Market Walk

Nirmala Sitharaman had committed 25,000 KM of national highways

Minister for Road Transport and Highways, has promised a record 18,000 KM of highways in FY23

Nitin Gadkari, the ubiquitous Minister for Road Transport and Highways, has promised a record 18,000 KM of highways in FY23 at the rate of 50 KM per day. The daily target is 50% higher than last year. He also added that the 1400-km trunk Delhi-Mumbai expressway was 60% complete and he targeted 90% completion by Dec-22. The Delhi-Mumbai expressway costs Rs.100,000 crore and could be a real game-changer for logistics. In the Budget speech, Nirmala Sitharaman had committed 25,000 KM of national highways.

On Thursday, NASDAQ reacted negatively to news of a 50 bps rate hike by the Fed

On Thursday, NASDAQ reacted negatively to news of 50 bps rate hike by the Fed. They were more worried about the hawkish outlook for rates. Even as the NASDAQ dropped over 5% on Thursday, the hard hit stocks were the likes of Google, Apple, Microsoft, Meta, Tesla and Amazon. The sharp spike in the dollar to a 20-year high is a dampener for the export driven tech stocks. On the main board, all the 11 major sectors fell with consumer discretionary and technology the worst hit. CBOE VIX spiked to above 31 levels.

TVS Motors reported a 5% fall in profits and revenues for the quarter were up 4% at Rs.5,530 crore

TVS Motors reported 5% fall in profits. Even on a sequential basis, profits were down 5%. However, revenues for the quarter were up 4% at Rs.5,530 crore, while full year revenues were up 24% yoy. Despite the supply chain constraints, EBITDA margins improved by 70 bps to 10.1%. FY22 recorded the highest ever sales and profits for TVS Motors. Motorcycle sales in FY22 rose 29% to 17.32 lakh units while scooter sales were lower. The big boost came from international sales jumping by 43% to 12.53 lakh units in FY22.

LIC IPO has already generated bids worth Rs.20,744 crore

The LIC IPO has already generated bids worth Rs.20,744 crore (including anchor bids) and the issue is subscribed just about once. However, the QIB, HNI and retail portions are still short of being filled up. The real oversubscription has come from employee and policyholder quota. The LIC IPO has already seen retail participation from over 36 lakh individual investors and is expected to cross the 1 crore mark by close of the issue on Monday. The QIB portion and HNI portion typically see maximum response on the last day.

Dabur India reported a 21.98% fall in net profits at Rs.294.34 crore for Q4

Dabur India reported 21.98% fall in net profits at Rs.294.34 crore for Q4. Sales was up 7.74% at Rs.2,518 crore. The company has witnessed weak sales on the rural front and that has been responsible for the sequential pressure on sales. Rural India has been faced with rising inflation and pressure on income levels in this quarter. Margin pressures were visible in the counter from a spike in the costs of a number of key raw materials. Total expenses for the 4th quarter were up 8.7% yoy at Rs.2,141 crore, weakening profits.

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