Share Market Live: Indian Overseas Bank Q3FY24 Update: Net Profit Surges 30%; Stock Climbs 5%
In a significant development, Indian Overseas Bank has reported a substantial 30.2% jump in Q3FY24 net profit, reaching Rs 722.58 crore for the quarter ended December 2023 compared to Rs 555.19 crore in the same quarter last year. This positive performance has triggered a 5% surge in the bank’s stock. Additionally, the total income showed a robust year-on-year increase of 23.8%, reaching Rs 7,437.18 crore.
Caution Advised for Bank Stocks: Analysts Suggest Sitting on the Sidelines
Analysts are recommending a cautious approach towards bank stocks, asserting that the worst may not be over yet. Disappointment stemming from the recent quarterly results of HDFC Bank and Axis Bank has led to market-wide selling by Foreign Portfolio Investors (FPIs), particularly in banking counters.
Share Market Live: Bharat Dynamics Q3 Financial Update: Strong YoY Growth in Revenue and Profit
Bharat Dynamics has released its Q3 financial results, showcasing impressive year-on-year growth. The company reported a revenue of Rs 601.6 crore, reflecting a substantial increase of 30.4% from Rs 462 crore in the corresponding period last year. Profit After Tax (PAT) also experienced significant growth, reaching Rs 135 crore compared to Rs 83.74 crore on a YoY basis. Additionally, EBITDA stood at Rs 118.8 crore, showing a positive YoY growth from Rs 88.93 crore.
Share Market Live: Exide Industries Q3 Results Live Update: PAT Rises 2.3% YoY to Rs 203 Crore
In the latest market update, battery maker Exide Industries has reported a 2.3% increase in consolidated profit after tax (PAT), reaching Rs 202.69 crore for the third quarter ended December 31, 2023. This marks a positive growth compared to the consolidated PAT of Rs 198.14 crore in the same quarter last fiscal. Stay tuned for more detailed insights into Exide Industries’ Q3 performance.
Share Market live: Canara Bank Q3 2024 Results: Strong Performance with 26.87% Net Profit Jump
Canara Bank announced its Q3 2024 earnings, revealing a robust net profit of Rs 3,656 crore for the October-December 2023 quarter. This signifies an impressive surge of 26.87% compared to Rs 2,881.5 crore in the same period last year. The bank’s Net Interest Income (NII) also experienced significant growth, rising by 9.5% to reach Rs 9,417 crore in the December 2023 quarter. Stay tuned for more detailed insights into Canara Bank’s performance.
Share Market Live: SoftBank Reduces Stake in Paytm: Offloads Additional 2% Amid Fintech Selldowns
In a recent development, Japanese conglomerate SoftBank has further reduced its stake in Paytm. Following share sales between December 19 and January 20, SoftBank now holds a 5.06% stake in the fintech company, as disclosed in an exchange filing on Wednesday. This move aligns with a broader trend of selldowns in the fintech sector.
South Indian Bank, IDBI Bank Reach Multi-Year Highs After Strong Q3 Performance
After robust Q3 results, South Indian Bank experienced a notable 9% surge, hitting a fresh six-year high at Rs 33.70, backed by heavy trading volumes. Simultaneously, IDBI Bank saw an impressive 14% jump, reaching over a five-year high of Rs 86.97. Investors are responding positively to the strong quarterly performances of these banks, propelling their stocks to multi-year highs.
Foreign Investors Pull Record Amount from Indian Stocks After Rally
Last week, foreign investors withdrew the highest amount from Indian stocks in 19 months, totaling $2.4 billion, following a record-breaking rally. Additional selling of $374 million occurred on Tuesday after a surprise trading holiday on Monday. Despite India briefly surpassing Hong Kong’s stock market valuation at over $4.3 trillion, a rebound in Hong Kong, driven by expectations of a market rescue package from Chinese policymakers, shifted the lead. While India attracted over $21 billion in foreign investments in 2023, concerns about regulatory changes and disappointing results from major companies may impact the market’s momentum.
Share Market Live: Avenue Supermarts Ltd.
Avenue Supermarts has opened a new store at Bardoli, Surat (Gujarat). The total number of stores as on date stands at 345
Share Market Live: Exide Industries: Q3 Net Profit Up 7.7% at Rs 240.27 Crore; Stock Trades Flat
xide Industries has announced an 8% growth in Q3 net profit, reaching Rs 240.27 crore compared to Rs 223.19 crore in the same quarter the previous year. Despite this positive financial report, the stock is currently trading flat. The company’s total income also saw a 12.5% year-on-year increase, reaching Rs 3,863.26 crore.
Share Market Live: South Indian Bank, IDBI Bank Hit Multi-Year Highs on Strong Q3 Results
mpressive Q3 results have propelled South Indian Bank to reach a fresh six-year high at Rs 33.70, marking a 9% surge supported by heavy volumes. Meanwhile, IDBI Bank has surged by a remarkable 14%, hitting an over five-year high of Rs 86.97. Investors are responding positively to the strong performance of these banks, driving their stocks to multi-year highs.
Share Market Live: China will reduce the RRR by 50 Bps starting on February 5th.
Share Market Live: Indian Bank Q3 Earnings
Indian Bank Net profit increased by 52% to Rs 2,119 crore compared to Rs 1,396 crore, while Net Interest Income rose by 5.7% to Rs 5,815 crore from Rs 5,499 crore, year over year.
Share Market Live: Vardhman Textiles Q3 results
Vardhman Textiles net profit increased by 57% to Rs 160 crore compared to Rs 102 crore, while the revenue decreased by 2% to Rs 2,330 crore compared to Rs 2,370 crore, year over year.
Share Market Live: Canara Bank Q3 results
Canara Bank’s net profit for the quarter ending December 2023 was ₹3738 crore, compared to ₹2923 crore in the same period last year. The gross non-performing assets (NPA) decreased from 4.76% in the previous quarter to 4.39% in the current quarter. Similarly, the net NPA decreased from 1.41% in the previous quarter to 1.32% in the current quarter.
Share Market Live: NMDC Ltd.
NMDC raised the price of lump ore and fines by ₹400 per tonne each. The new prices are ₹6,000 per tonne for lump ore and ₹5,310 per tonne for fines.
Share Market Live: Exide Industries Ltd. Q3 results
Exide Industries’ net profit for the December 2023 quarter was ₹203 crore, compared to ₹198 crore in the same quarter last year. The company’s revenue for the quarter was ₹3980 crore, compared to ₹3538 crore in the previous year.
Share Market Live: Euphoria Infotech India IPO subscribed 217 times so far on Day 3. Check GMP, issue timeline, other details
The IPO of Euphoria Infotech India was very popular, with a subscription rate of 217.31 times on the BSE. The retail portion was subscribed 281.82 times, the non-institutional investors’ quota was booked 108.98 times, and the portion for qualified institutional buyers (QIBs) was subscribed 9.57 times. The closing date of the IPO has been extended by one day and will now close on January 24, Wednesday, due to the closure of markets on Monday for the Ayodhya Ram Mandir consecration ceremony.
The Nikkei in Japan falls due to profit-taking and a more hawkish stance from the BOJ.
The Nikkei share average in Japan dropped 0.8% on Wednesday due to profit-taking from the previous session. Traders also viewed the tone at the Bank of Japan’s latest meeting as hawkish. The index fell further from its recent peak and erased gains from earlier in the week.
Share Market Live: Indian Overseas Bank Q3 Results
The net profit for the quarter ended on December 31, 2023, was Rs. 723 Crores. The net non-performing assets (NPA) improved to 0.62% as of December 31, 2023, compared to 2.43% on December 31, 2022. The gross NPA ratio improved to 3.90% on December 31, 2023, compared to 8.19% on December 31, 2022. The provision coverage ratio was recorded at 96.85%.
Share Market Live: Indus Towers posts net profit of ₹1,540 crore, revenue up 6% in Q3
The telecom infrastructure company made a net profit of ₹1,540.1 crore in the third quarter of FY24, compared to a net loss of ₹708.2 crore in the same quarter last year. The company’s revenue from operations increased by 6.4% to ₹7,199 crore compared to ₹6,765 crore in the same period of the previous fiscal year.
China’s Economic Move: Reserve Requirement Ratio to Decrease by 50 bps from February 5
In a significant economic development, China has announced a reduction in the Reserve Requirement Ratio by 50 basis points, effective from February 5. This move is aimed at influencing liquidity in the financial system, potentially impacting various sectors.
Government Dividends Surge as Disinvestments Slow in FY24
In the current financial year (FY24), disinvestments in state-run companies have been sluggish; however, the government continues to reap dividends from these firms, compensating for the lack of disinvestment receipts. Despite a slowdown in selling state-owned assets, the dividends from these enterprises contribute positively to the government’s financial inflow.
Ujjivan SFB Q3 Report: Net Profit Inches Up to Rs 300 Cr; Stock Sees 3% Dip
Ujjivan Small Finance Bank revealed a marginal 2.3% growth in Q3 net profit, reaching Rs 300.06 crore compared to Rs 293.19 crore in the same quarter last year. Despite this, the stock experienced a 3% dip. The bank’s total income showed a significant year-on-year increase of 35.6%, reaching Rs 1,655.39 crore.
Market Roller-Coaster: Sensex Rides High with Another 250-Point Surge
The stock market continues its roller-coaster ride, with the Sensex witnessing yet another impressive surge of 250 points. Investors are navigating through dynamic fluctuations as market trends remain unpredictable.
Positive News for India: Business Growth Hits Four-Month High in January
Good news for India’s economy as business activity saw its fastest expansion in four months in January, driven by increased demand. A private survey also revealed that input costs rose at the quickest rate since August. These findings suggest that India, as Asia’s third-largest economy, is poised to maintain its position as the fastest-growing major economy, at least in the near term. According to a Reuters poll on Wednesday, India is expected to achieve a growth rate of 6.9% in the current fiscal year.
Sebi’s New Rules May Affect Few FPIs with Exemptions
Sources reveal that only around a fifth of foreign portfolio investors (FPIs) surpassing market regulator thresholds will need to provide additional disclosures on ultimate beneficiaries. This is attributed to exemptions granted under Sebi’s new disclosure norms. The impact of these rules seems limited, with most FPIs not falling under the mandatory enhanced disclosure requirement.
Market Focus: Key Levels After Q3 Results of RIL, Asian Paints, Axis Bank
The stock market is abuzz with activity as major players, including Reliance Industries (RIL), Hindustan Unilever (HUL), Asian Paints, UltraTech Cement, ICICI Bank, Axis Bank, and CoForge, reveal their Q3 earnings. Investors are keeping a close eye on the key levels and market dynamics post-results in this roller-coaster ride of January’s earnings season.
IREDA: Shares Surge 31% in Just Four Days
IREDA shares have skyrocketed by 31% in just four days, reaching a fresh all-time high at Rs 161.75 on Wednesday. This surge is fueled by robust Q3 results and a positive business outlook. The stock is currently locked at a 5% upper circuit on the BSE. Impressively, IREDA shares have zoomed a remarkable 405% over their issue price, showcasing the growing confidence in the renewable energy sector.
Karnataka Bank Shares Plunge Over 12%
Karnataka Bank faced a significant dip of over 12%, hitting a daily low of Rs 233.10. The drop followed the private lender’s report of a slight decrease in its net interest income (NII) and net interest margins (NIMs) for the quarter ending in December. Additionally, the gross non-performing assets (GNPA) showed an increase on a year-on-year basis.
New Zealand Records Lowest Inflation in Two and a Half Years
Exciting news from New Zealand! The official statistics agency announced on Wednesday that inflation in the country has slowed to its lowest rate since 2021. According to Stats NZ, the latest data from the consumers price index (CPI) shows a notable drop to 4.7% for the entirety of 2023, down from 5.6% in the year to September 2023. 
Religare: Shares Go Up 5% as CCI Clears Burman Family’s Plan
Religare Enterprises saw a nice 5% jump in its shares on Wednesday. This happened after the Competition Commission of India (CCI) gave the green light to the Burman family’s idea of increasing their ownership in the financial services company.
Here’s the plan: Puran Associates, MB Finmart, VIC Enterprises, and Milky Investment & Trading Company want to buy a 5.27% stake in Religare by purchasing shares in the open market. After that, they’re planning to make an open offer to buy up to 26%. It’s a move worth keeping an eye on for more updates!
Tata Elxsi Shares Drop 5% to Rs 7,807
In today’s trading session on BSE, Tata Elxsi shares experienced a nearly 5% decline, reaching Rs 7,807. This drop follows the company’s report of a 6% year-on-year (YoY) increase in third-quarter profit in Wednesday’s trade.
Rupee Starts Wednesday on Stable Note, Gains 1 Paisa Against US Dollar
In the latest market development, the Indian rupee opened steadily against the US dollar, showing a minor appreciation of 1 paisa to reach 83.14. The morning session on Wednesday witnessed a subdued trend in domestic equities, influencing the rupee’s movement. Analysts attribute a slight negative bias to selling pressure from foreign investors.
Sensex Roars Back: Soars 450 Points in Remarkable Recovery
Exciting news as the Sensex makes a strong comeback, shooting up by a whopping 450 points. Investors are feeling positive, and this surge is bringing hope to the market. Analysts are keeping a close eye on what’s causing this upward trend, suggesting better times ahead.
Indian bond yields remained in a narrow range due to a lack of cues and a debt auction
Indian government bond yields remained stable in the early session on Wednesday as traders awaited new developments, such as the upcoming sale of debt by the central government this week. The benchmark 10-year yield in India stood at 7.1718% at 10:00 a.m. IST, slightly lower than its previous close at 7.1751%.
Sebi has given FPIs a 7-month deadline to sell off their investments if they do not disclose investor data, according to a report.
The Indian markets regulator has extended the deadline for offshore funds to sell their investments by seven months if they do not provide information about their investors by January 29, according to two sources. One of the sources clarified that there is no immediate requirement for offshore funds to sell their holdings.
Stock Market Live Update: The Karnataka Bank Ltd.
In December 2023, Karnataka Bank’s quarterly profit after tax (PAT) was Rs 331 crore, compared to Rs 301 crore in the same period the previous year. The gross non-performing assets (GNPA) stood at 3.64% compared to 3.47% in the previous quarter. The net non-performing assets (NPA) were at 1.55% compared to 1.36% in the previous quarter.
Stock Market Live Update: Tata Elxsi Ltd.
Tata Elxsi’s income for the quarter ended December 2023 was Rs 914 crore, compared to Rs 818 crore in the same quarter last year. The profit after tax (PAT) for the quarter was Rs 206 crore, compared to Rs 195 crore in the previous year.
Karnataka Bank Faces 12% Stock Slump as Net Interest Margin Declines and Asset Quality Dips
Karnataka Bank experienced a notable 12% drop in its stock value following the bank’s report of a decline in Net Interest Margin (NIM) and a deterioration in asset quality. Despite a 10% growth in Q3 profit to Rs 331 crore compared to the previous year, concerns over reduced NIM and a slight decline in the net Non-Performing Asset (NPA) ratio led to a negative market reaction.
Earnings Spotlight on Indian Oil, Bajaj Auto, DLF, Tata Steel, and Tech Mahindra
Investors are closely monitoring the stock market as key companies, including Indian Oil, Bajaj Auto, DLF, Tata Steel, and Tech Mahindra, are set to announce their third-quarter results today.
AU Small Finance Bank Rises 2% as CCI Approves Amalgamation with Fincare Small Finance Bank
AU Small Finance Bank witnessed a 2% increase in its stock value after receiving approval from the Competition Commission of India (CCI) for the proposed amalgamation with Fincare Small Finance Bank.
ZEE Entertainment Surges 7% Following 31% Decline on Tuesday
ZEE Entertainment witnessed a significant recovery as its stock surged by 7% in today’s trading session. This comes after the stock faced a sharp decline of 31% on the preceding trading day. The market’s reaction reflects the volatility and fluctuations experienced by ZEE Entertainment recently. Investors continue to monitor the stock closely for further developments.
0.8% Equity Block Deal in Max Healthcare
In the latest stock market update, a 0.8% equity block deal has been reported in Max Healthcare, contributing to the dynamic movements in the market. Investors closely monitor such developments for insights into market trends and potential price movements.
Asian Paints Dips 1.6% as Crude Oil Holds Recent Gains Near $80 Levels
Asian Paints witnessed a 1.6% dip in its stock as crude oil maintained recent gains, hovering around the $80 per barrel mark. The company’s performance is sensitive to changes in crude oil prices due to its impact on raw material costs for paints and coatings.
Axis Bank Sinks 4% on Weak Q3 Earnings
Axis Bank’s stock declined by 4% following the release of its weak Q3 earnings report. The bank reported a 4% YoY increase in net profit, reaching Rs 6,071 crore. Additionally, the net interest margins (NIMs) contracted to 4.01%, down from 4.11% in the previous quarter (Q2).
Most Active Stocks on NSE in Opening Deals
The latest updates on the stock market reveal the most active stocks on the NSE in the opening deals. Notable stocks include Vodafone Idea Ltd., Zee Entertainment Enterprises Ltd., YES Bank Ltd., Future Consumer Ltd., NHPC Ltd., HDFC Bank Ltd., NBCC (India) Ltd., Ircon International Ltd., Infibeam Avenues Ltd., and Rail Vikas Nigam Ltd., each displaying varying trading volumes and price movements.
Rupee Slips Marginally, Falls 1 Paisa to 83.16 Against US Dollar in Early Trade
The Indian rupee experienced a marginal decline, slipping by 1 paisa to trade at 83.16 against the US dollar in early trade.
Broader Indices Maintain Positive Momentum, Holding Gains
Broader indices in the stock market are holding on to positive momentum, sustaining gains. Investors are observing the performance of various segments in the market.
Hero MotoCorp Continues as Additional Laggard on Nifty
Hero MotoCorp remains an additional laggard on the Nifty, indicating a decline in its stock value. Investors are closely monitoring the performance of Hero MotoCorp in the market.
Opening Bell: Nifty Starts Below 21,200
The Nifty has opened below the 21,200 mark, reflecting the challenging start for the stock market. Investors are keenly observing market movements amid various factors influencing the sentiment.
