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The broader markets underperformed their larger peers, but rose with both the S&P BSE MidCap and S&P BSE SmallCap gaining little over 1%. Barring S&P BSE Healthcare, all the other 18 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Bankex, S&P BSE Finance, S&P BSE Metal adding over 2%.
The market breadth was skewed in the favour of the bulls. About 2,687 stocks advanced, 873 declined and 138 remained unchanged.
Uttar Pradesh Polls To Third Wave: Morgan Stanley Lists Key Events For Equity Market In March Quarter
Shares of Eicher Motors Ltd. rose as much as 5.47% to Rs 2,733.6 apiece, the biggest intraday gain in nearly two months, after the company reported a sales growth of 50.6% in December
November : 4,085
December : 6,154
Rise : 50.6%
Of the 48 analysts tracking the company, 21 maintained 'buy', 14 maintained 'hold' and 13 maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 2.1%.
Source: Bloomberg, Exchange filing
RIL To JSW Steel: UBS’ Top And Least Preferred Bets As It Expects Nifty To 'Pause'
Shares of Olectra Greentech Ltd. rose 5% to Rs 837.9 apiece after the company received letter of award from a state transport authority under FAME-II scheme.
The order pertains to the supply of 50 electric buses. The buses shall be delivered over 12 months. The value of the contract is approximately Rs 125 crore.
Source: Exchange filing
Tata Consumer: Nirmal Bang Institutional Equities initiated coverage of the stock, with a recommendation of 'buy'; price target set at Rs 870.
Source: Bloomberg
Shares of SBI Life Insurance Co. rose for the eighth straight day. The stock is on track for the longest winning streak since its debut on Oct 3, 2017.
During the streak, SBI Life has gained nearly 8% while the NSE Nifty increased almost 4%.
Source: Bloomberg
KPI Global Infrastructure Ltd., the solar vertical of KP Group, has successfully commissioned 12.50 Mega Watt (direct currect) solar power project.
The project was done for Anupam Rasayan India Ltd. under captive power producer business vertical of the company.
Source: Exchange filing
The broader indices almost mirrored their larger peers with S&P BSE MidCap and S&P BSE SmallCap rising over 1%. Barring S&P BSE Healthcare, all the other 18 sectoral indices compiled by BSE Ltd advanced with S&P BSE Auto and S&P BSE Bankex adding over 1.5%.
The market breadth was skewed in the favour of bulls. About 2,703 stocks advanced, 771 declined and 138 remained unchanged.
Shares of Coal India Ltd. rose as much as 4.55%, the biggest intraday gain in two months, to Rs 152.7 apiece after the company reported 15.7% YoY growth in coal offtake during December.
Production & Offtake Performance Update
April-December offtake at 481.8 mt, up 17.6% YoY
Production in December grew 3.3% YoY
Coal India raised it sales volume guidance to 660-670 mt for FY22.
Of the 27 analysts tracking the company, 21 maintained 'buy', three maintained 'hold' and three maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 29.9%.
Shares of InterGlobe Aviation Ltd. and SpiceJet Ltd. declined over 3% in intraday trade after the price of aviation turbine fuel or jet fuel was hiked by Rs 2,039.63 per kilolitre to Rs 76,062.04 per kilolitre in the national capital.
The rise comes after two price cuts in December.
ATF price rose to over Rs 80,000 per kl in November before it was cut 8.4% in two tranches in December.
The fall also comes amid surge in covid-19 cases due to the spread of omicron variant.
The Delhi High Court agreed to hear later on Monday the petition filed by Future Retail Ltd. against Amazon.com's arbitration case at the Singapore arbitration tribunal.
The tribunal had blocked Future Retail's asset sale deal with Reliance Industries.
Court agreed to urgent hearing of the case after Future Group's lawyer Mukul Rohatgi said it was a matter of 'immense urgency'.
Source: Bloomberg
Q3FY22 business update
Revenue stood at Rs 9,065 crore, up 18% QoQ.
Company added 17 new stores in Q3 over Q2.
Maintains 'neutral' with the target price at Rs. 4,900.
Revenue growth remains tepid.
Store addition remains strong with the company adding 29 stores so far this fiscal as against the estimates of 30 stores for FY22.
Of the 28 analysts tracking the company, seven maintained 'buy', eight maintained 'hold' and 13 maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 6.9%.
India's rupee fell after a report showed that nation's current account deficit slipped into a deficit. Bonds also slipped.
USD/INR fell 0.1% to 74.4400 on Monday.
India’s current account, the broadest measure of the country’s overseas trade and services flows, was in a deficit of $9.6 billion, or 1.3% of gross domestic product, in the three months ended September, the Reserve Bank of India said in a statement on Friday. That compared with the $6.6 billion surplus in the prior quarter.
10-year yields climb by 1bp to 6.46% on Monday.
Source: Bloomberg
Manufacturing PMI eases to 55.5 in December from 57.6 in November.
Source: IHS Markit
Automakers rose after December monthly sales were largely in-line with estimates as passenger and commercial vehicle segments sustain growth momentum, Motilal Oswal Financial Services wrote in a note.
Bajaj Auto Ltd total sales fall 4.4% in December
November : 3,79,276
December : 3,62,470
Fall : 4.4%
Source : Exchange filing
BLOOMBERG EXCLUSIVE
Future Retail seeks to halt and terminate Amazon.com's case at a Singapore arbitration tribunal.
Future says that continuing arbitration would be illegal as Amazon's 2019 deal has no legal existence after India's antitrust body's order.
Source: People familiar with the filing.
The broader indices almost mirrored their larger peers with the S&P BSE MidCap rising 0.5% and S&P BSE SmallCap adding 0.70%. All the 19 sectoral indices compiled by the BSE Ltd. advanced with S&P BSE Auto index gaining over 1.2%.
The market breadth was skewed in the favour of bulls. About 2,190 stocks advanced, 611 declined and 95 remained unchanged.
Ducon Infratechnologies Ltd. will provide its proprietary Coal Clean Technology, Fuel Gas Desulphurisation for Singareni Thermal Power Plant in Telangana.
The project was jointly bid by Ducon's affiliate, Ducon Technologies Inc., USA with a leading EPC organisation in India. The anticipated value of the order will be in range of Rs 150-200 crore.
Source: Exchange Filing
Edelweiss Finance Services Ltd. has announced that the issue of secured, redeemable NCDs has been completed and the company allotted 45,62,472 shares of face value Rs 1,000 each, totaling to Rs 456.25 crore. Over 16,000 applications were received pan India.
In an exchange filing, the company said that the issue saw significant demand in the retail and HNI segment with a total collection of Rs 361.97 crore.
Source: Exchange Filing
Government's plan to create a bad bankto clean up debt with lenders could be delayed due to legal issues related to its structure, the Economic Times reports, citing people it did not identify.
RBI is not inclined to permit a dual structure in which one entity acquires NPAs and another reaches resolution, the report says, citing RBI's communication with banks.
RBI does not have a legal provision where it can approve such an arrangement.
Future Retail missed Rs 3,495 crore payment owed to lenders by 31 December, according to Jan. 1 disclosure to the National Stock Exchange.
Company cites litigation with Amazon.com as reason for delay
Future Retail says it has a “review period” of 30 days from due date, will be co-operating with lenders for the completion of the monetisation within that period, the company said.
Separate Jan. 1 filing: Company downgraded to a credit rating of D by Care Ratings due to the missed payment.
Vardhaman Textiles: Spark Capital Advisors initiated coverage of the stock with a recommendation of 'buy'; price target set at Rs 2,974.
KPR Mill: Spark Capital Advisors initiated coverage of the stock with a recommendation of 'buy'; price target set at Rs 822.
Trent cut to 'sell' from 'under review' at Ambit Capital; price target set at Rs 932.
Source: Bloomberg
RBL Bank Sees 11% Drop In Retail, Small Business Deposits
Reliance: Reliance unit now holds 15.46% in Sterling and Wilson Renewable.
Shriram Transport Finance: To upsize the GMTN Programme from existing $3 billion to $3.5 billion for issuance of bonds/notes in international markets. Company has also received necessary in-principle approval from Singapore Exchange Securities Trading.
RBL Bank: Confirms raising Rs 2,600 crore via certificate of deposits. Bank also released provisional data for 2021. Its total deposits rose 9.6% YoY to Rs 73,637 crore and CASA ratio stood at 34.4%.
HDFC Life Insurance Company: IRDAI approves acquisition of 100% of the equity share capital of Exide Life Insurance Company.
Aurobindo Pharma: Approved the transfer of vaccines business undertaking in Unit-18 to Auro Vaccines Pvt. Ltd., a wholly owned subsidiary for Rs 300 crore and transfer of equity shares of Tergene Biotech Pvt. Ltd, a subsidiary, to Auro Vaccines Pvt. Ltd. for Rs 10.76 crore.
Adani Enterprises: Incorporates Adani New Industries Ltd. to take up projects around synthesis of low carbon fuels and chemicals and generation of low carbon electricity.
Stove Kraft: To foray into branded modular kitchen segment from April 2022. To also enter into electric switches & accessories segment through acquisition of Skava Electric Pvt. Ltd. for Rs 4 crore.
TVS Motor Company: Registered sales of 250,933 units in December 2021 as against sales of 272,084 units in the month of December 2020.
Escorts: Total sales fell 34% in December.
Eicher: Sales rose 50.6% in December.
Tata Motors: Domestic passenger vehicle sales rose 18.54% in December.
Maruti Suzuki: Total sales rose 10% in December.
Future Retail: Company missed Rs 3,494.5 crore in payment to lenders under restructuring deal.
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