CPI Inflation Spikes to 6.52% in Jan - Top Indian Market Updates
Here are some of the major updates that could move the markets tomorrow:
CPI inflation spikes to three-month high of 6.52% in Jan
India’s Consumer Price Index (CPI) or retail inflation rose to a three-month high at 6.52% in January 2023. The retail inflation rate had eased down to 5.72% in December. Food inflation surged from 4.19% in Dec to 5.94% in Jan. The inflation rate for fuel & light declined marginally from 10.97% to 10.84% in Jan.
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Nykaa Q3 Results: Net profit falls 68% YoY to ₹9 crore
FSN E-Commerce Ventures (Nykaa) reported a 68% YoY decline in consolidated net profit to ₹9 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 33% YoY to ₹1,462 crore during the same period. The company’s expenses stood at ₹1,455 crore in Q3, up 36% YoY. The gross merchandise value (GMV) grew 37% YoY to ₹2,796 crore.
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Natco Pharma submits application with USFDA for generic cancer drug
Natco Pharma has submitted a new application with the US Food & Drug Administration (USFDA) for marketing authorisation of the generic version of Olaparib tablets. The drug is used to treat certain forms of ovarian, breast, pancreatic, and prostate cancers. Olaparib tablets are marketed in the US by AstraZeneca under the Lynparza brand.
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Godrej Industries Q3 Results: Net profit jumps 117% YoY to ₹314 crore
Godrej Industries Ltd reported a 117% YoY jump in consolidated net profit to ₹314.58 crore for the quarter ended December (Q3 FY23). Its revenue from operations grew 9.3% YoY to ₹3,514.61 crore during the same period. Total expenses grew 8.12% YoY to ₹3,795.10 crore in Q3. EBITDA rose 53.9% YoY to ₹373.2 crore.
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Vodafone Idea in talks to refinance ₹3,000-4,000 crore of loans
According to an Economic Times report, Vodafone Idea (Vi) has started fresh talks with key lenders, including State Bank of India, Punjab National Bank, and HDFC Bank, to refinance loans worth ₹3,000-4,000 crore. Refinancing some debt will help free up cash for Vi. The telco urgently needs to pay substantial vendor dues to tower companies like Indus Towers and network equipment makers such as Ericsson and Nokia.
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Gujarat Gas Q3 Results: Net profit jumps 204% YoY to ₹371 crore
Gujarat Gas Ltd reported a 204% YoY jump in net profit to ₹371.26 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 27% YoY to ₹121.93 crore during the same period. Total expenses stood at ₹3,355.87 in Q3, down 34.4% YoY. The company added close to 48,600 new domestic customers and 228 commercial customers in Q3.
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Adani Group cuts revenue growth target, capex
The Adani Group has halved its revenue growth target and aims to scale down fresh capital expenditure. This move comes days after US-based short seller Hindenburg Research published a negative report on the conglomerate. The group will now aim for revenue growth of 15% to 20% for at least the next financial year (FY24), down from the 40% growth originally targeted.
In other news, Adani Group has pledged additional shares in favour of SBICAP Trustee (a subsidiary of SBI) as the group companies are required to maintain 140% collateral security coverage as per one of the conditions relating to an existing loan.
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Balkrishna Industries Q3 Results: Net profit falls 68% YoY to ₹108 crore
Balkrishna Industries Ltd reported a 68% YoY decline in consolidated net profit to ₹108.38 crore for the quarter ended December (Q3 FY23). The tyre manufacturer’s revenue from operations rose 6% YoY to ₹2,165.57 crore during the same period. EBITDA stood at ₹314.26 crore in Q3, down 44% YoY. The company’s shares fell 11% today.
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