Benchmark indices tanked on the last trading session of the week before the elect Donald Trumph inaurgration speech as USA preceident. The caution overshadowed better-than-expected China’s fourth quarter GDP growth and Fed chair Janet Yellen taking a less hawkish stance on rate hike. Nifty ended the session to close at 8362.65. The FMCG stocks were the major gainers of the day while Banking and Realty stocks were the losers for the day.
Global Markets Update
Canon Inc. is considering investing in Toshiba Corp’s chip business as Toshiba prepares to sell a minority stake in its core chip business, aiming to raise funds. Global Markets get caution ahead of U.S. President Inauguration, even as China’s economic growth beat expectations and Federal Reserve Chair Janet Yellen toned down her earlier hawkish stance.
Axis Bank Q3 results missed street estimates. NII came in 5.1% below the estimated figure of Rs. 4569 crores. Also, net profit was significantly lower 27.7 percent. Gross NPA’s for the period recorded a 257.6 percent yoy basis jump leading to a 354 bps worsening of asset quality.
Canara Bank posted a 279 percent rise in 3 quarter net profit. The bank failed to meet NII estimates by 4% due to lower loan growth. Asset quality thereby worsened 413 bps yoy basis. Provisions grew 4 percent. Capital adequacy ratio stood at 12.2 percent.
Sintex Industries Ltd Q3 result was below market estimates. Revenue stood at Rs 2,090 cr and the EBITDA stood at Rs 347 cr . The consolidated revenue of the company grew marginally by 0.3% to Rs 2,090 cr yoy basis.
Mindtree’s net profit stood at Rs 103.1 crore, impacted by currency movement. The firm had posted a net profit of Rs 94.8 crore for the quarter.
Bharti Airtel shares gains in an otherwise market after the telecom major is in talks with Telenor for acquiring the Norwegian company’s spectrum in India.
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