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Nifty50: 17,276  ▼ 28 (-0.1%)

Sensex:  57,832 ▼ 59 (-0.1%)

• The markets edged downwards for the third consecutive day and closed flat amid intraday volatility.
• 32 of the Nifty50 stocks closed in the red.
• European stocks rose on strong corporate earnings and easing Russia-Ukraine tensions.

Among the Nifty sectoral indices, Financial Services (+0.2%) and Nifty Bank (+0.1%) were the top gainers, while Realty (-1.2%) and Oil and Gas (-1.0%) were the top losers.

For more updates on F&O, click here.

Here are the top stories of the day.

Ambuja posts weak Q3

The cement major posted standalone revenues of ₹3,735 crore, up 6% year-on-year on the back of subdued demand and flat realisations. Meanwhile, its net profit declined 49% year-on-year to ₹252 crore mainly due to steep rise in fuel prices and a one-time restructuring cost of ₹66 crore.

The Board has approved a capex of ₹3,500 crore for a cement grinding expansion plan of potential 7 million tonnes across its units. According to the management, the cement growth is expected to remain positive backed by increased demand for housing combined with the government's thrust on infrastructure development.

Banks to see major credit growth

Experts believe that the banking sector can witness a 10% credit growth in FY23 on the back of a pick-up in economic activity, higher government spending in the infrastructure sector and revival in retail demand. The capex revival, higher exports, commodity inflation, increased working capital demand due to higher output can propel corporate performance in the next fiscal.

Bank credit growth in the corporate segment could be around 8% in FY23. Large private banks are likely to continue gaining market share while public sector banks will have to be cautious on the asset quality as they have a larger proportion of small and medium-enterprise loans.

Metaverse to boost data usage

According to a Credit Suisse report, metaverse is likely to boost data usage by as much as 20 times in the next 10 years. The report says metaverse has enormous potential to further expand screen time and drive more bandwidth consumption. 

It further states that telecom operators Bharti Airtel and Reliance Jio are well placed to benefit from the surge in India. Gaming is another segment that will gain from the adoption of metaverse. Currently, mobile gaming is gaining traction due to the availability of affordable smartphones and 4G data services.

IPO Corner

The much-awaited LIC IPO is likely to open for subscription to anchor investors on March 11, according to the reports. This is expected to be India’s biggest ever IPO. LIC is expected to seek the regulator’s approval in the first week of March.

Good to know

What is FMA?

FMA or the first-mover advantage is the advantage gained by a company that first introduces a product or service in the market. It helps the company establish a strong brand recognition before other entrants to the market. For example, Amazon was among the first large online bookstores. By the time others established their online presence, Amazon had achieved significant brand recognition and leveraged its first-mover advantage by marketing a range of additional products.

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