09 Jan 2023, 11:41:44 AM IST

Mahindra and Mahindra shines in today's trade, jumps 3%

09 Jan 2023, 11:40:03 AM IST

Oil rises as Chinese border opening spurs fuel demand optimism

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)

09 Jan 2023, 11:24:08 AM IST

IT stock to consider declaring interim dividend in board meet today, record date fixed

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)

09 Jan 2023, 10:44:13 AM IST

INDIA BONDS-Bond yields drop tracking U.S. peers, 7.30% level stays key

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)

09 Jan 2023, 10:17:46 AM IST

Tech Mahindra shines in today's trading, gains 3% and leads the stock rally

09 Jan 2023, 10:16:24 AM IST

Revenue for media and entertainment to grow double-digit in FY24: Crisil Ratings

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)

09 Jan 2023, 10:13:47 AM IST

Multibagger SME IPO gives 200% return to allottees after in month of listing

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)

09 Jan 2023, 10:02:43 AM IST

Metal index leads the market rebound as most stocks in the index trade in green

09 Jan 2023, 09:53:08 AM IST

Axis Securities Pick of the Week: VIP Industries Ltd

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.

09 Jan 2023, 09:44:28 AM IST

Titan sheds in early trading, down 2%

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.

09 Jan 2023, 09:42:21 AM IST

G20 meeting on financial inclusion to begin in Kolkata today

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)

09 Jan 2023, 09:28:55 AM IST

IT Index starts strongly ahead of TCS declaring its December quarter report later today

09 Jan 2023, 09:24:25 AM IST

Paytm Q3 update: ₹3,665 crore of loans disbursed in December

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%

09 Jan 2023, 09:21:14 AM IST

Sensex jumps around 250 pts at open, while Nifty gains around 100 pts with Metal stocks climbing

09 Jan 2023, 09:11:35 AM IST

Geojit Financial Services on today's market: In India, the major drag has been the sustained FII selling. This is the data to watch

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.

09 Jan 2023, 09:04:07 AM IST

Sensex preopens in green on Monday; Titan, SJVN, PTC India, Paytm in focus today

09 Jan 2023, 09:02:27 AM IST

Reliance Securities Stock in Focus for Today: Havells

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.

09 Jan 2023, 08:44:49 AM IST

Drone startups secure record funding despite slow takeoff

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)

09 Jan 2023, 08:37:32 AM IST

JSPL to invest ₹1,500 crore to make Monnet Power project operational: MD Bimlendra Jha

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)

09 Jan 2023, 08:37:07 AM IST

Titan's sales across standalone biz up 12% in Oct-Dec

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)

09 Jan 2023, 08:26:31 AM IST

Stocks to Watch: Titan, PTC India, SJVN, JSPL, JK Cement, Gland Pharma, Aditya Birla Fashion, Suzlon Energy, Paytm, and Dish TV

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)

09 Jan 2023, 08:20:53 AM IST

FPIs turn net sellers in 1st week of 2023 with outflow of ₹5,872 cr from Indian equities

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)

09 Jan 2023, 08:13:49 AM IST

Govt may rejig textile duty to raise export competitiveness

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)

09 Jan 2023, 08:09:19 AM IST

Goldman Sachs to cut about 3,200 jobs this week after cost review

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)

09 Jan 2023, 07:58:47 AM IST

Private equity investments in Indian realty stood at USD 3.4 bln in 2022: Report

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)

09 Jan 2023, 07:58:15 AM IST

Paytm Payments Bank appoints MD and CEO post RBI nod

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)

09 Jan 2023, 07:51:39 AM IST

Buy or sell: Vaishali Parekh recommends 2 stocks to buy today

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)

09 Jan 2023, 07:38:56 AM IST

TCS Q3 results: Ease in supply-side pressure may lift margins. Key factors to look out

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)

09 Jan 2023, 07:31:04 AM IST

Sah Polymers IPO allotment date today. How to check status online

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)

09 Jan 2023, 07:29:08 AM IST

Govt coffers swell on boost from import duty receipts

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)

09 Jan 2023, 07:28:26 AM IST

Wall Street rallies on Friday on rate hopes, notches gain for the week

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)

Stock Market LIVE: Sensex jumps 900 pts, Nifty tops 18k; IT, Metal, Pharma jump