JSW Steel swings to Rs. 915 crore loss even though revenue growth by 29% y-o-y

The Markets Today in a nutshell

• Domestic benchmark indices ended with modest gains.
• Both indices rallied – including the reversal of losses in the morning’s sessions – despite the weak global investor sentiments for riskier assets. Foreign institutional investors turned net buyers further boosting sentiment.
  

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News you could use

? Axis Bank rises 9 percent as bank posts 70 percent y-o-y rise in profit
The bank posted a 70 percent year-on-year rise in its net profit for the September quarter at Rs 5,329.77, beating estimates. Sequentially, net profit grew 29 percent. Net interest income went up 31 percent year-on-year to Rs 10,360.3 crore. Net interest margin was at 3.96 percent, clocking a year-on-year rise of 57 basis points and a sequential increase of 36 bps. JP Morgan upgraded the rating of Axis Bank to overweight and raised the target price to Rs 990 from Rs 780 per share.

? Delhivery stock price declined by 31% in the past two days
Delhivery continued their slide for another day on October 21 racking up 31 percent losses over the two sessions. The company said it expects moderate growth in shipment volumes for the rest of FY23 due to high inflation, average user spends, and total active shoppers flatlining or declining during the ongoing festive season.

? JSW Steel swings to Rs. 915 crore loss even though revenue growth by 29% y-o-y
The company reported a consolidated loss of Rs 915 crore for the quarter ended September, 2022, compared to a consolidated net profit of Rs 7,179 crore in the year-ago period. During the previous quarter, the company had earned a profit of Rs 839 crore. The performance for the quarter got impacted due to the sharp decline in steel prices in the domestic market, driven by the meltdown in global commodity prices. The decline in realizations negated the impact of lower iron ore prices while higher power and fuel costs further impacted the profitability for the quarter.

News from the IPO world?

• TATA backed fitness firm Cult.fit gears up for IPO in next 12 months
• Droneacharya Aerial Innovations files DRHP for the SME IPO
• IndiaFirst Life Insurance may file DRHP for Rs. 2,000 crore IPO by October end

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