TATA Steel stock price plummeted on weak Q3 numbers

Indian Markets:

• Nifty 50 Movement: Indices settled below the 17,750 mark after hitting the days high of 17,811.15 in early trade.
• Weak global cues hit the sentiments on the Dalal street. Auto and FMCG sectors, which saw profit booking, were the biggest drags on the indices. 
• Investors booked profits ahead of RBIs monetary policy outcome on Wednesday, 8 February 2023.
• The RBI policy review meeting began on 6 February and concludes on 8 February 2023. The central bank is projected to raise the repo rate but at a slower pace.
• In its December monetary policy committee meeting, the RBI raised the policy repo rate by 35 basis points (bps) to 6.25%.

Global Markets:

• Most shares in Europe and Asia advanced on Tuesday, as investors digested the Reserve Bank of Australia’s interest rate hike of 25 basis points, which was in line with expectations.
• US stocks ended lower on Monday as investors shifted gears after considering the possibility that the Federal Reserve may take longer to start cutting interest rates.
• Traders are keeping a close eye on speeches by Fed officials this week, including Chair Jerome Powell on Tuesday, for any change in the central banks rhetoric after data last week showed services activity was strong in January as well as strong job growth.

Stocks in Spotlight:

• Bharti Airtel reports 91 percent year on year growth in profits. On a sequential basis the company saw a drop of 26 percent in net profit. The reported profit also missed analysts’ projections who were expecting more than 200 percent YoY growth for the third quarter. For the mobile services segment in India, which is the biggest segment for the company, revenues for the quarter grew by 20.8 percent YoY which was led by continued 4G customer addition and increase in ARPU.
• TATA Steel stock price plummeted on weak Q3 numbers. TATA Steel reported a surprise consolidated net loss of Rs 2,223.84 crore for the quarter ended December 2022, against a profit of Rs 9,572.67 crore a year back. Revenue from operations fell 6.08 percent on year to Rs 57,083.56 crore from Rs 60,783.11 crore.
• Apollo Tyres management indicated a cautious near-term demand outlook. In earnings call the management said, while OEM demand continues to remain healthy both in truck, bus and radial (TBR) and passenger car radial (PCR) segments, the replacement and export demand is expected to remain weak in the near term. The company continues to witness sluggish demand in key export markets of Europe due to economic slowdown amid geopolitical tensions. So, replacement demand in this region is expected to remain muted for the next two quarters.

News from the IPO world?

• Shera Energy IPO opens today
• General insurance playr Go Digits IPO plan delayed
• Swiggy plans to get IPO ready by September

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