Dr Reddy’s has clocked a massive 77% year-on-year growth

Opening Bell:

SGX Nifty is up by 64.0 points in the early morning trade, indicating a positive opening for Indian stock market.

Stocks in the Asia-Pacific traded higher on Friday as Wall Street’s major indexes gained after the US economy grew more than expected. Government data showed the economy expanded at an annualized rate of 2.9% during the fourth quarter, higher than expectations The Japanese Nikkei is up by 0.11 percent. Hong Kong’s Hang Seng is up by 0.02 percent and South Korea’s Kospi is up by 0.73 percent in early morning deals.

Wall Street ended a choppy session higher on Thursday as investors grappled with an onslaught of economic data and a string of mixed corporate earnings, all while eyeing the clock as it ticks down toward next week’s Federal Reserve monetary policy meeting. The S&P 500 gained 1.1 percent and Nasdaq Composite added 1.76 percent respectively.

Stocks News:

?TATA Motors recorded healthy numbers for December FY23 quarter, beating analysts’ expectations on all fronts with returning to profits. Consolidated profit for the quarter at Rs 2,958 crore against loss of Rs 1,516 crore in same period last year on better topline as well as operating performance.

?Dr Reddy’s has clocked a massive 77% year-on-year growth in consolidated profit at Rs 1,247 crore for quarter ended December FY23, driven by strong US business. Consolidated revenue from operations at Rs 6,770 crore for the quarter grew by 27.3% over corresponding period last fiscal with US business rising 64%, India showing 10 percent and emerging markets 14% growth YoY.

?Adani Enterprises will launch its follow-on public offer of Rs 20,000 crore on January 27 and the closing date will be January 31, with a price band of Rs 3,112-3,276 per share. The firm already raised Rs 2,992.4 crore from anchor investors on January 27 at upper price band, which is half the amount of total anchor book (Rs 5,984.9 crore) launched and the rest of anchor book money will be received in one or more subsequent calls.

?LTIMindtree has partnered with Duck Creek Technologies, and Microsoft to build a cloud migration solution for insurers. The solution will enable insurers to migrate their on-premises core systems to the cloud in a quick and efficient manner.

?Foreign institutional investors (FII) have net sold shares worth Rs 2,393.94 crore, whereas domestic institutional investors (DII) have net bought shares worth Rs 1,378.49 crore on January 25, as per provisional data available on the NSE.

Domestic and International Events

• Oil prices rose more than 1% on Thursday on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive US economic data.
• The US economy grew faster than expected in the fourth quarter, but that likely exaggerates the nation’s health as a measure of domestic demand rose at its slowest pace in 2-1/2 years, reflecting the impact of higher borrowing costs.
• The United Nations (UN) has cut its GDP growth forecast for India for calendar year 2023 to 5.8 percent, citing the effect of tighter monetary policy and weak global demand.
• The dollar edged higher against the euro on Thursday after data showed the US economy maintained a strong pace of growth in the fourth quarter, backing the case for the US Federal Reserve to maintain its hawkish stance for longer.

Key Equity Indices