Avenue Supermarts reports 25% YoY growth in revenue at Rs 11,305 crore

Opening Bell:

SGX Nifty is down by 51.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asia-Pacific shares traded mixed as investors look ahead to the Federal Reserve’s meeting minutes for December. South Korea’s Kospi index is gained by 0.9 percent. Hong Kong’s Hang Seng also added 1.7 percent and Nikkei is down by 1.5 percent in the early morning deals.

Wall Street’s main indices closed lower on the first trading day of 2023 with the biggest drags from Tesla and Apple, while investors worried about the Federal Reserve’s interest-rate hiking path as they awaited minutes from its December meeting. S&P 500 lost 0.4 percent. Nasdaq Composite dropped by 0.76 percent respectively.

Stocks News:

?Avenue Supermarts reports 25% YoY growth in revenue at Rs 11,305 crore. The hypermarket chain operator reported standalone revenue from operations at Rs 11,304.58 crore for quarter ended December FY23, increasing 25% from Rs 9,065 crore in same period last year. The total number of stores as of December 2022 stood at 306.

?NTPC has commissioned India’s first green hydrogen blending project. The green hydrogen blending has been started in the piped natural gas (PNG) network of NTPC Kawas township, Surat. The project is a joint effort of NTPC and Gujarat Gas.

?Advanced Enzyme Technologies has completed acquisition of 50% stake in Saiganesh Enzytech Solutions by subscribing its 1.99 crore shares on private placement or preferential issue basis, for over Rs 5.99 crore. It also completed acquisition of additional stake of 4.83% in JC Biotech. Post completion of transfer of said shares, the shareholding of the company in JC Biotech has increased to 89.83%.

?Vedanta Alumina production at Lanjigarh refinery for quarter ended December FY23 fell by 6% YoY to 443kt due to maintenance activities in calciners, while zinc international production increased by 32% YoY to 70kt with continued ramp-up at Gamsberg, and total saleable steel production at 306kt was lower by 13% YoY due to maintenance activities in blast furnace in Q3FY23. Its overall power sales increased by 5% YoY to 3,616 million units.

?Foreign institutional investors (FII) sold shares worth Rs 628.07 crore, while domestic institutional investors (DII) bought shares worth Rs 350.57 crore on January 3, as per provisional data available on the NSE.

Domestic and International Events

Oil prices tumbled 3.5 percent in volatile trade on Tuesday, pressured by weak demand data from China, a gloomy economic outlook and a stronger US dollar.
The Federal Reserve is set to shed more light on why it’s worried that strong inflation may linger as the US economy moves into the new year.
The monthly domestic air passenger traffic touched 1.29 crore to cross the pre-COVID level in December 2022, with Civil Aviation Minister Jyotiraditya Scindia terming it as a healthy trend and a good sign for the industry.
German inflation eased for a second month in a row in December due to falling energy prices and the government’s one-off payment of household energy bills, coming in below expectations even as analysts warn that a continued slowdown is not a given.