Zomato share price jumps ahead of quarterly results

Indian Markets:

• Nifty 50 Movement: Indices settled above the 17,870 mark after hitting days low of 17,744.15 in early trade.
• Value investors emerged as RBIs policy outcome was on expected lines. All the sectoral indices on the NSE ended in the green led by IT, metal and healthcare indices. 
• Metal stocks saw buying interest during the day while cement stocks were in demand due to likely review of GST taxes. Realty stocks were down as the interest rate hike is a negative factor for their revenue.
• The three-day monetary policy meeting concluded today. The Reserve Bank of India (RBI) raised the key policy repo rate by 25 basis points and said it remained focused on the withdrawal of accommodation.

Global Markets:

• European shares rose across the board while Asian stocks ended mixed on Wednesday, as Federal Reserve Chairman Jerome Powell overnight acknowledged that inflation is declining, a sign the central bank may soon pause its rate hikes.
• US stocks advanced on Tuesday, but trade was choppy as investors digested comments from Federal Reserve Chair Jerome Powell about how long the central bank might need to tame inflation.
• US inflation is starting to cool but the road ahead will likely be long and bumpy, Federal Reserve Chair Jerome Powell warned Tuesday, adding that stronger-than-expected economic data could bring more rate hikes.

Stocks in Spotlight:

• Bharti Airtel missed street estimates, recording a 91 percent surge in consolidated net profit at Rs 1,588 crore for the quarter ended December 2022 from Rs 830 crore a year back, helped by improved realization along with strong 4G customer additions during the year. Profit estimates were also missed. Actual profit also missed analysts’ projections who were expecting ~155 percent year-on-year growth for the third quarter.
• Investors bet on hopes of improved earnings by the company ahead of the release of its quarterly results for October-December, due on February 9. Along with this, brokerage firm CLSA maintains a positive growth outlook and expectations of a strong upside potential in the stock.  The broking firm also expects Zomato to continue its march towards profitability in the December quarter.
• Goldman Sachs kept the ‘buy’ rating on the stock with a target price of Rs 840, implying an upside potential of 41 percent from today’s high of Rs 597. The foreign brokerage firm said that the results were in line with its estimates and pointed out that it liked the company’s focus on deleveraging in the near term.

News from the IPO world?

• Shera Energy seeks to raise Rs. 35 crore via IPO
• General insurance playr Go Digits IPO plan delayed
• Swiggy plans to get IPO ready by September 

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