Sensex and Nifty were beaten down by bears once again on Monday as the benchmark indices tanked more than 2.6% each. Dalal Street has been reeling under pressure owing to a global market sell-off, weak Q3 results, pre-budget nervousness, and risk-off sentiment ahead of US Fed’s FOMC meeting. However, entering Tuesday’s session there was some hope for investors as Wall Street equity indices staged a recovery to end in green after having hit intraday lows. Asian markets were still red. SGX Nifty was trading with losses ahead of the opening bell.
Axis Bank: Private sector lender Axis Bank reported a nearly three-fold increase in net profit to Rs 3,973 crore as provisions were lessened. The overall provisions came down to Rs 1,334.83 crore for the bank, as against Rs 3,757 crore in the year-ago period, and the over Rs 5,000 crore in excess provisions for Covid were untouched.
Future Retail: Kishore Biyani-led Future Retail continues to remain under pressure, missing payment of interest due on the dollar-denominated notes (USD Notes), listed on the Singapore Stock Exchange. The Future Group firm said due to the continued impact of the COVID-19, the restricted business operations of the company and the current financial situation, the liquidity position has still remained affected.
JSW Steel: The company could better its quarterly performance in the fourth quarter said Seshagiri Rao MVS, joint MD, JSW Steel, and group CFO. In an interview with FE, Rao said that global prices have stabilised and a bit of uptick was being seen in the steel prices, which made prospects better for Q4.
Bandhan Bank: The lender expects fresh slippages or fresh addition of bad loans for the fourth quarter to be less than that of for the third quarter this fiscal despite the wave of Omicron as it believes the current surge in Covid-19. Around 66% of NPA customers of the bank continued to make payments in a bid to regularize their overdue loan accounts at the earliest, the bank said.
Vodafone Idea: Troubled telecom operator Vodafone Idea said that its 4G customer base continued to grow even though it has lost subscribers during the October-December quarter, which the telco blamed on tariff hikes. The company expects the full effect of price hike to be seen in the current quarter.
SBI Cards and Payment Services: SBI Cards and Payment Services on Monday reported a strong 84% jump in net profit at Rs 386 crore during the October-December quarter on the back of healthy card spends, fall in bad loans and higher income from other sources.
Zomato, Paytm, Nykaa, other internet stocks: Recently listed internet stocks have been facing severe headwinds on Dalal Street in recent days amid a bearish market momentum. All internet stocks have corrected sharply in recent days and eyes will be on them to see if the sell-off continues.