Good morning!
Here are the top stories to start your day.
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⭐ JSW Steel’s output rises in Q3
In the December quarter, the steel maker’s crude steel production rose by 17% on a year-on-year basis to 6.24 million tonnes. Sequentially too, the output rose by 10% due to improvement in capacity utilisation. The company’s capacity utilisation stood at 91% in Q3FY23 as compared to 84% in Q2FY23.
⭐ Ajmera Realty reports record sales
The real-estate developer’s sales grew by 19% on a year-on-year basis to ₹128 crore. The growth in sales was driven by inventory bookings in active projects, including the recently launched premium residences at Juhu, Ajmera Prive. The management has said that it is confident of maintaining the healthy pre-sales growth momentum, which will lead to an increase in its market share.
⭐ Banks on debt raising spree
Banks have issued a record amount of debt in this financial year. According to a ratings agency, the gross issuances have hit an all time high of ₹91,500 crore. This comes at a time when the credit-deposit gap is widening. It’s important to note that the credit growth has remained robust in FY23, supported by strong consumption.
Global markets (at 8:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.19% |
| Nikkei 225 (Japan) | ▲ 0.87% |
| Hang Seng (Hong Kong) | ▼ 0.61% |
| SSE Composite (China) | ▼ 0.20% |
| Dow Jones (US) (January 09) | ▼ 0.34% |
| NYSE (US) (January 09) | ▼ 0.73% |
| Nasdaq (US) (January 09) | ▲ 0.63% |
| S&P 500 (US) (January 09) | ▼ 0.08% |
Fact of the day
The Mahindra Group was originally founded as a steel trading company in 1945.