Vodafone Idea approves worth Rs 1,600 crore debentures for ATC Telecom Infrastructure

Opening Bell:

SGX Nifty is up by 106 points in the early morning trade, indicating a positive opening for Indian stock market.

Union Budget to be announced today will test the government’s resolve to stay fiscally prudent as expectations of lower taxes, wider social security net and further boost to production gather steam before national elections.

Asia-Pacific shares traded higher as investors looked ahead to the Federal Reserve’s Wednesday meeting, as well as some economic data in the region. The Japanese Nikkei is up by 0.33 percent. Hong Kong’s Hang Seng is down by 0.26 percent and South Korea’s Kospi is up by 0.55 percent in early morning deals.

Major US stock indexes closed over 1 percent higher on Tuesday as labour cost data encouraged investors about the Federal Reserve’s aggressive approach to taming inflation a day ahead of the central bank’s critical policy decision. The S&P 500 gained 1.46 percent and Nasdaq Composite added 1.67 percent respectively.

Stocks News:

?Adani Enterprises Rs 20,000 crore FPO was fully subscribed on the last day despite negative sentiments due to the Hindenburg report. The subscription was led by non-institutional investors. While the demand from retail investors remained low, the non-institutional category was over-subscribed.

?Lupin announced it has received tentative approval from the USFDA under the US President’s Emergency Plan for AIDS Relief (PEPFAR) for its New Drug Application for Dolutegravir, Emtricitabine and Tenofovir Alafenamide (DETAF) Tablets. This product would be manufactured at Lupin’s Nagpur facility in India.

?Vodafone Idea has again approved preferential issue of debentures worth Rs 1,600 crore to ATC Telecom Infrastructure. Vodafone Idea is ATC’s largest customer in India.

?Coal India reported consolidated net profit of Rs 7,719 crore for the three months ended December. The profit is up 69% when compared with Rs 4,556 crore clocked in the previous year period. The company has also declared a second interim dividend of Rs 5.25 per share for FY23.

?Foreign institutional investors (FII) have net-sold shares worth Rs 5,439.64 crore, whereas domestic institutional investors (DII) have net-bought shares worth Rs 4,506.31 crore on January 31, as per provisional data available on the NSE.

Domestic and International Events

• India’s eight core industrial sectors grew by 7.4 percent in December 2022, as against a growth of 3.8 percent recorded in the year-ago period, as per the provisional data released by the Ministry of Commerce & Industry on January 31. The core sector growth is also higher as compared to the previous month, November 2022, when it stood at 5.4 percent
• The Indian government’s fiscal deficit widened to Rs 9.93 lakh crore in the April-December period, accounting for 59.8 percent of the full-year target for 2022-23, data released on January 31 by the Controller General of Accounts showed. The fiscal deficit in the first nine months of the last financial year was 50.4 percent of last year’s target.
• The government collected Rs 1.56 lakh crore as Goods and Services Tax (GST) in January, the finance ministry said on January 31. At Rs 1.56 lakh crore, the GST collections for January are second only to the record Rs 1.68 lakh crore collected in April 2022. It is up 10.6 percent from the first month of 2022 and 4.3 percent higher from December 2022.

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