Tata Technologies’ 14.7% Profit Growth, HDFC Bank’s LIC Stake Approval, Yes Bank’s 345% Profit Rise, Adani Power’s 300-fold Net Profit Surge.

Opening Bell:

Gift Nifty is up by 91.0 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian markets experienced predominantly positive trading as they anticipated crucial economic data in the region. The Nikkei 225 in Japan saw a 0.46% increase, and the Topix surged by almost 1%. South Korea’s Kospi also recorded a 0.47% rise, although the Kosdaq saw a slight decline of 0.16%. Additionally, futures for Hong Kong’s Hang Seng index suggested a robust opening.

US stocks had a mixed day on Friday, with the S&P 500 ending a five-session record high streak. Economic data showed inflation moderating. Despite this, all three major indices secured their third straight weekly gain, marking their 12th weekly advance out of the last 13. The Dow rose 0.16%, the S&P 500 fell 0.07%, and the Nasdaq closed 0.36% lower. For the week, the S&P 500 rallied 1.06%, the Dow rose 0.65%, and the Nasdaq gained 0.94%.

Stocks News:

👉 Tata Technologies: The global engineering services company has registered 14.7% year-on-year growth in consolidated profit at Rs 170.22 crore for the quarter ended December FY24. Revenue from operations also grew by 14.7% to Rs 1,289.5 crore compared to the year-ago period, while in US dollar terms, total operating revenues increased 13.4% YoY to $154.8 million. The services segment revenues were up 8.3% YoY at $120.2 million, and the same in constant currency grew 5.8% YoY.

👉 Adani Power: The Adani Group company saw its consolidated net profit increase more than more than 300-fold to ₹ 2,738 crore in the December quarter from ₹8.8 crore a year ago. Consolidated revenue from operations rose 67.3% year-on-year to ₹12,991.4 crore.

👉 HDFC Bank: The Reserve Bank of India (RBI) has given its approval to Life Insurance Corporation of India for acquiring up to 9.99% of HDFC Bank. LIC has been advised by the RBI to acquire the aforesaid major shareholding in HDFC Bank within a period of one year, i.e., by January 24, 2025.

👉 Yes Bank: The private-sector lender reported a 345% year-on-year rise in net profit in the December quarter, but missed estimates. Net profit came in at ₹231.5 crore, against ₹52 crore a year ago. Core income, or net interest income, for the quarter rose 2.3% year-on-year to ₹1,194.6 crore.

👉 Foreign institutional investors (FIIs) continued to be net sellers in the cash segment for seven days in a row, offloading shares worth Rs 2,144.06 crore, while domestic institutional investors (DIIs) bought Rs 3,474.89 crore worth of stocks on January 25, provisional data from the NSE showed.

Domestic and International Events

• The European Central Bank (ECB) kept interest rates unchanged at a record-high of 4% and reaffirmed its commitment to fighting inflation even as the time to start easing borrowing costs approaches.
• The US economy grew faster than expected in the fourth quarter of 2023 amid strong consumer spending. US GDP (gross domestic product) increased at a 3.3% annualized rate last quarter after advancing at a 4.9% pace in the third quarter, the Commerce Department’s Bureau of Economic Analysis said. Economists polled by Reuters had forecast GDP rising at a 2.0% rate.
• US prices rose marginally in December, keeping the annual increase in inflation below 3% for a third straight month. The personal consumption expenditures (PCE) price index increased 0.2% last month after dropping 0.1% in November, the Commerce Department’s Bureau of Economic Analysis said. In the 12 months through December, the PCE price index advanced 2.6%, matching November’s gain, Reuters reported.
• Oil prices jumped 1% on Monday on fuel supply concerns after a missile struck a Trafigura-operated fuel tanker in the Red Sea and as Russian refined products exports are set to fall as several refineries are under repair after drone attacks. Brent crude futures climbed 83 cents to $84.38 a barrel by 2341 GMT after hitting a session-high of $84.80. US West Texas Intermediate crude rose 78 cents to $78.79 a barrel.

Key Equity Indices

EMERGING	LATEST	% 1D
Hang Seng	15,952	(1.6) %
Shanghai Composite	2,910	0.1 %

DEVELOPED	LATEST	% 1D
Dow Jones	38,109	0.2 %
DAX	16,961	0.3 %
FTSE 100	7,635	1.4 %
Nikkei	35,751	(1.3) %
Straits Times	3,160	0.4 %