Market LIVE Updates: Indices erase gains, trade flat; PSU banks drag, IT stocks gain – Moneycontrol

Indoco Remedies Q3 Results
 
Indoco Remedies has reported 14.7 percent fall in its Q3 net profit at Rs 28.1 crore versus Rs 33 crore and revenue was up 11.5% at Rs 399.2 crore versus Rs 358 crore, YoY.

Daily Voice: Ahead of Budget 2023, fiscal consolidation and nature of government expenditure under the spotlight

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Sharekhan View on Axis Bank

The brokerage house maintains its ‘buy’ rating with an unchanged price target of Rs 1,140. It remains positive on the bank as at least in the near to medium term, there are no asset-quality concerns.

The bank has additional contingency buffers of 150 bps of advances over and above the PCR, it said.

The brokerage expects operating leverage to kick in and lend support to PPoP growth in the medium term, while near-term focus would be on Citi’s portfolio integration.

Axis Bank was quoting at Rs 908.50, down Rs 24.85, or 2.66 percent on the BSE.

Market at 12 PMBenchmark indices erased most of the gains and trading flat.The Sensex was up 63.39 points or 0.10% at 61005.06, and the Nifty was up 4.30 points or 0.02% at 18122.80. About 1440 shares have advanced, 1705 shares declined, and 143 shares are unchanged.

Sterlite Technologies to consider raising funds on January 27Sterlite Technologies’ board of directors will consider the proposal of fund raising on January 27. The fund raising will be by way of equity shares or other securities through rights issue.

Karur Vysya Bank gets board approval for re-appointment of B Ramesh Babu as MD & CEO

Karur Vysya Bank has received approval from board of directors for re-appointment of B Ramesh Babu as Managing Director and CEO of the bank. 

He will be MD & CEO of the bank for second term of three years with effect from July 29, 2023.

Karur Vysya Bank was quoting at Rs 107.50, down Rs 0.95, or 0.88 percent on the BSE.

Tata Motors in pact with ICICI Bank to offer financing for EV dealersTata Motors has partnered with ICICI Bank to offer financing solutions for its passenger electric vehicle dealers. Under the tie up, the bank will provide inventory funding to EV dealers.

Rushil Decor to set up a new Laminate Sheet manufacturing plant in Gujarat

Rushil Decor plans to establish a new Laminate Sheet manufacturing plant in Gujarat. This plant will manufacture decorative laminates having an aggregate installed capacity of 1.2 million sheets per annum

The company believes that this new plant, having an approximate outlay of Rs. 60 crores, will be helpful to cater to Indian and the foreign markets where there is a huge demand for Biggersize (Jumbo-size) laminates.

Rushil Decor was quoting at Rs 406.90, up Rs 3.35, or 0.83 percent.

BSE Realty index shed 1 percent dragged by Phoenix Mills, DLF, Mahindra Lifespace Developers

Info Edge subsidiary SIHL to invest Rs 9.31 crore in agritech startup Gramophone

Startup Investments (Holding) Ltd (SIHL), a wholly owned subsidiary of Info Edge, has agreed to invest about Rs 9.31 crore in Agstack Technologies Private Limited – Gramophone.

Gramophone is a full-stack agritech platform for farmers. In an omnichannel model, the company offers agricultural inputs to farmers both directly and through local merchants. Additionally, it helps farmers sell their produce to customers by giving them advice on crop and farming procedures.

Info Edge India was quoting at Rs 3,708.50, down Rs 37.70, or 1.01 percent.

Elara Capital on IEX: Reiterate Buy; target lowered to Rs 200-Q3 performance up sequentially; disappointed on annualized basis
-IGX volumes registered 568% YoY growth
-Elevated e-auction prices impact longer-duration contracts
-Well poised to capitalize on growth opportunities in the ST (short term) power market