Global markets will be under pressure after comments by two Fed officials that they were considering 50 bps interest rate hikes to battle persistently high inflation. Domestically, the embattled Adani Group executives told investors they will address upcoming debt maturities, including by potentially offering private placement notes and using cash from operations. 17 Feb 2023, 09:39:14 AM IST India power regulator OKs new market segment for expensive power - order India power regulator has approved a proposal to start a separate spot market segment for "expensive power", fixing a ceiling of 50 Indian rupees ($0. 6042) per unit, according to an order issued late on Thursday. The approval, given to the country's largest spot power market, the Indian Energy Exchange, is for fuel generated from costlier sources like imported coal and gas. Power plants that use those sources will be allowed to sell on the new market segment to be called 'high-price day-ahead market', the order said. (Reuters) Share Via 17 Feb 2023, 09:25:41 AM IST Nestle India tanks 3% in early trading after it declared its quarterly earnings yesterday MCG major Nestle India Ltd on Thursday reported a 65. 50 per cent increase in net profit at ₹ 628. 06 crore for the fourth quarter ended December 31, 2022. The company, which follows the January-December financial year, had posted a net profit of ₹ 379. 48 crore in the same period a year ago, Nestle India said in a regulatory filing. Nestle India's net sales rose 13. 95 per cent to ₹ 4,233. 27 crore during the period unde View Full Image Nestle India Share Via 17 Feb 2023, 09:23:31 AM IST Google India fires 453 employees across various departments: Report Google India has reportedly fired 453 employees across various departments. As reported by Business Line, employees were informed of their termination through mail. Share Via 17 Feb 2023, 09:22:47 AM IST Indices shed at open with Sensex dropping 250 pts and Nifty around 80 pts View Full Image Sensex at Open Share Via 17 Feb 2023, 09:08:21 AM IST Geojit Financial Services on today's market: The only sensible strategy in this volatility is to buy high quality names across sectors during declines Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: There is a clear pattern to the trends from the mother market, US. Whenever positive news like declining inflation comes, equity markets rise on hopes of a Fed pause and a possible rate cut by end 2023. Conversely, whenever data indicates a robust U. S. economy, tight labour market and very slow disinflation, equity markets fall expecting the Fed to remain hawkish. This see-saw game is likely to continue till clarity emerges on where the economy is headed. Nifty is likely to remain in the range 17800- 18200. As of now, there are no triggers to break this range in both directions. FIIs have sold in the cash market yesterday (excluding the ₹ 2300 crore Indigo deal) for ₹ 730 crores indicating that they will continue to sell at higher levels. The only sensible strategy in this volatility is to buy high-quality names across sectors during declines. Share Via 17 Feb 2023, 09:04:02 AM IST Sensex is in the red at the preopen session; Adani stocks, HDFC, Glenmark in focus View Full Image Sensex at Preopen Share Via 17 Feb 2023, 09:01:05 AM IST India ranks 47th in OECD's services trade restrictiveness index Reflecting the presence of huge market barriers in the country, India stood at 47th position in Services Trade Restrictiveness Index(STRI) conducted by the Organisation for Economic Cooperation and Development (OECD) for the year 2022. However, there was an improvement from last year's ranking by one position. Due to the Russia-Ukraine war, Russia slipped to the 48th position in the index. The report highlighted the privatisation of Air India, the elimination of pricing guidelines for transfers of shares between residents and non-residents, and restriction of foreign participation in certain services sectors. The STRI indices takes into consideration the government policies in several sectors that define the ease of trading in those sectors and industries. Based on these factors, STRI indices assign value to countries between zero and one. As per the index, zero shows least restriction and one shows no restriction. The database also records details based on a Most Favoured Nation basis. ( Read More ) Share Via 17 Feb 2023, 08:53:43 AM IST Hindustan Zinc to get in touch with mines ministry for resolution on acquisition of Vedanta's overseas assets Hindustan Zinc is planning to get in touch with the mines ministry to resolve the differences over the acquisition of overseas assets of holding company Vedanta Ltd, Hindustan Zinc CEO Arun Misra said. Valuation of the assets is among several concerns flagged by the government, which holds a 29. 54 per cent stake in Hindustan Zinc Ltd (HZL) that was privatised more than two decades ago. The meeting is expected shortly, Misra said. ". . . we are reading in various newspapers about the comments of various minority shareholders. I have not met anybody personally. Once I meet them and know exactly what is their view then may be I can comment. I won't be able to offer any comment on other's comments which I can't verify personally," Misra told PTI. According to a source, the objections on the proposal were raised by all three government directors in the nine-member HZL board. (PTI) Share Via 17 Feb 2023, 08:42:10 AM IST Stocks to Watch: Adani Group, HDFC, Glenmark, Vedanta, IOC, Coal India, Schaeffler India, Bharat Forge, Hindustan Zinc, Cochin Minerals and Rutile CRISIL will be among the stocks in focus as it will declare its December quarter earnings today. ( Read More ) Share Via 17 Feb 2023, 08:26:51 AM IST Glenmark’s covid spray fails to get panel nod The Subject Expert Committee (SEC) of the Drugs Controller General of India (DCGI) has rejected Mumbai-based Glenmark’s nasal spray—FabiSpray— for covid, citing lack of strong evidence that it can prevent covid. The expert panel said, “The committee did not recommend for approval of Nitric Oxide Nasal Spray due to lack of strong evidence for proposed indication," stated the Committee. Queries sent to health ministry spokespeople did not elicit a response. ( Read More ) Share Via 17 Feb 2023, 08:25:05 AM IST Oil prices fall as U. S. rate hike worries overshadow demand outlook Oil prices slid on Friday and were on track for weekly losses as strong U. S. economic data heightened concern that the Federal Reserve will continue tight monetary policy to tackle inflation, which could hit fuel demand even as crude stockpiles grow. Brent crude futures dropped 49 cents, or 0. 6%, to $84. 65 per barrel by 0105 GMT, while U. S. West Texas Intermediate (WTI) crude futures shed 46 cents, also a 0. 6% loss, to $78. 03. Both benchmarks were headed for a weekly decline of about 2%. Data showed the U. S. producer price index rose 0. 7% in January, after declining 0. 2% in December. Meanwhile, jobless claims unexpectedly fell to 194,000, compared to the 200,000 forecast, according to a Reuters poll. "Strong U. S. data bolstered concerns over rate hikes and prompted a rise in U. S. Treasury yields, which weighed on oil and other commodity prices," said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd. (Reuters) Share Via 17 Feb 2023, 08:18:22 AM IST HDFC raises ₹25,000 crore through NCDs Merger-bound mortgage lender HDFC on Thursday concluded its rupee-bond sale through the private placement route, mopping up ₹ 25,000 crore. HDFC said it has raised ₹ 25,000 crore of 10-year money by issuing non-convertible debenture (NCDs) carrying a coupon rate of 7. 97 per cent per annum. This translates to a spread of 49 basis points over Wednesday's closing of the 10-year government securities yield. The issue was launched on Tuesday on the electronic book platform to raise ₹ 5,000 crore with an option to retain subscription for additional ₹ 20,000 crore. "Today, as the bids opened, there was wide participation from several high-quality investors across insurance companies, pension funds, provident funds, banks and mutual funds. The issue was oversubscribed and received 92 bids amounting to ₹ 27,863 crore, of which the company retained 55 investor bids totalling to ₹ 25,000 crore," the issuer said. (PTI) Share Via 17 Feb 2023, 08:17:48 AM IST Sixtynine per cent respondents face call drop, connection issues: Survey A majority of respondents in a survey claimed that they face call drop or call connection issues on any given day, online survey firm LocalCircles said on Thursday. According to the survey report, 28 per cent respondents said that they get uninterrupted access to 4G or 5G network while 32 per cent shared that they do not have access to 4G or 5G services most of the time despite paying for it. "Sixtynine per cent mobile service subscribers face call connection/call drop problems on any given day," the report said. The survey received over 42,000 responses from citizens located in 338 districts of India. However, the number of responses varied from question to question, LocalCircles said. A total of 10,927 people responded to questions on the frequency of call connection or call drop on any given day. "36 per cent or more than one third of respondents stating 'up to 25 per cent of the calls'; 13 per cent indicated the percentage was as much as 25-50 per cent; while 10 per cent indicated a much higher percentage of 50-75 per cent and 10 per cent revealed that they face connectivity or call drop issues with 75 per cent or almost all calls," the report said. (PTI) Share Via 17 Feb 2023, 08:05:50 AM IST Visa CFO Vasant Prabhu set to retire as firm gets new leadership Visa Inc. said Chief Financial Officer Vasant Prabhu is retiring, the latest change in the payment giant’s executive ranks. Prabhu, 63, will depart at the end of the firm’s fiscal year in September, the payments giant said Thursday in a statement. Chief Executive Officer Ryan McInerney took the reins of Visa earlier this month. Prabhu has been Visa’s CFO since 2015. He oversaw its finances at a time when profits soared, the firm added hundreds of millions of cardholders, and spending on its network more than doubled. ( Read More ) Share Via 17 Feb 2023, 08:04:47 AM IST ReNew plans ₹35,000 cr capex over 18 months: CEO ReNew Energy Global Plc, one of India’s largest clean energy developers with a 13. 4GW portfolio and 7. 7GW commissioned capacity, plans to invest ₹ 35,000 crore in capital expenditure over 18 months. In an interview, founder chairman and chief executive Sumant Sinha spoke about ReNew’s capital recycling strategy, enough equity availability to build projects in its portfolio, and India’s strong position in solar and wind equipment manufacturing. In August 2021, ReNew Power merged with Nasdaq-listed special purpose acquisition company RMG Acquisition Corp. II (RMG II) to form ReNew Energy Global Plc, a new entity. Edited excerpts Share Via 17 Feb 2023, 07:54:34 AM IST Buy or sell: Vaishali Parekh recommends 3 stocks to buy today Vaishali Parekh of Prabhudas Lilladher has recommended three stocks for intraday trading, here we list out full details in regard to those shares: 1] Piramal Pharma: Buy at ₹ 91. 40, target ₹ 97, stop loss ₹ 89; 2] Jindal Steel: Buy at ₹ 601, target ₹ 636, stop loss ₹ 588; and 3] Coforge: Buy at ₹ 4229, target ₹ 4420, stop loss ₹ 4160. ( Read More ) Share Via 17 Feb 2023, 07:53:02 AM IST Two PSU stocks continue to be part of F&O ban on NSE. Check here As many as four stocks have been put under the ban for trade on Friday, February 17, 2023, under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. Ambuja Cements, Indiabulls Housing Finance, PSUs Punjab National Bank (PNB) and Bharat Heavy Electricals Limited (BHEL) stocks continue to be part of the F&O ban list by the stock exchange for today. The NSE updates the list of securities in F&O ban for trade every day. ( Read More ) Share Via 17 Feb 2023, 07:45:41 AM IST Rupee gains 15 paise to close at 82. 68 against US dollar The rupee appreciated by 15 paise to close at 82. 68 against the US currency on Thursday amid unabated foreign fund inflow and positive trend in domestic equities. Forex traders said upbeat domestic trade deficit data and foreign fund inflows supported investor sentiments. At the interbank foreign exchange market, the local unit opened at 82. 72 against the American currency and finally settled at 82. 68 against the greenback, registering a gain of 15 paise over its previous close of 82. 83. During the trading session, the rupee touched a high of 82. 59 and a low of 82. 73 against the dollar. "The Indian rupee makes a comeback after three days of a down streak following stronger regional currencies, better-than-expected trade balance numbers and lower crude oil prices," Dilip Parmar, Research Analyst at HDFC Securities, said. The local unit also got support from dollar inflows as foreign institutions turned buyers into domestic equities in the last couple of days, Parmar said. (PTI) Share Via 17 Feb 2023, 07:45:20 AM IST Schaeffler India net profit grows 21 pc in October-December 2022 Industrial and automotive parts maker Schaeffler India on Thursday announced a 21 per cent growth in net profit at ₹ 231 crore in the fourth quarter of 2022. The company had posted a net profit of ₹ 190. 64 crore in the same quarter of the preceding calender year, according to a regulatory filing. Schaeffler India follows the calendar year (January-December period) for financial reporting. The revenue from operations for the quarter under review stood at ₹ 1,794. 70 crore, up 17. 8 per cent from ₹ 1,523. 22 crore in the same quarter of 2021. During the year 2022, the company's net profit stood at ₹ 879. 20 crore from ₹ 629. 12 crore in the year earlier, registering a growth of 40 per cent, as per the filing. Total revenue from operations during the reporting year was ₹ 6,867. 42 crore as compared to ₹ 5,560. 51 crore in 2021. "Our quarterly growth momentum continued on the back of favourable sales mix and our emphasis on deploying sustainable countermeasures to enable a strong quality of earnings, while navigating the headwinds in a highly volatile environment," said Harsha Kadam, Managing Director, Schaeffler India. (PTI) Share Via 17 Feb 2023, 07:30:42 AM IST Adani Green to disclose refinancing plan after fiscal year ends: Report Amid the Hindenburg controversy, Adani Group has decided to announce the refinancing plan of one of its subsidiaries by June-end, Reuters reported. The embattled conglomerate told its bondhol