Procter & Gamble share price surges 13 percent

Indian Markets:

• Nifty 50 Movement: Indices ended with modest losses on Monday, tracking negative global cues.
• Benchmark indices started off the day on a weak note and stayed lower amid buying seen in the capital goods, FMCG and realty names. 
• However, selling in metal and power stocks limited the gains. 
• Investors were cautious ahead of RBIs monetary policy announcement on Wednesday.

Global Markets:

• The Dow Jones futures were down 223 points, indicating a negative opening in the US stock market today.
• European shares tumbled while most Asian stocks declined on Monday as a stronger-than-expected jobs report from the U.S. worrying investors the Federal Reserve has room for more interest rate hikes, as it continued its efforts to control inflation.
• US stocks dropped on Friday after a shockingly strong US jobs report renewed concerns the Federal Reserve may remain aggressive in its path of interest rate hikes as it tries to tame inflation.
• US job growth accelerated sharply in January while the unemployment rate hit more than a 53-1/2-year low of 3.4%. The survey of establishments showed nonfarm payrolls surged by 517,000 jobs last month. Data for December was revised higher to show 260,000 jobs added instead of the previously reported 223,000.

Stocks in Spotlight:

• One 97 Communications (Paytm) surged 6.31% on strong Q2 results. The company reported a consolidated net loss of Rs 392 crore as against a net loss of Rs 778.4 crore posted in Q3 FY22. Revenue from operations surged 41.62% to Rs 2062.2 crore in the quarter ended 31 December 2022 from Rs 1456.1 crore recorded in the same period last year.
• Indus Towers share price climbed 13 percent Vodafone Idea rallied 20 percent after the government asked Vodafone to convert adjusted gross revenue (AGR) dues into equity shares and Bharti Airtel bought shares from its subsidiary in the tower company. The conversion of AGR dues to shares is raising some hope for the mobile tower installation company to get payments from the government.
• P&G recorded a massive 71 percent on-year growth in profit at Rs 76.8 crore for the second quarter of FY23, backed by healthy operating performance reported by the company. As per company officials Profitability was supported by improved margin through portfolio premiumization, healthy mix and optimization of expenses. 

News from the IPO world?

• IPO bound Swiggy names Delhivery, two others as indeopendent directors
• Upcoming tech IPOs likely to see valuation correction
• FirstMeridian Business Services files fresh draft papers for IPO; cuts issue size to Rs. 740 crore

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