Market Closing: Sensex up 221 pts; Nifty ends at 18,055; IT stocks drive gains

11 Jan 2022, 03:34:02 PM IST

Markets end higher for third day in a row

Key indices ended with gains for the third day in a row in a choppy session. Sensex ended 221 points higher at 60,616.89 led by heavyweights HCL Tech, HDFC and Reliance Industries. Nifty settled at 18,055.75, up 0.29%. Broad markets were largely positive with midcap and in the small-cap stocks ending in the green. IT stocks outshone, while metals lagged.

11 Jan 2022, 03:34:02 PM IST

Yash Gupta, Equity Research Analyst, Angel One, on Delhivery IPO

Long wait for Delhivery IPO is over as the company IPO is expected by the end of the month. The company has received the approval for IPO from SEBI. The total issue size of the IPO will be ₹7,460 crores, which comprises fresh issue of ₹5000 crores and offer for sale of ₹2,450 crores. Delhivery Limited is one of the fastest growing fully integrated logistics companies, having a nationwide network with access to 17000 pin codes and having 21 automated sort centers.

Delhivery Limited is a well-placed company for growing ecommerce demand in India, company has more than 21000 customers which includes e-commerce, Direct to home companies etc. On the financial front, the company has reported good growth in revenue but still not able to report a positive bottom line, company has reported revenue of ₹3,838 crores and loss of ₹4,155 crores in FY2021. This will be the first IPO of CY2022.

11 Jan 2022, 03:24:12 PM IST

5 things to watch out for in TCS, Infosys, and Wipro Q3 earnings

For the first time, the three Indian IT services companies -- Tata Consultancy Services Ltd (TCS), Infosys Ltd, and Wipro Ltd --will be announcing their quarterly earnings on the same day. As the big three are set to declare their third quarter earnings on Wednesday, investors will keenly watch out for management commentary on outlook, attrition rates, and deal momentum.

Though Q3 is a seasonally weak quarter due to furloughs and lower working days in key markets of the US and Europe, analysts expect companies to report to strong earnings on the back of robust demand.

Mint highlights five things to watch out for in the Q3 results of TCS, Infosys, and Wipro that will be declared on 12 January, after market hours. (Read here)

11 Jan 2022, 03:19:43 PM IST

Adani Green Energy soars 8%; market cap at ₹2.4 trillion

11 Jan 2022, 03:16:30 PM IST

Bruised restaurant industry seeks tax holiday

Restaurants are seeking simplification in taxes, tax holidays or reduction in fees given to excise departments, among other things, from the government as they struggle amid the coronavirus pandemic. As per National Restaurant Association of India, the representative body of restaurants, the industry has seen its business halve to ₹2.0 trillion in FY21 from ₹4.23 trillion in FY20, with the pandemic having forced nearly 30% restaurants to shut down permanently. (Full story)

11 Jan 2022, 03:09:13 PM IST

Nifty metal down around 2%

11 Jan 2022, 02:58:04 PM IST

UK PM Johnson under fire over 'bring your own booze' lockdown party: Reuters

11 Jan 2022, 02:46:23 PM IST

Centre gets 6th extension to frame rules for Citizenship Act

Ministry of Home Affairs (MHA) has been granted extension for the sixth time from the Parliamentary Committees on Subordinate Legislation in the Rajya Sabha and the Lok Sabha to frame the rules for the controversial Citizenship (Amendment) Act (CAA), 2019, said sources. (ANI)

11 Jan 2022, 02:35:45 PM IST

Indian Airport Bonds Drop to 3-Month Lows on Airline Cutbacks

The bonds of Indian airport operators dropped to their lowest since October, as a surge in Covid-19 cases dents demand for air travel.

The 6.45% 2029 note issued by Delhi International Airport declined to its lowest level since Oct. 12 on Tuesday, while a 4.75% 2026 issue of GMR Hyderabad International Airport fell to its least since Oct. 14.

Both Vistara, a joint venture between Tata Sons and Singapore Airlines, and Indigo, the country’s biggest budget carrier, have cut capacity in response to a surging case load and travel restrictions.

India’s federal government has also announced a tighter quarantine regime for international travelers. (Bloomberg)

11 Jan 2022, 02:24:43 PM IST

Global markets mixed

Asian and European markets mixed Tuesday in cautious trade as investors grew increasingly concerned about the Federal Reserve's plans to wind back its financial support measures and lift interest rates within months.

Tokyo's Nikkei 225 fell 0.9%, Hong Kong's- Hang Seng ended flat, and Shanghai's Composite ended 0.7% lower. London's FTSE rose 0.6%, Frankfurt's DAX index and Paris CAC 40 added 1.1%

11 Jan 2022, 02:14:31 PM IST

SC reserves Future Group plea on allowing it to go ahead with RIL deal

“We should be allowed to secure shareholder approval, seek nod from CCI, NCLT," says Future Group To SC

11 Jan 2022, 02:04:41 PM IST

Indian economy to see 9.5% growth this fiscal: Arvind Virmani

The Indian economy is likely to register a growth of 9.5% in this financial year, former chief economic adviser Arvind Virmani said on Tuesday.

Virmani said that government expenditure and exports have peaked, but so far private consumption has not recovered due to the COVID-19 pandemic.

"The current financial year's growth will be higher and close to 9.5 per cent. And this decade's (FY21-FY30) average growth will be 7.5 per cent plus minus 0.5 per cent," he said.

11 Jan 2022, 01:54:38 PM IST

Urgent deal needed on IPR waiver to deal with covid-19: WTO director general

The World Trade Organization (WTO) has urged members to step up efforts to reach a multilateral deal on waiver of intellectual property rights (IPR) on Covid-19 related vaccines, therapeutics, and diagnostics mooted by India to fully contribute to the global fight against the pandemic.

WTO said in a statement that a meeting was called on Monday by the multilateral body’s general council in response to India’s proposal to hold a virtual ministerial conference to discuss waiver of relevant intellectual property protections. Waiver of IPR, such as patents held by innovators will enable others to make generic versions of those products, helping reduce costs and improving competition and availability of the said products.

11 Jan 2022, 01:44:42 PM IST

Madras High Court's division bench dismisses Spicejet 's plea against winding up proceedings

SpiceJet had challenged a single-judge bench order of Madras HC which allowed admission of winding up plea against the airline.

11 Jan 2022, 01:35:20 PM IST

Covid has not impacted India's long-term growth trajectory:Tata group chairman

The coronavirus pandemic has not impacted India's long-term growth trajectory although it has delayed it and in this decade, the country will lead the global growth rates, Tata group chairman N Chandrasekaran said on Tuesday.

11 Jan 2022, 01:25:00 PM IST

Marksans Pharma receives final US FDA nod for Cetirizine Hydrochloride tablets

11 Jan 2022, 01:15:16 PM IST

Sensex up 200 points led by RIL, HDFC

11 Jan 2022, 01:05:03 PM IST

Star Health launches WhatsApp services to facilitate policy, claims access

11 Jan 2022, 12:55:57 PM IST

Adani Green Energy Q3 total operational capacity increases 84% YoY to 5,410 MW; shares up 4%

11 Jan 2022, 12:47:10 PM IST

India mulls easing curbs on some Chinese investments - Bloomberg

11 Jan 2022, 12:37:41 PM IST

Aurobindo Pharma’s arm CuraTeq and Orion expand licensing deal for marketing & distribution of biosimilar pipeline in Baltic States

11 Jan 2022, 12:27:14 PM IST

Pricing led growth; margin pressure continues: Axis Direct on Consumer Durables Q3FY22

Demand trends: The overall demand sentiment improved around and post the festive season. However, some moderation in demand was observed in late Nov’21 and Dec’21. Wires & Cables witnessed higher value growth, while volume growth remained subdued. Higher growth was seen in smaller appliances and seasonal products like water-heaters, air-purifiers. Channel checks indicated 4-5% growth in fans during the quarter. For RAC’s, the preference for fixed speed Ac’s continues to be high. While most RAC brands have taken price hikes during the quarter, it may impact demand going forward. For LED lighting, the demand traction remained strong during the festive season but pricing growth outpaced volume growth.

Higher RM costs continue to weigh on margins: The average raw material prices were higher in the case of commodities like Aluminium, Copper & PVC. However, the prices moderated temporarily in Nov’21. The prices of TDI witnessed a moderation in the middle of the quarter but they moved up again by the end of Q3FY22. The high RM prices thus continue to weigh on margins while companies resorted to price hikes to partially offset the price hike.

Key points to monitor: We would watch out for management commentaries on a) Demand momentum post the festive season and preparedness for the possible COVID 3.0, b) Price hikes taken by the companies to pass on the increased RM cost, c) Market share gains vs. unorganized players (for Polycab India and Sheela Foam), d) Updates on production (for Dixon Technologies and Amber Enterprises) under the PLI schemes, and e) Demand trends in rural and urban areas, sales mix, and online sales. We would also closely monitor commentary on international subsidiaries and their performance (especially Symphony and Sheela Foam) as well as export opportunities going forward.

Top result plays:

Positive: Polycab India, Amber Enterprises, Dixon Technologies

Negative: Symphony Ltd.

11 Jan 2022, 12:17:00 PM IST

Mid-market trade: Sensex up 150 points

11 Jan 2022, 12:08:36 PM IST

YES Securities expects Nifty to hit 21,000 in 2022 and 32,000 in 2025

>Household consumption will increase by 46% to Rs191 trillion over the next four years; GenZ and Millennials to drive consumption, , according to the ‘Sense and Sentiment Report: Envisioning 2022 and Beyond’ by YES Securities, a wholly owned subsidiary of YES Bank

>Troubled sectors like Telecom, Capital Goods, Pharma, Banks, Asset Management, Real Estate, Cement, Discretionary, Building Materials among others are out of woods

>US Fed Taper Tantrums won’t spoil the party; market cycles hints at a mega rally

11 Jan 2022, 12:02:49 PM IST

High costs, low use may derail development of EV charging infra

The electric vehicle (EV) industry may fall well short of its target of setting up a sufficient number of public charging stations in India this year and thus dampen the excitement over EV adoption in the country. (Read more)

11 Jan 2022, 11:52:47 AM IST

JSW Steel's crude steel production volume at 5.35 mt in Q3FY22, registering a growth of 6% QoQ and 28% YoY

11 Jan 2022, 11:50:44 AM IST

Power outage affects trading at LME - Bloomberg News

11 Jan 2022, 11:48:19 AM IST

Spread of new variant hurt retail sales in December

Retail sales grew 7% in December over December 2019 or pre-pandemic levels, but slowed down month-on-month as the spread of covid-19 cases brought with it fresh curbs in parts of the country, Retailers Association of India (RAI) said in its 23rd edition of the Retail Business Survey.

Several retailers reported a dip in business towards the end of December.

11 Jan 2022, 11:35:35 AM IST

For Alembic Pharma, product approvals in US indicate worst may be behind

Alembic Pharmaceuticals Ltd announcement on tentative approval for Dronedarone 400 mg tablet should add to the earnings outlook for the company. The company’s US sales outlook is improving gradually with the company receiving multiple approvals for launches in the US. (Read more)

11 Jan 2022, 11:25:22 AM IST

Covid guidelines: Delhi Disaster Mgmt Authority says all private offices shall be closed except those in exempt category

11 Jan 2022, 11:21:14 AM IST

Larsen &Toubro Infotech partners Securonix & Snowflake to strengthen cybersecurity offerings

11 Jan 2022, 11:12:54 AM IST

ICICI Securities: Daily Commodities Outlook

Bullion Outlook

· Gold prices fell slightly on Monday amid a firmer dollar and elevated treasury yields, as investors awaited key inflation data due later this week that could stress the need for earlier-than-anticipated interest rate hikes by the Federal Reserve

· US 10-year treasury yields rose to 1.8%, their highest level in two years, as the dollar ticked up amid bets US inflation will bolster the case for higher interest rates

· Investors will now focus on the US inflation data due on Wednesday. US core CPI is expected to have risen to its highest in decades at 5.4% in December, up from 4.9% in the prior month

Energy Outlook

· Oil prices traded flat on Monday as concerns over supply from Kazakhstan and Libya were offset by demand fears stoked by the rapid global rise in Omicron Coronavirus infections

· A fall in Azeri crude oil exports from Turkey's Ceyhan port lent some support to prices. February exports were set at 14.72 million barrels, down from 17.27 million in January

· Opec's output in December rose by 70,000 bpd from the previous month against the 253,000 bpd increase allowed under the Opec+ supply deal

11 Jan 2022, 11:03:28 AM IST

Rupee gains 13 paise to 73.92 against US dollar in early trade

11 Jan 2022, 10:54:22 AM IST

Timex Group India Ltd up 5%

The leading watchmaker said it has been granted manufacturing and distribution rights for Guess & Gc branded watches in the country. It has sealed a pact with Timex Nederland B.V. for the grant of manufacturing and distribution rights for the Indian market

11 Jan 2022, 10:45:12 AM IST

Top 5 bluechip growth stocks to add to your watchlist

While one can invest in stocks for the short term or long term, the chances of earning high returns increase dramatically if you invest for the long term.

Your investment portfolio should also have companies that grow consistently and offer stability against adverse market conditions.

So which stocks should you invest in?

Enter bluechip companies.

Bluechip companies are well established and financially sound companies with stable growth. Though bluechip stocks can often be expensive, they are low-risk investments. These companies have zero or low debt and are resilient to economic downturns. (Full story)

11 Jan 2022, 10:35:10 AM IST

BSE SmallCap up 111 points

11 Jan 2022, 10:25:33 AM IST

Ahead of Infosys Q3, ISG shares robust demand outlook for 2022

This week is likely to be an exciting one for investors in Indian information technology (IT) stocks. The December quarter earnings of large-caps Infosys Ltd, Tata Consultancy Services Ltd and Wipro Ltd scheduled on 12 January. Ahead of tier-I tech results, global advisor to the IT services sector ISG has said that it sees strong demand momentum sustaining in 2022. Analysts say, this bodes well for the Indian technology sector.(read more)

11 Jan 2022, 10:15:09 AM IST

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The index has opened on a nervous note but continues to hold fort above 18000. Considering that we closed above 17950, the Nifty is in positive terrain and intra day dips can be utilized to accumulate long positions for higher targets. The markets should be looking forward to 18400-18500 with a support level at 17400-17500.

11 Jan 2022, 10:05:08 AM IST

Covid-19 cases decline, but death rate up

India reported a decline in daily Covid-19 cases on Tuesday at 168,063 coronavirus cases, but death cases rose to 277 in a span of 24 hours. Yesterday, India had added 1,79,723 Covid cases. The number of Omicron tally surged to 4,461 after 428 new cases were recorded in a day. Daily active cases have jumped to 97,827, comprising 2.29% of the cumulative Covid-19 cases in the country. Altogether, India's active caseload stands at 8,21,446, as of January 11. The total number of death counts has also increased to 4,84,213.

11 Jan 2022, 09:56:37 AM IST

Nifty IT outperforms, up 1%

11 Jan 2022, 09:46:50 AM IST

Fortis Healthcare slips 2%

A US-based entity has filed a suit against Fortis Healthcare and various others, including IHH Healthcare Berhad, for alleged "copyright infringement and tortious interference with contracts", seeking damages in excess of USD 6.5 billion. Emqore Envesecure, a trust settled under the laws of Wyoming, has filed a suit against 28 named defendants and 21 non-party defendants, including Fortis Healthcare Ltd and IHH Healthcare Berhad.

11 Jan 2022, 09:38:40 AM IST

Paytm shares up 1%; loan disbursal volumes up

Paytm operator One97 Communications recorded “stellar growth" in the December quarter, on the back of a rapid scaling of its lending business, it said on Monday. Loan disbursal volumes during the quarter shot up 401% year-on-year to 4.4 million and value jumped 365% to ₹2,180 crore.

11 Jan 2022, 09:30:04 AM IST

Vodafone slips 14%; co opts for conversion of interest from spectrum, AGR dues to equity

11 Jan 2022, 09:27:29 AM IST

Nifty players at open

11 Jan 2022, 09:21:43 AM IST

Sensex flat with a positive bias

11 Jan 2022, 09:16:58 AM IST

Markets open flat

11 Jan 2022, 09:12:57 AM IST

Stocks to Watch: Paytm, Axis Bank, Fortis Healthcare, Vodafone

Besides, Paytm, Axis bank and Fortis, Vodafone Idea is in focus as its board approved conversion of the full amount of interest related to spectrum auction instalments.

11 Jan 2022, 09:03:14 AM IST

Sensex at pre-opening session

11 Jan 2022, 09:01:51 AM IST

Markets in the green at pre-open

11 Jan 2022, 08:54:14 AM IST

Employment in 9 key sectors up by 200,000 in Q2: Govt survey

Employment in nine key sectors, excluding agriculture, increased by 200,000 jobs sequentially to around 31 million during the September quarter, according to the second Quarterly Employment Survey (QES) issued by the government on Monday.

11 Jan 2022, 08:44:35 AM IST

India govt set to allow 20% foreign direct investment in LIC ahead of IPO: Report

11 Jan 2022, 08:35:13 AM IST

Vodafone Idea approves conversion of spectrum interest, govt dues into equity

Indian telecom operator Vodafone Idea said on Tuesday its board approved conversion of the full amount of interest related to spectrum auction instalments and dues owed to the government for use of the airwaves into equity.

Following the conversion, the Indian government will hold about 35.8% of the total outstanding shares of the company, Vodafone Idea said in a statement. Promoter shareholders Vodafone Group would hold around 28.5% and Aditya Birla Group around 17.8%.

11 Jan 2022, 08:28:33 AM IST

Centre plans tax sops for startups

India is considering a proposal to allow carry forward of losses and accumulated depreciation during the amalgamation of companies in a bid to promote consolidation among startups dealing in services and in organized retailing sectors, said two people privy to the development.

The new proposal is being considered by the finance ministry, and it may be introduced as part of proposals for Union Budget 2022-23, the people cited above said, requesting anonymity. (Full report)

11 Jan 2022, 08:20:02 AM IST

NSE-SGX GIFT link to go live on 1 April

The trading link to be established between National Stock Exchange Ltd and Singapore Exchange Ltd (SGX) at Gujarat International Finance Tech (GIFT) City to divert the flows into Indian securities away from Singapore and to India’s so-called foreign jurisdiction is expected to go live on 1 April, said Injeti Srinivas, chairman, International Financial Services Centre (IFSC) Authority. (Read more)

11 Jan 2022, 08:10:04 AM IST

Indian markets may open lower

After clocking stellar gains on Monday, Indian benchmark indices are likely to open on a weak note on Tuesday tracking global shares. On Monday, the Sensex closed at 60,395.63, up 650.98 points or 1.09%, while Nifty settled at 18,003.30, 1.07% higher.

11 Jan 2022, 08:01:52 AM IST

Oil resumes climb

Oil prices rose on Tuesday after two days of losses, with some risk appetite returning as the market awaited clues from the U.S. Federal Reserve chairman on potential rate rises and as some oil producers continued to struggle to beef up output.

Brent crude futures gained 26 cents, or 0.3%, to $81.13 a barrel, after dropping 1% in the previous session.

11 Jan 2022, 07:59:11 AM IST

Inflows into equity MFs at record high

Equity mutual funds received a record inflow of ₹24,989.57 crore in December, more than double the ₹10,686.77 crore in the previous month, despite the growing threat of a third coronavirus wave derailing India’s economic recovery.

The contribution of monthly systematic investment plans (SIPs) to mutual funds also hit a record ₹11,305.34 crore in December, compared to the previous high of ₹11,004.94 crore in November, according to data released by the Association of Mutual Funds in India (Amfi) on Monday.

11 Jan 2022, 07:36:16 AM IST

Asian stocks slip

Asian stocks slipped Tuesday and U.S. futures fluctuated ahead of a key inflation print stateside that’s expected to strengthen the case for tighter monetary policy. The Nikkei 225 index dropped 0.34%, Topix index fell 0.7%, Australia’s S&P/ASX 200 fell 0.7%, Kospi fell 0.1%, Hang Seng Index slipped 0.3%, and Shanghai Composite Index was little changed.

11 Jan 2022, 07:18:26 AM IST

Wall Street ends weak

U.S. stocks fell on Monday despite staging a comeback late in the day, as bets that the Federal Reserve may hike interest rates as soon as March led investors to pare risky assets. The Dow Jones Industrial Average shed 0.45%, and the S&P 500 lost 0.14%.