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"Post some consolidation in last couple of sessions, Nifty resumed the positive momentum and rallied higher to test 17400 mark. The Banking index which had recently seen an underperformance, witnessed a good buying interest and it surpassed the higher end of its recent consolidation", noted Ruchit Jain, Lead Research, 5paisa.com, and added that "this certainly bodes well for the bulls and if the banking space continues to show a follow up move, then this sector could witness a sharp momentum to cover up for the recent underperformance. As far as Nifty levels are concerned, the immediate hurdle is seen around 17,450 while 17,300 and 17,230 will be the support levels".
Firstsource Solutions raised to 'buy' from 'accumulate' at Dolat Capital Market; price target set at Rs 230, an implied return of 26%
Source: Bloomberg
Cadila Healthcare Ltd.'s U.S. Subsidiary Zydus Pharmaceuticals (U.S) Inc. has received tentative approval from U.S. FDA to market Pimavanserin Capsules in the strength of 34 mg.
Pimavanserin is indicated for treatment of hallucinations and delusions associated with Parkinson's diseases pyschosis.
Drug will be manufactured at the formulation facility at SEZ Ahmedabad.
Source: Exchange Filing
Hindustan Unilever had no engagements with the All India Consumer Products Distributors Federation thus far.
The Company will ensure that supply of its products remains uninterrupted
HUL: Will ensure uninterrupted product supply.
HUL: Will ensure distributors earn fair return
Source: Company Statement
A PTI report had quoted AICPDF that its members will not launch any new product of HUL unless it gets an undertaking from that the said product is not available with B2B retailers.
The All India Consumer Products Distributors Federation (AICPDF) represents over four lakh distributors and stockists across India.
Bikram Singh, Industries Minister of Himachal Pradesh: The issue is likely to be discussed next in Feb. 2022
This issue has also been moved to the GoM on rate rationalization: Tamil Nadu's Finance Minister, Palanivel Thiaga Rajan
The GoM on GST rate rationalization has been extended.
The broader indices outperformed their larger peers, with S&P BSE MidCap gaining 1.36% and S&P BSE SmallCap rising 1.2%. All the 19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Metal, Consumer Durables and Basic Materials adding over 2%.
The market breadth was skewed in the favour of bulls. About 2,517 stocks advanced, 805 declined and 98 remained unchanged.
Indian bonds are set to fall for a third straight week amid weak demand. Traders look forward to a Rs24,000 crore ($3.2 billion) bond sale after an auction last week had to be saved by underwriters. The rupee is headed for a fourth successive annual loss.
10-year yields up 2bp to 6.49% on Friday; up ~60bps this year, the biggest rise since 2017. Yields have risen 3bps this week, so far.
RBI drains Rs 2.7 lakh crore via 14-day variable-rate reverse repo, compared to Rs 7.5 lakh crore aim: RBI statement.
USD/INR falls 0.2% to 74.2575; up 1.7% so far this year.
Source: Bloomberg
Reliance Industries’ Unit To Acquire Faradion For £100 Million
PB Fintech's Board approved an investment of Rs 700 crore, in one or more tranches, in wholly owned subsidiary Policybazaar Insurance Brokers Pvt. Ltd. and Rs 300 crore in Paisabazaar Marketing and Consulting Pvt. Ltd.
Policybazaar also launched pre-qualified program for personal loans in partnership with Axis Bank, the company said in an exchange filing post market hours Thursday.
Source: Exchange Filing, Bloomberg
IDFC First Bank In Favour Of Merging With IDFC, IDFC Financial Holding
Most yields along the India sovereign yield curve rose, with 10-year bonds moving the most in Friday morning trading.
The 5-year yield was little changed at 5.82%
The 10-year yield rose 1.1bps to 6.48%
The 20-year yield remained unchanged at 6.914%
The 5-year-10-year yield spread was 66bps, vs previous close 65.2bps
Source: Bloomberg
Indigo Paints Jumps Most Since Debut After Motilal Oswal Initiates Coverage With A 'Buy'
The acquisition of the Allyis India Pvt. and its holding company Green Investments LLC, is expected to bolster digital capacities, cloud and automation and analytics.
Allyis India and Green Investments had a revenue of $39.6 million in the year end December 31, 2020.
Source: Exchange Filing
The broader indices almost mirrored their larger peers with S&P BSE MidCap rising 0.6% and S&P BSE SmallCap adding 0.8%. All the 19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Metal, Consumer Durables and Telecom leading the gains.
The market breadth was skewed in the favour of bulls. About 2,157 stocks advanced, 531 declined and 78 remained unchanged.
A sharp increase in goods and services tax on textiles, which was to come into effect from Jan. 1 is expected to be rolled back in Friday's meeting, Mint newspaper reported citing three state ministers.
Meeting has been called to discuss the rollback of the tax rate increase from 5% to 12% on several items in textile sector. The hike would hurt businesses and small traders, the newspaper reported.
Search committee to evaluate candidates for the position both from within and outside the bank.
Bank says it will endeavor to complete the succession process at an early date.
Source: Exchange filing
Indian bond traders will gauge demand at a Rs 24,000 crore bond sale after an auction last week had to be saved by underwriters. The rupee is headed for a fourth successive annual loss
RBI to hold Rs 7.5 lakh crore of 14-day reverse repo auction on Friday
USD/INR falls 0.4% to 74.4200 on Thursday; up 1.9% so far this year
10-year yields up 1bp to 6.47% on Thursday; up 60bps this year, biggest rise since 2017
Global funds sell net Rs 986 crore of India stocks Thursday: NSE
They bought Rs 40 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 34 crore of corporate debt
State-run banks bought Rs 1,610 crore of sovereign bonds on Dec. 30: CCIL data. Foreign banks sold Rs 493 crore of bonds.
Source: Bloomberg
Reliance New Energy Solar signed definitive agreements to acquire a 100% shareholding in Faradion Ltd. for an enterprise value of GBP 100 million.
RNESL will also invest GBP 25 million as growth capital to accelerate commercial roll out.
Source: Company Statement
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