Global investors are worried about the Fed’s interest-rate hiking path as they awaited minutes from its December meeting. Apart from global trends, Indian investors will also keep an eye on corporate earnings to get a better sense of the economy.
Indices open flat on Wednesday with a little tilt towards the red; IndusInd shines
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Multibagger IPO: SME stock gives 1600% return to allottees in 7 years
The initial public offering (IPO) of Hi-Tech Pipes Ltd was launched in February 2016 at a price band of ₹50 per equity share. The public issue was proposed for listing on the NSE SME exchange and the initial offer got listed on the proposed exchange on 25th February 2016. Hi-Tech Pipes share price today is ₹858.55 apiece, which means the SME stock has risen to the tune of more than 1600 per cent in the near 7 years of its listing.
Hi-Tech Pipes shares have remained under base building mode for the last month losing nearly 1 per cent in this time. However, in the last six months, Hi-Tech Pipes share price has appreciated from around ₹455 to ₹858 per share level, delivering to the tune of a 90 per cent return to its positional investors. (Read More)
BOJ Ramps Up Bond Buying for a Fourth Day to Cap Rise in Yields
The Bank of Japan announced a fourth day of unscheduled bond buying operations as it tries to reassert its commitment to super-accommodative monetary policy.
The BOJ offered to buy unlimited amounts of two-year notes at a yield of 0.03% and five-year debt at 0.23%. It also offered to purchase a total ¥600 billion ($4.6 billion) of one-to-25-year bonds. The announcement was in addition to its daily offer to buy unlimited quantities of 10-year securities and those linked to futures at 0.5%, the new cap for benchmark yields.
The central bank conducted similar operations between Dec. 28 and 30, buying a total of 2.3 trillion yen of bonds. Wednesday’s purchases came despite a strong start to the year in global bond markets with Treasuries surging and German bunds rallying on signs of slowing inflation. (Bloomberg)
Tata Steel, Hindalco among 4 metal stocks to ‘Buy’; this one to ‘Sell’. Brokerage’s top picks
China’s Central Economic Working Conference, one of the most important events for metals, appears to advocate neutral policy stance for 2023. Post easing cycle in 2020 and tightening in 2021, China is likely to maintain neutral policy bias for second consecutive year (2022 and 2023), as per brokerage and research firm Ambit.
“Chinese credit impulse bottomed at 23-24% late 2021 but should remain at 25-26% through CY23, well short of 32-33% peak in late 2020. China is conscious it needs to stabilize growth and diffuse systematic financial risks, but also cognizant of high leverage in the system, and doesn’t want to open floodgates,” the note stated. (Read More)
Sensex preopens flat on Wednesday; RIL, Vedanta, RailTel in focus in today’s trading
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Radiant Cash Management IPO listing date today. Experts predict ‘muted’ debut
Radiant Cash Management IPO listing date has been fixed on 4th January 2022 i.e. today. As per the information available on BSE website, shares of Radiant Cash Management Services Limited shall be listed and admitted to dealings on the exchange in the list of ‘B’ group of securities. Shares of Radiant Cash Management Services Ltd will list on BSE and NSE in a special pre-open session and the retail cash management company has informed Indian exchanges that in respect of shares in demat form, necessary corporate action has been executed to have the lock-in period marked in the depository’s records.
According to stock market experts, valuations of Radiant Cash Management IPO is high and there are various other stocks from the segment available at an attractive valuations. The public issue failed to attract investors as well. Experts said that Radiant Cash Management shares may have a ‘muted’ to ‘discounted’ listing. (Read More)
Stocks to Watch: Radiant Cash Mgt, RIL, Vedanta, L&T, HDFC Ltd, RailTel, Avenue Supermarts, LTIMindtree, IIFL Finance, MCX
Reliance Industries: Reliance Retail Ventures Ltd’s subsidiary on Tuesday said that it will acquire a 50% stake in Gujarat-headquartered Sosyo Hajoori Beverages Private Limited. The FMCG arm, Reliance Consumer Products Limited, is the wholly owned subsidiary of Reliance Retail Ventures Limited has acquired a stake in the Sosyo Hajoori Beverages Pvt Ltd which operated a beverage business under the brand ‘Sosyo’. The existing promoters, Hajoori family, will continue to own the remaining stake in Sosyo Hajoori Beverages Pvt Ltd (SHBPL). (Read More)
ADB, India sign USD 350 million loan to expand metro rail network in Chennai
The Asian Development Bank (ADB) and the government of India have signed a USD 350-million loan to build new lines and improve the connectivity of the metro rail system in Chennai with the city’s existing public transport system.
Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, and Nilaya Mitash, Officer-in-Charge, India Resident Mission, ADB, have signed the agreement of the tranche 1 loan for the Chennai Metro Rail Investment Project. The tranche 1 loan is part of the USD 780 million multi-tranche financing facility (MFF) for the project approved by ADB on December 8, 2022, to develop three new metro lines in Chennai.
After signing the loan agreement, Mishra stated that the project would help expand connectivity of Chennai’s central areas to major destinations in the south and west of the city and integrate the metro system with existing bus and feeder services to benefit thousands of daily commuters. (ANI)
Bitcoin, ether, other crypto prices today rise. Check latest rates
Bitcoin price today rose with the world’s largest and most popular digital token trading almost flat with a positive bias at $16,728. The global cryptocurrency market cap today remained below the $1 trillion mark, as it rose slightly in the last 24 hours to $844 billion, as per the data by CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, gained more than a per cent $1,229. Meanwhile, dogecoin price today was flat at $0.07 whereas Shiba Inu gained marginally at $0.000008. (Read More)
Reliance Securities Stock to Focus for today: Mphasis
STOCK IN FOCUS
Mphasis (CMP 2,004): In view of healthy revenue growth, strong deal pipeline, new order wins and reducing contribution from volatile business of DXC and attractive valuation, we recommend buy rating on Mphasis with 1-Year Target Price of Rs2,330, valuing the stock at 20x of FY24E earnings.
Intraday Picks
WIPRO (PREVIOUS CLOSE: 397) BUY
For today’s trade, long position can be initiated in the range of Rs394-
392 for the target of Rs404 with a strict stop loss of Rs389.
TITAN (PREVIOUS CLOSE: 2,614) BUY
For today’s trade, long position can be initiated in the range of Rs2,587-
2,572 for the target of Rs2,664 with a strict stop loss of Rs2,534.
GRASIM (PREVIOUS CLOSE: 1,717) SELL
For today’s trade, short position can be initiated in the range of Rs1,737-
1,745 for the target of Rs1,677 with a strict stop loss of Rs1,776.
Domestic air passenger traffic touches 1.29 cr to cross pre-COVID level in Dec 2022
The monthly domestic air passenger traffic touched 1.29 crore to cross the pre-COVID level in December 2022, with Civil Aviation Minister Jyotiraditya Scindia terming it as a healthy trend and a good sign for the industry.
In December 2019, the domestic air passenger traffic stood at 1.26 crore.
“2022 sets new record in air passenger movement,” according to a graphic shared by the minister on his Twitter handle on Tuesday.
The traffic reached 1.29 crore in December last year.
There is a healthy trend in domestic passenger movement of late – a good sign for the aviation sector, the minister said in a tweet.
“Monthly domestic passenger numbers in December 2022 crossed the pre-Covid-29 high!” Scindia said. (PTI)
Sah Polymers IPO: GMP on the last day of the subscription
The initial public offer (IPO) of polymer manufacturer Sah Polymers was subscribed 5.35 times on the third day of subscription on Tuesday, January 3, 2023. The initial share sale received bids for 2,99,95,450 shares against 56,10,000 shares on offer. The offer opened for public subscription on Friday, December 30, 2022, and will conclude on Wednesday, January 4, 2023.
According to 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 next week on Thursday, January 12, 2023. (Read More)
NCLAT to hear Google’s appeal against CCI’s Rs1,337 crore penalty order today
The National Company Law Appellate Tribunal (NCLAT) will on Wednesday hear an appeal filed by Google LLC. contesting Competition Commission of India’s (CCI) order imposing a fine of ₹1337 crore on the tech company for alleged violations in the android mobile ecosystem.
NCLAT’s principal bench in the national capital comprising Justice Rakesh Kumar and technical member Alok Srivastava will hear the appeal, NCLAT’s schedule for Wednesday showed. The company is represented by counsels Toshit Shandilya and Ravisekhar Nair. (Read More)
Rupee falls 8 paise to close at 82.86 against US dollar
The rupee pared initial gains and settled 8 paise lower at 82.86 (provisional) against the US dollar on Tuesday, weighed by a strong greenback overseas and sustained foreign fund outflows.
At the interbank foreign exchange market, the rupee opened on a positive note at 82.69 against the greenback, but pared the gains and fell to an intra-day low of 82.92.
The domestic currency finally settled at 82.86, down 8 paise over its previous close of 82.78.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 1 per cent higher at 104.55.
Global oil benchmark Brent crude futures rose 0.02 per cent to USD 85.93 per barrel. (PTI)
Reliance Consumer to acquire 50 pc equity stake in Sosyo Hajoori Beverages
Reliance Consumer Products Limited (RCPL), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Limited. (RRVL), on Tuesday announced it will acquire a 50 per cent equity stake in Gujarat-headquartered Sosyo Hajoori Beverages Private Limited (SHBPL), which owns and operates a beverage business under the flagship brand ‘Sosyo’.
The existing promoters, the Hajoori family, will continue to own the remaining stake in SHBPL.
Sosyo is a heritage Indian brand with around 100 years of legacy in carbonated soft drinks (CSD) and juices. Established in 1923 by Abbas Abdulrahim Hajoori, the company is one of the leading players in the domestic soft drinks market. (ANI)
RailTel to monetise Wi-Fi project covering over 6,100 railway stations
RailTel on 3 January has announced that it has tied up with a technology firm in a bid to monetise its Wi-Fi project at more than 6,100 railway stations across India. RailTel which is a PSU under the Ministry of Railways, signed a five-year contract with a consortium led by 3i Infotech Ltd, a global information technology company based at Mumbai, a company statement said.
The other members of the consortium are Forensics Intelligence Surveillance and Security Technologies Private Limited (FISST) and Yellow Inc. (Read More)
Buy or sell: Vaishali Parekh recommends 2 stocks to buy today
Vaishali Parekh of Prabhudas Lilladher has recommended two day trading stocks to buy today, here we list out full details in regard to those two scrips:
1] Indian Hotels: Buy at ₹320, target ₹335, stop loss ₹315; and
2] Axis Bank: Buy at ₹962, target ₹980, stop loss ₹948. (Read More)
Steep discount in domestic spot gold to bank rate raises eyebrows
Spot gold prices in the domestic market have been trading at a steep discount to the metal’s bank rate for an extended period, a departure from the typical premium it trades at, especially during the wedding season.
Spot gold was trading at an $18-25/ounce (approximately 31g) discount, against a typical premium of $1, for a record 40 days now because of a supply-demand mismatch driven by a sharp jump in price, rise in circulation of recycled gold, a trade pact with the UAE that facilitates import of the metal at lower duty, and suspected leakages, traders said. (Read More)
Wall Street starts the year with a dip; Apple, Tesla shares drag
Wall Street’s main indexes closed lower on the first trading day of 2023 with big drags from Tesla and Apple, while investors worried about the Federal Reserve’s interest-rate hiking path as they awaited minutes from its December meeting.
Shares in electric vehicle maker Tesla Inc hit their lowest level since August 2020 and put pressure on the consumer discretionary sector after missing Wall Street estimates for quarterly deliveries.
Apple Inc shares sank, with the iPhone maker hitting its lowest level since June 2021, after a report from Nikkei Asia pointed to weaker demand. In addition, an analyst downgraded their rating of the stock due to production cuts in COVID-19-hit China.
According to preliminary data, the S&P 500 lost 15.43 points, or 0.40%, to end at 3,824.07 points, while the Nasdaq Composite lost 78.21 points, or 0.75%, to 10,388.28. The Dow Jones Industrial Average fell 12.33 points, or 0.04%, to 33,134.92. (Reuters)
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