Stock Market Today: All You Need To Know Going Into Trade On Jan. 10
Stocks in the news, big brokerage calls of the day, complete trade setup and much more!
Asian stocks were mixed on Tuesday after a US rally fizzled out as the Federal Reserve officials signaled that the central bank will likely need to raise interest rates above 5% before pausing and holding for some time.
Australian stocks fell and equity futures for Hong Kong were slightly weaker, while Japan’s Topix Index rose after reopening following a public holiday Monday. Contracts on the S&P 500 edged lower after the index failed to stay above the key 3,900 level, erasing an advance that reached almost 1.5% Monday.
The Dow Jones Industrial Average underperformed, while the Nasdaq 100 rose thanks to gains in big tech, with Tesla Inc. surging about 6%. The dollar and Treasury yields pared their declines.
Crude price rose 1.6%, while gold was up 0.3%. Bitcoin increased 2.3% to trade around the $16,800-level.
Domestic indices closed 1% higher, tracking rallies in the Asian and U.S. stocks.
Rupee started the week closing higher against the U.S. dollar on the back of a strong show by domestic equities.
At 6:35 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was down 0.07% to 18,160.5.
Stocks To Watch
Tata Motors: Tata Motors Group global wholesales increased 13% on-year in the December quarter at 3.23 lakh units. Passenger vehicles sales were up 23% during the period at 2.25 lakh units. Meanwhile, Jaguar Land Rover wholesales, excluding China JV, rose 15% YoY to 79,591 units in December quarter, with a positive free cash flow of £400 million (Rs 4,003.15 crore).
LT Foods/Chaman Lal Setia Exports/Others: Authorities are planning to remove the ban imposed in September last year on export of certain varieties of rice as domestic prices stabilise, according to a Bloomberg report. This will be positive for stocks of rice exporting companies.
DB Realty: NCLT approved Adani Goodhomes' resolution plan for Radius Estates, a JV partner of MIG (Bandra) Realtors & Builders, which is a subsidiary of DB Realty. Radius Estates and MIG are developing Project Ten BKC property in Mumbai.
HDFC: The lender will sell its entire 17.5% stake in Kaizen Management Advisors for Rs 1.10 crore. Meanwhile, subsidiary HDFC Capital Advisors has achieved the initial close for Scheme 2 of the HDFC Capital Affordable Real Estate Fund–3.
IRB Infrastructure Developers: The company reported a 32% YoY increase in consolidated Q3 toll revenue at Rs 388.01 crore.
Sona BLW Precision Forgings: The company will acquire 54% stake in NOVELIC d.o.o. Beograd–Zvezdara for €40.5 million (Rs 355.98 crore).
Indian Overseas Bank: The bank will increase lending rates by 5 basis points across tenors from Jan. 1, 2023.
Lupin: The Spanish Ministry of Health approved the reimbursement of Lupin’s NaMuscla (mexiletine) for the symptomatic treatment of myotonia in adults with non-dystrophic myotonic disorders.
Page Industries: Rohan Genomal resigned as Executive Director-Strategy, effective March 31, 2023, for personal reasons.
Welspun Enterprises: Chief financial officer Sanjay Sultania resigned, effective Jan. 9, 2023, to take up other major responsibility within the Welspun Group.
Stylam Industries: Abakkus Growth Fund increased stake in the company by 0.12% to 2.39%, while Sixth Sense India raised its shareholding by 0.26% to 4.5%.
Surya Roshni: Mukul Agarwal increased stake in the company to 1.71%, while Vikas Khemani’s take remains unchanged at 1.45%.
Gillette India: The board of the company will consider and approve results and dividend on Feb. 1.
Procter & Gamble Hygiene & Health Care: The board will meet on Feb. 8 to consider and approve financial results for the December quarter and interim dividend.
Star Health and Allied Insurance Company: Business Update for YTD Dec. 31, 2022 (YoY)
- The company registered 13% rise in total gross direct premium at Rs 8,752 crore.
- While gross direct premium in personal accident space increased 23% to Rs 133.5 crore, health-retail segment saw 19% growth at Rs 8,045.50 crore.
- Gross direct premium in health-group space declined 38% to Rs 571.70 crore.
Tata Consultancy Services (Consolidated, QoQ)
- Revenue up 5.2% at Rs 58,229 crore vs Rs 48,885 crore (Bloomberg estimate: Rs 57,205 crore)
- EBIT up 7.56% at Rs 14,284 crore vs Rs 12,237 crore (Bloomberg estimate: Rs 14,075 crore)
- EBIT margin at 24.53% vs 25% (Bloomberg estimate: 24.6%)
- Net profit up 4% at Rs 10,883 crore vs Rs 9,806 crore (Bloomberg estimate: Rs 11,083 crore)
- The company announced an interim dividend of Rs 8 and a special dividend of Rs 67.
Bombay Burmah Trading Corporation: Macrofil Investments bought 4.40 lakh shares (0.63%), The Bombay Dyeing and Manufacturing Co. sold 4.40 lakh shares (0.63%) at Rs 954.50 apiece.
Zensar Technologies: Scountbit General Trading LLC sold 14 lakh (0.62%) at Rs 208.34 apiece.
Who’s Meeting Whom
Mazagon Dock Shipbuilders: To meet investors and analysts on Jan. 10.
Landmark Cars: To meet investors and analysts on Jan. 10.
HFCL: To meet investors and analysts on Jan. 10.
Ex Date Stock Split: Rajnish Wellness
Record Date Stock Split: Rajnish Wellness
Pledge Share Details
Kuantum Papers: Promoter Kapedome Enterprises revoked a pledge of 22 lakh shares on Oct. 31, 2022.
Money Market Update
Rupee closed 0.45% higher against the U.S. dollar at 82.36 on Monday, compared to Friday’s close of 82.73.
Nifty January futures ended at 18,161.80, a premium of 218.60 points.
Nifty January futures fell 2.27% and 5,233 shares in Open Interest.
Nifty Bank January futures ended at 42,741, a discount of 382.50 points.
Nifty Bank January futures fell 8.18% and 7,701 shares in Open Interest.
Securities added to the ban period: Gujarat Narmada Valley Fertilizers and Chemicals, IndiaBulls Housing Finance
Securities removed from the ban period: Nil