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The broader indices almost mirrored their larger peers with S&P BSE MidCap shedding 1.25% and S&P BSE SmallCap falling 0.82%. Sixteen of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Information Technology losing over 3%.
The market breadth was skewed in the favour of bears. About 1,481 stocks advanced, 1,882 declined and 92 remained unchanged.
Shares of Laurus Labs Ltd. fell 7.37% in intraday trade after the company reported net income for the third quarter that missed the average analyst estimate.
Net profit at Rs 154.97 crore vs Rs 203.95 crore (Bloomberg Consensus Estimate: Rs 197 crore)
Revenue at Rs 1,028.76 crore vs Rs 1,203.48 crore (Estimate: Rs 1,191 crore)
Total costs at Rs 830.59 crore vs Rs 943.12 crore
Other income at Rs 5.33 crore vs Rs 2.83 crore
Of the 13 analysts tracking the company, nine maintained 'buy' and four maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 28.5%.
Trading volume on the stock was nearly 3.5 times the 30-day average volume at this time of the day.
Source: Exchange Filing, Bloomberg
Colgate-Palmolive Q3 Results: Profit Rises 2%, Meets Estimates
Local administration of Delhi will allow cinemas to resume operations at 50% capacity, an official tells reporters, declining to be identified as the information isn't public.
The administration will also lift the weekend curfew.
Source: Bloomberg
Shares of Canara Bank rose nearly 8%, the biggest intraday gain in nearly three months, to Rs 238.55 apiece after the lender reported net income for the third quarter that matched the average analyst estimate
Net profit up 116% YoY at Rs 1,502.12 crore vs Rs 696.06 crore (Bloomberg consensus estimate: Rs 1,450 crore)
Interest income up 2.8% YoY at Rs 17,700.60 crore vs 17,211.94 crore
Interest expense down 3.3% YoY at Rs 10,755.62 crore vs Rs 11,125.46 croreCanara Bank Surges The Most In Three Months On In-Line Q3
Other income at Rs 3,611.67 crore vs Rs 4,153.45 crore
Gross NPA at 7.8% vs 8.42% QoQ
Of the 14 analysts tracking the company, 12 maintained 'buy' and two maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 3%.
Trading volume on the stock was over five times the 30-day average volume at this time of the day.
Source: Exchange Filing, Bloomberg
Analyst expect the company to be a major beneficiary due to an improving housing market due to its significant presence in sanitaryware and faucetware.
They also highlight that the consistent price hikes taken by the company has supported margin growth. Analysts say that the recent correction in the stock price makes the valuation attractive and prompted the upgrade.
Upgrades stock to 'buy' from 'add' with the target price unchanged at Rs 5,545; an implied return of 23.4%.
Better product mix aided rise in operating margins.
Continues to like the company due to its significant presence in sanitaryware and faucetware, demand for which will increase due to an improving housing market.
Company's operating performance has been better than expected.
Strong brand, distribution reach, comprehensive product portfolio are key growth drivers.
Company is expected to be a significant beneficiary of the uptick in housing demand.
Upgrades stock to 'buy' from 'hold' with the target price reduced to Rs 5,447 from Rs 5,483; an implied return of 21.22%
Strong demand traction and consistent price hike taken aided net sales growth and margin growth.
Company is poised to benefit from healthy industry demand and better product mix.
Recent correction in stock price makes the valuation look attractive, prompting the upgrade to 'buy'.
The S&P BSE MidCap almost mirrored its larger peers while the S&P BSE SmallCap outperformed, with losses as much as 1.4%. All the 19 sectoral indices compiled by the BSE Ltd. declined with S&P BSE Information Technology, Consumer Durables, Realty and Teck indices shedding over 3%.
The market breadth was skewed in the favour of bears. About 1,071 stocks advanced, 2,208 declined and 109 remained unchanged.
Markets are down mainly on the Hawkish Fed Outlook. Mr Powell, chairman of the Federal Reserve, signalled a rise in interest rates in March and predicted the possibility of an unexpectedly aggressive policy tightening. This has led to an increase in the 10-year bond yields of the US and the dollar index, which is negative for emerging markets. Tensions between Russia and Ukraine have pushed up crude oil prices. With all these headwinds, the market today is facing a monthly expiration date for January FNO contracts, which has added to the volatility.Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Adani Wilmar IPO Subscription Status: Day 1 Live Updates
Tata Sons Set to Own Air India After Years of Taxpayer Bailouts
Torrent Pharma Shares Tumble As Analysts Cut Price Targets After Q3 Miss
Future Group To Seek Stay On NPA Tag Ahead Of Repayment Deadline
Most yields along the India sovereign yield curve rose, with 10-year bonds moving the most in Thursday morning trading.
The 5-year yield rose 6bps to 5.986%
The 10-year yield rose 6.8bps to 6.725%
The 30-year yield rose 4.2bps to 7.32%
The 5-year-10-year yield spread was 73.9bps, vs previous close 73.1bps
The NSE Nifty 50 Index fell 1.9%
Source: Bloomberg
Air India to be officially handed over to Tata Group today, Chairman N Chandrasekaran in Delhi
— ANI Digital (@ani_digital) January 27, 2022
Read @ANI Story | https://t.co/lFQYnmt7Py
#AirIndia #Disinvestment #TataGroup pic.twitter.com/KP2ENGep0T
Treasury Five-Year Yield Tops 1.50%, Highest Since January 2020
Maruti Suzuki Q3 Review: Analysts Say Price Hikes And Easing Chip Crisis, Input Costs To Aid Margin
Wearables maker boAt files for SEBI approval for up to Rs 2,000-crore IPO.
Fresh shares worth Rs 900 crore to be offered in IPO.
Source: Bloomberg
PMC Bank Resolution Scheme Approved By Government With Staggered Deposit Pay-Out
Cipla Q3 Review: Brokerages Upbeat On New Launches In U.S., Domestic Growth
Petronet LNG has 6.55 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Power Grid Corp. of India Ltd. has 1 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 with losses of 0.5%. All the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Consumer Durables, Information Technology and Healthcare indices shedding 2%.
The market breadth was skewed in the favour of bears. About 1,036 stocks advanced, 1,698 declined and 99 remained unchanged.
Glenmark Pharmaceuticals Inc. USA, a subsidiary of Glenmark Pharmaceuticals Ltd. got the U.S. FDA nod for Bisoprolol Fumarate and Hydrochlorothiazide Tablets USP, the generic version of Ziac tablets of Teva Branded Pharmaceutical Products R&D Inc.
The tablets are used in the treatment of high blood pressure.
According to IQVIA sales data, Ziac tablets achieved annual sales of $30.3 million, in the period ending November 2021.
Source: Exchange Filing
Indian government bonds and the rupee are likely to come under pressure after the Fed opened the door to more and faster-than-anticipated rate hikes.
USD/INR rose 0.3% to 74.7762 on Tuesday
10-year yields little changed at 6.66%
Overseas investors sold Rs 7,090 crore of Indian stocks on Tuesday
They bought Rs 461 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 19 crore of corporate debt
State-run banks bought Rs 645 crore of sovereign bonds on Jan. 25: CCIL data. Foreign banks sold Rs 754 crore of bonds.
Source: Bloomberg
Future Enterprises Ltd. agreed to sell 25% stake in its General Insurance Joint Venture, Future Generali India Insurance Company Ltd. to its JV partner Generali Participations Netherlands N.V. for Rs 1,252.96 crore, plus an additional consideration.
Generali also acquired an option to buy out Future Enterprises' remaining interest in Future Generali India Insurance, at an agreed valuation.
Generali had earlier received the CCI's nod to buy 16% stake held by Industrial Investment Trust Ltd. in the Life Insurance JV. It also agreed to invest up to Rs 330 crore in Future Generali India Life Insurance Co Ltd.
Generali will hold majority stake and control in both insurance and life insurance joint ventures, post these transactions.
Future Enterprises has received offers fot its remaining 24.91% in Insurance JV and it exploring options for sale of 33.3% interest in Life Insurance JV. The company aims to complete exit of its holding in these JVs to meet the commitment under One Time Restructuring Plan of RBI in relation to Resolution Framework for Covid-19 related stress.
Source: Exchange Filing
India’s entertainment and television stocks may move on a report of Reliance Industries planning to invest more than 120b rupees ($1.6b) in the broadcasting business along with James Murdoch, and former head of Star India Uday Shankar.
Murdoch, son of media baron Rupert Murdoch, and Shankar, plan to buy nearly 40% stake in Viacom18, a joint venture in Reliance Industries-owned TV18 Broadcast, the Economic Times newspaper reported on Wednesday, citing people it didn’t identify.
In Focus: TV18 Broadcast, Network 18 Media, Zee Entertainment, TV
GE T&D India: Has agreed to sell global engineering operations division to GE India Industrial (a related party) together with the assets and manpower along with its corresponding liabilities by way of a slump sale on an “as is where is” basis.
Phoenix Mills: The company’s subsidiaries Vamona Developers and Offbeat Developers have entered into share subscription and shareholders agreement with Renew Surya Kiran and Renew Green Energy Solutions for subscribing 19.97% and 11.23% equity shares, respectively, in Renew Surya Kiran. The company has also collaborated with ReNew Power to generate 5 MW of solar power.
ICRA: Appointed Amit Kumar Gupta as the interim chief financial officer after Vipul Agarwal’s resignation.
AllCargo: Appointed V S Parthasarathy as vice chairman.
Raymond: Has approved the scheme of arrangement between the company and Raymond Lifestyle, a wholly-owned subsidiary.
Lux: Said there has been no violation and any infractions committed by the company after SEBI’s insider trader order.
UPL: Appointed Mike Frank as president and chief operating officer.
Shivalik Bimetal: Will consider declaration of dividend on Feb. 2.
SRF: Has approved project to create pharma intermediates plant for undertaking precursor processes for production of pharma products at Dahej at a cost of Rs 190 crore.
Capital Square: The company’s right issue offer of 64,95,000 shares will open on Feb. 2 and close Feb. 16.
SH Kelkar: The company, through its subsidiary Keva Europe B.V., has completed the acquisition of 62% equity stake in Holland Aromatics B.V.
Shyam Metalics: Has appointed Growlity Inc., management consultants for a comprehensive diagnostic study on SMEL’s environmental, social and governance fundamentals, implementation of ESG framework and compliance.
HG Infra: Has been declared as L-I bidder by National Highways Authority of India.
KPIT: Will consider declaration of interim dividend on Jan. 31.
PNC Infratech: The company, in joint venture with SPML Infra Ltd., has received letters of award for three new EPC projects ‘survey, design, preparation of DPR, construction, commissioning and O&M for 10 years of rural water supply’ for 2,475 villages in Uttar Pradesh from the Namami Gange & Rural Water Supply department of the state, for Rs 2,337 crore. PNC Infratech's share in the JV is 90%.
Reliance Industries: Among firms to invest Rs 12,000 crore in broadcasting, Economic Times reported, citing people it did not identify.
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