Bulls in action

Nifty50: 17,463 ▲ 197 (+1.1%)

Sensex: 58,465 ▲ 657 (+1.1%)

• After a gap-up opening, markets remained sideways for the first half before moving higher in the latter half of the day.
• In all, 42 of the Nifty50 stocks ended in the green, indicating broad-based buying.
• The RBI will announce its interest rate decision tomorrow. With derivative expiry coinciding, traders can expect some volatility

Among the Nifty sectoral indices, Auto (+2.1%) and Metal (+1.8%) were the top gainers, while PSU Bank (-0.6%) and Oil and Gas (-0.2%) were the top losers.

For more updates on F&O, click here.

Here are the top stories of the day.

Glenmark rises on Covid spray launch

The pharma major today launched its nitric acid nasal spray under the brand name FabiSpray in India for adult Covid-19 patients with high risk of progression of the disease. The spray is designed to kill the virus in the upper airways and prevent it from spreading to the lungs.

The spray was developed in partnership with Canadian pharmaceutical company SaNOtize. Despite today’s movement, the stock is still trading within a range for the past few months.

Bata’s profit makes a triple jump

For the December quarter, the footwear manufacturer posted a consolidated revenue of ₹841 crore, up 37% year-on-year. Revenue was boosted by improved sales during the festive season and easing of restrictions. Further, the company’s net profit grew three-fold to ₹72 crore.

During the quarter, the company opened 34 new franchise stores and continued to expand its presence to1,000 towns across India.

Falling two-wheeler sales hit Endurance’s Q3

The auto component manufacturer posted consolidated revenue of ₹1,889 crore, down 7% year-on-year. The fall in revenue was due to a 20% year-on-year drop in India two-wheeler sales. The European automotive market was deeply impacted by semiconductor shortages and soaring energy prices, combined with a 23% year-on-year decline in new car registrations in the December quarter. Due to a weak operational performance, the company’s net profit halved to ₹95 crore.

The shares of Endurance Tech fell nearly 6% today and have fallen nearly 27% from its 52-week high of ₹1,989 on 8 November 2021.

IPO Corner

The long-awaited IPO of LIC may be around the corner. The government will reportedly file the draft papers for the mega IPO with SEBI this week, And the issue is expected to be launched in the month of March. According to reports, 10% of the LIC IPO issue size is likely to be set aside for policyholders, who may even get a discount on the issue price.

Good to know

What is growth hacking?

Growth hacking refers to strategies used by early-stage startups looking for massive growth in a short span of time with a small budget. The goal is to acquire as many users as possible with minimal spending. For instance, the founders of AirBnB realised that people who were looking for alternative accommodation often searched on Craigslist (an American classified advertisements website). They offered an option for AirBnB accommodation providers to copy their listing to Craigslist, which gave them immediate access to a large market of target users.

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