Stock Market Live Updates: Indian stock market may open on a dull note on Monday as SGX Nifty is trading in negative and Adani shares are in focus. Wall Street closed last week lower. However, Asian markets are having a mixed day in the morning session.
The Adani crisis will continue to cast a shadow on investor sentiment this week despite assurances from the government that the fundamentals of the Indian economy remain strong. The RBI MPC meeting to be held from February 6 to 8 will also be in focus. RBI is expected to hike interest rates by 25 bps
06 Feb 2023, 07:35:45 AM IST
Tata Steel Q3 preview: PAT likely to decline by double digits YoY, EBITDA loss in European operations
Tata Steel, one of India's leading steel manufacturing companies, is likely to witness another weak quarter for the period ending December 31, 2022 (Q3FY23). The Tata Group-backed steel maker's net profit may decline by more than half on a quarter-on-quarter basis. The year-on-year decline is likely to be huge. Its European operations are also being watched after reporting EBITDA losses.
Overall, Tata Steel may report a decline in parameters such as revenue, EBITDA and profit after tax (PAT) during the third quarter. Steel sales volumes could perform on a mixed note. (Read more)
06 Feb 2023, 07:29:43 AM IST
SBI's Q3 net profit up 62 percent; ₹27,000 crore investment disclosed for Adani Group
The country's largest lender SBI on Friday reported a 62 per cent jump in its net profit to Rs 15,477 crore for the December 2022 quarter, helped by core earnings growth and improving asset quality.
On a standalone basis, State Bank of India's profit after tax rose to ₹14,205 crore during the October-December 2022 period from ₹8,432 crore in the year-ago period and ₹13,265 crore in the previous July-September quarter.
Amid the controversy arising out of several allegations against the Adani group, the government-owned lender revealed that its total exposure to the troubled conglomerate led by Gauram Adani is ₹27,000 crore and it does not see any difficulty in repaying loans.
For the quarter under review, core net interest income grew by 24.05 per cent to Rs 38,069 crore, driven by a 0.35 per cent expansion in net interest margin to 3.50 per cent and 18.61 per cent growth in net advances.
Amid the 'battle for deposits' in the system, the bank reported a slow deposit growth of over 8 per cent, and chairman Dinesh Khara said it has already activated several measures to boost the numbers. (PTI)
06 Feb 2023, 07:29:05 AM IST
Buy or Sell: Vaishali Parekh recommends 3 stocks to buy today
Vaishali Parekh recommends three stocks to buy today, here we give complete details regarding the stocks that traded on those days:
1] Axis Bank: Buy at ₹882, target ₹910, stop loss at ₹870;
2] Mahindra & Mahindra (M&M): Buy at ₹1388, target ₹1485, stop loss at ₹1370; And
3] Pidilite Industries: Buy at ₹2341, target ₹2395, stop loss ₹2315. (Read more)
06 Feb 2023, 07:28:14 AM IST
After Credit Suisse and Citigroup, Standard Chartered to stop accepting Adani bonds as collateral: Report
Standard Chartered Plc. ET Now television channel reported that it has stopped accepting bonds of Adani group firms as collateral on margin loans, without specifying where it got the information.
The report added that the lender has asked its private customers to top up their collateral to make up for any shortfall.
A spokesperson for Standard Chartered India declined to comment on the report.
The move by Citigroup Inc. This follows similar actions by the wealth arm of the U.S. and Credit Suisse Group AG after Adani Securities was barred from US-based Hindenburg Research over fraud allegations. The Adani Group has repeatedly denied the short seller's allegations. (Read more)
06 Feb 2023, 07:26:37 AM IST
US stocks fall on Friday as jobs data challenges Fed policy outlook
Wall Street stocks fell on Friday after a January jobs report raised fresh questions about the outlook for monetary policy as markets digested disappointing earnings.
After a five-month slump, the US added 517,000 jobs in January, nearly double the December figure, according to the data.
The report also shows that unemployment is declining to 3.4%, the lowest level since 1969.
The data calls into question investors' beliefs that the Federal Reserve will soon pivot from aggressively raising interest rates, an expectation that boosted stocks in January.
"It was a hot number," said Angelo Kourkaufs, an investment strategist at Edward Jones, who noted that some of the losses were offset by profit-taking.
The Dow Jones Industrial Average closed down 0.4% at 33,926.01.
The broad-based S&P 500 fell 0.8% to 4,136.48, while tech
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