PremiumAlmost all Asian indices gained on Monday tracking Friday's US stocks gain. Seoul, Shanghai and Hong Kong gained along with Indian indices. European markets were also trading higher in the morning session.
Indian indices bounced back on Monday by more than a per cent tracking Friday's Wall Street gains and amid positive global cues.
Sensex jumped 850 points to regain the 60,000 mark and closed at 60,750. Nifty too reclaimed the 18,000 mark to end at 18,101, a gain of 240 points.
Almost all indices ended in the green today with IT, Energy, Auto, Metal and PSU Bank jumping the most. IT soared more than 2% today. Consumer Durable was the only index to close in the red.
M&M, SBI Life, IndusInd Bank, TCS, and HCL Tech soared more than 3% in today's trading and led the rally. Titan shed around 2% followed by Bajaj Finance which dropped a per cent.
Asian stocks in general rose on Monday tracking Friday's Wall Street rally after U.S. data boosted expectations for a slowdown in Federal Reserve's monetary tightening.
Japan's Nikkei was shut for a holiday. South Korean shares and currency posted their best session in two months on Monday after data suggested a slowing down of monetary tightening by central bankers. The country's benchmark bond yield also dropped. The benchmark KOSPI ended 2.63% marking a fourth straight session of gains.
Hong Kong and China stocks rallied Monday as weak data as they welcome China's emergence from zero-Covid as well as pledges to help the struggling economy, particularly the property sector. The Hang Seng Index climbed 1.89%. The Shanghai Composite Index rose 0.58%, while the Shenzhen Composite Index on China's second exchange gained 0.68%.
European shares rose on Monday extending the year's upbeat start to a second week, as China reopened its borders overnight and U.S. and European data soothed nerves about aggressive tightening by central banks. The pan-European STOXX 600 gained in the morning session.
The outlook on credit worthiness outlook for sovereigns in the Asia-Pacific (APAC) region, including India, for 2023 is stable, compared to the negative outlook for sovereigns elsewhere, said rating agency Moody’s Investors Service on Monday.
“The debt sustainability and financial stability are relatively well anchored in the region, with contained government liquidity risks, broadly stable debt dynamics and generally sound external positions," the report said. (Read More)
Suez Canal maritime traffic was "normal" Monday after a cargo vessel carrying Ukrainian grain ran aground but was then refloated and towed away, said the Egyptian authority running the vital waterway.
The incident involving the 225-metre-long Marshall Islands-registered M/V Glory had briefly sparked fears of a repeat of a major 2021 blockage when the giant container ship Ever Given became diagonally wedged in the canal.
That week-long closure of the man-made waterway linking Asia and Europe cost billions of dollars through shipping delays, and the life of an employee of the Suez Canal Authority in the operation to free the mega-ship.
SCA chief Osama Rabie gave the all-clear Monday when he said "traffic is moving normally on the Suez Canal" after the authority had "mobilised four tugboats to tow the ship" allowing it to resume its passage through the canal. (AFP)
Infrastructure Leasing & Financial Services (IL&FS) on Monday said it completed the interim distribution pay-out for Rapid MetroRail Gurgaon South (RMGSL), an IL&FS Group company.
The Group has paid a total of ₹1,273 crore, of which ₹1,252 crore has been paid to the secured financial creditors, for RMGSL. The total claims of secured financial creditors -- including Canara Bank, Union Bank of India, Central Bank, Punjab & Sind Bank and India International Finance Company (UK) -- in RMGSL was ₹1,546 crore.
The company said this distribution translated in a recovery of around 81 per cent to these secured financial creditors. The four PSU banks have got over 75 per cent of the said RMGSL distribution pay-out.
The company said the IL&FS board had approved this payout in its meeting held last month. The IL&FS said it has already completed the interim distribution of ₹623.3 crore for Rapid MetroRail Gurgaon (RMGL) which translated into a recovery of 83 per cent for secured financial creditors, against their total claims of ₹752 crore. (ANI)
Apple Inc. exported more than $2.5 billion of iPhones from India from April to December, nearly twice the previous fiscal year’s total, underscoring how the US tech giant is accelerating a shift from China with geopolitical tensions on the rise. Foxconn Technology Group and Wistron Corp. have each shipped more than $1 billion of Apple’s marquee devices abroad in the first nine months of the fiscal year ending March 2023. (Read More)
The country's largest stainless steel maker Jindal Stainless took various initiatives to reduce 1.4 lakh tonnes (LT) of carbon emissions in the last financial year, its Managing Director Abhyuday Jindal said on Monday.
The company aims to be carbon neutral by 2050.
To achieve the goal, JSL has also created a position of Chief Sustainability Officer (CSO) and appointed Kalyan Kumar Bhattacherjee to the key post, Jindal said in a company statement.
"We reduced 1.4 LT CO2 in FY22 through various initiatives. From investing in Renewable Energy, Green Hydrogen production to introducing EVs at our manufacturing plants, we are continuously building an ecosystem that supports our environmental, social, and governance goals (ESGs)," he said. (PTI)
Softening commodities and better earnings visibility drove an uptick in indices from the lows of June last year. The Nifty Midcap index outperformed the benchmark Nifty, rising 25 percent from June lows as against a 9 percent rise in Nifty50 (from June lows).
However, overall in 2022, the midcaps underperformed the benchmarks, rising a little over 1 percent as against an over 4 percent jump in Nifty.
Going ahead, global brokerage house Jefferies sees an earnings revival in mid-cap firms in FY2024 as commodity prices turn favourable and also expects the operating margins of midcaps to rise around 90 basis points (bps) YoY. The brokerage recommends a bottom-up approach in the mid-cap space and advises investors to stay selective. It prefers themes like capex revival, housing, and PLI (production-linked incentive).
Jefferies prefers strong brand franchises that demonstrate good margin resilience. It likes Supreme Ind as its margin uptick is likely from FY24e with PVC stabilizing; 40 percent value-added mix. It is also bullish on Polycab on the back of solid execution despite softening copper; focus to improve FMEG. Kajaria Ceramics is another of its top picks amid its focus on exports by Morbi to aid domestic demand and pricing stability. And finally, it prefers Crompton Greaves Consumer Electricals due to its healthy margins in core business and potential synergies from Butterfly integration. (Read More)
Social media platform Meta has appointed Vikas Purohit as Director of Global Business Group in India to lead the strategy and delivery of the charter that is focused on the country's leading advertisers and agency partners, the company said on Monday.
"I am thrilled to welcome Vikas as he joins our team to shape the role that Meta platforms can play in enabling businesses, supporting India's economic growth, and building the digital advertising ecosystem of the country," Srinivas said. (Read More)
Engineering and construction behemoth Larsen & Toubro (L&T) on Monday said its heavy engineering arm has won multiple ‘‘significant" orders in India and overseas in the third quarter of FY23. In the overseas market, L&T Heavy Engineering secured orders for one of the heaviest reactors and screw plug heat exchangers for a refinery in Mexico. (Read More)
State-owned CESL on Monday said it has invited bids to lease out 3,500 electric vehicles for a period of up to 5 years.
The bids have been invited from original equipment manufacturers (OEMs)/leasing agencies/NBFCs for leasing the 4-watt battery-based cars to various departments and autonomous bodies across 18 states and Union Territories for a tenure of 3-5 years, the company said in a statement.
These states/UTs include Delhi, Maharashtra, Gujarat, Uttar Pradesh, Kerala, West Bengal, Haryana, Assam, Odisha, Rajasthan, Madhya Pradesh, Bihar, Goa, among others.
Convergence Energy Services Limited (CESL) will charge a service fee for making available the aggregated demand for cars. (PTI)
BCL Industries shares are one of the multibagger stocks that Dalal Street has produced in the post-Covid rebound. The small-cap stock has risen from around ₹31 to ₹371 from March 2020 to ₹371 today. However, it seems that some steam is still left in this multibagger stock. BCL Industries' share price today locked in 20 per cent upper circuit and climbed to the tune of ₹371 apiece levels.
The small-cap stock with a market cap of ₹896 crore has witnessed strong upside in the post-Covid stock market rebound. However, the stock has remained under base building mode for the last year. In the last month, this small-cap stock has dipped around 4 per cent whereas in the last six months, this multibagger small-cap stock has dipped around 2 per cent. so, the stock has remained sideways to negative in the last six months. In the last year, this BSE, NSE listed stock has surged from ₹344 levels to ₹371 apiece levels, ascending to the tune of 8 per cent in this time. (Read More)
The CBI has filed a new case against Unitech Limited and its former directors in connection with an alleged fraud in the IDBI bank involving an amount of ₹395 crore, officials said.
Nearly six months after a complaint from the bank, the Central Bureau of Investigation (CBI) has booked the company and its former promoters and directors Ramesh Chandra, Ajay Chandra and Sanjay Chandra under the Indian Penal Code (IPC) sections dealing with criminal conspiracy and cheating and provisions of the Prevention of Corruption Act, the officials said.
The accused Unitech founders are facing another CBI probe pertaining to an alleged fraud in the Canara Bank.
The company was allegedly enjoying a vendor bill discounting (VBD) facility, a kind of credit, of ₹400 crore from the IDBI bank in 2012, the officials said. (Read More)
The Indian rupee strengthened sharply on Monday, as the dollar index plunged after economic data released last week fanned hopes of the Federal Reserve slowing the pace of its interest rate hikes.
The rupee was trading around a one-month high of 82.30 per dollar by 10:15 a.m. IST, as compared to its previous close of 82.72.
"A break of 82.40-level was critical and if USD/INR stays below this, the pair could drop to 81.80-81.50 in the coming days", said Sajal Gupta, head forex and rates at Edelweiss Financial Securities.
Asian currencies and stocks got a boost as the dollar index and Treasury yields extended Friday's decline after data showed wage growth in the United States slowed month-over-month while services activity contracted for the first time in over 2-1/2 years. (Reuters)
Shares of IDBI Bank climbed over 5 percent on Monday, January 9 on reports citing that the Middle East banking powerhouse Emirates NBD and billionaire Prem Watsa-led Canada’s Fairfax Group are likely to have submitted Expression of Interests (EOIs) earlier this week for a majority stake in IDBI Bank.
On Saturday, January 7, the Centre received multiple expressions of interests (EoIs) from domestic and foreign investors for the 60.72% stake in IDBI Bank, which will go to the successful bidder along with management control. (Read More)
Oil prices climbed on Monday as the borders reopened in China, the world's top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns.
Brent crude futures rose 90 cents, or 1.2%, to $79.47 a barrel at 0520 GMT, while U.S. West Texas Intermediate crude was up 90 cents, or 1.2%, at $74.67.
Hopes for less-aggressive U.S. interest rate rises are buoying financial markets and depressing the dollar. A weaker greenback makes dollar-denominated commodities more affordable for investors holding other currencies.
Both Brent and WTI tumbled more than 8% last week, their biggest weekly declines at the start of a year since 2016.
"Crude oil prices recovered from the previous week's losses as the economic reopening in China and less aggressive monetary tightening prospects from the Federal Reserve set a positive tone for demand recovery," said Avtar Sandu, senior manager for commodities at Phillip Futures. (Reuters)
Along with considering and announcing its third-quarter earnings for the current fiscal (Q3FY23), IT giant Tata Consultancy Services' (TCS) board will also consider declaring the third interim dividend in the meet on Monday, January 9, 2023. TCS shares surged more than 3% to ₹3,313 apiece on the BSE in early trading session.
“W5, we hereby inform you that a meeting of the Board of Directors of Tata Consultancy Services Limited is scheduled to be held on Monday, January 9, 2023, inter alia to.. consider declaration of third interim dividend to the equity shareholders," the company had informed in an exchange filing last month. (Read More)
Indian government bond yields eased in the first trading session of the week, tracking a fall in U.S. peers on Friday after economic data in the world's largest economy prompted bets of a slower pace of rate hikes by the Federal Reserve.
The benchmark 10-year yield was at 7.3361% as of 10:00 a.m. IST on Monday, after ending at 7.3736% on Friday, its highest level since Nov. 9.
"There is some positivity in sentiment returning after a sharp downmove in U.S. yields, but any major fall from this point is not on the cards and 7.30% will continue to act as strong bottom," a trader with a state-run bank said.
U.S. yields tumbled on Friday, as wages rose less than expected last month and new jobs increased more, while the U.S. services sector shrank for the first time in more than 30 months.
The Institute for Supply Management's (ISM) non-manufacturing index dropped to 49.6 last month from 56.5 in November, the first time since May 2020 that the services reading fell below the 50 threshold, indicating contraction. (Reuters)
The Indian media and entertainment sector may log a revenue growth of 12-14 per cent on a yearly basis to about ₹1.6 lakh crore during the financial year 2023-24 (April-March), against the expected 16 per cent growth in the current financial year ending March 2023, Crisil Ratings said.
Advertisement revenue, which accounts for about 55 per cent of the sector's revenue, is expected to grow 14 per cent given its strong correlation with economic activity.
"Also, the general elections expected in mid-2024 will trigger an increase in ad spend in the last quarter of next fiscal," the ratings agency said in a report earlier this week.
Subscription revenue, accounting for the balance 45 per cent, may grow at a relatively slower pace of 12 per cent.
"While television (TV) will continue to dominate ad revenue share given its wider reach, digital will lead in growth, rising 15-18 per cent annually over the medium term. It has emerged as the medium of choice in the past few years amid accelerated adoption of over-the-top (OTT) platforms, online gaming, e-commerce, e-learning, and online news platforms," said Naveen Vaidyanathan, Director, of CRISIL Ratings. (ANI)
The initial public offering (IPO) of Baheti Recycling Industries Ltd is one of the multibagger IPOs that Dalal Street delivered at the end of the year 2022. The NSE SME IPO was launched in November 2022 at a fixed price of ₹45 per equity share and it was listed on 8th December 2022. So, the SME stock has been trading on the NSE SME exchange for the last one month.
In one month of listing, the SME share has climbed to its record high of ₹140 apiece and lifetime low of ₹90. So, the stock has remained a multibagger IPO for its allottees throughout this one month of its listing, delivering more than a 200 per cent return to its allottees at one point of time. (Read More)
Recommendation: We recommend a BUY rating on the stock with a near-term TP of ₹750, implying an upside of 11% from CMP.
· VIP Industries is in the business of manufacturing and marketing of luggage bags, backpacks and accessories with market leading position in the organised segment. Company’s brands VIP, Skybags, Carlton and Aristocrat command leadership status in the luggage industry. Most of these brands have been in the industry for 10-50 years and enjoy strong brand salience. VIP also has a strong distribution network that gives customers easy access to its luggage everywhere in India via 11,430 points of sale. This network encompasses exclusive brand outlets (EBOs), multi-brand outlets (MBOs), large format retail, defense canteens, and e-commerce channels.
· The Indian Wedding Rush: India is expected to witness around 32 lakh weddings during a span of 4 months ranging from Nov ‘22 – Feb ’23, this wedding rush clubbed with the festive impact of the third quarter shall have a positive surprise over and above street estimates. We expect VIP to claw back certain market share as we see re-tilt towards premium segment.
· Strong pick up in travel & tourism: Key travel and tourism platforms reports big jump in their booking surpassing the pre[1]Covid levels in month of December. The airports witnessed high levels of traffic as International travel picked up, airports in metro cities are planning for >20% traffic growth in coming two months as data suggests. Also increasing number of International departures of students to foreign universities shall help boosting demand for Hard Luggage.
· Improving product profile: VIP has started adding depth to its product offering increasing its tilt towards premium products across all categories. Biker & Marvel Collection in Backpack, Solid Metallic's in HL segment , etc would be more appealing to new generation. This with the shift to PP strategy shall help improve margins.
Titan on Friday said that the firm saw healthy consumer demand due to the festive season which resulted in 12 per cent growth in combined sales on a year basis in the December quarter. The firm clocked double-digit growths in all segments despite a high base, said Titan. The firm added 111 new stores in the December quarter. "The healthy consumer demand spurred by a vibrant festive season resulted in 12% growth in combined sales YoY across Company’s standalone businesses. The positive consumer sentiment helped all categories clock healthy double-digit growths despite a high base in the same period of last year," said Titan in its regulatory filing.
The first 'Global Partnership for Financial Inclusion' meeting of the G20 will begin in Kolkata on Monday with Queen Máxima of the Netherlands addressing the inaugural session.
The three-day meeting will focus on the principles of digital financial inclusion, remittance costs and SME finance availability, officials said.
It will also feature symposiums, exhibitions and a domestic outreach programme on digital financial literacy involving over 1,800 students from various schools, they said.
Twelve international speakers will attend this G20 meeting, including senior officials from the World Bank, Monetary Authority of Singapore, France and Estonia.
Unique Identity Authority of India (UIDAI) CEO Saurabh Garg and National Payments Corporation of India (NPCI) MD and CEO Dilip Asbe are also scheduled to address the sessions.
West Bengal Chief Minister Mamata Banerjee may also attend the meeting on Monday, a Union Finance Ministry official said. (PTI)
One 97 Communications (Paytm) said that it dispersed ₹3,665 cr of loans in December month. It registered a 32 % YoY growth in its average monthly transacting users in December FY23. The company's loan disbursement business continued to be on a growing trajectory and witnessed a 357% YoY growth in the December quarter.
As a result, total disbursements for the three months ended December 2022 was ₹9,958 Cr, a growth of 357%
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The US economic data released on Friday is significant from the global market perspective. All data point to a strong but cooling US economy which indicates the rising possibility of a soft landing for the US economy. The ISM Services data came at 49.6 against the previous figure of 56.5. The December jobs increase was 223000, the lowest in 2 years. The hourly wage increase slowed to 4.6% against the recent peak of 5.6%. All these point to cooling inflation and the possibility of the Fed going less hawkish in 2023. The market has already started discounting this with the dollar index declining below 104 and the US 10-year bond yield declining by 12bp. All signals are bullish.
In India, the major drag has been the sustained FII selling. This is the data to watch. If this too turns, Nifty can break out on the upside.
STOCK IN FOCUS
Havells (CMP 1,193): Considering expected strong up-tick over the next couple of years, improved growth visibility and operating efficiency, improvement in return ratios and likely revival of Lloyd business led by structural changes, we have our BUY rating on the stock with Target Price of Rs1,631.
Intraday Picks
CUMMINSIND (PREVIOUS CLOSE: 1,431) BUY
For today’s trade, long position can be initiated in the range of Rs1,426-
1,414 for the target of Rs1,485 with a strict stop loss of Rs1,404.
BALKRISIND (PREVIOUS CLOSE: 2,211) BUY
For today’s trade, long position can be initiated in the range of Rs2,195-
2,180 for the target of Rs2,265 with a strict stop loss of Rs2,154.
PETRONET (PREVIOUS CLOSE: 218) SELL
For today’s trade, short position can be initiated in the range of Rs219-
221 for the target of Rs211 with a strict stop loss of Rs224.
India’s drone industry saw a bumper year in terms of fundraising in 2022, lifted by favourable government policies, increasing use cases, and the first public listing of a company from the sector. Still, adoption of drones remains low in the country, thanks in part to steep costs of equipment and training.
According to data from researcher Tracxn, homegrown drone startups raised $39.1 million of equity funding in 2022, more than double compared to $17.5 million in 2021. To be sure, growth was high in 2021 as well at 90%, but that was from a smaller base of $9.2 million in 2020. The number of funding rounds remained almost flat at 21 in 2022 against 23 in 2021, but higher than 11 in 2020. In comparison, global funding in the drone sector grew to $3 billion in 2022, a marginal rise of 7.1% from $2.8 billion in 2021. A year earlier, the growth in funding was more than double from $1.1 billion in 2020. (Read More)
Jindal Steel and Power Limited (JSPL) will invest up to ₹1,500 crore to make recently-acquired Monnet Power operational, its Managing Director Bimlendra Jha said.
The investment will be made over the period of the next 12 to 18 months, he said.
In December 2022, the steelmaker acquired debt-laden Monnet Power for ₹410 crore through the insolvency route.
The 1,050 megawatts (MW) under-construction coal-based power project is located near JSPL's steel plant in Angul, Odisha.
"We will invest fresh investment of up to ₹1,500 crore to make the plant operational. The amount will be invested over the period of the next 12-18 months," Jha told PTI.
Once completed, the new asset will provide power to JSPL's steel plant in Angul, which is in expansion mode, he said.
The coal for Monnet Power will be sourced from the Uktal B1 and B2 mines of JSPL. (PTI)
The Titan Company has said its sales across standalone businesses went up 12 per cent year-on-year in the third quarter of fiscal 2022-23.
The positive consumer sentiment helped all categories clock healthy double-digit growths despite a high base in the same period of last year, according to the company statement shared with exchanges.
The company statement said healthy new buyer growths in the festive period, higher value purchases in the studded category and unique new collections for the season helped the jewellery division achieve an 11 per cent growth y-o-y (excluding bullion sales).
Watches division's 14 per cent growth y-o-y was led by strong traction in the wearables space, the company said. A slew of exciting product launches in the fiscal year leading to the festive season contributed well to more than tripling sales from the wearables sub-segment in the quarter compared to same period last year, according to the company statement. (ANI)
Tata Consultancy Services, Gyscoal Alloys, JBF Industries, Shrenik, and Tijaria Polypipes will be among the stocks in focus as they declare their December quarter earnings today. (Read More)
Foreign portfolio investors (FPIs) turned into net sellers in the first week of 2023 due to intense bearish sentiment amidst FOMC minutes, economic data, and a sharp selloff in IT stocks. Also, investors showed nervousness ahead of major tech earnings such as TCS, Infosys, Wipro, and HCL Tech among others. In the week that ended January 6th, FPIs outflow from Indian equities stood at ₹5,872 crore.
FPIs were broadly net sellers across market instruments. As per NSE data, between January 2-6, FPIs pulled out ₹5,872 crore from equities, while they sold ₹1,240 crore from debt, ₹760 crore from debt-VRR, and ₹36 crore in the hybrid market. Overall, the outflow stood at ₹7,908 crore in Indian markets during the first week of 2023 with equities taking the most beating. (Read More)
The government is likely to announce adjustments in the duty structure for the $200-billion Indian apparel and textile sector in the Union budget next month in a bid to improve Indian competitiveness in cash-strapped Western markets, a senior government official said. Mismatch in demand and supply during the ongoing financial year had driven Indian cotton prices to a record high of ₹1 lakh per candy at one point. (Read More)
Goldman Sachs Group Inc. is embarking on one of its biggest round of job cuts ever as it locks in on a plan to eliminate about 3,200 positions this week, with the bank’s leadership going deeper than rivals to shed jobs.
The firm is expected to start the process mid-week and the total number of people affected will not exceed 3,200, according to a person with knowledge of the matter. More than a third of those will likely be from within its core trading and banking units, indicating the broad nature of the cuts. The firm is also poised to unveil financials tied to a new unit that houses its credit card and installment-lending business, which will record more than $2 billion in pretax losses, the people said, asking not to be identified discussing private information. (Read More)
Investments into the Indian real estate sector by private equity firms stood at USD 3.4 billion at the end of 2022, data from property consulting firm Savills India showed.
The quantum of investment last year -- 2022 -- was at par with the investment registered in 2021.
Savills India's data suggested that commercial office assets remained the frontrunner during 2022, garnering about half of the total investments.
Residential and retail sectors also witnessed robust growth, though riding on the end-users' demand.
Despite persisting geopolitical challenges amid the ongoing Russia-Ukraine war, high global inflation, a fresh Covid outbreak and lockdown in neighbouring China, Indian real estate assets provided favourable avenues for both global and domestic institutional investors. (ANI)
Paytm Payments Bank has received banking regulator RBI's nod to appoint Surinder Chawla as its Managing Director and CEO, the company said in a statement on Sunday.
The RBI, however, continues to bar Paytm Payments Bank from on-boarding new customers.
"Paytm Payments Bank Limited (PPBL) has appointed veteran banker Mr. Surinder Chawla as its new Managing Director (MD) and Chief Executive Officer (CEO). The appointment has been approved by the Reserve Bank of India for a period of three years," the statement said.
Before joining PPBL, Chawla was working with RBL Bank, where he served as Head - Branch Banking and focused on expanding the CASA base, fee revenue, and cross-selling across channels. (PTI)
Vaishali Parekh of Prabhudas Lilladher has recommended two intraday stocks for today, here we list out full details in regard to the two day trading stocks:
1] Mahindra & Mahindra (M&M): Buy at ₹1264, target ₹1288, stop loss ₹1250; and
2] Gujarat Narmada Valley Fertilizers & Chemicals or GNFC: Buy at ₹587, target ₹604, stop loss ₹580. (Read More)
All eyes are set on IT-giant Tata Consultancy Services (TCS) which is set to announce its financial performance for the quarter ending December 31, 2022 (Q3FY23) period on January 9. TCS stock will also be in focus during this week's session. TCS which is the largest IT company in terms of market share will be the first to present its Q3FY23 earnings in the sector. In Q3, the company is expected to see improvement in operating margin as supply-side disruption eases. Among key things to watch out for will also be TCS' third interim dividend announcement.
Ahead of Q3 earnings, TCS shares closed at ₹3,212 apiece on BSE down by 2.97% on Friday. TCS is the second largest Indian firm with a valuation of over ₹11.75 lakh crore as of January 6, 2023, after RIL. (Read More)
The finalisation of share allocation for the initial public offering (IPO) of Sah Polymers Ltd can be announced any time today. As per the tentative schedule of the public issue, Sah Polymers IPO allotment date is most likely on 9th January 2023. Those who applied for the public offer will be able to check their allotment status online by logging in at the BSE website or on the website of the official registrar of the IPO. Link Intime Private Limited has been appointed as the official registrar of the Sah Polymers IPO.
As mentioned above Those who have applied for the public issue can check their application status online by logging in at the BSE website — bseindia.com or at the website of official registrar of the public issue. (Read More)
A flood of imports swelled the Centre’s customs duty receipts in the three months to November, reversing the declining trend of most of the first half of the current fiscal, official data showed.
That leaves excise duty the only laggard in the Centre’s tax revenue collections so far this year, which has contracted from year-ago levels. The dramatic recovery in customs duty receipts comes as a relief to policymakers trying to balance the budget amid a surge in subsidy outgo. (Read More)
Stocks rallied after a shaky start and closed with broad gains Friday as some mixed readings on the U.S. economy stoked hope on Wall Street that inflation may keep cooling and the Federal Reserve may ease up on its interest rate hikes.
The S&P 500 rose 2.3%, marking its first winning week in the last five. The Dow Jones Industrial Average gained 2.1% and the Nasdaq composite added 2.6%. Small-company stocks also rose, lifting the Russell 2000 index 2.3% higher.
Markets worldwide got an initial jolt from the U.S. jobs report. On the upside for them, it showed workers’ wage gains are slowing, which could mean easing pressure on the nation’s high inflation. On the downside, it also showed hiring across the job market may still be too strong for the Fed’s liking, even after its fusillade of rate hikes last year.
Analysts warned trading may remain turbulent in the coming hours and weeks as investors keep trying to handicap whether the economy can avoid a recession. Much of the trading is based entirely on expectations for what the Fed will do with rates: High rates slow the economy by design, hoping to grind down inflation, while also threatening to cause a recession and dragging down prices for all kinds of investments.
Perhaps the clearest action for investors was in the bond market, where the yield on the two-year Treasury dropped to 4.28% from 4.48% just before the release of the data on the U.S. labour market. (AP)
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