IRCTC share price up; Profit beats estimates

Indian Markets:

• Nifty 50 Movement: Indices regained the 17,850 mark after hitting the days low of 17,779.80 in morning trade. 
• Investors mostly remained on the sidelines in the absence of any fresh positive triggers. Meanwhile, FII selling continued to weigh on investor’s sentiment. 
• IT and media shares climbed while metals and realty shares declined.

Global Markets:

• The Dow Jones futures were up 216 points, indicating a positive opening in the US stock market today.
• European shares rose across the board while Asian stocks ended mixed on Thursday, as investors assessed further risks of more rate hikes to come.
• Rating agency Fitch has revised its forecast for Chinas economic growth in 2023 to 5.0% from 4.1% previously as consumption and broader activity are recovering faster than initially anticipated after the end of the “zero-COVID” regime.
• US stocks fell on Wednesday on corporate profit worries including Chipotle and Lumen Technologies disappointing results. A number of Federal Reserve speakers reiterated the central bank is yet to be finished with its hiking cycle, including Fed Governor Christopher Waller.

Stocks in Spotlight:

?IRCTC reported a 22.3 percent on-year jump in standalone net profit at Rs 255 crore for the October-December quarter of FY23. Net profit stood at Rs 208.8 crore in the same quarter a year ago.  Revenue from operations increased 70 percent to Rs 918.1 crore from Rs 540.2 crore in the year-ago period. The catering segment’s contribution to the top line increased to 43% in the quarter, from 19% over the same period in the previous fiscal.

?Hindalco Industries reported a consolidated net profit for the December quarter at Rs 1,362 crore, down 63 percent YoY. Hindalco’s revenue from operations came in at Rs 53,151 crore, up 6 percent from Rs 50,272 crore in the same quarter of the previous year.  The revenue was driven by higher volumes and steady operational performance across India operations.

?MRF reported a 17 percent rise in consolidated net profit from continuing operations at Rs 174.83 crore for the third quarter ended December 31, 2022. It posted a consolidated net profit from continuing operations at Rs 149.39 crore in the same quarter of the last fiscal. Easing of raw material prices and a pickup in economic activity led to  higher demand for its pricier tyres.

News from the IPO world?

• Shera Energy seeks to raise Rs. 35 crore via IPO
• General insurance playr Go Digits IPO plan delayed
• Swiggy plans to get IPO ready by September 

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