17,456 points. Among the stocks, Hero Motocorp, SBI, Mahindra & Mahindra, NTPC, and Eicher Motors were the top five losers in the morning trade, while Hindalco, ONGC, Sun Pharma, Asian Paints, and Divi's Labs were the top gainers.
FY23 divestment target more realistic, not underestimation: Sitharaman
She was speaking at an event here organised by Federation of Indian Chambers of Commerce and Industry (FICCI). Lastly, she reiterated that the government will continue on the disinvestment front. The Centre, in its Budget document for FY23, has drastically lowered the divestment target to Rs 65,000 crore. According to the Budget document, the current fiscal FY22's divestment target was revised to Rs 78,000 crore from the Budget estimates of Rs 1.75 lakh crore.
Tata Power shares up 180% in one year; PLIs likely to sustain momentum
In early February 2021, the company's share price was Rs 90, and now it's over Rs 250, which is 183 per cent up. Tata Power is an integrated power company, present across the entire power value chain of conventional and renewable energy, power services and next-generation customer solutions including solar rooftop and EV charging stations.
JM Financial gives 'buy' call for ITC, GAIL, M&M Financial, 6 others
For ITC stocks, the brokerage has set a target price at Rs 295, as against the current price of Rs Rs 233.6. For GAIL and Mahindra & Mahindra Financial, the target is set at Rs 185 and Rs 200, respectively. On Friday, these two shares settled at Rs 146.65 and Rs 154.15, respectively, data showed.
Outlook: MPC, Macros to Manoeuvre Equities
Direction of foreign fund flows, as well as concerns over rising crude oil prices will influence investors' sentiments. Notably, the monetary policy review is slated for February 7-9. It is widely expected that RBI's MPC will maintain a status-quo in the key lending rates.
Kia's January sales fall 5.7% on chip shortage
Kia sold 2,12,819 vehicles in January, down from 2,25,733 units a year ago, the company said in a statement. Sales in South Korea declined 11 per cent on-year to 37,038 units last month from 41,481, while exports were down 4.6 per cent to 1,75,781 from 1,84,252 during the cited period, it said.
SBI Q3FY22 YoY net profit up 62% at over Rs 8k cr
The net profit represents an increase of 62.27 per cent rise on YoY basis. The bank had reported a net profit of Rs 5,196 crore during the corresponding period of the previous fiscal. Besides, the lending major's net interest income grew by 6.48 per cent to Rs 30,687 crore during the quarter ended December 31, 2021, compared to Rs 28,820 crore in the corresponding period of the previous fiscal.
Bank of Baroda's Q3 net profit doubles to over Rs 2K cr YoY
Accordingly, the net profit rose to Rs 2,197 crore from Rs 1,061 crore during the corresponding period of the previous fiscal. The lending major's net interest income grew by 14.38 per cent to Rs 8,552 crore during the quarter ended December 31, 2021, compared to Rs 7,477 crore in the corresponding period of the previous fiscal. The consolidated net profit stood at Rs 2,464 crore in Q3FY22 as against Rs 1,196 crore in Q3FY21.
RBI policy meet and LIC IPO filing to be key events
It's important to note that markets hit key resistance levels on the way up, and reacted quite sharply from such levels. The range for the week was 56,400 - 59650 on BSESENSEX while it was 16,825 - 17,800 on NIFTY. This would continue to be the range for the coming week as well with a couple of factors deciding the direction. However, volatility would be the norm and even though the net change may not be as much on a daily basis the swings would remain. Key factors would be the net sales by FII's and global markets.
BharatPe Co-founder Nakrani denies he wants new CEO to be fired from Board
Media reports had mentioned that Grover's letter also included the consent of Mansukhbhai Nakrani to remove Sameer from the Board of Directors. Nakrani and Grover had jointly nominated Sameer as a director of the fintech platform on August 20 last year. In a statement shared with IANS, Nakrani said: "I have neither given my consent, nor sought the removal of Suhail Sameer from the Board of BharatPe.
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