JSW Steel reports 10 percent y-o-y growth in production for Feb 2023

Indian Markets:

• Nifty 50 Movement: After opening higher at 17,772.05, the Nifty 50 index declined as the session progressed and hit the days low of 17,573.60 in late trade. 
• All the sectoral indices ended in the red. Auto, consumer durables and realty shares were under pressure.
• Market declined post 3 days on continuous rally, as US Fed signaled further rate hike to control inflation worries and slowing growth. 
• Also, the rising bond yields in the last few sessions are indicating that risk-off sentiment in equities will prevail going ahead and liquidity could tighten.

Global Markets:

• Shares in Europe and Asia declined on Thursday, as investors digested more comments from U.S. Federal Reserve Chairman Jerome Powell.
• Powell reportedly reiterated his warning message to lawmakers that the central bank may raise interest rates higher than previously anticipated. However, he reportedly said he hasn’t made up his mind about what the central bank will do regarding interest rates when it meets later in March.
• Japan’s GDP grew slower at 0.1% on an annualized for the October-December quarter. The reading is weaker compared with preliminary estimates of a 0.6% growth, and also comes in lower than a 0.8% expansion. Private consumption, which accounts for around 57% of Japan’s GDP, inched up by only 0.3%.
• In the US, major stock indexes ended mixed as traders parsed stronger than expected economic data, sparking concerns of bigger rate increases following Fed Chairman Jerome Powell’s congressional speech.
• Vacancies at US employers retreated at the start of the year but remained historically elevated. The number of available positions decreased to 10.8 million in January from an upwardly revised 11.2 million a month earlier, the Labor Departments Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday.

Stocks in Spotlight:

?CLSA has maintained a buy call on Bharti Airtel’s stock and expects the price to reach Rs 1,015 per share, indicating an upside of more than 31 percent from the current market price. The research firm believes the recent tariff hikes, which came 14 months before the general elections, can boost the average revenue per user (ARPU) by 3 percent.

?Motilal Oswal has maintained its ‘buy’ call on M&M and expects a compounded average growth rate of 20 percent in EPS and 2pp RoCE improvement over FY23-25, along with cheap valuations. M&M does not see any sign of demand moderation for its SUVs. Its orderbook is steady despite an uncertain macro environment. But there are signs of sustained stress at the lower segment in rural markets.

?JSW Steel reported standalone crude steel production for the month of February 2023 at 17.32 lakh tonne, a growth of 10 percent YoY on a standalone basis. The company achieved crude steel production of 15.80 lakh tonne in February 2022. The production of flat steel rolled products rose 9 percent to 12.57 lakh tonne while production of long steel rolled products rose 2 percent to 3.75 lakh tonne in February 2023 over February 2022

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