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The broader indices outperformed their larger peers with both the S&P BSE MidCap and S&P BSE SmallCap closing little changed. Thirteen of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Information Technology and S&P BSE Realty shedding nearly 1.5%.
The market breadth was skewed in the favour of bulls. About 2,000 stocks advanced, 1,389 stocks declined and 83 remained unchanged.
CG Power & Industrial Solutions Ltd. has 1.5 million shares change hands in a large trade.
Details of the buyers and sellers are not known immediately.
Source: Bloomberg
Capricorn Energy reiterated that it expects to pay out a special dividend in early 2022 after it receives a tax refund from India.
Capricorn is working with Indian government to expedite the refund of approximately Rs 7,900 crore.
Capricorn is recently renamed from Cairn Energy
Source: Bloomberg
M&M Financial Services Ltd. rises for the ninth day; longest winning streak in 23 months.
Inventure Growth & Securities Ltd. is higher for fifth straight day, extending the longest winning streak in nearly 13 months.
Source: Bloomberg
Bharat Petroleum has entered into an agreement with CSIR-Indian Institute of Chemical Technology to develop a reactor to maximise methane production for compressed biogas from agricultural waste residues like wheat straw, rice straw and sugarcane.
BPCL plans to expand its renewable energy portfolio to 1 Giga Watt by 2025.
Source: Exchange Filing
Govt. released the 10th installment of the Post Devolution Revenue Deficit Grant recommended by the 15th Finance Commission aimed at meeting the gap in Revenue Accounts of the States post devolution.
The total PDRD Grant recommendation amounts to Rs 1,18,452 crore to 17 States in the financial year 2021-22, of which Rs 98,710 crore (83.33%) has been released so far.
Source: PIB
The broader indices outperformed their larger peers with the S&P BSE MidCap shedding 0.3% and S&P BSE SmallCap losing 0.1%. Barring S&P BSE Telecom, Auto and Consumer Durables, all the other 16 sectoral indices compiled by BSE Ltd. declined with S&P BSE Information Technology falling nearly 2%.
The market breadth was skewed in the favour of the bulls. About 1,780 stocks advanced, 1,537 declined and 109 remained unchanged.
Alembic Pharmaceuticals has received the final approval from U.S. FDA for its Abbreviated New Drug Application for Entacapone tablets, USP, 200 mg.
The drug is indicated for the treatment of end-of-dose 'wearing-off' in patients with Parkinson's disease.
The drug has an estimated market size of $10.5 million for twelve months ending September 2021, according to IQVIA.
Alembic Pharma was one of the four stocks that advanced in the 20-stock Nifty Pharma index.
Source: Exchange Filing, Bloomberg
Ramesh Damani owned 1.26% stake in the company as on December 31, 2021.
Damani held zero to less than 1% stake at the end of Q2, according to NSE data.
Trading volume was nearly 21 times the 30-day average volume, for this time of the day. The relative strength index was at 78, suggesting that the stock may be overbought.
In a clarification to the exchanges regarding the surge in volumes, the company said that the increase in volume is purely as per investors' perceptions based on information already disseminated to the exchanges.
IRB Infrastructure Developers Ltd.'s subsidiary Meerut Budaun Expressway Pvt. Ltd. has executed concession agreement with UP Expressways Industrial Development Authority.
The agreement concerns the project of development of access controlled six lane greenfield 'Ganga Expressway', in Uttar Pradesh.
The project cost is Rs 6,555 crore.
Source: Exchange Filing
Reliance Industries Raises $4 Billion Via Offshore Bonds
Swamy had moved court arguing that the disinvestment process was opaque and lacked transparency.
The bench today dismissed the petition filed by Subramanian Swamy.
The order was passed by the bench headed by Chief Justice DN Patel and Justice Jyoti Singh.
Wockhardt Approves Up To Rs 1,000-Crore Rights Issue
Emami Ltd. saw 1.33 million shares change hands in a large trade.
Source: Bloomberg
Yields rose across the India sovereign yield curve in Thursday morning trading.
The 3-year yield rose 1.9bps to 5.328%
The 10-year yield rose 3.3bps to 6.541%
The 14-year yield rose 3.3bps to 7.01%
The 3-year-10-year yield spread was 121.3bps, vs previous close 119.9bps
The NSE Nifty 50 Index fell 1.3%.
Source: Bloomberg
KPIT Technologies Shares Jump As Goldman Initiates Coverage With A 'Buy'
Thermax Shares Hit A Record As Jefferies Upgrades To ‘Buy’
The broader indices outperformed their larger peers with both the S&P BSE MidCap and S&P BSE SmallCap shedding 0.7%. Barring S&P BSE Healthcare and S&P BSE Telecom, all the other sectoral indices compiled by BSE Ltd. declined with S&P BSE Information Technology and S&P BSE Finance falling over 1.25%.
The market breadth was skewed in the favour of bears. About 926 stocks advanced, 1,696 declined and 74 remained unchanged.
India’s rupee and government bonds could join a selloff in regional peers after minutes of the Federal Reserve meeting pointed to an aggressive tightening path.
USD/INR falls 0.3% to 74.36 on Wednesday.
10-year yields fell 1bp to 6.51% on Wednesday
Global funds bought a net Rs 337 crore of Indian stocks Wednesday: NSE
They purchased Rs 70 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 50 crore of corporate debt
State-run banks sold Rs 675 crore of sovereign bonds on Jan. 5: CCIL data. Foreign banks bought Rs 142 crore of bonds.
Source: Bloomberg
Rossari Biotech: YES Research initiated coverage of the stock with a 'buy' recommendation; price target set at Rs 1,595
SRF: YES Research initiated coverage of the stock with a 'buy' recommendation; price target set at Rs 2,955.
Deepak Nitrite: YES Research initiated coverage of the stock with a 'reduce' recommendation; price target set at Rs 2,100.
Aarti Industries: YES Research initiated coverage of the stock with a 'buy' recommendation; price target set at Rs 1,345
Source: Bloomberg
Acute Ratings & Research has reaffirmed rating and outlook to long-term borrowing program of Edelweiss Financial Services Ltd.
The rating on the NCD instrument of amount Rs 1,900 crore has been reaffirmed as ACUTE AA with a negative outlook.
Source: Exchange Filing
V-Guard: Indsec Securities & Finance initiated coverage on the stock with a 'buy' recommendation; price target set at Rs 293.
Welspun Corp cut to 'hold' from 'buy' at NMV Securities; price target set at Rs 215.
Source: Bloomberg
HCL Tech: Choice Equity initiated coverage of the stock with an 'add' recommendation; price target set at Rs 1,490.
Infosys: Choice Equity initiated coverage of the stock with 'outperform' recommendation; price target set at Rs 2,250.
Tata Consultancy: Choice Equity initiated coverage of the stock with an 'outperform' recommendation; price target set at Rs 4,840.
Tech Mahindra: Choice Equity initiated coverage of the stock with an 'underperform' recommendation; price target set at Rs 1,560.
Wipro: Choice Equity initiated coverage of the stock with a 'neutral' recommendation; price target set at Rs 690.
Source: Bloomberg
KPIT Technologies: Goldman Sachs initiates coverage on the stock with a buy rating; price target set at Rs 1,040.
Thermax raised to 'buy' from 'underperform' at Jefferies; price target set at Rs 2,575.
Source: Bloomberg
RBL Bank Ltd.'s gross advances rose 3.5% in Q3 to Rs 59,941 crore over the preceding quarter. Retail advances were flat while wholesale advances grew 8% sequentially. These are provisional numbers.
Retail loans formed 53% of bank's book.
Source: Exchange Filing
Future Group: The division bench of the Delhi High Court stayed arbitration proceedings between Amazon and Future Group entities.
Jet Airways: The company said Captain Sudhir Gaur has stepped down as its acting CEO. Jet Airways is yet to appoint a CEO.
NHPC: Promoters agreement signed between NHPC and Green Energy Development Corporation of Odisha on Jan. 4 for formation of a joint venture to develop 500 MW floating solar power projects in various water reservoirs in Odisha. NHPC will hold a 74% stake in JV and the rest will be held by GEDCO.
RBL Bank: Gross advances rose 3.5% over the preceding quarter to Rs 59,941 crore in Q3. Retail advances were flat, while wholesale advances grew 8% sequentially. These are provisional numbers.
Rohit Ferro-Tech: The company has defaulted on loans of Rs 2,638.28 crore till Dec. 31.
Rupa & Co: NCLT Mumbai has sanctioned the scheme of arrangement between Oban Fashions and Rupa, their respective shareholders and creditors, with effect from April 1, 2021.
Coal India: Production at 74.78 million tonnes in December.
Fortis Healthcare: Emqore seeking more than $6.5 billion in damages from defendants; IHH says Emqore claim linked to Indian unit Fortis.
Union Bank of India: Starts lending in alternate reference rate.
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