BREAKING NEWS: MARKET MOVERS IN INDIA
IndusInd Bank, HDFC Life, and Bata India Announce Quarterly Earnings
Date: March 9, 2023
Mumbai: Stocks in the spotlight today as three blue-chip companies, IndusInd Bank, HDFC Life, and Bata India, release their quarterly earnings reports, sparking significant market movements. Follow our India Daybook – Stocks in News for the latest updates:
- IndusInd Bank: Shares of the leading private sector lender were trading lower by 2% amidst concerns over higher provisioning norms. IndusInd reported a 44% year-on-year jump in net profit at ₹1,534 crore (approximately $199 million).
- HDFC Life: The life insurer declared a 38% rise in profits to ₹443 crore (around $58 million) for the quarter ending December 2022. The market reacted negatively, with shares diving 1.5% due to regulatory issues in the insurance sector.
- Bata India: Bata Life, the footwear major, announced a 23% increase in PAT (profit after tax) at ₹92 crore (about $12 million) in Q3 FY2022-23. Its shares were buoyed, with a 5% surge as investors welcomed strong sales momentum.
Market Observations:
- The benchmarks Sensex and Nifty50 experienced a flat-to-negative tone, with concerns over inflationary pressures, commodity prices, and lingering uncertainty from the global economic slump.
- Index heavyweights and conglomerates such as Reliance Industries and Mahindra & Mahindra saw declines, while BSE and NSE Mid- and Smallcap indices showed pockets of stability.
Key Terms:
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SEO Tags: India Stock Market, Indian economy, Market Update, IndusInd Bank Quarterly Earnings, HDFC Life PAT, Bata India Q3 Results, Sensex and Nifty, Indian Stocks to Watch, Equity Market News.
Credits: r/updateindia
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View info-news.info by Ankit-Anchan