As most global markets remained shut on Monday, investors lack fresh cues to anchor their sentiment on. Thus, caution will prevail and the market will keep an eye on any hints from central bankers and the Covid situation in China.
Metal index shines in an otherwise flat market; all stocks in green
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IT stock turns ₹1 lakh to ₹2.20 cr in 18 years via three 1:1 bonus shares
Money is not in buying and selling of stocks on an intraday basis. In fact, those who made money from the stock market, they hold the stock for the long term and then only they saw their money growing many folds. A long-term stock market investor not just gains from the appreciation in stock price but from the reserves of the listed company as well. A listed company reward its long-term investors by sharing its profit in terms of dividend. apart from this, the company announces bonus shares, buyback of shares, stock split, etc. which also helps a long-term investor to gain in long term.
To understand how the issuance of bonus shares can change the fortunes of a long-term investor, we need to look at TCS shares. This Tata group share has announced bonus shares in the ratio of 1:1 on three occasions in last 18 years and if an investor had invested ₹1 lakh in this stock 18 years ago, its shareholding would have grown eight times after these three 1:1 bonus share issues. In fact, its ₹1 lakh would have turned to ₹2.20 lakh today. (Read More)
Rupee falls 9 paise to 82.74 against US dollar
The rupee declined 9 paise to 82.74 against the US dollar in early trade on Tuesday as rising crude prices weighed on investor sentiment.
Besides, foreign fund outflows put pressure on the domestic unit, forex dealers said.
At the interbank foreign exchange, the domestic unit opened weak at 82.71 against the dollar, then slipped further to 82.74, registering a fall of 9 paise over its previous close.
In the previous session on Monday, the rupee appreciated 17 paise to close at 82.65 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.19 per cent to 104.11. (PTI)
Sah Polymers’ IPO: GMP, other key details to know ahead of subscription opening
The initial public offering (IPO) of polymer manufacturer Sah Polymers will open for subscription this week on Friday, December 30, 2022 and conclude on January 4, 2023. The company has fixed a price band of ₹61 to ₹65 per share for its issue. The bid for anchor investors will open on Thursday, December 29, 2022.
As per market observers, Sah Polymers shares are commanding a premium of ₹5 in the grey market today. The company’s shares are expected to list on leading stock exchanges BSE and NSE on January 12, 2023. (Read More)
Geojit Financial Services on today’s market: The New Year is likely to begin on an optimistic note with Q3 results and budget expectations influencing market moves
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: Major part of the 320-point cut in Nifty on Friday has been reversed by the 207 point rally yesterday. Covid scare played an important role in the correction on Friday which saw sharp cuts on banking and hotel stocks and rally in pharma stocks. This trend has reversed with Covid fears receding now. Looks like 2022 is heading for a less volatile end. The New Year is likely to begin on an optimistic note with Q3 results and budget expectations influencing market moves. Results from the banking and capital goods segment would be good since bank credit growth and capex are the two strong themes in the economy now. Banking majors have the potential to move up further from present levels. In IT investors would be keenly watching the guidance from the management rather than the Q3 results which will be good.
Tata Motors gain in early trading, jumps around 2% and leads the stock chart
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Apple Japan hit with $98 million in back taxes- Nikkei
-Apple Inc’s Japan unit is being charged 13 billion yen ($98 million) in additional taxes for bulk sales of iPhones and other Apple devices to foreign tourists that were incorrectly exempted from the consumption tax, the Nikkei newspaper said.
Citing unidentified sources, the Nikkei reported on Tuesday that bulk purchases of iPhones by foreign shoppers were discovered at some Apple stores with at least one transaction involving an individual buying hundreds of handsets at once.
Japan allows tourists staying less than six months to buy items without paying the 10% consumption tax, but the exemption does not apply to purchases for the purpose of resale.
Apple Japan is believed to have filed an amended tax return, according to Nikkei. (Reuters)
PSU Bank index jumps at open as it continues to gain momentum; almost all stocks in green
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PLI scheme for textiles attracts ₹1,536 cr in investments: Govt
The ₹10,683-crore production-linked incentive scheme for India’s textiles sector attracted investments of ₹1,536 crore as approval letters were issued to 56 applicants who met the eligibility criteria, the government said on Monday.
Applications under the PLI Scheme for textiles were received through a web portal from January 1, 2022, to February 28, 2022.
The Centre launched the PLI Scheme with an approved outlay of ₹10,683 crore to promote the production of MMF apparel, MMF fabrics and Products of Technical Textiles in the country to enable the textiles industry to achieve size and scale and to become competitive. (PTI)
Indices jump at open with Sensex gaining 300 pts and Nifty 100 pts
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Cryptocurrency prices today: Bitcoin, dogecoin fall while ether, Polygon, Cardano gain
Bitcoin price today was unchanged with the world’s largest and most popular digital token trading almost flat at $16,870. The global cryptocurrency market cap today remained below the $1 trillion mark, as it was almost flat in the last 24 hours to $847 billion, as per the data by CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, was almost flat with a positive bias at $1,223. Meanwhile, dogecoin price today was trading over a per cent lower at $0.07 whereas Shiba Inu was down at $0.000008. (Read More)
Sensex preopens flat with a tilt towards green on Monday; Inox Green, NTPC, SpiceJet are in focus today
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Prabhudas Lilladher forecast on Nifty: The 17800 levels would act as an important support zone where the index can find consolidation
Vaishali Parekh, vice president – technical research, Prabhudas Lilladher Pvt. Ltd
NIFTY:
Nifty witnessed a decent pullback from the low made near 17800 zone and with a huge positive candle has shown improvement in the bias to anticipate for further upward move. The next crucial zone on the upside is near 18200-18250 levels breaching which the bias and sentiment would regain its lost strength and anticipate for further upside targets. At the same time, the 17800 levels would act as an important support zone where the index can find consolidation.
BANKNIFTY:
BankNifty also produced a decent pullback outperforming the Nifty index gaining almost 1000 points and closing above the 42500 zone has indicated signs of improvement. With the overall bias and sentiment still remaining cautious, some clarity and conviction needs to be established to anticipate for further rise.
Reliance Securities Stock in Focus for Today: Astral
STOCK IN FOCUS
Astral (CMP 1,960): We expect the company to report revenue and earnings CAGR of 20% and 27% respectively, over FY22-FY24E. We have BUY rating on stock with Target Price of Rs2,540.
Intraday Picks
POWERGRID (PREVIOUS CLOSE: 212) BUY
For today’s trade, long position can be initiated in the range of Rs209-
211 for the target of Rs216 with a strict stop loss of Rs206.
BHARTIARTL (PREVIOUS CLOSE: 811) BUY
For today’s trade, long position can be initiated in the range of Rs803-
806 for the target of Rs825 with a strict stop loss of Rs796.
JSWSTEEL (PREVIOUS CLOSE: 732) BUY
For today’s trade, long position can be initiated in the range of Rs724-
728 for the target of Rs749 with a strict stop loss of Rs718.
Godrej Properties buys 62-acre land in Kurukshetra; eyes ₹550cr revenue from plotted development project
Realty firm Godrej Properties has purchased about 62 acres of land in Kurukshetra, Haryana for over ₹100 crore to develop a plotted residential project and is targeting around ₹550 crore revenue from this property.
In a regulatory filing, the company informed that this project will offer about 1.4 million square feet of plotted residential development.
The company did not mention the total deal value of this land parcel. However, the property brokers said the deal could be around ₹100 crore.
Kurukshetra is a self-sufficient city with good infrastructure consisting of schools, colleges, hospitals and has significant historical and religious importance. (PTI)
Inox Green to acquire majority stake in wind service provider
Inox Green Energy Services on Monday said it will acquire a majority stake in an independent wind service provider that operates majorly in South India with a 230 MW fleet.
However, the company did not disclose the value of the transaction and the name of the target company.
The transaction is subject to certain regulatory and other customary closing conditions and is expected to conclude by the end of January 2023, a company statement said.
“Inox Green…has signed a term sheet for acquisition of majority stake in a renowned independent O&M (operations and maintenance) wind service provider with a 230 MW fleet that operates majorly in South India,” it said. (PTI)
INDIA BONDS-Bond yields may rise marginally ahead of state debt supply
Indian government bond yields could inch higher early on Tuesday, ahead of debt supply through the sale of state bonds.
The benchmark 10-year yield is likely to move in a 7.31%-7.35% band, a trader with a private bank said.
The yield ended at 7.3194% on Monday, its highest since Nov. 21.
The state debt supply is on the heavier side and since it is towards the fag end of the quarter, there may be some uptick in yields, the trader said.
Indian states are aiming to raise 231.47 billion rupees ($2.80 billion) later in the day, by selling bonds maturing between eight years and 19 years, and the quantum is largely as per schedule. (Reuters)
Radiant Cash Management IPO: Check subscription status on last day of the issue
The initial public offer (IPO) of Radiant Cash Management Services was subscribed 11% on the second day of subscription on Monday. The initial share-sale received bids for 29,76,450 shares against 2,74,29,925 shares on offer. The issue, which opened on December 23, will conclude on Tuesday, December 27, 2022. The company has fixed a price band of ₹94 to ₹99 a share for its ₹388-crore public offer. (Read More)
Buy or sell: Vaishali Parekh recommends 2 stocks to buy today
Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today. Here we list out full details in regard to those two shares:
1] Bank of Baroda or BoB: Buy at ₹177, target ₹183, stop loss ₹174; and
2] Hindalco Industries: Buy at ₹442, target ₹455, stop loss ₹436. (Read More)
Jet Airways’ senior execs, pilots, cabin crew quit amid uncertainty: Report
Amid uncertainty over Jet Airways’ future, at least two senior executives as well as some pilots and cabin crew have quit the airline, according to sources, reported news agency PTI.
Jalan Kalrock consortium emerged as the winning bidder for Jet Airways under the insolvency resolution process in June 2021 but the carrier is yet to start operations.
The Vice Presidents of Engineering and Human Resources have left the airline, reported news agency PTI.
Some pilots and cabin crew have also left the airline. Besides, some senior-level executives have gone on Leave Without Pay (LWP), the sources said. (Read More)
India well-placed amid global risks, says Tata chief Chandra
Despite global challenges such as the energy crisis in Europe, the threat of recession and high inflation in Western countries, and geopolitical conflicts, India is well-positioned to remain the fastest-growing major economy, driven by increasing consumption, investment, and consumer confidence, Tata Group chairman N. Chandrasekaran said in a note to employees.
“The global environment has several risk factors, including the energy crisis in Europe, the battle to contain inflation to avoid a recession, and ongoing geopolitical conflicts. Barring the pandemic and a global financial crisis, next year may see the lowest global growth since the millennium began. We will need to keep a careful watch on commodity price rises, in particular,” Chandrasekaran said in his letter. (Read More)
India’s forex reserves dip after rising for five straight weeks
Breaking the trend of the fifth consecutive week of rising foreign exchange reserves, they fell by USD 571 million to USD 563.499 billion in the week that ended on December 16, Reserve Bank of India’s Bulletin Weekly Statistical Supplement data showed on Friday.
During the week that ended December 9, the country’s forex reserves were at USD 564.07 billion, earlier data showed.
According to RBI’s latest data, India’s foreign currency assets, the biggest component of the forex reserves, declined by USD 500 million to USD 499.624 billion. (ANI)
SpiceJet shareholders’ approve re-appointment of Ajay Singh as director
Shareholders of SpiceJet on Monday approved the reappointment of Ajay Singh as a director of the no-frills airline.
At the annual general meeting, the shareholders also gave their nod for the adoption of audited financial statements for the financial year ended March 31, 2022.
In a regulatory filing, the carrier said the reappointment of Singh as a director liable to retire by rotation was cleared by the shareholders with a requisite majority.
Currently, Singh is the Chairman and Managing Director of the no-frills airline.
Singh was originally appointed as adirector on November 4, 2004, and subsequently resigned on August 27, 2010. Thereafter, he was appointed as Managing Director of the company on May 21, 2015. (PTI)
Rupee gains 17 paise to 82.65 against US dollar on stocks rally
The rupee appreciated 17 paise to close at 82.65 against the US dollar on Monday, as heavy buying in domestic equities and a rising appetite for riskier assets strengthened investor sentiment.
However, surging global crude prices and continued foreign capital outflows capped the rupee’s sharp gain, forex traders said.
At the interbank foreign exchange market, the local unit opened up at 82.79 and touched an intra-day high of 82.63 and a low of 82.83 against the greenback.
It finally settled at 82.65, registering a rise of 17 paise over its previous close of 82.82. (PTI)
Exporters on edge as raging covid in China derails trade
The covid-19 surge in China has triggered concern among Indian exporters as it may add to the softening of demand from Western countries. China, India’s largest trading partner, reported an 11% decline in imports in November, and the latest outbreak could further hit exports of Indian goods.
While experts noted that the impact on Indian exports from the outbreak in China would not be immediately visible, as orders for the next quarter have been received, China’s decision to stop publishing daily covid-19 data has created significant uncertainty about the severity of the spread. (Read More)
Elin Electronics IPO allotment date today. How to check allotment status online
Allotment of shares can be announced any time today as the tentative Elin Electronics IPO allotment date is 27th December 2022. Those who have applied for the public issue worth ₹475 crore would be able to check Elin Electronics IPO allotment status online after the announcement of share allocation. They can check Elin Electronics IPO allotment status online by logging in at the BSE website or at the website of the official registrar of this issue. KFin Technologies Limited has been appointed as the official registrar of Elin Electronics IPO. (Read More)
Investors wealth rise nearly ₹5.74 lakh cr as markets rally after 4-days selloff
Monday started on a bullish note with Sensex and Nifty 50 gaining by over a per cent each. Both benchmarks regained the 60,000 and 18,000 marks. Domestic equities witnessed optimism after 4-days of selloff tracking positive global cues as investors took a breather from recession fear and concerns around the Covid outbreak in major economies. Due to Monday’s rally, investors’ wealth picked up by nearly ₹5.74 lakh crore on Dalal Street.
As per BSE data, the listed firms’ market cap rose by ₹5.74 lakh crore to more than ₹277.86 lakh crore on December 26th. Last week, on Friday, the market cap was around ₹272.12 lakh crore. (Read More)
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