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JPMorgan Chase & Co reports net income of $10.6 billion for December quarter
JPMorgan Chase & Co reported quarterly adjusted earnings of $3.56 per share for the quarter ended in December. The mean expectation of 21 analysts for the quarter was for earnings of $3.07 per share. * Revenue rose 17.2% to $35.57 billion from a year ago; analysts expected $34.34 billion. * Reported EPS for the quarter was $3.57. * The mean earnings estimate of analysts had risen by about 3.8% in the last three months. * In the last 30 days, 11 analysts negatively revised earnings estimates * Shares had risen by 4.0% this quarter. * The company reported quarterly net income of $10.6 billion. * Wall Street’s median 12-month price target for JPMorgan Chase & Co is $150.00 * The current average analyst rating on the shares is “buy” and the breakdown of recommendations is 16 “strong buy” or “buy,” 10 “hold” and no “sell” or “strong sell.”
US stocks open lower after bank results
The Dow Jones Industrial Average fell by 257.18 points, or 0.75%, at the open to 33932.79.
The S&P 500 opened lower by 22.57 points, or 0.57%, at 3,960.60, while the Nasdaq Composite dropped 94.74 points, or 0.86%, to 10,906.37 at the opening bell.
Benchmark bond yield logs biggest weekly fall in six
Yields barely inched up on Friday, after New Delhi raised 300 billion rupees ($3.69 billion) via debt auction, while investors shifted focus to the federal budget.
The benchmark 10-year yield ended at 7.3003%, after closing lower at 7.2859% on Thursday. The yield declined seven basis points (bps) this week, biggest such move since week ended December 2.
Wall Street banks stockpile funds for possible recession, show resilience
The outlook for big U.S. banks has been clouded by the Russia-Ukraine conflict and fading economic stimulus measures. Higher borrowing costs as the U.S. Federal Reserve hikes rates have also softened demand for mortgages and car loans.
There were notes of caution about the economic situation.
“The U.S. economy currently remains strong with consumers still spending excess cash and businesses healthy,” said Chief Executive Officer Jamie Dimon, although he said he didn’t yet know “the ultimate effect of the headwinds coming.” The bank flagged a modest deterioration in its macroeconomic outlook, “reflecting a mild recession in the central case”.
HDFC Bank Q3 Preview: What brokerages are expecting
In its Q3 update, the bank’s CASA ratio had dipped 1.4% QoQ, but a higher-than-expected retail loan growth at 5% YoY turned out to be a silver lining.
HDFC Bank has been strengthening its geographical footprint in terms of both reach and density, which analysts say will result in higher operating expenses growth of around 20% YoY. “As a result, operating profit is likely to grow in mid-teens. Given lower provisioning expectation, PAT growth is expected at ~20% YoY in Q3FY23,” ICICI Securities said.
L&T Finance Q3 Results: PAT reported at 256,5 crore YoY
Consolidated revenue from operations reported at 3,432.5 cr vs 2,970.8 cr YoY. Loss from continuing operations is at 1727.8cr vs PAT of 256.5 crore YoY. One-time provisions were at Rs 2,687 crore
Citigroup profit falls on provision hike, dealmaking slowdown
Shares of Citi slipped nearly 3% in premarket trading, after fears of a potential recession prompted Citi to add $640 million to its reserves in the fourth quarter.
That compares with a release of $1.37 billion from its reserves in 2021 when pandemic-related loan losses failed to materialize.
Bed Bath & Beyond in talks with Sycamore Partners for sale of assets
Bed Bath & Beyond is in talks with private equity firm Sycamore Partners for the sale of its assets, including its Buy Buy Baby stores, as part of a possible bankruptcy process, the New York Times reported on Friday, citing people familiar with the matter. Bed Bath & Beyond did not immediately respond to a Reuters request for comment.
Gold scales nine-month high above $1,900/oz level
Spot gold was up 0.4% at $1,905.19 per ounce, as of 1008 GMT. The metal has risen 2.1% so far in the week, heading for a fourth straight weekly gain.
U.S. gold futures rose 0.5% to $1,907.90.
“Should the Fed fail to hit back against market expectations that peak U.S. rates is close at hand and that an eventual rate cut remains on the table, that may tempt gold bulls to hone in their sights on $2k gold,” said Han Tan, chief market analyst at Exinity.
Sebi allows mutual funds with active ELSS to launch passive schemes
In a communication to asset management companies (AMCs), Sebi said, “Mutual funds having existing actively managed open-ended ELSS scheme may launch passively managed open-ended ELSS schemes after stopping fresh inflows/ subscription to existing actively managed open-ended ELSS scheme”.
The regulator has also specified the procedure for launching a passive ELSS scheme by a mutual fund house, which already has an actively-managed ELSS scheme.
Tech View: Doji candle on Nifty weekly charts shows tug-of-war. What traders should do next week
The index now has to hold above the 17950 zone for an up move towards 18081 and 18181 zones, whereas supports are placed at 17850 and 17777 zones, said Chandan Taparia of Motial Oswal.
Fear gauge index India VIX was down by 5.37% from 15.27 to 14.46 levels. Volatility cooled off during the day and accelerated the bulls at support zones. It needs to now come below 14 zones for stability to resume.
Option data suggests a shift in trading range in between 17700 to 18300 zones while an immediate trading range in between 17800 to 18200 zones.
Wipro attrition rate moderates to 21.2% for 4th quarter
“Voluntary attrition moderated 180 bps from the previous quarter, landing at 21.2% for the trailing twelve months for the quarter,” Wipro said in its earnings release. This was the fourth quarter where the attrition rate has moderated.
The attrition rate stood at 23% in Q2 of the financial year and 22.7% in the corresponding quarter of FY22.
The total headcount at the end of the quarter stood at 258,744 employees, down from 259,179 employees in the previous September quarter.
While announcing its quarterly results, Wipro said it expects revenue from IT Services business for the full year to be in the range of 11.5% to 12.0%, in constant currency terms.
Markets traded volatile for yet another session and ended with gains of over half a percent. After the muted start, the Nifty index gradually inched higher and settled at 17956.60 levels. The recovery in banking, IT, auto and metal majors played a crucial role in the rebound while others witnessed a mixed trend. Meanwhile, the broader indices underperformed and closed on a flat note.Markets will react to the HDFC Bank’s result in early trade on Monday. The recent recovery in the global markets has failed to impress the participants so far however the mood might change if they manage to sustain the gains. To regain some strength, Nifty should decisively cross the 18,100 mark. Meanwhile, participants should restrict positions and prefer a hedged approach.
– Mr. Ajit Mishra, VP – Technical Research, Religare Broking
Daily market commentary by Mr. Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
US CPI data for the month of December fell to 6.5%, which is leading to expectation of less aggressive interest rate hikes by US Fed going ahead. On the domestic front, CPI inflation further eased to 5.72% in Dec, while IIP growth improved to 7.1% in Nov’22. IT results so far came in better than estimates, thus alleviating concerns with regards to growth slowdown on account of macro headwinds. Though the sector may see some more consolidation given macro uncertainties, we believe valuations have largely corrected and offers value buying at these levels. Banking sector will be in focus next week, reacting to the HDFC Banks numbers on Saturday. Overall the global sentiments are turning positive due to decelerating inflation pressures, which along with better than expected domestic economic data and stable IT results could give support to the markets and help to move higher.
Watch Wipro Q3 earnings with ET Now
LIVE | @Wipro reports its Q3FY23 numbers. Watch! #Wipro #WiproQ3FY23 #EarningsWithETNOW @_anishaj https://t.co/AW4YDz1Cas
— ET NOW (@ETNOWlive) 1673605009000
I am pleased to report that we have delivered another quarter of double-digit revenue growth. Our Total Bookings were over $4.3 billion, led by solid large deal signings of over $1 billion. We improved our margins by 120 basis points and our attrition moderated for the fourth quarter in a row. We are continuing to gain market share as a result of deepening client relationships and higher win rates. Clients are turning to us to help them manage an evolving macro environment and balance their transformation goals with cost optimization. Our ability to deliver on client objectives regardless of where they are in their cloud journeys is positioning us favourably in a consolidatingmarket. As we move ahead, we expect to continue to benefit from these trends and help clients buildfuture-proof, resilient enterprises.
– Thierry Delaporte, CEO and Managing Director, Wipro
Wipro declares interim dividend of Re 1
Wipro Q3 Earnings: Key highlights
WIPRO Q3 Results: PAT at Rs 3050 cr vs ET NOW Poll of Rs 2950 cr | Revenue at Rs 23,229 cr vs ET NOW poll of Rs 23,180 cr
Rupee little changed after three-day rally on inflation jitters
The rupee finished the session at 81.55 per dollar to recoup mild losses, versus its previous close of 81.5750. The currency had gained 1.40% over the past three sessions after four weeks of range-bound movement.
“Markets are in a wait-and-watch mode with U.S. inflation due later in the day,” said Jigar Trivedi, senior research analyst, currencies and commodities at Reliance Securities.
Closing Bell: Sensex snaps 3-day losing streak, jumps 303 points; Nifty ends at 17,956; Eicher Motors, Tata Steel up 2% each
REC to tap dollar bond market after EXIM Bank’s success
“We will work on our plans of dollar bond issuance and would want to issue these notes in February-March,” said the official, requesting anonymity as they are not authorised to speak to the media.
While the plan for raising dollar debt is “definitely on,” details such as the quantum and tenor will be worked out in February, the official added.
REC, an infrastructure finance company, and Indian Railway Finance Corp (IRFC) had planned to issue dollar bonds in 2022 and even appointed lead managers.
But the two state-run companies held off due to volatile markets and rising U.S. bond yields. An IRFC official declined to comment if the company would also revive its plan.
L&T signs pact with Norway-based firm to develop floating green ammonia projects
Price as on 13 Jan, 2023 03:03 PM, Click on company names for their live prices.
Chevron, Exxon and Total keen to invest in India
Global energy majors Chevron Corp, Exxon Mobil Corp and TotalEnergies are interested in investing in India’s oil and gas exploration and production sector, India’s oil minister, Hardeep Singh Puri, said in a speech on Friday.
L&T Tech shares tumble over 6%. Here’s why
This acquisition is a continuation of LTTS’ 6 Big Bets strategy in 5G, sustainability and digital products & AI, the company said in a BSE filing.
Gold prices hit record high, dampening demand
Local gold futures rose to Rs 56,245 ($691.45) per 10 grams, surpassing the previous record of Rs 56,191 hit in August 2020.
MCX gold hits fresh record high, surpasses 56,200
Marine Electricals (India) wins order worth Rs 16.97 crore
Price as on 13 Jan, 2023 02:21 PM, Click on company names for their live prices.
Top index performers at this hour
SENSEX SURGES 400 POINTS
These stocks are the worst performers in afternoon session
Price as on 13 Jan, 2023 01:50 PM, Click on company names for their live prices.
MARKET CHECK: Sensex surges over 300 points
BCL Industries on Friday said its board has approved a proposal to raise Rs 201 crore through issuance of warrants on a preferential basis. BCL Industries is the only company in India and the South Asian region to have a forward and backward integrated distillery ethanol plant.
Price as on 13 Jan, 2023 01:07 PM, Click on company names for their live prices.
Shares of multibagger PSU stock Rail Vikas Nigam (RVNL) rallied 4.7% to Rs 79.3 in Friday’s intraday trade on BSE. The stock has risen nearly 13% in the last three trading sessions after the firm won three orders in six days.
Price as on 13 Jan, 2023 12:45 PM, Click on company names for their live prices.
NCLT allows transfer of ownership of Jet Airways to Jalan Consortium
Price as on 13 Jan, 2023 12:37 PM, Click on company names for their live prices.
Anubhav Infrastructure says Lalit Sureka resigns as Chairman, MD
Price as on 13 Jan, 2023 12:30 PM, Click on company names for their live prices.
Shares of engineering and tech firm Cyient rose in Friday’s trade after the company reported a better-than-expected 37% jump in quarterly revenue on the back of a slew of acquisitions that helped counter a weak demand in an uncertain economic environment.
Price as on 13 Jan, 2023 12:28 PM, Click on company names for their live prices.
Tokyo shares close lower on strong yen
Tokyo stocks closed lower Friday on a stronger yen against the dollar, and with falls of Uniqlo operator Fast Retailing stock weighing on the market. The benchmark Nikkei 225 index fell 1.25 percent, or 330.30 points, to end at 26,119.52, while the broader Topix index slid 0.27 percent, or 5.10 points, to 1,903.08.
These IT stocks lose the most in trade today
Price as on 13 Jan, 2023 11:47 AM, Click on company names for their live prices.
Rajnandini Metal received orders worth Rs 45.69 crore from multiple parties
Price as on 13 Jan, 2023 11:46 AM, Click on company names for their live prices.
Pankaj Tibrewal of Kotak MF on stock market outlook & key sectoral ideas for 2023
#BeatTheStreet | Pankaj Tibrewal of @KotakMF says -2023 will be a tricky year for the Indian markets -Banks and… https://t.co/KSD6IdEusi
— ET NOW (@ETNOWlive) 1673586420000
Larsen & Toubro and H2Carrier AS sign MoU to develop floating green hydrogen and green ammonia projects Topsides to be fabricated in India
Price as on 13 Jan, 2023 10:55 AM, Click on company names for their live prices.
State-owned REC Ltd will extend financial assistance worth Rs 21,086 crore to discoms in Madhya Pradesh, MP Power Management Company Ltd & Rewa Ultra Mega Solar project. REC has inked three separate pacts with MP Power Management Company Limited (MPPMCL), discoms in Madhya Pradesh and Rewa Ultra Mega Solar Ltd to this effect.
Price as on 13 Jan, 2023 10:47 AM, Click on company names for their live prices.
L&T Tech to acquire SWC business of parent firm for Rs 800 cr
Price as on 13 Jan, 2023 10:27 AM, Click on company names for their live prices.
Though yesterday’s brief slippage below our turnaround level of 17800 raised some panic, the pull back thereof encourages us to stay with the 18100 view, with plans of expanding to 18560, once above 18300. However, avertical rise is less expected today and we would be cautious about rejection trades reappearing in the 17960-18020 vicinity.
– Anand James – Chief Market Strategist at Geojit Financial Services
PSU bank index rallies over 1%; check out the top gainers
Price as on 13 Jan, 2023 09:51 AM, Click on company names for their live prices.
There are significant near-term positives for equity markets. Globally, the decline in US inflation to 6.5% and the consequent decline in US 10-year bond yields by 10% to 3.46% are supportive of equity markets. The dollar index dipping below 103 is positive for emerging market equity. Therefore, the sustained selling by FIIs in India for the 15th trading session is likely to abate, going forward. Yesterday, FII selling ( Rs 1662 crores) was eclipsed by DII buying ( Rs 2127 crores). DIIs now have fundamental support coming from reduced CPI inflation ( 5.72% in December) and rising IIP numbers (7.1% in November). RBI can now afford to soften rate hikes.The emerging interest rate scenario is favourable for banks and NBFCs. The impressive Q3 results from IT majors will keep the IT segment resilient.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Kolte-Patil Developers Q3 sales volumes up 31% YoY
- Sales volumes up 31% YoY
- Sales at 7.16 billion rupees, up 28% YoY
- Collections at 4.35 billion rupees, up 3% YoY
- Realization at 63.39 billion rupees, down 2% YoY
- New launches contributed around 57% to pre-sales value for quarter
HCL Technologies on Thursday reported 19% year-on-year (YoY) growth in consolidated net profit to Rs 4.096 crore. The revenue for the quarter grew nearly 20% on year to Rs 26,700 crore.
Price as on 13 Jan, 2023 09:28 AM, Click on company names for their live prices.
Top movers in morning trade
Price as on 13 Jan, 2023 09:24 AM, Click on company names for their live prices.
Rupee opens at 81.2600 per U.S. dolla; previous close 81.5500
Opening Bell: Sensex sheds 100 points, Nifty nears 17,800; RVNL jumps 3%, L&T Tech falls 4%
Pre-open session: Sensex rises 80 points; Nifty above 17,865
Positive global cues coupled with moderating inflation levels in both India and the US, and better-than-expected earnings from tech major Infosys is pointing towards a firm opening for local markets. The US bond market too is signaling that the Federal Reserve could indeed be near the end of its rate-hiking campaign. The only negative catalyst which can haunt the market is FIIs relentless selling, as they have already sold to the tune of Rs. 14997 crores.
– Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
Asian stocks cheer inflation’s retreat
Asian stocks rose on Friday as investors cheered a slowdown in U.S. inflation, while the yen hit a seven-month high and Japanese bond yields broke above the central bank’s target as markets challenged Tokyo’s commitment to loose monetary policy.
Quarterly earnings today
18 companies will release earnings for the quarter ended December. Wipro, L&T Finance Holdings, Aditya Birla Money among the major ones.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 66.5 points, or 0.37 per cent, higher at 17,984.50, signaling that Dalal Street was headed for a positive start on Friday.
Tech View: Nifty forms bearish candles for 3 days in a row
Headline equity index Nifty formed a bearish candle with a longer shadow, indicating support-based buying on weekly F&O expiry day. The index has formed bearish candles for three consecutive days.
Tokyo stocks open lower on strong yen
Tokyo stocks opened lower Friday, as a stronger yen against the dollar weighed on market sentiment despite Wall Street gains following data that showed softening US inflation.The benchmark Nikkei 225 index was down 0.35 percent, or 93.13 points, at 26,356.69 in early trade, while the broader Topix index slipped 0.10 percent, or 2.00 points, to 1,906.18.
Wall Street ends up as data suggests inflation may be on downward trend
US stocks closed higher on Thursday, extending recent gains as data showing a fall in consumer prices in December bolstered expectations of less aggressive interest rate hikes from the Federal Reserve.
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