Zee Entertainment 92% year-on-year decline

Opening Bell:

SGX Nifty is up by 21.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Asia-Pacific shares are to trade higher as investors await the release of the US consumer price index report, which will shape the Federal Reserve’s path ahead. The Japanese Nikkei is up by 0.59 percent. Hong Kong’s Hang Seng is up by 0.57 percent and South Korea’s Kospi is up by 0.45 percent in early morning deals.

Wall Street closed sharply higher on Monday as investors awaited inflation data likely to hint at the path of the Federal Reserve’s future interest rate hikes, while Meta Platforms gained after a report that the Facebook parent was planning fresh layoffs. The S&P 500 gained 1.14 percent and the Nasdaq Composite was up 1.60 percent respectively.

Stocks News:

?Nykaa reported 68% year-on-year fall in consolidated net profit at Rs 9 crore for the quarter ended December. Revenue from operations, meanwhile, surged 33% year-on-year to Rs 1,462 crore for the quarter under review.

?Zee Entertainment 92% year-on-year decline in consolidated profit at Rs 24.31 crore for quarter ended December FY23, dented by weak operating performance, lower topline and exceptional loss.

?Power Finance Corporation recorded 7.8% year-on-year increase in consolidated profit at Rs 3,860 crore for three-month period ended December FY23, aided by write-back of impairment on financial instruments.

?Linde India reported a 62.3% year-on-year growth in consolidated profit at Rs 110 crore for quarter ended December FY23, led by operating performance and partly by low base.

?Foreign institutional investors (FII) bought shares worth Rs 1,322.39 crore, while domestic institutional investors (DII) purchased shares worth Rs 521.69 crore on February 13, NSE’s provisional data showed.

Domestic and International Events

• India’s headline retail inflation rate jumped to a three-month high of 6.52 percent in January from December’s one-year low of 5.72 percent. At 6.52 percent, the latest Consumer Price Index (CPI) inflation print is significantly above the consensus estimate. As per a Moneycontrol poll of 17 economists, inflation was seen rising to 6.1 percent in January.
• Oil prices edged higher on Monday, rebounding from early losses, as investors weighed Russia’s plans to cut crude production and short-term demand concerns ahead of US inflation data this week.
• India’s markets regulator on Monday told the country’s top court it was looking into the allegations made against the Adani Group by U.S.-based short-seller Hindenburg Research in a critical report.
• Japan’s economy averted recession but rebounded much less than expected in October-December as business investment slumped, a sign of the challenge the central bank faces in phasing out its massive stimulus programme.

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