Good morning!
Here are the top stories to start your day.
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⭐ Tata Steel posts loss in Q3
The steel maker reported a loss of ₹2,502 crore in Q3FY23 compared to a profit of ₹9,598 crore in the same quarter last year. The profitability was affected by a sharp drop in realisations (lower prices) and elevated input costs in Europe.
⭐ Indus Towers shares soar
Shares of the mobile tower installation company rallied yesterday. This comes after the government cleared conversion of Vodafone Idea’s interest dues into equity. Experts believe this will help the telecom operator to free up cash to pay its vendors like Indus Towers.
⭐ Muthoot Finance Q3 profit falls
The gold loan provider’s net profit dropped 11% YoY to ₹933 crore in Q3FY23. In the same period, interest earned also dropped 5% to ₹2,933 crore. The management said that the borrowing cost rose slightly due to increase in the interest rates.
Global markets (at 9:15 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.44% |
| Nikkei 225 (Japan) | ▲ 0.08% |
| Hang Seng (Hong Kong) | ▲ 1.04% |
| SSE Composite (China) | ▲ 0.33% |
| Dow Jones (US) (February 06) | ▼ 0.10% |
| NYSE (US) (February 06) | ▼ 0.32% |
| Nasdaq (US) (February 06) | ▼ 1.00% |
| S&P 500 (US) (February 06) | ▼ 0.61% |
Fact of the day
In 1996, Google founders initially named their search engine BackRub.