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Business News/ Markets / Live Blog/  Indices pare losses as Sensex ends 300 pts down; Bajaj twins tank; FMCG shines

Indices pare losses as Sensex ends 300 pts down; Bajaj twins tank; FMCG shines

Share Market Close: Indian stock markets dragged on Thursday as Sensex and Nifty shed 300 and 50 pts, respectively. FMCG, Energy and Pharma gained, while the Bank and Finance indices ended deep in the red. Bajaj Finserv and Bajaj Finance tanked in today's trading, while Cipla climbed.

Sensex and Nifty were under pressurePremium
Sensex and Nifty were under pressure

Asian indices mostly gained despite the minutes from the Fed meeting showing the banks remaining determined to keep rates high. Tokyo, Hong Kong and Shanghai ended in green with impressive gains. European markets were also trading higher in the morning session.

05 Jan 2023, 03:39:40 PM IST

Indices shed 0.5% as Finance index with Sensex shedding 300 pts and Nifty 50 pts 

Indian indices tumbled on today's trading but pared around half of the intraday losses to close 0.5% lower on Thursday.

The indices were mainly dragged by Bajaj Finance and Bajaj Finserv which shed more than 5% each after the company's asset under management numbers for the quarter ended December 31 came in below market expectations.

Sensex closed 300 points down at 60,353. Sensex had dropped below 60,100 intraday. Nifty ended below 18,000, at 17,992, a drop of 50 points.

Bajaj Finance tanked 7% and Bajaj Finserv 5% followed by ICICI Bank which shed more than 2% in today's trading. Cipla, Bajaj Auto and ITC meanwhile gained 2% followed by Hindustan Lever and JSW Steel in today's session.

Finance and Bank indices remained under tremendous pressure throughout the session. IT and Consumer Durable indices also ended in the red. FMCG and Oil & Gas jumped by around 1.5% each followed by Auto, Pharma and Metal.

Other Asian indices mostly made gains on Thursday after minutes from the Federal Reserve's December meeting showed the central bank was committed to tame inflation but investors believe that markets have already factored in any possibility of a recession.

Japan's Nikkei share average rebounded from a three-month low as chip-related stocks rallied but gains were capped as hawkishness from global central banks clouded the outlook. The Nikkei ended the day up 0.4% after going much higher only to give back most of those gains an hour before the break.

Hong Kong and Mainland China stocks extended their 2023 rally on Thursday as traders grew optimistic about the reopening of China's economy. The Hang Seng Index gained 1.25%. The Shanghai Composite Index climbed 1.01% while the Shenzhen Composite Index on China's second exchange rose 1.59%.

European shares slipped ahead of euro zone inflation data. The pan-European STOXX slipped in the morning session after gaining more than 3% in its first three sessions of 2023.

Sensex at Close
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Sensex at Close
05 Jan 2023, 03:25:41 PM IST

Foreign univ can now set up campuses in India, decide admission process, fee structure; UGC announces draft norms

For the first time, foreign universities will be able to set up their campuses in India with the UGC on Thursday unveiling draft norms for their establishment and operations in the country, under which these varsities can also decide admission process, fee structure and repatriate its funds back home.

Noting that foreign universities with campuses in the country can only offer full-time programmes in offline mode and not online or distance learning, UGC chairperson M Jagadesh Kumar said the foreign universities and Higher Education Institutions (HEIs) will need a nod from the UGC to set up their campuses in India.

The initial approval will be for 10 years and will be renewed in the ninth year subject to the meeting of certain conditions, he added and clarified that these institutions shall not offer any such study programme which jeopardises the national interest of India or the standards of higher education here. (PTI)

05 Jan 2023, 03:19:47 PM IST

Dollar wavers after Fed minutes offer few surprises

Details of the discussion from the central bank's December policy meeting, released on Wednesday, showed policymakers remain focused on curbing inflation and do not envisage interest rate cuts in 2023. Analysts said the minutes were broadly in line with expectations, explaining the relatively muted reaction in markets.

The dollar index, which measures the currency against major peers, was last flat at 104.2 on Thursday, after rising earlier in the session.

It was well below September's 20-year high of 114.78, but above the six-month low of 103.38 touched in late December. (Read More)

05 Jan 2023, 03:11:16 PM IST

Hong Kong to start reopening border with China on Sunday

Hong Kong will start to reopen its border with mainland China on Sunday and allow tens of thousands of people to cross from each side every day without quarantine, the city's leader said.

The city's land and sea border checkpoints with the mainland have been largely closed for almost three years under China's “zero-COVID" strategy, which has restricted entry to the country, isolated infected people and locked down areas with outbreaks. The reopening is expected to provide a much-needed boost to Hong Kong’s economy.

Thursday's announcement came as China is easing some of the world’s toughest anti-virus controls. From Sunday, China will also gradually increase the number of flights between Hong Kong and the mainland and scrap the limit on passenger numbers for flights from the city, the Chinese government said in a statement. (AP)

05 Jan 2023, 02:56:33 PM IST

Credit Suisse Raises $3.75 Billion Amid Flurry of New Bond Sales

Credit Suisse AG joined the stampede of high-grade issuers rushing to the US bond market to raise debt in the new year.

The embattled Swiss lender sold $3.75 billion of bonds in two parts. Both the two-year and five-year notes will yield 370 basis points over Treasuries, according to a person with knowledge of the matter, much higher than average risk premiums across investment grade.

Dutch lender Rabobank, for example, issued two-year debt, but at a spread of 65 basis points over Treasuries. (Bloomberg)

05 Jan 2023, 02:55:54 PM IST

WHO says China releases COVID hospital data after reporting gap

The World Health Organization received data from China on new COVID-19 hospitalisations after a reporting gap, with figures on Thursday showing a nearly 50% increase in the week to Jan. 1.

The U.N. health agency received no data from China in the weeks after Beijing lifted its zero-COVID policy in early December, prompting some health experts to question whether it might be hiding information on the extent of its outbreak.

The WHO's latest report showed 22,416 new hospitalisations for mainland China in the week to Jan. 1 versus 15,161 the previous week. This was still below the all-time peak of nearly 29,000 admissions in early December.

Over the same week, the report showed China had 218,019 new cases and 648 new deaths, although these figures typically include Hong Kong, Taiwan and Macau as well as mainland China. During the same period, the Chinese Center for Disease Control and Prevention reported nine deaths.

The WHO did not release a report last week due to end of year holidays. (Reuters)

05 Jan 2023, 02:33:50 PM IST

Housing sales across top 7 cities hit a decadal high of 215,000 units in 2022: JLL

Housing sales in India’s top seven cities--Mumbai, Delhi NCR, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune--in 2022 hit 215,000 units, a decadal high, real estate consultancy JLL said in a report released on Thursday. In 2010, sales were at 216,762 units.

According to the report, sales across the said cities in 2022 were up 68% year-on-year, with more than 50,000 units sold in each of the four quarters of 2022. High sales numbers are significant given the rise in mortgage rates, property prices, and global headwinds during the year.

Bengaluru, Hyderabad, Mumbai, and Pune achieved the highest sales since 2008, while Delhi NCR and Kolkata recorded the highest sales since 2014. (Read More)

05 Jan 2023, 02:12:13 PM IST

India Inc may go for cautious hiring in Q12023 on impending recession, global slowdown: Survey

Corporate India is indicating cautious hiring in the March quarter of 2023 as concerns rise over possible recession and steady inflation, a survey said on Thursday.

According to the ManpowerGroup Employment Outlook Survey, based on interviews with nearly 3,030 public and private employers, hiring intentions will decrease in the quarter both on year-on-year and quarter-on-quarter basis.

During the quarter, 48 per cent employers expect to increase their staffing levels, 16 per cent anticipate a decrease in hiring intent and 34 per cent do not anticipate any change in hiring, resulting in a net employment outlook of 32 per cent.

When compared to the same period last year (January-March 2022), hiring sentiments have weakened by 17 percentage points and by 22 percentage points when compared to the previous quarter. (PTI)

05 Jan 2023, 01:58:14 PM IST

ICICI Bank drags in today's session as it sheds 2%

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05 Jan 2023, 01:44:39 PM IST

Walmart paid most of $1 billion tax for PhonePe shifting base to India

Walmart Inc late on Wednesday confirmed that it had already paid the Indian government most of the nearly $1 billion in tax owed after digital payments company PhonePe, which the U.S. retailer owns through Flipkart, shifted its headquarters from Singapore to India.

Walmart bought a controlling stake in Indian ecommerce giant Flipkart in 2018, giving it ownership of PhonePe. The company said last month it had completed the separation of PhonePe from Flipkart, adding that it would remain a majority stakeholder in both the companies.

"Walmart has already paid most of the 78 billion rupees ($943.01 million)that was incurred as a capital gains tax after PhonePe investors sold their stake in the Singapore entity and invested in the Indian entity following the domicile change," a source with direct knowledge of the matter had told Reuters. (Reuters)

05 Jan 2023, 01:25:57 PM IST

BSNL to start 5G services in 2024

State-owned BSNL will start 5G services in 2024, Union Telecom Minister Ashwini Vaishnaw said on Thursday.

BSNL has shortlisted a TCS and C-DOT led consortium for rolling out 4G network, which will be upgraded to 5G in about a year of placing the order under the contract.

"BSNL will start 5G services in 2024," Vaishnaw said while speaking to reporters here.

He was speaking on the sidelines of an event to launch 5G services of Jio and Airtel in Odisha. Vaishnaw along with Union Education Minister Dharmendra Pradhan launched the services.

"Entire Odisha will be covered by 5G services in 2 years. Today, 5G services have been launched in Bhubaneswar and Cuttack," the telecom minister said. (PTI)

05 Jan 2023, 01:20:11 PM IST

Financial stock hits 10% lower circuit as delisting proposal not approved by board

Shares of BF Investment Ltd (BFIL) tanked to hit the lower circuit level of 10% on the BSE to 413 apiece in Thursday's trading session as the company informed that its board at its meeting held on Wednesday did not approve the proposal for the delisting of the equity shares of the company from the stock exchanges.

The stock has gained over 44% in the five trading sessions, pushed by the company's announcement last week on December 30, that its board would meet on January 4, 2023, to consider a delisting proposal. (Read More)

05 Jan 2023, 01:01:04 PM IST

IT Index struggles with almost all stocks in the index in red 

IT Index
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IT Index
05 Jan 2023, 12:46:54 PM IST

HDFC Life continues to gain even amidst a market under pressure; jumps a per cent

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05 Jan 2023, 12:34:12 PM IST

GJC elects Saiyam Mehra as chairman, Rajesh Rokde as vice chairman

The All India Gem and Jewellery Domestic Council (GJC) on Thursday said its members have elected Saiyam Mehra as Chairman and Rajesh Rokde as Vice Chairman of the industry body for a period of two years (2023-24).

GJC represents over 6,00,000 industry players comprising manufacturers, wholesalers, retailers, distributors, laboratories, gemologists, designers and allied services providers.

"We will try to follow up with the government on all our industry issues pending and liaison with them to make things suitable for us to work under. We will make our best efforts to bring the entire industry on one platform to discuss various policy matters," Mehra said in a statement. (PTI)

05 Jan 2023, 12:26:30 PM IST

SME IPO oversubscribed 400x; share allotment, listing soon. Check GMP

The finalisation of the basis of share allotment of Anlon Technology's public issue is expected to take place on Thursday, January 5, 2023. If allotted, the shares will be credited to the demat account on January 9, 2023. Link Intime India Private Ltd is the registrar of the share sale. As per market observers, Anlon Technology shares are commanding a premium (GMP) of 80 in the grey market today.

The company's shares are expected to list next week on Tuesday, January 10, 2023 on the SME platform of National Stock Exchange (NSE). NIFTY SME EMERGE Index is designed to reflect the performance of a portfolio of eligible small and medium enterprises that are listed on NSE EMERGE platform. (Read More)

05 Jan 2023, 12:13:53 PM IST

IT stock seen to rally over 43% as IIFL Securities bullish on recent acquisition

Software-as-a-services (SaaS) company RateGain Travel Technologies Ltd recently announced the acquisition of the assets of Adara Inc., for a cash consideration of $16.1 mn. The management expects to turn the US-based travel data exchange platform profitable within three months of the acquisition, through cost rationalisation, highlighted domestic brokerage and research firm IIFL Securities which sees a sharp upside on the stock.

“Organic growth for the asset is likely to be ~15% in FY24ii, driven by cross-selling opportunities, as per management. This, prima facie, looks like an attractive price paid for an asset that has the potential to scale as well as improve profitability; however risks around revenue leakage would need to be watched. We incorporate the acquisition and consequently raise FY24ii-25ii EPS estimates by 6%. We now forecast 39%/72% revenue and EPS Cagr over FY23ii-25ii," the note stated. (Read More)

05 Jan 2023, 12:05:53 PM IST

Noon Update: Indices struggle as Sensex sheds 300 pts and Nifty 100 pts

Bank and Finance indices drag the market while FMCG index shines

Sensex at Noon
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Sensex at Noon
05 Jan 2023, 11:49:19 AM IST

Britannia stock leads the FMCG rally as it jumps 2% in today's trading

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05 Jan 2023, 11:42:06 AM IST

China stocks rise on economic recovery hopes

China stocks rose on Thursday as investor hopes for a strong economic recovery in 2023 dwarfed worries over COVID spike, with authorities vowing to support growth.

** China's blue-chip CSI 300 Index was up 1.7% by the end of the morning session, and set to log its best day in one month, while the Shanghai Composite Index rose 0.9%.

** Hong Kong's Hang Seng Index gained 1%, and the Hang Seng China Enterprises Index rose 1.2%.

** Other Asian shares also advanced on investor hopes for China's emergence from the pandemic, while the dollar stayed under pressure even as the U.S. Federal Reserve meeting minutes showed the Fed warning against market bets on interest rate cuts this year.

** "China's abrupt reopening from Covid restrictions has led to a public health mess ... None of this will derail a robust economic recovery, aided by government policy that is now firmly focused on supporting growth," Gavekal Dragonomics analysts said in a note. (Reuters)

05 Jan 2023, 11:26:13 AM IST

PGIM India Mutual Fund buys stake in stock that has tumbled 45% in one year

PGIM India Mutual Fund has bought stake in beaten down stock Somany Ceramics that has tumbled over 45 per cent in last one year. As per the details available on NSE website, PGIM India Mutual Fund has bought 3.07 lakh Somany Ceramics shares paying 499.03 apiece. This means, the mutual fund has invested 15,32,02,210 or 15.32 crore in the bear-hit stock. The mutual fund bought these shares through a bulk deal executed on 4th January 2022.

PGIM India Mutual Fund has bought stake in beaten down stock Somany Ceramics that has tumbled over 45 per cent in last one year. As per the details available on NSE website, PGIM India Mutual Fund has bought 3.07 lakh Somany Ceramics shares paying 499.03 apiece. This means, the mutual fund has invested 15,32,02,210 or 15.32 crore in the bear-hit stock. The mutual fund bought these shares through a bulk deal executed on 4th January 2022. (Read More)

05 Jan 2023, 11:18:23 AM IST

India's Godrej Consumer Products sales to jump on personal, home care demand

India's Godrej Consumer Products on Thursday forecast sales on a constant currency basis to increase in the mid-teens percentage range for the third quarter, benefiting from demand for its home and personal care products in India. (Reuters)

05 Jan 2023, 11:14:40 AM IST

Covid: India logs 188 new cases in 24 hrs; daily positivity rate at 0.01%

India has recorded 188 new coronavirus infections and three deaths , according to Union health ministry data updated on Thursday. This slight rise in infections comes a day after the country recorded 175 cases on Wednesday.

The active cases in the country have declined to 2,554. As per the ministry's data, the total tally of Covid cases has been recorded at 4,46,79,319. (Read More)

05 Jan 2023, 11:00:48 AM IST

Rupee gains 9 paise to 82.73 against US dollar

The rupee appreciated 9 paise to 82.73 against the US dollar in early trade on Thursday, supported by easing crude oil prices and a firm trend in domestic equities.

Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias.

At the interbank foreign exchange, the domestic unit opened at 82.75 against the dollar, then gained ground to touch 82.73, registering a rise of 9 paise over its previous close.

On Wednesday, the rupee recovered from its all-time low level and settled at 82.82 against the dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 104.21. (PTI)

05 Jan 2023, 10:59:46 AM IST

Total vehicle retail sales jump 15 pc to 2.11 cr units in 2022: FADA

Retail sales of overall vehicles in India grew by 15.28 per cent to 2,11,20,441 units in 2022 led by record sales of passenger vehicles and tractors, Federation of Automobile Dealers Associations (FADA) said on Thursday.

In 2021, total retail sales of vehicles in India were at 1,83,21,760 units, FADA said in a statement.

Two-wheelers retail sales stood at 1,53,88,062 units last year, a growth of 13.37 per cent from 2021 when sales stood at 1,35,73,682 units.

Passenger vehicles (PV) retail sales were at 34,31,497 units in 2022, as against 29,49,182 units in 2021, up 16.35 per cent, it added.

FADA President Manish Raj Singhania said, "For CY2022, while total vehicle retails grew by 15 per cent year-on-year and 17 per cent compared to CY20 it failed to surpass CY19 retails, (a pre-Covid year) and registered a fall of 10 per cent." (PTI)

05 Jan 2023, 10:38:13 AM IST

Oil & Gas index holds steady as it trades in green with most stocks trading higher

Oil & Gas
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Oil & Gas
05 Jan 2023, 10:23:34 AM IST

Eastern Logica Infoway IPO opens today. GMP, price, other details

The initial public offering (IPO) of Eastern Logica Infoway Ltd has opened today for subscribers and it will remain open till 9th January 2023. The multi-brand retail company has fixed price band of the public issue at 225 per equity share and one lot of the IPO comprises 600 company shares. The company aims to raise 16.94 crore from this public issue proposed for listing on the BSE SME exchange.

Meanwhile, ahead of subscription opening, Eastern Logica Infoway has made its debut at a discounted price in the grey market today. According to primary market observers, shares of Eastern Logica Infoway are available at a discount of Re 1 in the grey market today. (Read More)

05 Jan 2023, 10:05:58 AM IST

Powergrid Corporation struggles in early trading; sheds a per cent

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05 Jan 2023, 09:46:03 AM IST

Fund manager cites Page Industries' listing as a lesson for IPO investors

The IPO market is going to be one of the most interesting ones to watch in 2023, as per well-known fund manager Radhika Gupta, managing director and chief executive officer of Edelweiss Asset Management, as she believes good companies think of an IPO as just an event in their life cycle, and not an end game.

Citing Page Industries' IPO as an example, said, “Case in point and my favourite: Page Industries which had a disastrous listing and debut in 2007 but went on to become a real wealth creator. And it listed poorly in a bull market when IPOs particularly in the infra space we’re very hot." (Read More)

05 Jan 2023, 09:42:44 AM IST

Geojit Financial Services on today's market: markets expect a soft landing for the US economy since the economy continues to be resilient

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The Fed minutes were distinctly hawkish with the message that “ restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2 percent". In spite of this hawkish minutes the US markets closed in the positive territory because the markets expect a soft landing for the US economy since the economy continues to be resilient. In India the near-term challenge to the market comes from the sustained selling by FIIs who sold 2620 crores equity in the cash market yesterday taking their selling spree to 9 consecutive days. FIIs are net short in the derivatives segment too. Data from the banking segment indicates continuing credit growth and improving asset quality which indicates good Q3 results. Investors can utilise market weakness to buy high quality banking stocks.

05 Jan 2023, 09:40:58 AM IST

FMCG has a healthy start on Thursday, gains a per cent with most stocks in green

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05 Jan 2023, 09:39:15 AM IST

NARCL emerges highest bidder for Srei group firms

The National Asset Reconstruction Co. Ltd (NARCL) emerged as the top bidder for the assets of Kolkata-based Srei Group after a lengthy auction process that ended past midnight on Wednesday, two people aware of the matter said.

NARCL submitted the highest offer with a net present value (NPV) of 5,555 crore, including upfront cash of 3,400 crore and optionally convertible bonds worth 6,000 crore.

The offer is 1,000 crore more than its bid submitted earlier and in line with lenders’ expectations.

NPV measures the current value of future cash flows. (Read More)

05 Jan 2023, 09:27:53 AM IST

Bajaj Finance along with Bajaj Finserv tank in early trading with a drop of 5% and 2%, respectively

Bajaj Finserv
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Bajaj Finserv
05 Jan 2023, 09:26:22 AM IST

Oil Claws Back Some Losses After Slump as Demand Concerns Linger

Oil rose amid broader market gains after tumbling around 9% over two sessions, with demand concerns continuing to hang over the market.

West Texas Intermediate futures climbed above $73 a barrel after capping the biggest two-day decline since March. A surge in Covid-19 cases across China is clouding the near-term demand outlook, overshadowing optimism commodity consumption in the world’s top importer will eventually rebound.

The gloomy start to the year has been exacerbated by thin liquidity, which has left oil futures prone to wild price swings. Investors are also weighing cautious commentary from the Federal Reserve meeting last month, which affirmed its resolve to bring down inflation without slowing the economy too much. (Bloomberg)

05 Jan 2023, 09:21:34 AM IST

Indices open flat with Bajaj Finserv and Bajaj Finance dragging the market

Sensex at Open
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Sensex at Open
05 Jan 2023, 09:12:01 AM IST

India awards mobility firms $362 million in e-bus contracts

Ashok Leyland's Switch Mobility, JBM Auto and PMI Electro Mobility are the winners in a 30 billion Indian rupee ($362.40 million) tender run by state-run Convergence Energy Services Ltd (CESL), two sources said.

Switch Mobility emerged as the lowest bidder to supply 2,600 electric buses in three states, JBM Auto for 1,781 e-buses in three states, and PMI Electro quoted the lowest figure to supply 2,080 electric buses in two states, the sources said.

The companies did not immediately respond to queries sent by Reuters.

A senior CESL official, who did not want to be named, said the exact quantities being awarded to the three companies would be known by Friday.

CESL, which aggregates demand from states for electric buses, issued the tender on Sept. 21 last year as it sought to supply 6,465 e-buses for six states. (Reuters)

05 Jan 2023, 09:05:08 AM IST

Tata Motors, Ashok Leyland among 7 Indian auto stocks to buy as Jefferies sees strong returns in 2023

The Indian auto sector is poised to deliver strong stock returns in 2023, in Jefferies' view. Demand is recovering from its worst slowdown in decades, and the global brokerage expects 12-18% volume CAGR for PVs, 2Ws and trucks over FY23-25E and Strong top-line growth along with improving margins should fuel double-digit EPS CAGR for most OEMs, it said.

Electrification is picking up, with TVS Motor and Tata Motors leading among incumbents. TVS, Maruti, Tata Motors and Eicher Motors are Jefferies preferred buys in the Indian auto stocks. (Read More)

05 Jan 2023, 09:03:03 AM IST

Sensex preopens with some minor gains; Marico, RIL, NTPC, DMart in focus for today's trading

Sensex at Preopen
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Sensex at Preopen
05 Jan 2023, 08:58:50 AM IST

Reliance Securities Stock to Focus for Today: Voltas


Voltas (CMP 806) - Considering the decent earnings growth, higher volume and improved business visibility over the medium term, we have our BUY rating on the stock, with a Target Price of Rs1,065.

Intraday Picks


For today’s trade, long position can be initiated in the range of Rs3,431-

3,415 for the target of Rs3,525 with a strict stop loss of Rs3,380.


For today’s trade, short position can be initiated in the range of Rs3,569-

3,584 for the target of Rs3,490 with a strict stop loss of Rs3,622.


For today’s trade, short position can be initiated in the range of Rs789-

793 for the target of Rs767 with a strict stop loss of Rs803.


05 Jan 2023, 08:48:03 AM IST

Salesforce to cut 10% of workforce after hiring ‘too many people’

Salesforce Inc said it plans to cut jobs by 10% and close some offices, after rapid pandemic hiring left it with a bloated workforce amid an economic slowdown. The cloud-based software firm said on Wednesday the job cuts would lead to about $1.4 billion to $2.1 billion in charges, while only about $800 million to $1 billion will be recorded in the fourth quarter. (Read More)

05 Jan 2023, 08:45:17 AM IST

Stocks to Watch: Marico, RIL, GAIL, Ashok Leyland, DMart, NTPC, HPCL, RBL Bank, Coal India, IRB Infra, and Aurobindo Pharma

Supreme Infrastructure India stock will be in focus today as it will be declaring the December quarterly results. Indices put a halt to their winning streak on Wednesday as they shed around a per cent. (Read More)

05 Jan 2023, 08:37:44 AM IST

Cryptocurrency prices today: Bitcoin, ether, dogecoin rise over 2%; Solana, Litecoin slip

Bitcoin price today rose with the world's largest and most popular digital token trading over a per cent higher at $16,827. Overall, the global cryptocurrency market cap today remained below the $1 trillion mark, even as it rose 2% in the last 24 hours to $855 billion, as per the data by CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, gained more than 2% to $1,253. Meanwhile, dogecoin price today was also over 2% higher at $0.07 whereas Shiba Inu gained too at $0.000008. (Read More)

05 Jan 2023, 08:36:41 AM IST

D-Mart Q3 revenue rises 24.7% to ₹11,305 crore

Avenue Supermarts Ltd, which owns and operates the retail chain D-Mart, has reported a 24.7 per cent rise in its standalone revenue from operations to 11,304.58 crore for the third quarter ended on December 31, 2022.

The company had revenue from operations of 9,065.02 crore in the October-December quarter a year ago, Avenue Supermarts said in a regulatory filing on Tuesday.

"Standalone Revenue from operations for the quarter ended December 31, 2022, stood at 11,304.58 crore," it said while sharing an update at the end of the quarter.

The total number of stores stood at 306 as of December 31, 2022.

In the year-ago period, Avenue Supermarts' standalone revenue was at 7,432.69 crore. (PTI)

05 Jan 2023, 08:32:13 AM IST

CIL, trade unions ink pact for 19 pc minimum guaranteed benefit

State-owned Coal India Limited (CIL) and trade unions have agreed to a 19 per cent minimum guaranteed benefit of the monthly emolument, benefitting 2.38 lakh non-executive workers, an official statement said on Wednesday.

In this regard, "CIL and the four central trade unions BMS, HMS, AITUC and CITU have inked a Memorandum of Understanding (MoU), recommending 19 per cent Minimum Guaranteed Benefit (MGB) for 2.38 lakh non-executive employees as part of the ongoing National Coal Wage Agreement –XI (NCWA-XI)," Ministry of Coal said in a statement.

The MoU between CIL and trade unions was signed in Kolkata on Tuesday.

The MGB of 19 per cent is on the emoluments as of June 30, 2021, which include basic pay, variable dearness allowance, special dearness allowance and attendance bonus. (PTI)

05 Jan 2023, 08:24:30 AM IST

Cinemas swing between hope and jitters as big releases loom

After a forgettable 2022 that brought barely half the revenues of pre-pandemic years, the Hindi film industry is placing hopes on the first quarter of the New Year, with four big movies lined up for release.

Trade experts expect box office revenues in the March quarter to be up 10-15% from a year ago when many theatres remained shut as the third wave of the pandemic swept the country. (Read More)

05 Jan 2023, 08:20:02 AM IST

Reliance eyes green energy: Mukesh Ambani to pass the buck to Akash-Anant-Isha for $75-billion investment

Mukesh Ambani, the billionaire chairman of Reliance Industries Ltd., will be focusing his attention on the Indian conglomerate’s pivot to green energy, according to people familiar with the matter, after putting his children in charge of other businesses.

The 65-year-old will oversee strategy, including the building of gigafactories and blue hydrogen facilities, will assess acquisition targets, and is talking to potential investors, the people said, asking not to be named as the information isn’t public. Ambani last year unveiled plans to spend $75 billion on clean energy projects over the next 15 years. (Read More)

05 Jan 2023, 08:05:54 AM IST

Amazon to cut 70% more jobs than previously planned Inc. is laying off more than 18,000 employees — a significantly bigger number than previously planned — in the latest sign that a technology slump is deepening, according to the Wall Street Journal. Inc's job cuts will now impact more than 18,000 roles as part of a workforce reduction it previously disclosed, Chief Executive Andy Jassy said in a public staff note on Wednesday.

Chief Executive Officer Andy Jassy announced the cutbacks in a memo to staff Wednesday, saying they followed the company’s annual planning process. The cuts, which began last year, were previously expected to affect about 10,000 people. The reduction is concentrated in the firm’s corporate ranks, mostly Amazon’s retail division and human resources functions like recruiting. (Read More)

05 Jan 2023, 07:51:29 AM IST

M&M Finance: RBI lifts restrictions on recovery via outsourcing

The Reserve Bank of India (RBI) on Wednesday lifted restrictions related to Mahindra & Mahindra Financial Services (M&M Finance) on recovery operations via third-party collection agents.

The lifting of restrictions followed submissions made by M&M Finance and its pledge to strengthen recovery practices and outsourcing arrangements, while tightening the process of onboarding third-party agents and strengthening its accountability framework, the company said in a regulatory filing. (Read More)

05 Jan 2023, 07:50:05 AM IST

India OKs $2 billion incentive plan for green hydrogen industry

India has approved an incentive plan of 174.9 billion rupees ($2.11 billion) to promote green hydrogen in a bid to cut emissions and become a major exporter in the field, the information minister said on Wednesday.

The move is targeted to help India, one of the world's biggest greenhouse gas emitters, achieve net-zero carbon emissions by 2070. Reuters reported last month about India's plans for a green hydrogen incentive programme.

The country aims for annual production of 5 million tonnes of green hydrogen by 2030, cutting about 50 million tonnes of carbon emissions and saving one trillion rupees on fossil fuel imports, the minister, Anurag Thakur, told reporters.

"Our aim is to establish India as a global hub of green hydrogen," Thakur said. "We will make efforts to get at least 10% of the global demand for green hydrogen (by 2030)." (Reuters)

05 Jan 2023, 07:36:38 AM IST

Sah Polymers IPO: What GMP signals after closure of subscription?

After the closure of bidding for the initial public offering (IPO) of Sah Polymers Limited, all eyes are now set on the Sah Polymers IPO allotment date, which is most likely on 9th January 2022. In four days of bidding from 30th December 2022 to 4th January, the public issue worth 66.30 crore was subscribed 17.46 times whereas its retail portion was subscribed 39.78 times. Meanwhile, the grey market has also become volatile after the closure of Sah Polymers IPO subscription. According to primary market observers, shares of Sah Polymers are available at a premium of 5 in the grey market today.

Market observers said that Sah Polymers IPO grey market premium (GMP) today is 5, which is 10 lower from its Tuesday evening GMP of 15. They said that on Wednesday morning Sah Polymers IPO GMP was around 10. So, in near 36 hours, Sah Polymers IPO GMP has dipped from 15 to 5 per equity share. (Read More)

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