The S&P BSE MidCap almost mirrored its larger peers while the S&P BSE SmallCap outperformed Sensex and Nifty, rising 1.5%. All the 19 sectoral indices compiled by BSE Ltd. advanced, with S&P Finance and Bankex rising over 2%.
The market breadth was skewed in the favour of bulls. About 2,295 stocks advanced, 1,065 declined and 97 remained unchanged.
Blackstone, Bandhan Bank and IndusInd Bank are among bidders for IDFC Mutual Fund before the Feb. 1 deadline, reports Moneycontrol, citing unidentified people familiar with the matter.
Most aggressive bids by Bandhan Bank and IndusInd Bank, according to the report.
HDFC MF, Nippon India AMC and Invesco MF also put in bids.
Shareholders of Devas Multimedia Pvt. have opposed Air India Ltd.'s request to end a case that sought recovery of $1.2 billion in arbitration awards from the airline, according to a filing in a U.S. court.
Air India's liability is based on the airline's relationship with Indian government at the time of arbitral awards, says Devas.
Source: Bloomberg
Third Quarter Results (Standalone)Net income up 9.6% YoY to Rs 137.33 crore vs Bloomberg consensus estimate of Rs 163 crore
Revenue up 13% YoY to 1,193.50 crore vs estimate of Rs 1,270 crore
Total costs up 12% YoY to Rs 1,021.31 crore
Ebitda up 14% YoY Rs 317 crore vs estimate of Rs 325 crore.
Commentary and Context
Jubilant Foodworks approved splitting each share into five shares. The record date will be intimated soon.
Net income up 9.6% YoY to Rs 137.33 crore vs Bloomberg consensus estimate of Rs 163 crore
Revenue up 13% YoY to 1,193.50 crore vs estimate of Rs 1,270 crore
Total costs up 12% YoY to Rs 1,021.31 crore
Ebitda up 14% YoY Rs 317 crore vs estimate of Rs 325 crore.
Jubilant Foodworks approved splitting each share into five shares. The record date will be intimated soon.
Of the 31 analysts tracking the company, 18 maintained 'buy', nine maintained 'hold' and four maintained 'buy' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 24%.
Trading volume on the stock was nearly three times the 30-day average volume, at this time of the day.
Source: Exchange Filing, Bloomberg
Kotak Mahindra raised to 'add' from 'reduce' at HDFC Securities; price target set at Rs 2,040.
Source: Bloomberg
Max Healthcare Institute Ltd. has 1.11 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
The S&P BSE Midcap almost mirrored its larger peers, while S&P BSE SmallCap outperformed Sensex and Nifty, rising 1.5%. All the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Finance and S&P BSE Bankex adding 1.7%.
The market breadth was skewed in the favour of bulls. About 2,272 stocks advanced, 1,002 declined and 115 remained unchanged.
Bloomberg Exclusive
Online education provider Byju's is in negotiations with at least three special-purpose acquisition companies.
Byju's is aiming to unveil plans to go public via a merger with one of them in three to four weeks.
SPACs include Michael Klein's Churchill Capital, Michael Dell's MSD Acquisition Corp.
Source: People familiar with the matter
Payments will be more secure with RBI digital currency.
Digital currency can help reduce the cost of printing money.
Source: Bloomberg
Budget 2022: What Top Brokerages Made Of Nirmala Sitharaman’s Proposals
Bloomberg Exclusive
India is likely to issue its maiden green bonds in domestic market in local currency.
Government would first test them locally and then examine if they could be shifted to dollar-denominated bonds in overseas markets.
Programmes or projects that can be funded with green bonds have not yet been identified.
Do not still now the appetite for green bonds in the domestic market.
Expect a lower rate of interest for these bonds, as investors who are genuinely concerned about the environment would be keen else there is no point of issuing.
Too early to say whether the issue of green bonds will be part of the first half of the borrowing calendar.
Source: People familiar with the matter
Amazon seeks early Supreme Court hearing on Future arbitration.
Supreme court to hear Amazon plea on arbitration halt on Feb. 8.
Source: Bloomberg
Most yields along the India sovereign yield curve rose, with 5-year bonds moving the most in Wednesday morning trading.
The 5-year yield rose 7.5bps to 6.071%
The 10-year yield rose 7.1bps to 6.899%
The 30-year yield rose 1.3bps to 7.385%
The 5-year-10-year yield spread was 82.8bps, vs previous close 83.2bps
Source: Bloomberg
Budget priority is to kickstart capital investment cycle, says India's Finance Secretary TV Somanathan to Bloomberg TV.
India to stick to privatising all non-strategic state companies.
LIC IPO will happen in March.
Crypto assets not illegal in India
Approach on crypto assets will be driven by global regulations
India taxing crypto assets at par with speculative investment.
Source: Bloomberg
Tech Mahindra Q3 Review: Brokerages Upbeat On Growth Prospects, Deal Wins; Stock Falls
The government had placed an order of 1 crore doses with the company.
The company is also planning to make the vaccine available in the private market.
ZyCoV-D is a three dose vaccine administered intradermally over 56 days.
The vaccine will be priced at Rs 265 per dose and its applicator will be offered at Rs 93 per dose excluding GST.
Source: Exchange filing
The broader indices almost mirrored their larger peers with S&P BSE MidCap and S&P BSE SmallCap adding over 0.7%. All the 19 sectoral indices compile by BSE Ltd. advanced with S&P BSE Bankex rising 1.4%.
The market breadth was skewed in the favour of bulls. About 1,968 stocks advanced, 649 declined and 76 remained unchanged.
Indian bonds may continue to remain under pressure after the government unveiled plans in budget to sell record amount of bonds in the next fiscal year.
10-year yields rose 17bps to 6.85% on Tuesday, climbed to 6.89% intraday, the highest since July 1,2019.
USD/INR rose 0.2% to 74.8013 on Tuesday.
Global funds sell net Rs 21.79 crore of India stocks Tuesday: NSE
They bought Rs 17 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 52 crore of corporate debt
State-run banks bought Rs 5,650 crore of sovereign bonds on Feb. 1: CCIL data. Foreign banks bought Rs 794 crore of bonds.
Source: Bloomberg
Telecom operators with an option to convert past dues through issue of equity to the government will likely attract attention after Tata Teleservices Maharashtra dropped such a plan.
Tata Teleservices withdrew its plan, saying the interest amount eligible for conversion is much less than expected
In Focus: Vodafone Idea, Tata Teleservices, Bharti Airtel
Source: Bloomberg
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