Global markets had a strong January on growing belief inflation is on a steady downswing, hopefully leading to less pressure on the economy and markets. The job market has remained remarkably resilient despite a slowing overall economy.
Tech Mahindra Q3 preview: EBIT margins likely to improve; slower growth seen in BFSI, hi-tech
Tech Mahindra is set to announce its financial results for the third quarter of FY23 on Monday. Accordingly, the IT major’s stock will be in focus on exchanges. The Q3 of FY23 is likely to be a mixed bag with PAT seen to decline while revenue growth is likely to be in double-digit year-on-year. There are expectations of slower growth in segments like BFSI and hi-tech. Also, deal wins may be on lower levels than company’s expectations. However, EBIT margins are expected to improve in Q3.
Also, Tech Mahindra’s attrition rate and net addition of employee counts will be keenly watched. Its peers TCS and Wipro have reduced their workforce in Q3FY23, while Infosys and HCL Tech made lower additions on a quarter-on-quarter basis. (Read More)
A calculated attack on India’: Adani Group on Hindenburg allegations
Richest Indian Gautam Adani’s group on Sunday likened the damning allegations levied by short-seller Hindenburg Research to a “calculated attack” on India, its institutions and its growth story, saying the allegations are “nothing but a lie”. In a 413-page response, Adani Group said the report was driven by “an ulterior motive” to “create a false market” to allow the US firm to make financial gains.
“This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” it said. Adani Group, in its 413-page report, has also responded to all 88 questions raised by Hindenburg.
“This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors,” Adani said in 413-page response late on Sunday. (Read More)
Wall Street adds more to its big January after strong week
A strong week for Wall Street closed out with modest gains Friday, sending the stock market to its highest level since early December.
The S&P 500 rose 0.2% to clinch its third winning week in the last four and was near its highest level since the summer, before fading at the end of the day. It’s rallied through January on growing belief inflation is on a steady downswing, hopefully leading to less pressure on the economy and markets.
The Dow Jones Industrial Average rose 28 points, or 0.1%, while the Nasdaq composite gained 0.9%.
Helping to lead the way was American Express, which jumped 10.5% despite reporting weaker profit and revenue for the latest quarter than expected. It gave a forecast for earnings through 2023 that topped Wall Street’s expectations and announced a planned increase to its dividend.
Another big gain for Tesla’s stock also supported the market. It rose 11% following its stronger-than-expected profit report for the end of 2022 released earlier in the week.
They helped offset a 6.4% loss for Intel following a jarring warning from the chipmaker. Not only did its revenue and earnings fall short of expectations last quarter, it also gave a forecast for revenue this quarter more than $2 billion below analysts’ expectations.
All told, the S&P 500 rose 10.13 points to 4,070.56. The Dow climbed 28.67 to 33,978.08, and the Nasdaq gained 109.30 to 11,621.71. (Reuters)
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Article Source:Money Control