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The official further said Vodafone Idea needs around Rs 40,000-45,000 crore overall for sustaining itself and in the absence of investment from promoters, no external investor will come on board. The operator itself has been trying to raise Rs20,000 crore via a mix of equity and debt for several months, but hasn’t managed to close it. The company has blamed the delay in the equity conversion as the reason for it being unable to close its fund raising.

During the quarter Gross margins at 65.9 per cent contracted by 150 basis points due to inflationary pressure and a favourable portfolio mix last year. EBIDTA at Rs 294 crore declined by 14 per cent over the previous year due to the inclusion of new subsidiary costs, and strategic outlay on distribution expansion in rural, digital and modern trade channels," Emami said in its earning statement

Net interest income (NII), the difference between interest earned and interest expended, rose 24% on year to Rs 38,068.62 crore. This was largely on expected lines.

The 30-share Sensex zoomed 909.64 points or 1.52 per cent to settle at 60,841.88. >> For more such web stories click on the ET icon below.

“Given that you are in a situation where the earnings downgrades cycle has started, it has not been a sharp cut in earnings but still the upside that we were seeing every quarter has now dried up and it is behind us. The valuations are still a little elevated. ”

“Even the tail of the Adani issue was keeping the market subdued in the morning. But now the market has started recovering and this is on the back of the fact that the global markets have been much more favourable compared to what was happening in India. We would have expected in normal course a much stronger rally.”

Bonds of Adani Green Energy maturing in September 2024 was among the top gainers after hitting a record low in the previous session. It was trading 7.32 cents higher, at 67.59 cents.

“The global scenario may not turn out to be as bad as we expected and that is where last year IT did really badly and it might come back and so did the digital companies. These two segments might come back with a lot more vigour next year and especially in IT companies, the cash flows are great.”

Nifty50 rose 244 points or 1.38% to settle at 17,854; total market capitalization of BSE-listed firms surged to Rs 266.64 lakh crore

Total income during October-December 2022 increased to Rs 27,092 crore as against Rs 20,482 crore in the year-ago period, BoB said in a regulatory filing.During the quarter, interest income increased to Rs 23,540 crore as against Rs 17,963 crore in the same period a year ago.