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The broader indices almost mirrored their larger peers with S&P BSE MidCap rising over 1% and S&P BSE SmallCap adding 0.73%. Barring S&P BSE Telecom and S&P BSE Metal indices, all the other 17 sectoral indices compiled by BSE Ltd. advanced, with S&P BSE Realty gaining over 2%.
The market breadth was skewed in the favour of bulls. About 2,195 stocks advanced, 1,123 declined and 131 remained unchanged.
The partnership with IndiGo will offer customers of Air France and KLM access to 25 new Indian destinations, the two companies said in a joint statement Thursday.
The Air France-KLM agreement will open up more that 250 destinations for IndiGo customers (120 in Europe, 50 in Americas)
Partnership likely to start in February, pending government approval.
Source: Bloomberg
Dish TV served a copy of the petition filed by a group of shareholders against the company and Yes Bank.
Petition seeks a declaration that Yes Bank is committing unlawful acts resulting in gross mismanagement of Dish TV.
Dish TV to consider next steps in the matter.
Source: Dish TV Exchange Filing
Hero Motocorp has announced that it will hike the prices of its motorcycles and scooters up to Rs 2,000 from January 4, 2022.
In an exchange filing, the company said that the price revision has been done to partially offset the impact of rise in commodity prices.
The exact quantum of increase will depend on the model and market.
Source: Exchange Filing
The product has the same active ingredient as Somatuline, which generated $750 million annual sales in the U.S.
Lanreotide has been approved for acromegaly and gastroenteropancreatic neutoendocrine tumours.
Reiterates 'buy' on the stock with the target price raised to Rs 1,101 from Rs 1,041 per share; an implied return of 21.38%.
Lanreotide is likely to have an opportunity to gain market share from Somatuline analogues.
Cipla's entry into Lanreotide is well-timed.
With Cipla launching Lanreotide at a discount, there is a good possibility of market share gains for the drug.
Conservatively building in a 10% market share for Cipla at a 30% price discount by the end of FY24.
Key Risks
An imminent approval for a generic player as an ANDA of Lanreotide could restrict Cipla's peak sales opportunity.
Believe that Dr Reddy's and Sun Pharma are developing Lanreotide for the U.S. market.
Besides Nirmal Bang, Bernstein has also reiterated 'outperform' on Cipla with the target price kept unchanged at Rs 995; an implied return of 9.67%.
Of the 40 analysts tracking the company, 33 maintained 'buy', six maintained 'hold' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 18.9%.
Motilal Oswal said that the fund infusion in the company's Monster.com subsidiary from Merdian Investments and Volrado Venture Partners is a positive, but identified it as also a potential risk as Monster.com contributes nothing to the net profit.
The brokerage also expressed concerns on Monster's expansion within job search due to the dominating presence of Naukri and added that it may need additional funding to disrupt the monopoly of Naukri.
Maintains 'buy' with the target price unchanged at Rs 1,100.
Strong hiring trends have led to robust demand recovery.
Quess should benefit from government's efforts to liberalise and formalise labour markets.
Improvement in cash conversion/RoE should drive re-rating.
Resurgence of covid remains a risk which might impact near term growth.
Of the 13 analysts tracking the company, 12 maintained 'buy' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 34.6%/
Markets In 2022: Making Money From Stocks Will Be Tough, Says Kotak Report
Volkswagen India to hike prices across its offerings ranging from 2% to 5% depending on the model and the variant.
Price increase not be applicable on the newly launched Volkswagen Tiguan
Price hike effective from Jan 1, 2022.
Source : Company Statement
The record date for the purpose of payment of interim dividend has been fixed at December 31, 2021.
Of the 36 analysts tracking the company, 34 maintained 'buy' and two maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 45.2%
Source: Exchange Filing, Bloomberg
Shares of Transformers & Rectifiers India Ltd. rose over 11.5%, the biggest intraday gain in nearly two weeks, to Rs 32.3 apiece after the company secured orders of transformers for a total contract value of Rs 72 crore from Gujarat Energy Transmission Corporation Ltd. (GETCO)
The company's order book stands at Rs 816 crore, as on date.
Trading volume on the stock was 3.2 times the 30-day average volume, for this time of the day.
Shares of Transformers & Rectifiers India rose above the 50-day simple moving average, indicating potential upward price momentum.
Shriram Transport Finance Company Ltd. received the approval from Ministry of Corporate Affairs for changing the name of the company to Shriram Finance Ltd.
Source: Exchange Filing
The broader indices almost mirrored their larger peers with both S&P BSE MidCap and S&P BSE SmallCap gaining over 0.8%. Barring S&P BSE Telecom, all the other 18 sectoral indices compiled by BSE advanced wtih S&P BSE Realty index leading the gains.
The market breadth was skewed in the favour of bulls. About 2,227 stocks advanced, 974 declined and 144 remained unchanged.
USD/INR drops 0.3% at 75.35, extending declines into a sixth day
India’s 10-year bond yield is little changed at 6.46%
In the current quarter, the company has bagged orders worth Rs 900 crore.
The unexecuted order book stands at Rs 1,700 crore, as on date. The orders are expected to be executed in six to seven months.
Shares of Dilip Buildcon Ltd. rose over 6%, the biggest intraday gain in over two weeks, to Rs 506.45 apiece after the company received the provisional completion certificate from the State of Maharashtra for its four-lane project between Sangli and Solapur.
The project has already been declared fit to entry into commercial operations. The revised completion date of the Rs 1,141 crore project was February 19, 2022.
Of the 12 analysts tracking the company, seven maintained 'buy', one maintained 'hold' and four maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 29.7%.
Shares of Havells India Ltd. rose 1.64% to Rs 1,394 apiece after the company showcased its state-of-the-art manufacturing plant for Lloyd's ACs in Ghiloth, Rajasthan.
The company also entered washing machine production at the same location. The greenfield washing machine unit is expected to strengthen Lloyd's washing machine production capacity with a targeted output of 3 lakh units annually.
Of the 43 analysts tracking the company, 21 maintained 'buy', 16 maintained 'hold' and six maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 0.4%
In a state, the company said it closed a deal with MSREI to develop 1.9 million square feet area at Palava Industrial and Logistics Park.
Macrotech will act as the development manager for the project, responsible for leasing, project development and asset management.
On Wednesday, India Ratings & Research reaffirmed the company's credit rating and revised the outlook to 'positive' from 'stable'.
The revised ratings for bank loans, NCDs and fund-based limits are IND BBB+/Positive from IND BBB+/Stable previously. The rating for non-fund based limits remained unchanged as IND A2.
Of the 11 analysts tracking the company, nine maintained 'buy' and two maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 1.5%
In an exchange filing, the company said it received overwhelming response for its QIP issue, from many marquee investors.
The funds who have invested in this QIP include Goldman Sachs India Equity, White Oak India Equity Fund, Aditya Birla Sun Life Trustee Private Limited, ICICI Prudential SmallCap fund.
Shares of Jindal Saw Ltd. rose 4.3% to Rs 104.3 apiece after the company entered into a joint venture agreement with Hunting Energy Services, Singapore on Wednesday.
A JV company will be incorporated in India with 51% shareholding to be held by Jindal Saw and remaining 49% to be held by Hunting Energy.
With the JV, Jindal Saw aims to set up state-of-the-art precision machine shop to thread premium connections in India for OCTG (Oil Country Tubular Goods), used in deep drilling activities in oil and gas sector.
Trading volume on the stock was 4.7 times the 30-day average volume, for this time of the day.
Geospatial, engineering and enterprise IT solutions provider Ceinsys Tech Ltd.'s shares rose 20% to a record Rs 211.05 apiece, on the Bombay Stock Exchange, after the company acquired Allygrow Technologies Pvt Ltd., a tech company with presence in U.S., Europe and India. Allygrow Technologies specialises in robotics automation and product design services.
Trading volume on the stock was 31.1 times the 30-day average volume, for this time of the day.
The relative strength index on the stock was 83, suggesting it may be overbought.
Source: BSE, Bloomberg
CMS Info Systems IPO Subscription Status: Day 3 Live Updates
Maturities across the India sovereign yield curve were little changed in Thursday morning trading.
The 5-year yield fell 0.8bps to 5.798%
The 10-year yield fell 0.5bps to 6.46%
The 20-year yield remained unchanged at 6.914%
The 5-year-10-year yield spread was 66.2bps, vs previous close 65.9bps.
Source: Bloomberg
Whenever rupee appreciates too much, the central bank intervenes and loosens our buffers.
When rupee starts depreciating, unless and until it's too violent, I have not seen RBI intervening too much.
Spread of omicron, widening trade deficit, dovish RBI and high oil prices contribute to the decline in the rupee.
Expect rupee to trade in 75.50-76.50 to a dollar in the short term and a broader 74-77 band next year.
Unless we get capital inflows to compensate for the trade and current account deficit, rupee will have a tendency to depreciate.
Bhaskar Panda, Senior Vice President, Treasury Advisory Group, HDFC Bank
Source: Interview to Bloomberg TV
The petition which included Uber India, Swiggy, Ola also as respondents besides Zomato seeks directions from court to government to notify or recognise app-based workers as 'workers' or alternatively as 'unorganised workers' or 'wage workers' under various labour laws.
It also seeks direction for covid-19 pandemic related relief for app-based workers.
Zomato said that it is reviewing the petition and will present all relevant facts before the apex court.
Of the 19 analysts tracking the company, 14 maintained 'buy', one maintained 'hold' and four maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 23.5%
Source: Exchange Filing, Bloomberg
Shares of Nucleus Software Exports Ltd. rose as much as 4.93%, the biggest intraday gain in three months, to Rs 521 apiece after the company's lending and transaction banking products' consortium was awarded the contract for its retail loan origination system. The contract was awarded by Join Stock Commercial Bank of Vietcombank.
The FinnOne Neo software of Nucleus Software-FPT Information System (FIS) consortium, will help Vietcombank provide end-to-end digitisation and launch innovative loan products. It will also enable smooth customer on-boarding process, standardise credit appraisal process etc.
Trading volume on the stock was 4.3 times the 30-day average volume, for this time of the day.
Jubilant FoodWorks: Domino’s Price Hike To Offset Margin Pressure, Says Morgan Stanley
Several brokerages have upgraded the stock's rating and raised target price to account for the positive impact of the merger. The merged entity is set to be the biggest player in broadcasting space, toppling Star from the top spot. The cash ammunition due to the merger could result in an intensified foray into the OTT space, challenging the global peers like Amazon, Disney and Netflix.
The definite agreement signed by Zee to merge its linear networks with Sony Pictures would result in material synergies while easing the governance concerns as Sony Pictures will have dominance in the 'to-be' constituted board of the merged entity, they added.
Of the 22 analysts tracking the company, 17 maintained 'buy', four maintained 'hold' and one maintained 'sell' recommendation. The overall consensus price of analysts tracked by Bloomberg implied an upside of 5.5%.
The broader indices almost mirrored their larger peers with the S&P BSE MidCap and S&P BSE SmallCap rising 0.7%. All the 19 sectoral indices compiled by BSE Ltd. advanced, with S&P BSE Realty, Oil & Gas, Metal gaining over 1%.
The market breadth was skewed in the favour of bulls. About 1,917 stocks advanced, 485 declined and 70 remained unchanged.
Indian bonds traders will assess the minutes of central bank’s December policy minutes released Wednesday for clues on the pace of policy normalization. The rupee may extend its weekly gains, tracking Asian peers.
USD/INR down 0.1% at 75.5513 on Wednesday; down 0.7% so far this week, headed for first drop in five.
10-year yields little changed at 6.47% on Wednesday.
Global funds sell net Rs 827 crore of India stocks Wednesday: NSE.
They bought Rs 10 crore of sovereign bonds under limits available to foreign investors, and added Rs 61 crore of corporate debt.
State-run banks sold Rs 578 crore of sovereign bonds on Dec. 22: CCIL data. Foreign banks sold Rs 170 crore of bonds.
Source: Bloomberg
Zomato: Zomato, Swiggy, Ola and Uber served petition filed by the Indian Federation of App-Based Transport Workers. Petitioners seek directions from the Supreme Court to the government to notify or recognize app-based workers as 'workers' or alternatively as 'unorganised workers' or 'wage workers' under various labour legislations.
Zee Entertainment: Finalises terms of merger with Sony Pictures Network. New merged board will decide which brand to keep, says Punit Goenka.
Vedanta: Proposes to offer NCDs aggregating up to Rs 1,000 crore in one or more tranches and in this regard, is holding a meeting of directors on Dec. 27.
Tata Motors: Incorporated a wholly owned subsidiary named Tata Passenger Electric Mobility Ltd.
Indiabulls Real Estate: Approves raising of up to Rs 1,500 crore via qualified institutional placement.
Great Eastern Shipping: To consider share buyback proposal on Dec. 27.
Kotak Mahindra Bank: Kotak Mahindra Prime acquires the Indian captive financing arm of Ford Motor Co., Ford Credit India. Acquisition gives Kotak Prime access to over 16,000 customers with outstanding loans of Rs 425 crore.
Jubilant Foodworks: Morgan Stanley says 5-6% price hikes across the Domino's India portfolio is a 'positive' for the company, as it will partially offset margin pressure. The brokerage said Jubilant is in an opportune position to capitalise on the growth prospects for the organised food service industry in India.
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