Maruti Suzuki reported better sales numbers in February 2023

Indian Markets:

• Nifty 50 Movement: Indices settled a tad above the 17,450 mark after hitting days low of 17,345.25 in early trade.
• Positive global cues triggered bargain hunting in domestic shares. Not a single sector closed in the red. Metals, IT and banks shares rallied.
• The Goods and Services Tax (GST) revenue in February recorded a 12% year-on-year jump at over Rs 1.49 lakh crore, the fourth highest collection ever. Normally, February being a 28-day month, witnesses a relatively lower collection of revenue.

Global Markets:

• Shares in Europe and Asia advanced on Wednesday as investors digested a slew of key economic data across the region.
• Chinas factory activity in February showed further growth. Chinas official manufacturing purchasing managers index rose to 52.6 in February, data from the National Bureau of Statistics showed. Thats compared to Januarys reading of 50.1. Non-manufacturing PMI rose to 56.3, above Januarys reading of 54.4, the highest level since June 2022.
• Japans factory activity slowed at the fastest pace in two and a half years in February, private surveys by au Jibun Bank showed. The manufacturing purchasing managers index fell to 47.7, down from 48.9 in January.
• Australias economy grew 2.7% for the whole of 2022, in line with economists’ expectations, but lower than 2021′s figure of 5.9%.
• US stocks fell on Tuesday, as more evidence of stubborn inflation added to expectations that central banks will keep rates high.

Stocks in Spotlight:

?Maruti Suzuki reported better sales numbers in February 2023. The company sold 1,72,321 units in the month against 1,64,056 in February 2022, a growth of 5 percent. Domestic sales (PV+LCV+OEM) were up at 1,55,114 units against 1,40,035 units in the year-ago period.

?Federal Bank stock price rallies as global brokerage maintains ‘buy’ rating. Global brokerages maintained a positive stance on the stock. Citi has maintained its ‘buy’ call on the stock with target at Rs 165 per share, an upside of 25 percent from the current market price. The bank is gearing towards orbit shift while execution is the key. The bank has articulated a strategy of enhanced distribution with diversified mix.

? Aditya Birla Capital announced its collaboration with National Payments Corporation of India (NPCI) to develop and promote digital payment methods through subsidiaries to its customers. This collaboration marks the entry of Aditya Birla Capital into the payments space through its operating subsidiaries.

News from the IPO world?

• FirstMaridian Business Services has received SEBI approval to float IPO
• IRM Energy and Lohia Cop gets SEBI’s nod to float IPO
• Systango Technologies 2 other SME IPOs to open for subscription in March

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