Asian share markets rallied today as hopes for less aggressive US rate hikes and the opening of China's borders bolstered the outlook for the global economy.

The Nikkei is trading up by 0.6% while the Hang Seng was up by 1.6%. The Shanghai Composite is trading higher by 0.5%.

US stocks surged on Friday after the December jobs report and an economic activity survey showed signs of inflation cooling. This pointed to the effect that the recent rate hikes of the Federal Reserve had on the economy.

The Dow Jones ended higher by 2.1% while the tech-heavy Nasdaq Composite ended higher by 2.6%

Here's a table showing the performance of US stocks on Friday:

Source: Equitymaster

Back home, Indian share markets are trading on a strong note.

Benchmark indices opened in the green today tracking the trend on SGX Nifty and firm global cues.

Gains were extended as the session progressed and the markets are up more than 1.3% at present.

The BSE Sensex is trading higher by 709 points. Meanwhile, the NSE Nifty is trading higher by 205 points.

Tech Mahindra, TCS, and HCL Technologies are among the top gainers today.

Titan on the other hand is among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading higher by 1% and the BSE Small Cap index is trading higher by 0.8%.

Sectoral indices are trading on a positive note with the exception of the consumer durable sector. Stocks in the IT sector, metal sector, and power sector witnessed heavy buying.

Shares of Abbott India and Godfrey Philips hit their 52-week high today.

The rupee is trading at Rs 82.3 against the US dollar.

In the commodity markets, gold prices trade higher by Rs 298 at Rs 56,041 per 10 grams.

Meanwhile, silver prices are trading higher by 0.8% at Rs 69,700 per 1 kg.
 

Could Mahindra & Mahindra be the next business giant of India?

The Mahindra group has always been a force to reckon with. Even with its subdued performance over the last few years, the group has still been among the leading business groups in the country.

Today, M&M is India's fourth-largest carmaker and is currently the second-largest commercial vehicle maker in the country.

The company is also the largest tractor maker in the country with a 42% market share and the largest electric three-wheeler maker with a 74% share.

Mahindra Group's operations are in the key industries that form the foundation of every modern economy.

This is how the M&M shares performed since their listing:

Lupin receives approval from USFDA

Pharma major Lupin on 6 January 2023, said it has received approval from the United States Food and Drug Administration (USFDA) to market a generic medication to treat bladder problems.

The company said it has received approval for fesoterodine fumarate extended-release tablets in strengths of 4 mg and 8 mg.

The product will be manufactured at Lupin's facility in Goa. Fesoterodine fumarate extended-release tablets, 4 mg and 8 mg, (RLD Toviaz).

The company's product is the generic equivalent of Pfizer's Toviaz extended-release tablets.

As per IQVIA data, Fesoterodine Fumarate extended-release tablets (4 mg and 8 mg) had estimated annual sales of US $ 177 m (about Rs 14,567 m) in the US.
 

Sobha Q3 results

Sobha has reported its quarterly results for the quarter that ended in December 2022. The total sales value improved by 36% to Rs 14.2 bn in the said period from Rs 10.5 bn recorded in the corresponding quarter last year.

The real estate developer further informed that the sales volume during the quarter stood at 1.5 m square feet up by 12% from 1.3 m square feet recorded last year.

Average price realization increased by 22% to Rs 9,650 per square feet in the said quarter from Rs 7,920 per square feet in recorded last year.

The company said that in the current environment, demand for housing continued to be steady despite concerns like uncertainty in the technology sector outlook, and higher home loan rates.

The requirement for larger homes has been a consistent theme that the company has witnessed in the past couple of years. The adoption of its home designs to cater to this demand across cities has helped the firm to improve its sales volumes and attain higher realizations.

Sobha is primarily focused on residential and contractual projects. Its residential projects include presidential apartments, villas, row houses, super luxury & luxury apartments, plotted developments, and aspirational homes.
 

Kalyan jewelers reported 13% YoY growth

Kalyan Jewellers gave a quarterly business update recently. The company said it recorded consolidated revenue growth of approximately 13% in the December quarter as compared to the same period of the previous financial year.

The quarter witnessed positive momentum in footfalls and revenue across all the markets majorly driven by strong festive demand.

The company's year-to-date (YTD) consolidated revenue for the first nine months (April-December) of the financial year 2022-23 grew by 35% compared to the same period in the previous financial year.

India operations witnessed revenue growth of around 12% YoY for the said quarter despite a strong base with Q3 of the previous financial year being the first normalized quarter posts the Covid-related market dislocation.

The company witnessed gross margin expansion, which grew sequentially in the recently concluded quarter, driven largely by the improvement in both studded share and share of the revenue from nonsouth markets.

The company added 5 net new 'Kalyan' showrooms (all non-south) during the recently concluded quarter, taking the total number of showrooms in India to 136 as on 31 December 31, 2022.

Kalyan Jewellers expects to open 11 new franchised showrooms across non-south markets over the coming 3 months as part of the targeted launch of 52 new showrooms during CY 2023.

The company has signed 25 more letters of intent (LOIs) with potential franchise partners for showroom launches during the next financial year.

Note that Kalyan Jewellers is among the luxury stocks having strong brands, healthy operating margins, and timeless products.

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