Bears are back

Nifty50: 17,213 ▼302 (-1.7%)

Sensex: 57,621 ▼1023 (-1.7%)

• The markets continued to slide downwards throughout the day.

• In all, 42 of the Nifty50 stocks ended in the red, indicating broader market weakness.

• The RBI will announce its interest rate decision on Thursday, and traders can expect volatility in the days ahead.
  

  Among the Nifty sectoral indices, Financial Services (-2.5%) and Bank (-2.3%) were the top losers, while PSU Bank (+0.9%) was the sole gainer.

For more updates on F&O, click here.

Here are the top stories of the day.

GNFC zooms after strong Q3

The fertiliser and chemical manufacturer reported a 58% year-on-year rise in its consolidated revenue for the December quarter to ₹2,380 crore. Profit growth was driven by higher realisations from the chemical business. Despite a rise in raw material and power & fuel costs, its net profit shot up more than 120% to ₹538 crore, aided by higher subsidies on fertilisers.

The company said that it will look to optimise realisations and profits through an optimal product mix going forward.

BoB rises on healthy profit growth

In the December quarter, the state-owned bank’s net profit surged 107% year-on-year to ₹2,197 crore. The strong growth in profit was aided by a 27% reduction in provisioning. Further, the company saw a steady rise in its net interest income, which was up 14% to ₹8,552 crore.

Meanwhile, its asset quality improved with the gross non-performing assets falling to 7.2% in Q3FY22 from 8.4% in Q3FY21. The stock has risen by nearly 35% since the start of 2022.

Eveready puzzles the street

The battery manufacturer’s consolidated net profit declined by 51% year-on-year to ₹24 crore, Owing to higher raw material costs in the battery segment. A 20% rise in costs in the December quarter impacted the net profits. Further, the company’s consolidated revenue stood at ₹326 crore, down 4% year-on-year.

The company said that it will look to hike prices in the current quarter to mitigate adverse raw material costs. Despite the weak results, the stock rose nearly 14% today.

IPO Corner

Customer experience management solutions provider Cogent E-services has filed papers with SEBI to raise funds via IPO. The initial share sale comprises a fresh issue of equity shares aggregating up to ₹150 crore and an offer for sale of up to nearly 995 lakh equity shares by promoters, according to the draft red herring prospectus.

The public issue of Vedant Fashions, known for its Manyavar brand, was subscribed around 21% on Day 2. Click here to apply for this IPO on Upstox.

Good to know

What is an order pipeline?

A pipeline is a term that refers to deals or prospects lined up to meet revenue requirements of a business. It measures the progress towards a long-term target. It may include projects at different stages, such as client negotiations, securing orders, applying for a regulatory approval or completion stage. A strong pipeline shows the financial strength of the company.

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