BUSINESS
JM Financial gives 'buy' call for ITC, GAIL, M&M Financial, 6 others
For ITC stocks, the brokerage has set a target price at Rs 295, as against the current price of Rs Rs 233.6. For GAIL and Mahindra & Mahindra Financial, the target is set at Rs 185 and Rs 200, respectively. On Friday, these two shares settled at Rs 146.65 and Rs 154.15, respectively, data showed.
Outlook: MPC, Macros to Manoeuvre Equities
Direction of foreign fund flows, as well as concerns over rising crude oil prices will influence investors' sentiments. Notably, the monetary policy review is slated for February 7-9. It is widely expected that RBI's MPC will maintain a status-quo in the key lending rates.
Kia's January sales fall 5.7% on chip shortage
Kia sold 2,12,819 vehicles in January, down from 2,25,733 units a year ago, the company said in a statement. Sales in South Korea declined 11 per cent on-year to 37,038 units last month from 41,481, while exports were down 4.6 per cent to 1,75,781 from 1,84,252 during the cited period, it said.
SBI Q3FY22 YoY net profit up 62% at over Rs 8k cr
The net profit represents an increase of 62.27 per cent rise on YoY basis. The bank had reported a net profit of Rs 5,196 crore during the corresponding period of the previous fiscal. Besides, the lending major's net interest income grew by 6.48 per cent to Rs 30,687 crore during the quarter ended December 31, 2021, compared to Rs 28,820 crore in the corresponding period of the previous fiscal.
Bank of Baroda's Q3 net profit doubles to over Rs 2K cr YoY
Accordingly, the net profit rose to Rs 2,197 crore from Rs 1,061 crore during the corresponding period of the previous fiscal. The lending major's net interest income grew by 14.38 per cent to Rs 8,552 crore during the quarter ended December 31, 2021, compared to Rs 7,477 crore in the corresponding period of the previous fiscal. The consolidated net profit stood at Rs 2,464 crore in Q3FY22 as against Rs 1,196 crore in Q3FY21.
RBI policy meet and LIC IPO filing to be key events
It's important to note that markets hit key resistance levels on the way up, and reacted quite sharply from such levels. The range for the week was 56,400 - 59650 on BSESENSEX while it was 16,825 - 17,800 on NIFTY. This would continue to be the range for the coming week as well with a couple of factors deciding the direction. However, volatility would be the norm and even though the net change may not be as much on a daily basis the swings would remain. Key factors would be the net sales by FII's and global markets.
BharatPe Co-founder Nakrani denies he wants new CEO to be fired from Board
Media reports had mentioned that Grover's letter also included the consent of Mansukhbhai Nakrani to remove Sameer from the Board of Directors. Nakrani and Grover had jointly nominated Sameer as a director of the fintech platform on August 20 last year. In a statement shared with IANS, Nakrani said: "I have neither given my consent, nor sought the removal of Suhail Sameer from the Board of BharatPe.
SBI Q3FY22 YoY net profit up 62% at over Rs 8k cr
Accordingly, the net profit represents an increase of 62.27 per cent rise on YoY basis. The bank had reported a net profit of Rs 5,196 crore during the corresponding period of the previous fiscal. Besides, the lending major's net interest income grew by 6.48 per cent to Rs 30,687 crore during the quarter ended December 31, 2021, compared to Rs 28,820 crore in the corresponding period of the previous fiscal.
Union Budget FY23's Capex push to boost cement demand
India's Budget 2022-23 has earmarked a massive budgetary outlay of Rs 7.50 lakh crore for Capex. In her Budget speech to Parliament on Tuesday, Finance Minister Nirmala Sitharaman proposed to increase the capital budget outlay by over 35 per cent. Besides, the cascading impact it has on the employment generation will aid in demand creation.
US House passes competitiveness bill
The "America COMPETES Act of 2022", passed by 222-210, was voted almost entirely along the party line, with only one Republican joining Democrats in voting for the measure and one Democrat voting no, reports xinhua news agency. House Republicans had complained that Democrats had excluded them in drafting the bill.
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