Tata Consumer Products reported, its net profit rose 32% to Rs 351 Cr.

Opening Bell:

SGX Nifty is up by 55 points in the early morning trade, indicating a positive opening for Indian stock market.

Stocks in the Asia-Pacific were mixed on Friday after Wall Street’s rally driven by technology stocks. Meta surged 23%, marking its best day since 2013 after seeing a better-than-expected earnings report. The Japanese Nikkei is up by 0.57 percent. Hong Kong’s Hang Seng is down by 1.91 percent and South Korea’s Kospi is down by 0.05 percent in early morning deals.

The Nasdaq and S&P 500 ended higher on Thursday and touched roughly five-month highs as a more dovish-than-expected message from Federal Reserve Chair Jerome Powell boosted equities and Meta Platforms shares soared on rigorous cost controls. The S&P 500 gained 1.47 percent and Nasdaq Composite added 3.25 percent respectively.

Stocks News:

?Amid massive decline in prices in most of Adani group stocks, the National Stock Exchange (NSE) has put Adani Enterprises, Adani Ports and Ambuja Cements under additional surveillance measure (ASM) framework effective February 3, 2023 to curb short-selling.

?State-owned lender SBI is set to report solid numbers for the third quarter with net profit growing by a massive 60-70%, compared with the last year period. Net interest income (NII) too is expected to grow in healthy double digits.

?Tata Consumer Products reported 32% growth in consolidated net profit at Rs 351 crore for the quarter ended December 2022. The same was Rs 265 crore in the corresponding quarter of last year. The profit was above analysts’ average estimate of Rs 270 crore.

?The Sebi has given an approval and permitted abrdn Investment Management to reduce its shareholding in HDFC AMC to less than 10%. In December 2022, HDFC AMC had received letter from abrdn Investment Management, one of the promoters holding 10.21% in the company, intending to sell their entire stake in the company. abrdn Investment Management is the co-sponsor of HDFC Mutual Fund.

?Foreign institutional investors (FII) net-sold shares worth Rs 3,065.35 crore, while domestic institutional investors (DII) purchased shares worth Rs 2,371.36 crore on February 2, as per provisional data available on the NSE.

Domestic and International Events

• The Bank of England raised interest rates by half a percentage point Thursday as it sought to tame double-digit inflation that is fuelling a cost-of-living crisis, public-sector strikes and fears of recession.
• The bank’s monetary policy committee voted 7-2 to push its key rate to 4%, approving the 10th consecutive rate increase since a post-pandemic surge in the world economy and Russia’s war in Ukraine drove inflation to 40-year highs.
• Oil prices made modest gains in early trade on Friday but were heading for a second straight week of losses, as the market looked for more signs of a strong recovery in fuel demand in China to offset looming slumps in other major economies.
• The euro and sterling slipped against the dollar on Friday as markets took a dovish cue from policymakers at the European Central Bank and the Bank of England, who said inflationary pressures in their economies have become more manageable.

Key Equity Indices