Good morning!
Here are the top stories to start your day.
⭐ HDFC Bank surpasses expectations
The private bank’s net profit rose 18.5% on a year-on-year basis to ₹12,259 crore in Q3FY23. This was higher than the street estimate of ₹11,754 crore. The strong growth in profit was supported by a 24.6% rise in net interest income to ₹22,987 crore. The lender’s asset quality also improved. Gross non-performing assets or bad loans dropped to 1.23% of the loan book compared to 1.26% in Q3FY22.
⭐ Avenue Supermarts on expansion spree
The operator of the popular DMart chain posted net profit growth of 6.7% YoY to ₹589 crore. In the same period, revenue rose 25.5% YoY to ₹11,569 crore. It expanded its e-commerce operations to four new cities, taking the total to 22. The management said that discretionary non-FMCG sales didn’t meet its expectation. However, the FMCG and staples segment continued to outperform.
⭐ FIIs pulling out money
Foreign investors have sold Indian equities worth ₹15,068 crore on a net basis in the first two weeks of January. FIIs seem to be concerned over fears of recession in the US and spread of virus in some parts of the world.
Global markets (at 9:00 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.06% |
| Nikkei 225 (Japan) | ▼ 1.28% |
| Hang Seng (Hong Kong) | ▲ 0.73% |
| SSE Composite (China) | ▲ 1.42% |
| Dow Jones (US) (January 13) | ▲ 0.33% |
| NYSE (US) (January 13) | ▲ 0.24% |
| Nasdaq (US) (January 13) | ▲ 0.71% |
| S&P 500 (US) (January 13) | ▲ 0.40% |
Fact of the day
Apple co-founder Steve Jobs' sandals were sold for $218,750 (₹1.77 crore) in an auction.
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