Sensex, Nifty Start 2022 With Most Gains In Over Three Weeks
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 began the new year on a positive note. Both the S&P BSE Sensex and NSE Nifty 50 logged the biggest single day gain in over three weeks since Dec. 8, aided by banks, information technology and auto stocks.
The Sensex rose 1.60 to 59,183.22. This is the first time since Dec. 13 that the 30-stock gauge rose above 59,000.
The Nifty 50 index also advanced by similar magnitude to 17,625.70. Coal India Ltd. had the largest increase, rising 6.3%. Today 44 of 50 shares rose, while six fell.
The broader markets underperformed their larger peers, but rose with both the S&P BSE MidCap and S&P BSE SmallCap gaining little over 1%. Barring S&P BSE Healthcare, all the other 18 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Bankex, S&P BSE Finance, S&P BSE Metal adding over 2%.
The market breadth was skewed in the favour of the bulls. About 2,687 stocks advanced, 873 declined and 138 remained unchanged.
Key Events For Equity Markets In March Quarter
Eicher Motors Shares Jump The Most In Nearly Two Months
Shares of Eicher Motors Ltd. rose as much as 5.47% to Rs 2,733.6 apiece, the biggest intraday gain in nearly two months, after the company reported a sales growth of 50.6% in December
VECV (Volvo eicher commercial vehicles) Sales
November : 4,085
December : 6,154
Rise : 50.6%
Of the 48 analysts tracking the company, 21 maintained 'buy', 14 maintained 'hold' and 13 maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 2.1%.
Source: Bloomberg, Exchange filing
UBS Preference List
Olectra Greentech Climbs On Rs 125 Crore
Shares of Olectra Greentech Ltd. rose 5% to Rs 837.9 apiece after the company received letter of award from a state transport authority under FAME-II scheme.
The order pertains to the supply of 50 electric buses. The buses shall be delivered over 12 months. The value of the contract is approximately Rs 125 crore.
Source: Exchange filing
Analysts Action: Tata Consumer
Tata Consumer: Nirmal Bang Institutional Equities initiated coverage of the stock, with a recommendation of 'buy'; price target set at Rs 870.
Source: Bloomberg
SBI Life Rises For 8th Day, Heads For Longest Winning Streak
Shares of SBI Life Insurance Co. rose for the eighth straight day. The stock is on track for the longest winning streak since its debut on Oct 3, 2017.
During the streak, SBI Life has gained nearly 8% while the NSE Nifty increased almost 4%.
Source: Bloomberg
Sensex Jumps 900 Points; Nifty Reclaims 17,600
European Markets Open Higher
KPI Global Infrastructure Commissions 12.50 Mega Watt (DC) Solar Power Project For Anupam Rasayan
KPI Global Infrastructure Ltd., the solar vertical of KP Group, has successfully commissioned 12.50 Mega Watt (direct currect) solar power project.
The project was done for Anupam Rasayan India Ltd. under captive power producer business vertical of the company.
Source: Exchange filing
NSE Nifty Bank Rises 2%, Eleven Out Of 12 Constituents Advance
M&M Financial Services Shares Advance After December Collection Efficiency Rises To 100%
Shares of Mahindra & Mahindra Financial Services Ltd. rose 4.5%, the biggest intraday gain in two months, to Rs 155.65 apiece, after the company's collection efficiency in December improved to 100%.
December collection efficiency at 100% vs 94% in November
December Disbursements grew 42% YoY to Rs. 2,750 crore
Q2 disbursements grew 39% YoY to Rs 18,100 crore
Company says
Witnessed improved customer payment behaviour in December.
Expect the positivity on the payment behaviour to continue in Q3.
Liquidity position is comfortable with a liquidity chest of over 3.5 times.
Of the 36 analysts tracking the company, 20 maintained 'buy', 11 maintained 'hold' and five maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 31.7%.
Sensex Reclaims 59,000; Nifty Above 17,500
Mid-Day Market Update: Sensex Jumps Nearly 700 Points, Nifty Above 17,500
India's stock benchmarks began the new year on a strong note, aided by gains in auto and information technology stocks.
The S&P BSE Sensex rose 1.17% (nearly 700 points) to 58,938.27. The NSE Nifty 50 rose by similar magnitude to 17,553.55. Eicher Motors Ltd. had the largest increase, rising 5.3%. In midday trading, 41 of 50 shares rose, while nine fell.
The broader indices almost mirrored their larger peers with S&P BSE MidCap and S&P BSE SmallCap rising over 1%. Barring S&P BSE Healthcare, all the other 18 sectoral indices compiled by BSE Ltd advanced with S&P BSE Auto and S&P BSE Bankex adding over 1.5%.
The market breadth was skewed in the favour of bulls. About 2,703 stocks advanced, 771 declined and 138 remained unchanged.
Greaves Cotton Shares Rise The Most In A Month
Shares of Greaves Cotton Ltd. rose over 12%, the biggest intraday gain in a month, to Rs 154.8 apiece after the three-wheeler volumes of its EV manufacturing unit doubled.
The company's e-mobility arm Greaves Electric Mobility said it sold over 10,000 units in December.
Of the six analysts tracking the company, four maintained 'buy', one maintained 'hold' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 8.3%.
Coal India Shares Climb The Most In Two Months
Shares of Coal India Ltd. rose as much as 4.55%, the biggest intraday gain in two months, to Rs 152.7 apiece after the company reported 15.7% YoY growth in coal offtake during December.
Production & Offtake Performance Update
April-December offtake at 481.8 mt, up 17.6% YoY
Production in December grew 3.3% YoY
Coal India raised it sales volume guidance to 660-670 mt for FY22.
Of the 27 analysts tracking the company, 21 maintained 'buy', three maintained 'hold' and three maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 29.9%.
InterGlobe Aviation, SpiceJet Decline On ATF Price Hike, Curbs Due To Spread Of Omicron
Shares of InterGlobe Aviation Ltd. and SpiceJet Ltd. declined over 3% in intraday trade after the price of aviation turbine fuel or jet fuel was hiked by Rs 2,039.63 per kilolitre to Rs 76,062.04 per kilolitre in the national capital.
The rise comes after two price cuts in December.
ATF price rose to over Rs 80,000 per kl in November before it was cut 8.4% in two tranches in December.
The fall also comes amid surge in covid-19 cases due to the spread of omicron variant.
Delhi High Court Agrees To Urgently Hear Future Plea Against Amazon
The Delhi High Court agreed to hear later on Monday the petition filed by Future Retail Ltd. against Amazon.com's arbitration case at the Singapore arbitration tribunal.
The tribunal had blocked Future Retail's asset sale deal with Reliance Industries.
Court agreed to urgent hearing of the case after Future Group's lawyer Mukul Rohatgi said it was a matter of 'immense urgency'.
Source: Bloomberg
Avenue Supermarts Reports 18% QoQ Revenue Growth In Q3 Business Updates; Shares Advance
Shares of Avenue Supermarts Ltd. rose as much as 2.73% to Rs 4,799 apiece after the company reported 18% QoQ growth in revenue in its Q3FY22 business update.
Q3FY22 business update
Revenue stood at Rs 9,065 crore, up 18% QoQ.
Company added 17 new stores in Q3 over Q2.
Motilal Oswal
Maintains 'neutral' with the target price at Rs. 4,900.
Revenue growth remains tepid.
Store addition remains strong with the company adding 29 stores so far this fiscal as against the estimates of 30 stores for FY22.
Of the 28 analysts tracking the company, seven maintained 'buy', eight maintained 'hold' and 13 maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 6.9%.
NCC Bags Five New Orders Worth Rs 1,898 Crore; Shares Advance
Shares of NCC Ltd. rose over 3% in intraday trade after the company secured five new orders totaling to Rs 1,898 crore in December 2021.
Of the five orders, three orders worth Rs 988 crore pertain to building division.
The other two orders worth Rs 910 crore are related to water segment.
The orders are received from state government agencies.
Source: Exchange Filing.
Rupee Slips On Current Account Deficit Worries
India's rupee fell after a report showed that nation's current account deficit slipped into a deficit. Bonds also slipped.
USD/INR fell 0.1% to 74.4400 on Monday.
India’s current account, the broadest measure of the country’s overseas trade and services flows, was in a deficit of $9.6 billion, or 1.3% of gross domestic product, in the three months ended September, the Reserve Bank of India said in a statement on Friday. That compared with the $6.6 billion surplus in the prior quarter.
10-year yields climb by 1bp to 6.46% on Monday.
Source: Bloomberg
Sensex Jumps Nearly 1%
NSE Nifty Bank Index Rises Over 1%
Manufacturing PMI Eases But Continues To Expand In December
Manufacturing PMI eases to 55.5 in December from 57.6 in November.
Source: IHS Markit
Nifty 50 Reclaims 17,500 After Three Weeks; I.T., Auto Stocks Lead Advance
L&T Technology To Consider Interim Dividend Proposal On Jan. 18; Shares Advance
Shares of L&T Technology Services Ltd. rose over 2%, the biggest intraday gain in a week, to Rs 5,714 apiece after the company said it will consider approving a proposal for interim dividend, on Jan. 18.
L&T Tech has fixed Jan. 27,2022 as the record date.
Company to approve standalone and consolidated financial statements for the quarter ended December 31, on Jan. 18.
Source: Exchange Filing
All Constituents Of NSE Nifty IT Index Advance
Tata Motors, Eicher Motors Lead The Gains In Auto Stocks
Automakers rose after December monthly sales were largely in-line with estimates as passenger and commercial vehicle segments sustain growth momentum, Motilal Oswal Financial Services wrote in a note.
Bajaj Auto Total Sales Down 4.4% MoM In December
Bajaj Auto Ltd total sales fall 4.4% in December
November : 3,79,276
December : 3,62,470
Fall : 4.4%
Source : Exchange filing
Future Retail Said To Petition Delhi HC Seeking To Abort Amazon Arbitration, Reports Bloomberg
BLOOMBERG EXCLUSIVE
Future Retail seeks to halt and terminate Amazon.com's case at a Singapore arbitration tribunal.
Future says that continuing arbitration would be illegal as Amazon's 2019 deal has no legal existence after India's antitrust body's order.
Source: People familiar with the filing.
Opening Bell: Sensex, Nifty Open Higher; Banking, I.T., Auto Stocks Advance
India's stock benchmarks opened the new year higher, aided by gains in banking, information technology and auto stocks.
The S&P BSE Sensex rose 0.6% to 58,615.23. The NSE Nifty 50 advanced by similar magnitude to 17,474.25.
The broader indices almost mirrored their larger peers with the S&P BSE MidCap rising 0.5% and S&P BSE SmallCap adding 0.70%. All the 19 sectoral indices compiled by the BSE Ltd. advanced with S&P BSE Auto index gaining over 1.2%.
The market breadth was skewed in the favour of bulls. About 2,190 stocks advanced, 611 declined and 95 remained unchanged.
Ducon To Provide Coal Clean Technology For Singareni Collieries
Ducon Infratechnologies Ltd. will provide its proprietary Coal Clean Technology, Fuel Gas Desulphurisation for Singareni Thermal Power Plant in Telangana.
The project was jointly bid by Ducon's affiliate, Ducon Technologies Inc., USA with a leading EPC organisation in India. The anticipated value of the order will be in range of Rs 150-200 crore.
Source: Exchange Filing
Edelweiss Financial Services Raises Over Rs 450 Crore Via Bonds Issue
Edelweiss Finance Services Ltd. has announced that the issue of secured, redeemable NCDs has been completed and the company allotted 45,62,472 shares of face value Rs 1,000 each, totaling to Rs 456.25 crore. Over 16,000 applications were received pan India.
In an exchange filing, the company said that the issue saw significant demand in the retail and HNI segment with a total collection of Rs 361.97 crore.
Source: Exchange Filing
India's Plan To Start New Bank For Loan Revamp May Be Delayed, Reports The Economic Times
Government's plan to create a bad bankto clean up debt with lenders could be delayed due to legal issues related to its structure, the Economic Times reports, citing people it did not identify.
RBI is not inclined to permit a dual structure in which one entity acquires NPAs and another reaches resolution, the report says, citing RBI's communication with banks.
RBI does not have a legal provision where it can approve such an arrangement.
Future Retail Misses Rs 3,495 Crore Payment; Debt Downgraded
Future Retail missed Rs 3,495 crore payment owed to lenders by 31 December, according to Jan. 1 disclosure to the National Stock Exchange.
Company cites litigation with Amazon.com as reason for delay
Future Retail says it has a “review period” of 30 days from due date, will be co-operating with lenders for the completion of the monetisation within that period, the company said.
Separate Jan. 1 filing: Company downgraded to a credit rating of D by Care Ratings due to the missed payment.
Analysts Action: Vardhaman Textiles, KPR Mill, Trent
Vardhaman Textiles: Spark Capital Advisors initiated coverage of the stock with a recommendation of 'buy'; price target set at Rs 2,974.
KPR Mill: Spark Capital Advisors initiated coverage of the stock with a recommendation of 'buy'; price target set at Rs 822.
Trent cut to 'sell' from 'under review' at Ambit Capital; price target set at Rs 932.
Source: Bloomberg
RBL Bank Sees CASA Deposits Fall 5.3% In October-December Quarter
CASA deposits fall to Rs 25,316 crore, down 5.3% QoQ.
Retail deposits and deposits for small business customers fell to Rs 27,871 crore, down 11.3% QoQ.
Total deposits at Rs 73,637, down 2.58% QoQ.
Liquidity coverage ratio at 146% vs 155% as of September.
Source: Exchange Filing
SGX Nifty Hints At Opening Losses; RIL, Auto Stocks, RBL Bank, Aurobindo Pharma In Focus
Most Asian markets remained closed for new year holiday after a record year of equities.
South Korea's Kospi rose over 1%. The S&P 500 and Nasdaq 100 both fell on Friday.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index's performance, fell 0.15% to 17,413.50, as of 8:10 a.m.
Elsewhere Brent crude hovered around $78 per barrel. Bitcoin was little changed at $47,000.
Stocks To Watch
Reliance: Reliance unit now holds 15.46% in Sterling and Wilson Renewable.
Shriram Transport Finance: To upsize the GMTN Programme from existing $3 billion to $3.5 billion for issuance of bonds/notes in international markets. Company has also received necessary in-principle approval from Singapore Exchange Securities Trading.
RBL Bank: Confirms raising Rs 2,600 crore via certificate of deposits. Bank also released provisional data for 2021. Its total deposits rose 9.6% YoY to Rs 73,637 crore and CASA ratio stood at 34.4%.
HDFC Life Insurance Company: IRDAI approves acquisition of 100% of the equity share capital of Exide Life Insurance Company.
Aurobindo Pharma: Approved the transfer of vaccines business undertaking in Unit-18 to Auro Vaccines Pvt. Ltd., a wholly owned subsidiary for Rs 300 crore and transfer of equity shares of Tergene Biotech Pvt. Ltd, a subsidiary, to Auro Vaccines Pvt. Ltd. for Rs 10.76 crore.
Adani Enterprises: Incorporates Adani New Industries Ltd. to take up projects around synthesis of low carbon fuels and chemicals and generation of low carbon electricity.
Stove Kraft: To foray into branded modular kitchen segment from April 2022. To also enter into electric switches & accessories segment through acquisition of Skava Electric Pvt. Ltd. for Rs 4 crore.
TVS Motor Company: Registered sales of 250,933 units in December 2021 as against sales of 272,084 units in the month of December 2020.
Escorts: Total sales fell 34% in December.
Eicher: Sales rose 50.6% in December.
Tata Motors: Domestic passenger vehicle sales rose 18.54% in December.
Maruti Suzuki: Total sales rose 10% in December.
Future Retail: Company missed Rs 3,494.5 crore in payment to lenders under restructuring deal.