Sensex, Nifty Log Gains For Fifth Day Aided By Metals
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
Closing Bell
India's stock benchmarks closed higher, aided by metal, power and energy stocks, after fluctuating between gains and losses for the most part in the session. This is the fifth day in which S&P BSE Sensex and NSE Nifty have risen. The five-day streak remains the longest winning streak in 2022 so far.
The S&P BSE Sensex rose 0.15% to 61, 235.30. The NSE Nifty 50 also advanced by similar magnitude to 18,257.80.
Tata Steel Ltd. had the largest increase, rising 6.5%. Today, 36 of 50 shares rose, while 14 fell.
The broader indices outperformed their larger peers with the S&P BSE MidCap adding 0.4% and S&P BSE SmallCap gaining 0.5%. Thirteen of the 19 sectoral indices compiled by BSE Ltd. advanced, with S&P BSE Metal rising nearly 4%.
The market breadth was neither skewed in the favour of bulls nor bears. About 1,737 stocks advanced, 1,682 declined and 80 remained unchanged.
Paytm Shares Fall 23% In Eight Days
GNA Axles Sheds Nearly 30% In Four Sessions
Shares of GNA Axles Ltd. declined 12% in intraday trade. The stock has shed nearly 30% in the last four sessions after the company reported sequential decline in net profit and revenue in Q3, during market hours on Monday.
Yes Bank vs Dish TV: Bombay High Court Adjourns Plea To Declare AGM results To January 20
Advocates appearing for Word Crest Advisors and Dish TV argued results of the AGM, which have been submitted to the court in a sealed cover, cannot be disclosed.
Court directed World Crest and Dish TV to submit their replies by January 18.
Source: Bombay High Court proceedings
AurionPro Jumps On Order Win
Shares of AurionPro Solutions Ltd. rose over 3.6% in intraday trade to Rs 351 apiece after the company secured an order from a joint venture of Tata Power and Odisha Government.
The order pertains to the setting up and operationalisation of data centre.
The project, valued nearly Rs 8 crore, is to be delivered over six months.
Source: Exchange Filing, Bloomberg
Vedanta Puts $12 Billion Price Tag On BPCL
Vedanta Group is willing to spend $12 billion to acquire Bharat Petroleum Corp.
We are not going to bid aggressively, but we will put the right price.
The market cap of the company is about $11 billion to $12 billion, so this is the amount of investment we are looking at.
- Anil Agarwal, Chairman of Vedanta Group in an interview on Wednesday.
Source: Bloomberg
ITD Cementation Jumps the Most In Nine Months After Winning Orders Worth Rs 4,600 Crore
Shares of construction company ITD Cementation India Ltd. rose nearly 9%, the biggest intraday gain in almost nine months, after the company secured orders worth Rs 4,600 crore.
The orders came from Chennai Metro Rail, Adani Ahmedabad International Airport and Sikkim University.
The company has bagged orders worth Rs 6,500 crore in FY22 so far.
Source: Exchange Filing, Bloomberg
CESC Declines On Q3 Miss
CESC Ltd.'s shares shed over 2%, the steepest intraday decline in two weeks, to Rs 93.55 apiece after the company reported net income for the third quarter that missed the average analyst estimate.
Q3 Results (Standalone, QoQ)
Net profit down 21.7% QoQ at Rs 184 crore vs Bloomberg consensus estimate of Rs 190 crore
Revenue down 20.5% QoQ at Rs 1,662 crore
Total costs at Rs 1,690 crore vs Rs 1,912 crore
Other income at Rs 58 crore vs Rs 32 crore
Dividend per share: Rs 4.5
Of the 19 analysts tracking the company, 17 maintained 'buy' and two maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 17.6%.
Source: Exchange Filing, Bloomberg
European Markets Open Lower
Mid-Day Market Update: Sensex, Nifty Volatile; Metals, Pharma Stocks Advance
India's stock benchmarks fluctuated between gains and losses, as markets took a breather after sustained rally over last four sessions. Gains in metals and healthcare stocks were offset by losses in banking, auto and realty stocks.
The S&P BSE Sensex was little changed at 61,100.22 while the NSE Nifty 50 traded over 18,200.
The broader indices outperformed their larger peers with S&P BSE MidCap gaining 0.15% and S&P BSE SmallCap adding 0.4%. Ten of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Metal gaining nearly 3%.
The market breadth was neither skewed in the favour of bulls nor bears. About 1,672 stocks advanced, 1,674 declined and 100 remained changed.
TVS Motor Signs MoU With Swiggy To Accelerate Electrification In Commercial Mobility Segment
Shares of TVS Motor Company Ltd. rose over 1% after the company announced strategic partnership with Swiggy to accelerate electrification in commercial mobility segment
TVS Motor and Swiggy will test the implementation of TVS Motor's electric vehicles for food delivery.
The two companies look to create comprehensive mobility solution for Swiggy's delivery partners and accelerate EV adoption in food delivery services.
Of the 45 analysts tracking the company, 26 maintained 'buy', seven maintained 'hold' and 12 maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 1.1%.
Source: Exchange Filing, Bloomberg
NCLAT To Hear Amazon's Plea Challenge CCI's Suspension Of 2019 Transaction With Future Group On Feb. 2
NCLAT agrees to hear Amazon plea challenging CCI’s suspension of approval to 2019 transaction with Future Group on February 2.
The NCLAT asked parties to file replies on Amazon’s petition.
Amazon has requested NCLAT to stay the CCI’s Dec 21 order.
Nazara Technologies To Acquire Superhero Brands
Nazara Technologies subsidiary Nodwin Gaming acquires Superhero Brands for Rs 4.9 crore.
Superhero is engaged in the business of manufacturing and selling licensed character merchandise.
Source: Exchange filing
India Bonds Gain As December CPI Print Undershoots Expectations
Indian bonds gain after data showed retail inflation accelerated in December but undershot expectations. The rupee is trading steady.
10-year yields down 1bp to 6.58%; 5-year yield down 4bps to 5.90%
USD/INR little changed at 73.9362
Source: Bloomberg
RBI Approves Appointment Of Ittira Davis As MD & CEO Of Ujjivan Small Finance Bank
Davis' appointment approved for a period of one year from Jan 14
Special committee of directors which was overseeing operations till now stands dissolved.
Nitin Chugh stepped down as MD & CEO of Ujjivan Small Finance Bank on Sept 30, 2021
Source: Exchange notification
Sun Pharmaceuticals Jumps Nearly 5% In Three Days After CLSA Identifies The Stock As Top Sectoral Pick
Shares of Sun Pharmaceutical Industries rose as much as 4.16%, the biggest intraday gain in over three months, to a multi-year high of Rs 871 apiece.
This is the third consecutive day of gains for the stock.
On Jan. 11, CLSA picked Sun Pharma as the top sectoral pick and raised its target price. Over the past three sessions, the stock has risen nearly 5%.
Over the past three days, Nomura and Bernstein also reiterated their recommendations and maintained price targets unchanged.
CLSA
Reiterates 'buy' with target price raised to Rs 1,100 from Rs 1,050; an implied return of 32.1%
Expects U.S. markets to recover driven by higher number of launches and moderating price erosion.
Rising contribution of differentiated products in the U.S. should improve profitability for Sun Pharma and its peers Dr Reddy's, Cipla, Lupin and Cadila.
Prefers Sun Pharma as the top sectoral pick aided by ramp-up in U.S. specialty portfolio.
Source: Brokerage note, Bloomberg
NCLAT Begins Hearing Amazon's Appeal Against CCI Order Suspending Approval To 2019 Deal With Future Group
Senior Advocate Gopal Subramanium for Amazon
All the agreements were disclosed to the CCI.
We invested in Future Coupons(FCPL) and the money received went to Future Retail(FRL).
Sun Pharmaceuticals Leads The Gains In Pharma Stocks; NSE Nifty Pharma Up Nearly 2%
Equitas Small Finance Bank Rises After Reporting 3% QoQ Rise In Gross Advance In Q3
Shares of Equitas Small Finance Bank Ltd. rose 2.40%, the biggest intraday gain in three days to Rs 59.7 apiece after the company reported a 3% QoQ increase in gross advances in Q3, in its quarterly business update.
Gross Advances rose 3% QoQ to Rs 19,642 crore
Total deposits down 1% QoQ to Rs 18,094 crore
CASA Ratio at 50.80% in Q3 vs 45.30% in Q2
Of the 14 analysts tracking the company, 13 maintained 'buy' and one maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 33.9%.
Source: Exchange Filing, Bloomberg
India Yield Curve Shifts Lower
Yields fell across the India sovereign yield curve in Thursday morning trading.
The 1-year yield was little changed at 4.358%
The 10-year yield fell 1bp to 6.583%
The 14-year yield fell 1.1bps to 7.04%
The 2-year-10-year yield spread was 191.1bps, vs previous close 189.3bps
Source: Bloomberg
Tata Motors Logs The Steepest Intraday Decline In A Week
Shares of Tata Motors declined the most in intraday trade in a week after its subsidiary Jaguar Land Rover reported 16% QoQ decline in retail sales in Q3.
Constraints due to the global semiconductor shortage continue.
Company seeing relative improvement in the chip supply compared to previous quarter.
Of the 34 analysts tracking the company, 24 maintained 'buy', five maintained 'hold' and four maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 11.2%.
Source: Exchange Filing, Bloomberg
Infosys Jumps As Analysts Raise Target Price Post Q3 Results
Shares of Infosys rose nearly 2% in intraday trade after analysts hikes price target after the company raised its revenue growth guidance for the ongoing fiscal.
Infosys posted sequential rise in revenue in the quarter-ended December, in line with estimates.
Analysts say that broad-based revenue growth is a reflection of clients' confidence on Infosys, in a seasonally soft period.
Of the 50 analysts tracking the company, 46 maintained 'buy', two maintained 'hold' and two maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 14.7%
Wipro: Steepest Intraday Decline In A Year
Shares of Wipro shed over 5.6% as analysts remain mixed after the company raised its revenue growth guidance.
This is the steepest intraday decline in a year.
Net profit rose 2.25% QoQ to Rs 2,996.5 crore vs Bloomberg estimate of Rs 3,002 crore.
Source: Exchange Filing, Bloomberg
Motherson Sumi Has 1.58 Million Shares Change Hands In A Bunched Trade
Motherson Sumi Systems Ltd. has 1.58 million shares change hands in a bunched trade.
Details of buyers and sellers are not known immediately.
Source: Bloomberg
Metal Stocks Advance; NSE Nifty Metal Index Gains Over 2.5%
TCS Shares Advance As Analyst Expect Firm To Sustain Revenue Growth Momentum
Shares of Tata Consultancy Services rose over 1.6% as analysts expected the company to sustain its revenue growth trajectory, aided by deal intake and demand for digital technology.
TCS reported revenue in-line with estimates in Q3
TCS retained its double-digit growth guidance for FY2022
The company also approved a Rs 18,000 crore buyback. TCS will repurchase 4 crore shares at Rs 4,500 per share.
Source: Exchange Filing, Brokerage Note, Bloomberg
Opening Bell: Sensex, Nifty Open Little Changed; Wipro Declines
India's stock benchmarks opened little changed, as gains in metals and information technology stocks were offset by losses in auto, banking stocks.
The S&P BSE Sensex rose 0.1% to 61,256.36. The NSE Nifty 50 also added 0.1% to 18,232.75.
The broader indices almost mirrored their larger peers with S&P BSE MidCap little changed and S&P BSE SmallCap gaining 0.15%. Eleven of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Metal rising 1.4%. On the flipside the S&P BSE Realty index shed nearly 1%.
The market breadth was skewed in the favour of bulls. About 1,634 stocks advanced, 1,099 declined and 86 remained unchanged.
Posco, Adani Sign Accord For Integrated Steel Mill In Gujarat
Posco and Adani Group agreed to explore business cooperation opportunities, including the establishment of a green integrated steel mill at Mundra, Gujarat.
The investment is estimated to be as much as $5 billion.
A non-binding accord signed between the firms hints at further collaboration at group business level in sectors like renewable energy, hydrogen, logistics.
Source: Exchange Filing
Bond Traders To Assess December CPI Print
Indian bond traders will assess retail inflation after data showed it accelerated in December but undershot expectations.
India’s consumer prices rose for the third straight month in December, adding pressure on the central bank to join some of its global peers in tightening policy to cool inflation
Retail inflation stood at 5.59% year-on-year compared with a 4.91% gain in November, the statistics ministry said Wednesday. That’s slower than the median estimate for a 5.8% gain in a Bloomberg survey of 35 economists.
USD/INR little changed at 73.9175 on Wednesday.
10-year yields rose 3bps to 6.6% on Wednesday.
Global funds sell net Rs 1000 crore of India Stocks Wednesday: NSE.
They bought Rs 200 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 179 crore of corporate debt.
State-run banks bought Rs 376 crore of sovereign bonds on Jan. 12: CCIL data. Foreign banks bought Rs 722 crore of bonds.
Source: Bloomberg
SGX Nifty Hints At Opening Gains; TCS, Infosys, Wipro, Tata Motors, Cipla In Focus
Asia stocks were mixed on Thursday after a U.S. inflation climbed at the fastest pace since 1982, intensifying calls for interest-rate increases as soon as March.
Shares rose in Hong Kong and fell in Japan. China was steady. U.S. futures fluctuated after the S&P 500 and the Nasdaq 100 ended higher on Wednesday.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index's performance, rose 0.66% to 18,336.50 as of 7:30 a.m.
Elsewhere, oil rose amid signs of tighter supply. Bitcoin traded around $44,000
Earnings Post Market Hours
Tata Consultancy Services Q3FY22 (Consolidated, QoQ)
Revenue up 4.31% at Rs 48,885 crore Vs Rs 46,867 crore (BBG estimates: Rs 48,532.93 crore).
Net profit up 1.51% at Rs 9,769 crore Vs Rs 9,624 crore (BBG estimates: Rs 9,988 crore)
EBIT up 1.98% at Rs 12,237 crore Vs Rs 12,000 crore (BBG estimate: Rs 12,562 crore)
Margins at 25% Vs 25.6% (BBG estimate: 25.88%)
Approved Rs 18,000-crore buyback proposal
Declared interim dividend of Rs 7 per share
Wipro Q3FY22 (Consolidated, QoQ)
Revenue up 3.28% at Rs 20,313.6 crore Vs Rs 19,668.9 crore
Net profit up 2.25% at Rs 2,996.5 crore Vs Rs 2,930.6 crore
EBIT up 2.41% to Rs 3,575.2 crore Vs Rs 3,491 crore
Margins at 17.60% Vs 17.75%
Declared interim dividend of Rs 1 per share
Infosys Q3FY22 (Consolidated, QoQ)
Revenue up 7.65% at Rs 31,867 crore Vs Rs 29,602 crore (BBG Estimate: Rs 30,867.9 crore)
Net profit up 7.16% at Rs 5,809 crore Vs Rs 5,421 crore (BBG Estimate: Rs 5,744.65 crore)
EBIT up 7.34% at Rs 7,484 crore Vs Rs 6,972 crore (BBG Estimate: Rs 7,281 crore)
Margins at 23.5% Vs 23.6% (BBG Estimate: 23.58%)
Stocks To Watch
Tata Motors: Jaguar Land Rover retail sales continued to be constrained by the global semiconductor shortage in Q3. Retail sales declined 13.6% quarter-on-quarter to 80,126 vehicles. However, wholesale volumes were 69,182 units and production volumes were 72,184 units (both excluding China JV), up 8% and 41%, respectively, compared to Q2.
Cipla: The stockholders agreement between the company’s subsidiary InvaGen Pharmaceuticals and Avenue Therapeutics remains in force and InvaGen will continue to hold shares in Avenue.
Kotak Mahindra Bank: The bank’s board has passed a resolution allowing promoters’ voting rights in the bank to be capped at 26%.
PB Fintech: The company has reached an annualised loan disbursal rate of $1.1 billion (excluding credit card issuance). The fintech disbursed Rs 695 crore in December 2021 across 668 cities in India.
Mastek: Will consider payment of interim dividend on Jan. 19.