Zomato net loss narrows down in Q2FY23

The Markets Today in a nutshell

• Domestic benchmark indices ended on a positive note.
• Mirroring strong global cues Nifty closed near the 18,350 mark. IT, metals, financial services stocks rallied while PSU banks, auto and FMCG stocks corrected. US CPI inflation print was cooler than expected 7.7% in October, triggering a rally in global equity markets. The latest number led to the conclusion that inflation in the US market has peaked, and the US Fed may pause the aggressive stance on the rate hikes soon.

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? M&M reported strong Q2 results
The vehicle manufacturers standalone net profit surged 45.8% to Rs 2,089.92 crore on 56.52% jump in revenue from operations to Rs 20,839.27 crore in Q2 FY23 over Q2 FY22. M&M sold 1,74,098 vehicles in Q2 FY23, recording a growth of 75% as against 99,334 vehicles sold in the same quarter a year ago. Total tractors sold in Q2 FY23 stood at 92,590 units, rising 5% year on year.

? Zomato net loss narrows down in Q2FY23
Zomato surged 13.84% after the online food delivery platform reported a consolidated net loss of Rs 250.80 crore in Q2 September 2022, as against net loss of Rs 429.60 crore in Q2 September 2021. Zomato reported a net loss of Rs 185.70 crore in Q1 June 2022. Revenue from operations stood at Rs 1661.30 crore in Q2 September 2022, up 62.2% from Rs 1024.20 crore reported in Q2 September 2021.

? Eicher Motors slipped 5.03%; net profit jumped 76% y-o-y
The company’s consolidated net profit jumped 76% to Rs 656.86 crore in Q2 FY23 from Rs 373.20 crore in Q2 FY22. Total revenue from operations was recorded at Rs 3,519.40 crore, up 56.4% as compared to Rs 2,249.56 crore in the corresponding quarter previous year. Royal Enfield sold 203,451 motorcycles in the quarter, an increase of 64.7% from 123,515 motorcycles sold over the same period in FY 2021-22.

News from the IPO world?

• TATA Play primed to be 1st company to file confidential filing with SEBI for IPO
• Archean Chemical Industries IPO bought 32.23 times on final day
• Kaynes Technology IPO subscribed 23% on day 1

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