Construction major L&T's net profit for the December quarter of FY24 jumped 15 percent YoY and its revenue increased by 19 percent YoY. Although below street expectations, analysts are bullish on L&T citing strong addressable markets in India and internationally, growth in order inflow, and control over working capital and NWC. L&T's prospect pipeline for Q4 FY24 is at Rs 6.3 lakh crore.

Gold prices are down for the month, as investors have reduced their expectations for interest rate cuts in the US. The resilient economy and a stronger dollar have contributed to this trend. Traders are now pricing in about 130 bps of rate cuts, compared to over 160 bps at the end of 2023. Focus will now shift to the Fed's statement later today, where rates are expected to remain unchanged.

Despite strong returns in the equity market in 2023, Equity-Linked Tax Savings Schemes (ELSS) saw low inflows due to its mandatory 3-year lock-in period. Many investors understand the benefits of long-term investing but hesitate to commit to ELSS. However, they are willing to lock funds in other longer-term options even though the wealth creation potential is limited.

Microsoft beat market estimates for profit and revenue, thanks to new AI features attracting customers to its Azure cloud service. Investors were concerned about rising costs for developing these features, as the company plans to invest heavily in data centers. CEO Satya Nadella stated that AI is now being used on a larger scale across all aspects of their technology.

Oil prices in Asia fell as concerns about oversupply and weak demand continued, despite gains in the previous session amid tensions in the Middle East. While a strong military response by the US to a recent drone attack may trigger a market reaction, ongoing conflicts in the region and potential impacts on global demand from the Chinese real estate crisis remain bearish factors.

📍TCS announced a 15-year expansion of its partnership with Aviva. 📍Mahindra & Mahindra Financial Services has reported net profit of Rs 553 crore for Q3FY24. 📍Larsen & Toubro has recorded 15% on-year growth in consolidated net profit at Rs 2,947 crore for Q3FY24. 📍The Government of India has appointed Joydeep Dutta Roy as Executive Director of Indian Overseas Bank till October 20, 2024.

Tech-heavy Nasdaq dips as market awaits corporate earnings and Fed meeting. S&P 500 closes slightly lower, Dow rises. Alphabet and Microsoft shares fall after earnings reports. Trepidation over strong earnings and caution about Fed's interest rate decision. Sectors like transportation, chips, and small caps underperform. Strong job openings report may delay expected Fed rate cuts.

Asian shares fell as Chinese markets continued their decline, with worries about the economy and property market weighing on investor confidence. Australian dollar also dropped after lower-than-expected inflation data. Japan's Nikkei, however, had a strong performance in January and could pivot on monetary policy soon. Market focused on Fed's rate decision and outlook for inflation.

Kamdhenu Ltd, a TMT maker, reported a 7% decline in its net profit to Rs 11.14 crore for the December 2023 quarter due to lower income. The company's total income and expenses also decreased, but its brand sales turnover for the first nine months of FY24 stood at Rs 15,700 crore. Despite a decrease in revenues and EBITDA due to reduced construction activities in Delhi NCR, Kamdhenu's franchise.

Grasim Industries has successfully raised Rs 4,000 crore through a rights issue, with a subscription rate that was almost double the number of shares offered. The company also repaid Rs 600 crore in commercial paper. The rights were issued at Rs 1,810 per share, below market price. Grasim plans to use this funding for future growth, including entering the paints industry.

Finance Minister Nirmala Sitharaman will address the Reserve Bank of India's central board on February 12 and discuss key points of the interim Union Budget, which she will present on February 1. This will be her sixth straight budget, equaling the record of former Prime Minister Morarji Desai. The interim budget may not have major policy changes as it is meant to provide authority for government.

Wall Street's main indexes were subdued at open on Tuesday as investors assessed mixed earnings from legacy names such as United Parcel Service and General Motors while bracing for a key jobs report for insights into the labor market health. The Dow Jones Industrial Average fell 35.22 points, or 0.09%, at the open to 38,298.23. The S&P 500 opened lower by 2.04 points, or 0.04%, at 4,925.89,

Keystone Realtors reported a profit of Rs 29.88 crore in Q3 FY24, a significant increase from the same quarter last year. Its total income also rose to Rs 533.33 crore due to a surge in pre-sales and the acquisition of five new projects with an estimated GDV of Rs 51 billion. The company has also entered into a joint venture and been chosen as a redevelopment partner for two more societies.

Foreign direct investments into India have decreased by 36% as investors pulled out $26 billion from Indian firms, largely driven by private equity exits through record IPOs. This trend could attract more inflows in the longer term as it showcases the country's potential returns. However, short-term outlook depends on stock market performance and other emerging avenues like private credit.

Investor interest in small and medium enterprise IPOs remains high as Fonebox Retail, Docmode Health Technologies, and Delaplex saw massive subscriptions of over 600 times on the final day of bidding. Other offerings such as Megatherm Induction and Harshdeep Hortico also attracted strong investor demand, while Baweja Studios' IPO remained under-subscribed on the second day.