Stock Market Live Updates: GIFT Nifty Hints At Gap-Up Opening; Eternal, IndiGo, Waaree Energies, Coforge Shares In Focus

PhonePe, a Walmart-backed fintech company, has filed confidential draft papers for its Initial Public Offering. The public offer will only include offer-for-sale up to 5.06 crore shares by promoter and investor selling shareholders.

The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd.

WM Digital Commerce Holdings Pte Ltd., owned by Wal-Mart International Holdings Inc is the promoter of the company offloading shares in the offer for sale. The promoter is offloading 4.59 crore shares which represents 9.06% of the total paid-up equity. Tiger Global PIP 9-1 Ltd. and Microsoft Global Finance Unlimited Company, an Irish subsidy of Microsoft Corporation are the investors offloading stake.

Read more: PhonePe Files DRHP For IPO; Walmart To Cut 9% Stake As Microsoft Exits — Check OFS Details

Citi on Ashok Leyland
Maintain Buy; Hike TP to Rs 205 from Rs 165
MHCVs doing the heavy lifting; LCVs chipping in
MHCV volumes driven by replacement demand and improving sentiment
Sharp improvement in LCV demand surprised positively
Market share steady overall
Higher LCV contribution and commodity costs factored in
Operating leverage lifts EBITDA and earnings estimates

Citi on Dalmia Bharat
Maintain Buy with TP of Rs 2600
Q3 EBITDA below estimates
Industry demand trends improving; room for further cost savings
Uncertainty around strategy and capacity utilisation remains
Medium-term pricing pressure in South/East likely limited
Rs 50/t cost savings achieved out of Rs 150–200/t target

HSBC on Dalmia Bharat
Maintain Buy with TP of Rs 2740
Q3 marginal earnings miss; Q4 expected to improve
EBITDA slightly below estimates, but strong YoY volume growth
Recovery in cement prices in South and East
Valuation and regional exposure key positives

Macquarie on Dalmia Bharat
Maintain Outperform with TP of Rs 2462
In-line quarter
Remain constructive on improving fundamentals
Growth projects remain on track

• Nifty Jan futures is down 0.27% to 25,190 at a premium of 33 points.
• Nifty Options 27th Jan Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 25000.  
• Securities in ban period: BANDHANBNK, SAMMAANCAP

The US Dollar index is down 0.01% at 98.570.
Euro was up 0.03% at 1.1690.
Pound was up 0.01% at 1.3432.
Yen was up 0.04% at 158.34.

Asian stocks followed Wall Street higher after US President Donald Trump dropped his tariff threat against European partners, easing trade-war concerns.

The MSCI Asia Pacific Index rose 0.9% — putting it in line to break a three-day losing streak — with most of the sub-sectors gaining. South Korean shares climbed to a new record. S&P 500 futures rose 0.2%, suggesting momentum could carry the benchmark beyond a rally that delivered its biggest advance since November.

Source: Bloomberg

Good morning readers.

The GIFT Nifty was trading near 25,400 early on Thursday. The futures contract based on the benchmark Nifty 50 rose 0.84% at 25,363 as of 6:57 a.m. indicating a positive start for the Indian markets. This comes after the Wall Street rally on Wednesday.

In the previous session on Wednesday, the benchmark ended in red extending fall for the third day. The NSE Nifty 50 ended 75 points or 0.30% lower at 25,157.50, while the BSE Sensex closed 270.84 points or 0.33% lower at 81,909.63.