Paytm rebounds with a 10% surge, PowerGrid reports a 10.5% rise in Q3 net profit, EIH Ltd sees a 19.5% stock boost on record earnings

Indian markets:

The Sensex and Nifty 50, which are key domestic equity benchmark indices, concluded Wednesday’s session without significant changes.
The indices initially rose marginally influenced by favorable trends in the US markets overnight, in line with Asian counterparts, and the recent resurgence of foreign portfolio investors.
During the session, financial and real estate stocks showed positive momentum, although the performance of IT shares exerted some downward pressure on the indices.
Nifty PSU Bank and realty were among the top sectoral movers, gaining 2.86 percent and 1.84 percent. IT and auto sectors saw profit booking. NSE advance-decline ratio was 1.4:1.

US stocks closed slightly higher on Tuesday, February 6, 2024, amidst Fed officials’ comments on potential rate cuts and corporate earnings reports, with uncertainty prevailing due to indications from Fed Chair Jerome Powell suggesting delays in rate cuts, while the absence of significant economic data kept some traders cautious.
The Dow Jones Industrial Average rose 0.37%, the S&P500 gained 0.23%, and the Nasdaq Composite edged up 0.072%.
Japan’s stock market closed mixed on Wednesday, February 7, 2024, with a stronger yen weighing on exporters and semiconductor stocks despite gains from companies with strong earnings the previous day. The Nikkei Stock Average fell 0.11%, while the broader Topix index rose 0.42% at the closing bell.
Australia’s stock market posted modest gains on Wednesday, February 7, 2024, breaking a two-day decline. Investor sentiment was buoyed by positive cues from Wall Street and expectations of additional support from Beijing. The S&P/ASX200 rose 0.45%, while the All-Ordinaries index gained 0.54% at the closing bell.
Hong Kong shares ended lower on Wednesday, February 7, 2024, as investors took profits from the previous day’s rally, triggered by China’s sovereign fund support and regulatory actions against malicious short-selling. The Hang Seng Index dropped 0.34%, while the Hang Seng China Enterprises Index fell 0.95% at the closing bell.

Paytm’s stocks surged by 10 percent and hit the upper circuit, providing a significant respite for investors who had witnessed a substantial 42 percent decline over three consecutive sessions following RBI’s restrictions on its payments bank unit. In response to this development, brokerage firms made notable adjustments to Paytm’s ratings and target prices. Jefferies reduced the target price to Rs 500, while Macquarie revised it down to Rs 650.
Power Grid Corporation of India Ltd (PowerGrid or PGCIL) on February 7 reported a consolidated net profit of Rs 4,028.25 crore, up 10.5 percent, for the quarter ended December 31, 2023, from Rs 3,645.29 crore a year ago. The Central Public Sector Undertaking (CPSU) also declared a second interim dividend of Rs 4.5 per equity share of Rs 10 each (at 45 percent of the paid-up equity share capital) for the financial year 2023-24. The interim dividend will be paid to the members on March 5.
Shares of EIH Ltd, the company operating the Oberoi chain of hotels, experienced a 19.5 percent increase following the announcement of record earnings for the December quarter. The company witnessed a substantial 52 percent year-on-year surge in profit, reaching Rs 229.94 crore, while the total income climbed to Rs 769.87 crore.

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