Asian shares dropped to a one-month low. US stock futures fell and the dollar rose as hawkish remarks from central bankers tempered expectations of interest rate cuts and traders waited to hear from the Fed's influential Christopher Waller.

The Nikkei index was trading 0.6% lower, while Hang Seng was trading 0.1% lower. Meanwhile Shanghai index gained 0.2%.

US stocks will resume trade today after observing a public holiday on Monday on the account of Martin Luther King's day.

Here's a table showing how US stocks performed on Friday:

Data Source: Equitymaster

At present, the BSE Sensex and NSE Nifty are trading flat.

Tata Motors, BPCL and Maruti Suzuki are among the top gainers today.

Wipro, Tech Mahindra and HCL Tech on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap and the BSE Small Cap index is trading 0.4% higher.

Sectoral indices are trading on positive note, with socks in telecom sector and auto sector witnessing most buying. Meanwhile stocks in power sector and realty sector witnessed selling pressure.

The rupee is trading at Rs 82.9 against the US dollar.

In commodity markets, gold prices are trading 0.2% higher at Rs 62,460 per 10 grams today.

Meanwhile, silver prices are trading 0.2% lower at Rs 72,542 per 1 kg.
 

IRFC Zooms 14%, Up 287% in a Year

Shares of Indian Railways Finance Corporation (IRFC) surged 14% to hit a record high on 15 January.

The stock is now up nearly 400% from its IPO price of Rs 26.

The multibagger stock debuted at issue price in 2021 and was trading around in the Rs 26 - 30 range till April 2023. However, since then, the stock has more than tripled and is continuing to hit fresh highs.

The government's focus on the sector, fresh capital infusion and an expected strong December quarter are among the reasons for the rally in the IRFC stock.

The stock, which was listed in 2021, is now up nearly 400% from its issue price of Rs 26, with most of the gains coming in over the last year.

The stock traded in the Rs 26-30 range till April 2023 but has since more than tripled as it continues to hit fresh highs.

The government has declared a fresh investment of around Rs 7 trillion (tn) for the development of rail infrastructure, which is expected to benefit PSUs such as IRFC.

In the past month, the stock has gained over 40%, while in the past one year, IRFC shares have zoomed over 300%.

IRFC is reportedly planning to raise to Rs 25 bn while railway stocks have also gained traction ahead of the upcoming Budget announcements.
 

Patanjali Foods Q3 Update

Patanjali Foods on Monday (15 January) released the preliminary update on its third-quarter performance in FY23-24.

The December quarter witnessed stable prices of edible oils in India, contributing to the steady performance of the homegrown company. Patanjali Foods experienced incremental growth in the segment, with both sequential and year-on-year growth in volumes.

Branded sales continued to play a pivotal role, constituting approximately 75% of the total edible oil sales volume. The positive trend aligned with business projections, and the EBITDA margin reflected resilience amid market dynamics.

Despite challenges such as input price inflation, seasonal variations, and increased advertising spending, the food and FMCG segment demonstrated stability in revenue for Q3.

Accounting for around 32% of total revenues, this segment showcased consistent performance compared to Q2 of FY24 and a significant increase from 25% in Q1 of FY24. The sustained share of 32% aligns with Patanjali Foods' vision of expanding the food & FMCG segment's contribution to overall revenue.

The company reported noteworthy progress in its biscuits portfolio, with a remarkable 20%+ year-on-year growth in Q3 of FY24 and 25%+ year-on-year growth in the nine months of FY24. Key biscuit brands, including 'Doodh' biscuit and 'Nariyal' biscuit, exhibited robust growth, surpassing 25% year-on-year during the quarter.

The recent introduction of a premium range garnered a positive market response, reflecting steady repeat orders. With an extensive market penetration of approximately 1.2 million outlets, the Biscuits division remains a significant contributor to Patanjali Foods' overall growth strategy.

India's food industry is one of the largest in the world, and it is driven by several companies that cater to different segments of the market.

From fast food chains to packaged food manufacturers, check out Equitymaster's stock screener for the top food stocks in India that are leading the way in this industry.

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