PremiumMost Asian indices continued to climb amidst news of further rollback of Covid curbs in China. Japan and China climbed and Europe was also trading higher in the morning session. Hong Kong market was closed for holidays.
Indian indices continued to rally amidst a stable domestic economic outlook and a few positive global cues on Tuesday, especially from China as it further rolled back its Covid restrictions.
Sensex jumped 360 points to close at 60,927, while Nifty climbed 117 points to end at 18,132.
Metal index led the rally and soared 4%. Most sectors ended in the green with PSU Bank, Media, Realty, Auto and Energy among other major gainers on Tuesday. FMCG dragged the market.
Hindalco and Tata Steel climbed 6% followed by JSW Steel which jumped 4%. ONGC and Tata Motors were other major climbers. Hindustan Unilever and Apollo Hospitals lagged in today's session.
Equities climbed on Tuesday amid positive sentiment from China’s rollback of Covid isolation measures and the cooling of a key inflation measure in the US.
Japan's Nikkei index touched a one-week high on Tuesday, as retailers soared after Takashimaya raised its profit forecast and amid hopes that big-spending Chinese tourists will return.
Financials also continued to outperform following the Bank of Japan's surprise decision last week to raise the policy ceiling for long-term yields. The Nikkei share average ended the day up 0.16%.
China stocks posted their best day in three weeks on Tuesday as the country relaxed COVID curbs further, while a faster-than-expected virus infection peak raised expectations of a quicker economic recovery.
China's blue-chip CSI 300 Index ended higher 1.2%, while the Shanghai Composite Index added 1%. Hong Kong markets were closed on Tuesday for Christmas.
European shares climbed on Tuesday tracking a global rally in equities after China further relaxed its COVID-19 curbs. The pan-European STOXX 600 index gained in the morning session.
The airbag industry will grow to Rs. 6,000-7,000 crore by FY2027 from the current levels of Rs. 2,400-2,500 crores at a four-year CAGR of 25-30%, according to a new report on Tuesday.
“The airbag industry is one of the fastest growing auto component segments and is expected to benefit from the increase in content per vehicle arising from higher regulatory requirements and voluntary increase in the number of airbags per vehicle for enhancing safety," Icra said. (Read More)
Indian Energy Exchange (IEX) on Tuesday announced setting up a wholly-owned subsidiary, International Carbon Exchange Private Ltd (ICX), to explore business opportunities in the voluntary carbon market.
The ICX will enable participants to buy and sell voluntary carbon credits at competitive prices through its transparent & reliable platform and facilitate the reduction of global GHG (greenhouse gases) emissions by 45 per cent by 2030 to get on track to limit global warming to 1.5 degrees, an IEX statement said.
The new company will facilitate corporates to meet their climate commitments goals. The Exchange platform will provide a robust market signal for attracting further investments in sustainable projects and help corporates to allocate capex towards energy transition in the most optimum manner, it added. (PTI)
With China’s massive construction sector still in a funk and the US and Europe likely heading into recessions, India has emerged as a saviour for flagging global steel demand. Poised to overtake China as the world’s most populous country next year, India is in the midst of a building boom. Prime Minister Narendra Modi is seeking to modernize roads, rail networks and ports in attempt to vie with China as a manufacturing hub. (Read More)
When Sri Lanka slid into its worst economic crisis in seven decades leading to deadly riots and alarming shortages of fuel, food and medicines earlier this year, its giant northern neighbour stepped into the breach.
India provided about $4 billion in rapid assistance between January and July, including credit lines, a currency swap arrangement and deferred import payments, and sent a warship carrying essential drugs for the island's 22 million people.
Now, as Sri Lanka closes in on a $2.9 billion loan deal from the International Monetary Fund (IMF) and its economy stabilises, India is seeking to land ambitious long-term investments, with an eye on countering the influence of regional rival China, a government minister and three sources said. (Reuters)
The Power Transmission & Distribution Business of L&T Construction has secured multiple EPC orders in India and overseas. The renewables arm of the Business has received an EPC order to establish a 90MW floating solar PV plant at the Omkareshwar dam reservoir, a large water body without much change in the water level throughout the year, in the Khandwa district of Madhya Pradesh.
"This water body is emerging as one of the largest floating solar parks in the world. Further, in western Uttar Pradesh, Larsen & Toubro will undertake works for the development of distribution infrastructure under the revamped reforms-linked distribution scheme. The scope of this loss reduction package includes asset mapping using Geospatial Information System (GIS)," the company said in a statement. (Read More)
The initial public offering (IPO) of KFin Technologies was subscribed 2.59 times on the last day of offer that closed on Wednesday, December 21, 2022. The issue received bids for 6,14,67,520 shares against 2,37,75,215 shares on offer. The three-day public issue's price range was fixed at ₹347-366 a share.
As per market observers, KFin Technologies shares' premium (GMP) have slipped to discount of ₹5 in the grey market today. Meanwhile, the shares of the company are expected to list on stock exchanges BSE and NSE this week on Thursday, December 29, 2022. (Read More)
Housing sales in seven Indian cities have set a new record in 2022--breaching the previous high of 2014, according to a report by Anarock. The property consultants firm said that around 3,64,000 units were sold in 2022 against 2,36,500 units in 2021 across the top 7 cities – rising by 54% on Y-o-Y. The last peak was seen in 2014 when 3.43 lakh units were sold across the top 7 cities.
Among the seven cities, the Mumbai Metropolitan Region (MMR) witnessed the highest sales of 1,09,700 units (approx) in 2022, followed by Delhi NCR with 63,700 units (approx).
Pune recorded sales of around 57,200 units in 2022, an increase of 59% over 2021. While Bengaluru reported sales of 49,500 units (approx) in 2022- an annual increase of 50%. Hyderabad recorded sales of approx. 47,500 units in 2022, a yearly increase of 87% over 2021. Kolkata recorded sales of approx. 21,200 units in 2022, an annual increase of 62% from the previous year. And, 16,100 units were sold in Chennai in 2022, a yearly jump of 29% over 2021. (Read More)
Bharat Biotech’s intranasal covid-19 vaccine--iNCOVACC (BBV154)--will be available for ₹325 per dose at government hospitals, and for ₹800 in private settings, the pharma major said on Tuesday. iNCOVACC will also be available on the CoWin platform and will be rolled out in the fourth week of January. Bharat Biotech’s intranasal vaccine was approved by the Union health ministry as a booster dose for those aged 18 years and above. (Read More)
Oil prices rose to three-week highs on Tuesday as China's latest easing of COVID-19 restrictions spurred fuel demand hopes, while concerns that winter storms across the United States are affecting energy production continued to support prices.
Brent crude was up 52 cents, or 0.6%, at $84.44 a barrel by 0712 GMT, while U.S. West Texas Intermediate crude was at $80.04 a barrel, up 48 cents, or 0.6%. They hit their highest since Dec. 5 earlier in the session.
On Friday, Brent rose 3.6%, while WTI gained 2.7%, as they recorded their biggest weekly gains since October.
British and U.S. markets were closed on Monday for the Christmas holiday. (Reuters)
Shares of Time Technoplast Ltd zoomed as much as 19% to ₹99 apiece on the BSE in Tuesday's early trading session after the company announced an order win from Adani Total Gas Ltd.
“We have pleasure to inform that the Company has received prestigious repeat order from ADANI TOTAL GAS LIMITED for supply of CNG Cascades made from Type-IV Composite Cylinder for a total value of Rs. 75 Crores (appx). The delivery of these cascades will begin from January 2023," the company informed in an exchange filing today. (Read More)
Aurobindo Pharma Ltd on Tuesday said its joint venture firm, Tergene Biotech, has received recommendation from subject expert committee of the Central Drugs Standard Control Organisation (CDSCO) for pneumococcal 15-valent (PCV15) vaccine.
The subject expert committee (SEC) at its meeting held on December 21, 2022, has recommended grant of permission to Tergene to manufacture and market 15-valent Pneumococcal Polysaccharide conjugate vaccine with three dose schedule for administration into the pediatric age group of 6, 10 and 14 weeks, Aurobindo Pharma said in a regulatory filing.
The PCV15 vaccine has been developed by Tergene Biotech and manufactured at AuroVaccines Pvt Ltd, a wholly-owned subsidiary of Aurobindo Pharma with capabilities in vaccines development and manufacturing, it added. (PTI)
IRB Infrastructure Developers shares are one of those stocks on Dalal Street that has generated alpha return in post-Covid rally in last three years. The stock has rallied from around ₹55 to ₹290 levels in near three years, ascending to the tune of 450 per cent in this time horizon. However, Kotak Securities believes that the multibagger stock is still left with upside steam. As per the Kotak Securities research report, the multibagger infra stock is expected to go up to ₹340 in next 12 months, delivering around 20 per cent to its shareholders in long term. The brokerage said that ₹269 will be a good accumulation zone for the positional investors. (Read More)
Ram Kalyan Medury, Founder & CEO, Jama Wealth: The equity markets are expected to be volatile in 2023 due to a variety of factors. One key factor will be the end of the Russia-Ukraine war, which is likely to shape political decisions in the coming years. Another important factor will be liquidity, or the lack thereof, as economies try to balance the need to control inflation without slipping into recession. In particular, the tightrope walk that the US will need to perform in this regard will be crucial. It is expected that input prices will soften, which should lead to improved profitability and better valuations for many corporations.
The Covid-19 pandemic is not expected to have as big of an impact on the global economy in 2023 as it did in 2020 and 2021, but if new variants lead to higher death rates, it could become the single biggest factor in pulling down the markets. Two major themes to watch out for in the coming year will be liquidity and interest rate movement, particularly with regards to market expectations about monetary policy.
Some sectors to consider would be Agriculture, Chemicals, banking, and IT. We are seeing good YoY growth and EBIT growth in the agriculture companies we are tracking. Given the trend in falling raw material prices, their margins should slightly expand as well. aided by a good monsoon in recent years.
We have seen the BFSI sector deliver a 12% revenue cagr and 33% profit cagr over the last three years. This trend ought to continue over the next couple of years if earnings growth in India stays above that of other global markets. Chemicals is a sector that has seen significant CAPEX investments that ought to bear fruit.
One can avoid sectors with high debt and low return on equity such as realty and most infrastructure companies.. PSUs have been on a roll recently but they have also faced challenges such as bureaucracy and interference. There could be a reversion to mean here. From an investment perspective, it is important to be stock-specific rather than simply looking at the prospects for a sector as a whole.
There is a broad consensus that the markets may experience a further correction in the first half of 2023 before seeing record highs in the second half. However, it is important to keep a long-term perspective when investing in equities and to consider one's time horizon and asset allocation.
Dev Information shares are among the top gainers of Tuesday deals. In the early morning session, Dev IT shares opened upside and went on to hit an intraday high of ₹133 apiece on NSE, logging around 18 per cent intraday gain within a few minutes of the stock market's opening. However, the stock witnessed profit booking soon and the stock is currently trading at around ₹123 per share, nearly 10 per cent above its Monday close price on NSE. According to stock market experts, this surge in the IT stock is mainly due to the latest exchange filing by the company where it has claimed that it is sold out a 5.45 per cent stake worth ₹104 crore. This has sparked buying interest in the company and the stock.
Speaking on the reason for the rise in Dev IT share price, Anuj Gupta, Vice President — Research at IIFL Securities said, "Dev IT stocks are rising today because the company has informed Indian bourses that the IT company has sold out 5.45 per cent stake that will enable it to generate ₹104 crore. This money is expected to improve margins and financials of the company and hence Dalal Street bulls are showing buying interest in the IT scrip since early morning deals." (Read More)
Metal index leads the rally and Bank indices are adding to the volatility
Shares of Mishra Dhatu Nigam Ltd (Midhani) surged more than 5% to ₹212 apiece on the BSE in Tuesday's trading session after the Government of India Enterprise under the administrative control of the Ministry of Defence (MoD).
MIDHANI is one of the few modern metallurgical plants in the world manufacturing a wide range of Superalloys, Titanium, alloys, Special Steel etc. in various mill forms using state-of-the-art production facilities. MIDHANI has been playing a significant role in supplying materials to various strategic sectors like Space, Defence and Energy since its inception. (Read More)
As we enter 2023, let us dwell on some macro positives for India. Investment to GDP at 33% in FY23 versus 30.5% in FY21. We are seeing higher infra, railway, road and defence spend by government; real estate sector revival is seen going by the housing sales figures that have crossed the pre-pandemic levels; PLI-driven investments have just begun; EVs and renewables are seeing continued thrust and investments; plus, supply chains are being consciously decoupled as national security concerns outdo economic efficiency. This will create opportunities for diversification enablers, including in India and ASEAN. (Read More)
China’s 2021 gross domestic product was about $80 billion larger than first calculated, the National Bureau of Statistics said, a revision that added the equivalent of Ghana’s output to the size of the world’s second-largest economy.
The nation’s GDP was 114.9 trillion yuan ($16.5 trillion), 556.7 billion yuan larger than what was calculated previously, the NBS said in a statement Tuesday. The revision put China’s economic growth last year at 8.4%, compared with 8.1% in the preliminary reading released in January.
The NBS usually releases preliminary GDP results for the previous year in January and final results by the end of the next January, based on revisions for factors such as the collection of more comprehensive data from businesses. Tuesday’s announcement means the comparison base for economic expansion this year has become higher. (Bloomberg)
Shrinkflation or reducing the size or quantity of a product while keeping the price unchanged was a little-known term in India but a surge in raw material costs following the war in Ukraine pushed several FMCG companies to resort to such a practice to ensure there is no impact on the fragile recovery in demand.
And when they exhausted all options, FMCG (Fast Moving Consumer Goods) companies raised prices. Now, they are hoping to recover the lost ground in 2023, with a recovery in margins and volumes, especially from the distressed rural areas amid softening commodity prices.
FMCG companies are "cautiously optimistic" and expect the rural market, which accounts for more than one-third of the overall sales, to bounce back in 2023 riding on a good harvest season, government impetus, and improvement in farm income. Besides, they expect the tailwinds of emerging channels like modern trade and e-commerce driving urban demand, and from a rise in premium discretionary categories. (PTI)
Money is not in buying and selling of stocks on an intraday basis. In fact, those who made money from the stock market, they hold the stock for the long term and then only they saw their money growing many folds. A long-term stock market investor not just gains from the appreciation in stock price but from the reserves of the listed company as well. A listed company reward its long-term investors by sharing its profit in terms of dividend. apart from this, the company announces bonus shares, buyback of shares, stock split, etc. which also helps a long-term investor to gain in long term.
To understand how the issuance of bonus shares can change the fortunes of a long-term investor, we need to look at TCS shares. This Tata group share has announced bonus shares in the ratio of 1:1 on three occasions in last 18 years and if an investor had invested ₹1 lakh in this stock 18 years ago, its shareholding would have grown eight times after these three 1:1 bonus share issues. In fact, its ₹1 lakh would have turned to ₹2.20 lakh today. (Read More)
The rupee declined 9 paise to 82.74 against the US dollar in early trade on Tuesday as rising crude prices weighed on investor sentiment.
Besides, foreign fund outflows put pressure on the domestic unit, forex dealers said.
At the interbank foreign exchange, the domestic unit opened weak at 82.71 against the dollar, then slipped further to 82.74, registering a fall of 9 paise over its previous close.
In the previous session on Monday, the rupee appreciated 17 paise to close at 82.65 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.19 per cent to 104.11. (PTI)
The initial public offering (IPO) of polymer manufacturer Sah Polymers will open for subscription this week on Friday, December 30, 2022 and conclude on January 4, 2023. The company has fixed a price band of ₹61 to ₹65 per share for its issue. The bid for anchor investors will open on Thursday, December 29, 2022.
As per market observers, Sah Polymers shares are commanding a premium of ₹5 in the grey market today. The company's shares are expected to list on leading stock exchanges BSE and NSE on January 12, 2023. (Read More)
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: Major part of the 320-point cut in Nifty on Friday has been reversed by the 207 point rally yesterday. Covid scare played an important role in the correction on Friday which saw sharp cuts on banking and hotel stocks and rally in pharma stocks. This trend has reversed with Covid fears receding now. Looks like 2022 is heading for a less volatile end. The New Year is likely to begin on an optimistic note with Q3 results and budget expectations influencing market moves. Results from the banking and capital goods segment would be good since bank credit growth and capex are the two strong themes in the economy now. Banking majors have the potential to move up further from present levels. In IT investors would be keenly watching the guidance from the management rather than the Q3 results which will be good.
-Apple Inc's Japan unit is being charged 13 billion yen ($98 million) in additional taxes for bulk sales of iPhones and other Apple devices to foreign tourists that were incorrectly exempted from the consumption tax, the Nikkei newspaper said.
Citing unidentified sources, the Nikkei reported on Tuesday that bulk purchases of iPhones by foreign shoppers were discovered at some Apple stores with at least one transaction involving an individual buying hundreds of handsets at once.
Japan allows tourists staying less than six months to buy items without paying the 10% consumption tax, but the exemption does not apply to purchases for the purpose of resale.
Apple Japan is believed to have filed an amended tax return, according to Nikkei. (Reuters)
The ₹10,683-crore production-linked incentive scheme for India's textiles sector attracted investments of ₹1,536 crore as approval letters were issued to 56 applicants who met the eligibility criteria, the government said on Monday.
Applications under the PLI Scheme for textiles were received through a web portal from January 1, 2022, to February 28, 2022.
The Centre launched the PLI Scheme with an approved outlay of ₹10,683 crore to promote the production of MMF apparel, MMF fabrics and Products of Technical Textiles in the country to enable the textiles industry to achieve size and scale and to become competitive. (PTI)
Bitcoin price today was unchanged with the world's largest and most popular digital token trading almost flat at $16,870. The global cryptocurrency market cap today remained below the $1 trillion mark, as it was almost flat in the last 24 hours to $847 billion, as per the data by CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, was almost flat with a positive bias at $1,223. Meanwhile, dogecoin price today was trading over a per cent lower at $0.07 whereas Shiba Inu was down at $0.000008. (Read More)
Vaishali Parekh, vice president - technical research, Prabhudas Lilladher Pvt. Ltd
NIFTY:
Nifty witnessed a decent pullback from the low made near 17800 zone and with a huge positive candle has shown improvement in the bias to anticipate for further upward move. The next crucial zone on the upside is near 18200-18250 levels breaching which the bias and sentiment would regain its lost strength and anticipate for further upside targets. At the same time, the 17800 levels would act as an important support zone where the index can find consolidation.
BANKNIFTY:
BankNifty also produced a decent pullback outperforming the Nifty index gaining almost 1000 points and closing above the 42500 zone has indicated signs of improvement. With the overall bias and sentiment still remaining cautious, some clarity and conviction needs to be established to anticipate for further rise.
STOCK IN FOCUS
Astral (CMP 1,960): We expect the company to report revenue and earnings CAGR of 20% and 27% respectively, over FY22-FY24E. We have BUY rating on stock with Target Price of Rs2,540.
Intraday Picks
POWERGRID (PREVIOUS CLOSE: 212) BUY
For today’s trade, long position can be initiated in the range of Rs209-
211 for the target of Rs216 with a strict stop loss of Rs206.
BHARTIARTL (PREVIOUS CLOSE: 811) BUY
For today’s trade, long position can be initiated in the range of Rs803-
806 for the target of Rs825 with a strict stop loss of Rs796.
JSWSTEEL (PREVIOUS CLOSE: 732) BUY
For today’s trade, long position can be initiated in the range of Rs724-
728 for the target of Rs749 with a strict stop loss of Rs718.
Realty firm Godrej Properties has purchased about 62 acres of land in Kurukshetra, Haryana for over ₹100 crore to develop a plotted residential project and is targeting around ₹550 crore revenue from this property.
In a regulatory filing, the company informed that this project will offer about 1.4 million square feet of plotted residential development.
The company did not mention the total deal value of this land parcel. However, the property brokers said the deal could be around ₹100 crore.
Kurukshetra is a self-sufficient city with good infrastructure consisting of schools, colleges, hospitals and has significant historical and religious importance. (PTI)
Inox Green Energy Services on Monday said it will acquire a majority stake in an independent wind service provider that operates majorly in South India with a 230 MW fleet.
However, the company did not disclose the value of the transaction and the name of the target company.
The transaction is subject to certain regulatory and other customary closing conditions and is expected to conclude by the end of January 2023, a company statement said.
"Inox Green...has signed a term sheet for acquisition of majority stake in a renowned independent O&M (operations and maintenance) wind service provider with a 230 MW fleet that operates majorly in South India," it said. (PTI)
Indian government bond yields could inch higher early on Tuesday, ahead of debt supply through the sale of state bonds.
The benchmark 10-year yield is likely to move in a 7.31%-7.35% band, a trader with a private bank said.
The yield ended at 7.3194% on Monday, its highest since Nov. 21.
The state debt supply is on the heavier side and since it is towards the fag end of the quarter, there may be some uptick in yields, the trader said.
Indian states are aiming to raise 231.47 billion rupees ($2.80 billion) later in the day, by selling bonds maturing between eight years and 19 years, and the quantum is largely as per schedule. (Reuters)
The initial public offer (IPO) of Radiant Cash Management Services was subscribed 11% on the second day of subscription on Monday. The initial share-sale received bids for 29,76,450 shares against 2,74,29,925 shares on offer. The issue, which opened on December 23, will conclude on Tuesday, December 27, 2022. The company has fixed a price band of ₹94 to ₹99 a share for its ₹388-crore public offer. (Read More)
Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today. Here we list out full details in regard to those two shares:
1] Bank of Baroda or BoB: Buy at ₹177, target ₹183, stop loss ₹174; and
2] Hindalco Industries: Buy at ₹442, target ₹455, stop loss ₹436. (Read More)
Amid uncertainty over Jet Airways' future, at least two senior executives as well as some pilots and cabin crew have quit the airline, according to sources, reported news agency PTI.
Jalan Kalrock consortium emerged as the winning bidder for Jet Airways under the insolvency resolution process in June 2021 but the carrier is yet to start operations.
The Vice Presidents of Engineering and Human Resources have left the airline, reported news agency PTI.
Some pilots and cabin crew have also left the airline. Besides, some senior-level executives have gone on Leave Without Pay (LWP), the sources said. (Read More)
Despite global challenges such as the energy crisis in Europe, the threat of recession and high inflation in Western countries, and geopolitical conflicts, India is well-positioned to remain the fastest-growing major economy, driven by increasing consumption, investment, and consumer confidence, Tata Group chairman N. Chandrasekaran said in a note to employees.
“The global environment has several risk factors, including the energy crisis in Europe, the battle to contain inflation to avoid a recession, and ongoing geopolitical conflicts. Barring the pandemic and a global financial crisis, next year may see the lowest global growth since the millennium began. We will need to keep a careful watch on commodity price rises, in particular," Chandrasekaran said in his letter. (Read More)
Breaking the trend of the fifth consecutive week of rising foreign exchange reserves, they fell by USD 571 million to USD 563.499 billion in the week that ended on December 16, Reserve Bank of India's Bulletin Weekly Statistical Supplement data showed on Friday.
During the week that ended December 9, the country's forex reserves were at USD 564.07 billion, earlier data showed.
According to RBI's latest data, India's foreign currency assets, the biggest component of the forex reserves, declined by USD 500 million to USD 499.624 billion. (ANI)
Shareholders of SpiceJet on Monday approved the reappointment of Ajay Singh as a director of the no-frills airline.
At the annual general meeting, the shareholders also gave their nod for the adoption of audited financial statements for the financial year ended March 31, 2022.
In a regulatory filing, the carrier said the reappointment of Singh as a director liable to retire by rotation was cleared by the shareholders with a requisite majority.
Currently, Singh is the Chairman and Managing Director of the no-frills airline.
Singh was originally appointed as adirector on November 4, 2004, and subsequently resigned on August 27, 2010. Thereafter, he was appointed as Managing Director of the company on May 21, 2015. (PTI)
The rupee appreciated 17 paise to close at 82.65 against the US dollar on Monday, as heavy buying in domestic equities and a rising appetite for riskier assets strengthened investor sentiment.
However, surging global crude prices and continued foreign capital outflows capped the rupee's sharp gain, forex traders said.
At the interbank foreign exchange market, the local unit opened up at 82.79 and touched an intra-day high of 82.63 and a low of 82.83 against the greenback.
It finally settled at 82.65, registering a rise of 17 paise over its previous close of 82.82. (PTI)
The covid-19 surge in China has triggered concern among Indian exporters as it may add to the softening of demand from Western countries. China, India’s largest trading partner, reported an 11% decline in imports in November, and the latest outbreak could further hit exports of Indian goods.
While experts noted that the impact on Indian exports from the outbreak in China would not be immediately visible, as orders for the next quarter have been received, China’s decision to stop publishing daily covid-19 data has created significant uncertainty about the severity of the spread. (Read More)
Allotment of shares can be announced any time today as the tentative Elin Electronics IPO allotment date is 27th December 2022. Those who have applied for the public issue worth ₹475 crore would be able to check Elin Electronics IPO allotment status online after the announcement of share allocation. They can check Elin Electronics IPO allotment status online by logging in at the BSE website or at the website of the official registrar of this issue. KFin Technologies Limited has been appointed as the official registrar of Elin Electronics IPO. (Read More)
Monday started on a bullish note with Sensex and Nifty 50 gaining by over a per cent each. Both benchmarks regained the 60,000 and 18,000 marks. Domestic equities witnessed optimism after 4-days of selloff tracking positive global cues as investors took a breather from recession fear and concerns around the Covid outbreak in major economies. Due to Monday's rally, investors' wealth picked up by nearly ₹5.74 lakh crore on Dalal Street.
As per BSE data, the listed firms' market cap rose by ₹5.74 lakh crore to more than ₹277.86 lakh crore on December 26th. Last week, on Friday, the market cap was around ₹272.12 lakh crore. (Read More)
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