Nifty50: 17,274 ▲ 386 (+2.2%)
Sensex: 58,065 ▲ 1,276 (+2.2%)
Howdy, folks!
It has been a jolly kind of a day today. While on one hand, investors cheered as the markets rose after a subdued week. On the other hand, a South African charity set a Guinness World Record for assembling the longest line with 11,602 lollipops!
- Following strong global cues, benchmark indices witnessed a sharp rally.
- In all, 48 of the Nifty50 stocks closed in the green.
- The rupee was trading higher at 81.60 as of 5pm against the dollar after Monday’s near record low of 81.92.
All the Nifty sectoral indices closed in the green. Strong gains were seen in Metal (+3.1%) and PSU Bank (+2.9%).
| Top gainers | Today's change |
| IndusInd Bank | 1,217 ▲ 60 (+5.2%) |
| Adani Ports | 825 ▲ 40 (+5.2%) |
| Bajaj Finance | 7,480 ▲ 308 (+4.3%) |
| Top losers | Today's change |
| Power Grid | 208 ▼ 2 (-0.9%) |
| Dr Reddy | 4,414 ▼ 5.6 (-0.1%) |
| - | - |
What’s trending
⭐ DMart reports strong sales
DMART (NSE): 4,480▲ 36 (+0.8%)
Avenue Supermarts, which runs the DMart chain of stores, reported robust numbers in its quarterly business update. Its standalone revenue rose by 35.7% year-on-year (YoY) to ₹10,384 crore during Q2FY23. Meanwhile, the total store count stood at 302, a rise of over 22% compared to last September when the store count was 246.
⭐ Marico reports muted growth
MARICO (NSE): 526 ▼ 3.5 (-0.6%)
Shares of FMCG major Marico saw a fall today after the company reported a muted Q2 performance in its business update. The company witnessed low single-digit volume growth in its India business due to a fall in rural demand. Its flagship brand, Parachute Coconut Oil, witnessed a minor decline in volumes. However, its international business continues to maintain a strong run despite geopolitical uncertainties.
⭐ Info Edge makes new investment
NAUKRI (NSE): 3,930▲ 125 (+3.3%)
Shares of internet company Info Edge rose by 3.6% intraday. The company announced a new investment of ₹135.4 crore in Sunrise Mentors, which operates the e-learning platform CodingNinjas. After this investment, Info Edge’s stake in CodingNinjas will rise from 26% to 51% on a fully converted and diluted basis.
⭐ KEC wins multiple orders
KEC (NSE): 440 ▲ 7.4 (-1.6%)
KEC International, an RPG Group company, has secured multiple orders worth ₹1,407 crore. First, it bagged an order to set up a transmission and distribution project in the Middle East. The company also secured signalling and telecommunication orders from the Indian Railways. Further, it has received orders to supply various types of cables in India and overseas. Its year-to-date order intake now stands at ₹8,400 crore.
In Focus
Bank credit growth stays resilient
Some of the top Indian banks have reported a strong rise in loans and advances during the September quarter. Lenders like HDFC Bank, IndusInd Bank, Federal Bank and Bank of Maharashtra saw 18-28% growth in loans. What’s driving this solid credit growth? Let’s dig in.
Despite consecutive rate hikes by the RBI, the demand for loans continues to stay resilient. Market experts believe that credit offtake has improved mainly due to consistent economic recovery since the pandemic. According to RBI data, in August 2022, banks reported 16% year-on-year growth in credit.
The demand for real estate and passenger vehicles continued to stay strong, which is driving growth in the home and auto loan segments. In addition, a strong rise in personal loans is also supporting the uptick in credit growth. It is important to note that the September quarter numbers come on the back of a low base of last year.
This provisional business update before Q2 results indicates that the banking sector is witnessing a broad-based improvement in credit growth. But will rising interest rates spoil the party? That we’ll have to wait and watch.
IPO Corner
The IPO of the Electronics Mart India received overwhelming response on Day 1. The public issue of the consumer durables and electronics retailer was subscribed around 1.6 times. Retail investors flocked towards the IPO, with the retail segment being subscribed around 2 times. Click here to apply for the IPO on Upstox.
Good to know
What are consolidated results?
A large company with several subsidiaries typically reports quarterly financial results in two formats: standalone and consolidated. Consolidated results show the financial performance of a company along with its subsidiaries, associate companies and joint ventures. By analysing the consolidated financial statement, investors can understand the overall financial position of the company. Meanwhile, standalone results highlight the performance of the core business of the company.
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