Axis Bank has reported a massive 62% year-on-year increase in Q3FY23 profit

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SGX Nifty is up by 95.0 points in the early morning trade, indicating a positive opening for Indian stock market.

Markets in the Asia-Pacific traded higher as Lunar New Year holidays were observed in most of the region. Hong Kong’s Hang Seng and South Korea’s Kospi are closed for holiday. The Japanese Nikkei is up by 1.63 percent in early morning deals.

Wall Street closed sharply higher on Monday, fuelled by surging technology stocks as investors began an earnings-heavy week with a renewed enthusiasm for market-leading momentum stocks that were battered last year. S&P 500 lost 1.19 percent Nasdaq Composite added 2.01 percent.

Stocks News:

?Axis Bank has reported a massive 62% year-on-year increase in Q3FY23 profit at Rs 5,853 crore despite higher provisions, led by healthy other income, operating profit and net interest income. Net interest income grew by 32.4% to Rs 11,459 crore compared to year-ago period, with strong 15 percent loan growth and an expansion in net interest margin. Asset quality improved but slippages remained elevated on sequential basis for the quarter.

?State Bank of India has partnered with MMRDA (Mumbai Metropolitan Region Development Authority) to provide NCMC-based (National Common Mobility Card) ticketing solutions for Mumbai Metro Lines 2A & 7. SBI is the exclusive issuer of NCMC cards, reports CNBC-TV18.

?TATA Motors has partnered with ICICI Bank to offer financing solutions for its passenger electric vehicle dealers. Under the tie up, the bank will provide inventory funding to EV dealers.

?Poonawalla Fincorp has registered a strong 89% year-on-year growth in consolidated profit at Rs 182.1 crore for quarter ended December FY23, with writeback of impairment of financial instruments for the quarter. Net interest income grew by 42% YoY to Rs 463.7 crore during the quarter.

?Foreign institutional investors (FII) have net-sold shares worth Rs 219.87 crore, whereas domestic institutional investors (DII) have net-bought shares worth Rs 434.96 crore on January 23, as per provisional data available on the NSE.

Domestic and International Events

• Oil prices settled mixed on Monday, retreating as investors cashed in on a jump to a seven-week high on optimism about a possible recovery in demand of top oil importer China as the economy recovers this year from pandemic lockdowns.
• Japan’s manufacturing activity contracted for a third straight month in January as export weakness persisted amid a worsening global outlook, a corporate survey showed on Tuesday.
• Japan’s finances are becoming increasingly precarious, Finance Minister Shunichi Suzuki warned on Monday, just as markets test whether the central bank can keep interest rates ultra-low, allowing the government to service its debt.
• The government has been helped by near-zero bond yields, but bond investors have recently sought to break the Bank of Japan’s (BOJ) 0.5 percent cap on the 10-year bond yield, as inflation runs at 41-year highs, double the central bank’s 2 percent target.

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