LIC stock price up on strong Q3 results

Indian Markets:

• Nifty 50 Movement: Indices settled above the 17,850 mark after hitting the days low of 17,801 in morning trade.  
• Investors were cautious ahead of the retail inflation data for January, due on Monday, 13 February 2023. Realty and telecom sector stocks were in demand. 
• On the other hand, metal and power sector stocks were under pressure.
• Stock prices of Adani group companies remained under pressure following MSCI announcement that it would reduce the amount of freely tradable shares.

Global Markets:

• The Dow Jones index futures were down 123 points, indicating a negative opening in the US stocks today.
• Shares in Europe and Asia declined on Friday, following overnight moves on Wall Street.
• Chinas inflation data came in lower than expected. Consumer prices in the nation rose 2.1% in January compared to a year ago.
• Japans wholesale prices rose 9.5% in January from the previous year, slightly lower than the revised figure of 10.5% recorded in December 2022.
• Australias central bank on Friday said inflation remains high and hinted at further interest rates hikes. In its quarterly monetary statement, RBA observed global inflation is still very high but looks to have peaked. The Board expects that further increases in interest rates will be needed to ensure that the current period of high inflation is only temporary, said RBA.
• US stocks closed lower Thursday as concerns over the Federal Reserves future moves on monetary policy offset excitement around the latest batch of corporate earnings.

Stocks in Spotlight:

?M&M reported another robust quarter led by the robust performance of auto division. Farm division also reported healthy growth with increased market share. Mahindra & Mahindra’s operating margins improved 130 basis points at 13% in the said quarter. The company sold 1.76 lakh vehicles in the December quarter, 45% higher than the previous year period. Meanwhile, tractor sales, which account for a bulk of M&M’s volumes jumped 14% YoY for the period under review.

?Around 2.1 crore shares of Paytm, which represents a 3.4 percent equity, changed hands through block deals. A report said Chinese multinational Alibaba has sold its entire stake in Paytm. With this sale, Alibaba is no longer a stakeholder in Paytm. The company had sold around 3.1 percent of 6.26 percent equity in Paytm in January.

?LIC reported a standalone net profit of Rs 6,334.2 crore in Q3 FY23, steeply higher than Rs 234.91 crore recorded in Q3 FY22. LIC sold 1.29 crore policies in the individual segment in 9M FY23, registering an increase of 1.92% from 1.26 crore policies sold in the same period last year.

News from the IPO world?

• Adani Wilmar to drop from S&P BSE IPO index
• Go Digit will revisit ESOPs post IPO-pause
• Swiggy plans to get IPO ready by September 

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