BSE Sensex declined 670 points or 0.93% to 71,355 and Nifty 50 fell 197 points or 0.91% to 21,513 Monday amid amid broad-based selloff. FMCG and PSU bank indices emerged as the top losers, declining more than 1% each Nifty Bank fell by 708 points to 47,450 and Nifty Midcap 100 declined 501 points to 46,894 today.
Meanwhile, Leading brokerage firm CLSA has increased the target price of Sula Vineyards Ltd shares to Rs 863 apiece from Rs 571 apiece. Current market price of Sula Vineyards share on BSE is Rs 642.10 apiece with intraday gain of 15.78%.
The top 5 gainers on the Nifty pack were BPCL, Tata Steel, Eicher Motors, ONGC, and Bharti Airtel whereas the top 5 losers were UPL, Hindustan Unilever, Bajaj Finance, Tata Consumer Products and TCS in the opening session. On the sectoral front, oil & gas opened as the top performer followed by realty and auto while the worst downfall seen in PSU Bank followed FMCG.
Nifty Futures predict a muted beginning for Indian markets, indicating a leisurely start to Monday, January 8th's early session. Trends on the GIFT Nifty show that the Indian index as a whole has seen a flat morning, down 0.06%. At roughly 21,791, the Nifty futures were trading. While Asian markets were trading unevenly as investors anticipated important economic data, the dollar remained stable on Monday ahead of a significant U.S. inflation report later in the week from the US, Japan, and China. The upcoming quarterly results from significant IT businesses and global cues are expected to have a major effect on the markets.
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Jan 08, 2024, 3:12 pm IST
DRC Systems India To Consider Bonus Share On Jan 18, Shares Hit Upper Circuit
Small cap company from the sector of Computers - Software & Consulting, DRC Systems India shares today hit 5.00% upper circuit after it informed via exchange filing about its coming meeting of board of directors scheduled to be held on January 18, 2024. DRC Systems will consider and approve unaudited financial results and the proposal for issue of bonus shares. Last trading price of DRC Systems share on BSE is Rs 47.23 apiece.
Jan 08, 2024, 2:46 pm IST
1:1 Bonus Issue: Integra Essentia To Trade Ex-Bonus Soon, Hits 10% Upper Circuit For 5th Day
Small cap company Integra Essentia Ltd shares today hit 10% upper circuit yet again as record date for bonus share is approaching fast. Integra Essentia shares will trade ex-bonus on January 11, 2024. Earlier, the company declared January 11, 2024 as the record date for bonus share in the proportion of 1:1. Integra Essentia shares witnessed sharp rally of 59% in last 1-week only and gained 86% in last 2-weeks span.
Jan 08, 2024, 2:45 pm IST
Servotech Power Systems Approves Conversion Of Warrants Into Equity Shares, Up 373% In 1-Yr
Small cap company Servotech Power Systems Limited shares gained 2.17% today to 77.70 per share in trade today after the update of allotment of equity shares upon conversion of warrants on preferential basis under the provisions of SEBI (ICDR) Regulations, 2018. Servotech Power Systems shares declined 2.21% in last 6-months and offered strong 373% rally in last 1-year span.
The NSE listed company stated in its regulatory filing dated January 6, 2024, “In furtherance to the Board meeting dated October 15,2022 for allotment of warrants, considered and approved the allotment of 42,50,000* equity shares to Ms. Sarika Bhatia, Promoter of the Company having face value of Rs.1/- each, at an issue price of Rs. 9.30/- per equity share (including premium of Rs.8.30/- per equity share), consequent upon the conversion of 4,25,000 Warrants issued earlier for Rs. 93/-, after adjusting the number of shares, nominal value and premium per share post sub-division of nominal value of the Equity Share of the Company from 1 Equity Share of Rs. 10/- each to 10 Equity Shares of Re. 1/- each on preferential basis, upon receipt of an amount aggregating to Rs. 29,64,3750/- at the rate of Rs. 6.975/- per warrant (being 75% of the issue price per warrant) from the allottees pursuant to the exercise of their rights of conversion into equity shares in accordance with the provisions of SEBI (ICDR) Regulations, 2018.”
Jan 08, 2024, 2:27 pm IST
Sula Vineyards Gains 15.78% Today After CLSA Upgrades Target Price
Leading brokerage firm CLSA has increased the target price of Sula Vineyards Ltd shares to Rs 863 apiece from Rs 571 apiece. Current market price of Sula Vineyards share on BSE is Rs 642.10 apiece with intraday gain of 15.78%. If you buy Sula Vineyards stock now at the current market price of Rs 642.10 apiece, you can fetch likely return of 34.4%. Sula Vineyards operates in Breweries & Distilleries.
According to the analyst, “"Maharashtra government has reinstated subsidy on wines produced and sold in the state for more than 5 years. This should shift focus to volume opportunity, with Sula benefiting the most as it is a clear market leader with more than 50% market share in wines." The analyst believes that Sula is expected to gain from wine-catch up penetration.
Jan 08, 2024, 2:03 pm IST
Bajaj Auto Shares Rise Ahead Of Board Meeting To Discuss Share Buyback
On January 8, the stock of Bajaj Auto Limited experienced an uptick as the company's board of directors convened to deliberate on a proposal for a share buyback. Last week, Bajaj Auto disclosed in a regulatory filing that the board meeting, scheduled for January 8, would address and approve the proposal for the buyback of fully paid-up equity shares and other related matters.
Jan 08, 2024, 1:48 pm IST
Solar Industries Secures A Contract Valued At Rs 994 Crore
Solar Industries India has been awarded export contracts amounting to Rs 994 crores for the provision of products designed for defense applications. The deliveries are scheduled over a span of three years.
Jan 08, 2024, 1:33 pm IST
Adani Green Gives Cash Backed Redemption Strategy For Holdco Bond
Adani Green Energy Limited (AGEL) has unveiled a cash-backed redemption strategy for the 0 million 4.375 notes due on September 9, 2024 (Holdco Notes). The remaining amounts of the Holdco Notes will be completely secured by cash reserves allocated to various reserve accounts dedicated to securing the Holdco Notes, a significant eight months before their maturity.
Jan 08, 2024, 1:15 pm IST
Chambal Fertilizers Board Gives Nod For Share Buyback
Chambal Fertilisers board has given approval for equity shares buyback during its board meeting on Monday, as disclosed in an exchange filing.
Jan 08, 2024, 12:49 pm IST
Oil India Board Approves Formation Of Green Energy Subsidiary
Oil India has gained approval from its Board of Directors to establish a wholly-owned subsidiary company dedicated to the green energy sector. The formation of this subsidiary is contingent upon receiving approvals from the Ministry of Petroleum & Natural Gas (MoP&NG), NITI Aayog, and the Department of Investment and Public Asset Management (DIPAM).
Jan 08, 2024, 12:33 pm IST
Mutual Fund December Data
Net equity inflow recorded at Rs 16,997 crore, up from Rs 15,514.5 crore MoM. Liquid fund sees an outflow of Rs 39,675 crore, compared to Rs 644.7 crore outflows MoM. ETF witnesses an inflow of Rs 200 crore, down from Rs 833.62 crore inflows MoM. Total assets under management (AUM) reach Rs 50.78 lakh crore, an increase from Rs 49.04 lakh crore MoM.
Jan 08, 2024, 12:13 pm IST
Signature Global Hits 52-week High
Signature Global India Ltd saw a significant surge as its shares reached a 52-week high of Rs 1,092.2 per share on BSE. This remarkable increase of 3.4% was propelled by the company's outstanding pre-sales performance in the initial nine months of the fiscal year 2024, ending on December 31, 2023. The real estate developer reported an impressive pre-sales booking of Rs 3,124.13 crore during this period, showcasing a substantial 41.38% increase compared to the corresponding period in the previous year.
Jan 08, 2024, 11:29 am IST
Tata Stock In Focus
Tata Steel, one of India’s leading steel producers, has reported robust figures for the third quarter of the fiscal year 2024, showcasing impressive growth in both production and deliveries. The company's performance marks significant milestones, particularly in its Indian operations, while also shedding light on challenges faced in its international segments.
Jan 08, 2024, 10:50 am IST
HCL Tech Shares In Focus This Week
HCL Tech Shares Traded In Green ahead of its Q3 results report card on January 12. Alongside earnings, the company will also declare a fourth interim dividend for the financial year 2023-24. HCL has already fixed a record date.
Jan 08, 2024, 10:31 am IST
Stock Broker Angel ONE Shines Ahead Of Q3
Angel One witnesses huge bandwagon of bulls as traders await its Q3 earnings and upcoming dividends payout for FY24. On Monday, the multibagger NBFC touched a new 52-week high of Rs 3,884.95 apiece, while its 1-year upside has now stretched to whopping over 200%. Among the major and most-awaited dividends in January 2024, Angel One is one of them. The company's outlook is healthy.
Jan 08, 2024, 10:00 am IST
ACC Acquires 55% Stake In Asian Concretes & Cements For Rs. 775 Cr
At an enterprise value of Rs. 775 Cr, ACC Limited, a subsidiary of Ambuja Cements Limited, successfully acquired the remaining 55% of ACCPL from its current promoter, gaining an entire stake in the company. It currently holds a 45% stake in Asian Concretes and Cements Private Limited (ACCPL). The whole transaction, which is financed entirely by internal accruals, would support Ambuja, the parent company of ACC, in maintaining its dominant position in the wealthy North India market. Through this planned decision, Adani's Cement Business will reach its goal of 140 MTPA capacity by 2028 and expand ACC's cement production capacity. The market leadership of ACC and Ambuja is strengthened by the acquisition, increasing Adani Group's total cement capacity to 77.40 MTPA. The cement capacity of the Adani Group is expected to reach 106 MTPA by FY 2026 with ongoing and planned CAPEX expansions.
Jan 08, 2024, 9:52 am IST
Market Outlook Today By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
The year-end rally which took the Nifty up by around 14 % from the 2023 October lows, is slowly running out of steam. The major challenge for the rally comes from the mother market US which is showing signs of weakness. The concern in the US now is that the market expectation of a rate cut in March may not materialise since the labour market continues to be tight and the unemployment data is lower than expected. Inflation coming under control means that the rate hiking cycle is over and the Fed pivot is imminent. But the market will be disappointed if the rate cut doesn’t happen in March. The sign of this possible trend can be seen in the firming up of the 10-year US bond yield above 4%.
The exuberance of retail investors may be a positive factor which might push up the already frothy broader market. But profit booking by DIIs and seasonally weak January can impact the rally.
Long-term investors can use dips in the market to buy high quality banking stocks which are fairly priced.
Jan 08, 2024, 9:51 am IST
Tanla Appoints Former TRAI Chairman To Its Board of Directors
Tanla Platforms Limited has announced the appointment of Dr. RS Sharma, the former chairman of TRAI, to its board of directors, bringing the total number of its board members to seven.
Jan 08, 2024, 9:48 am IST
Ashok Leyland Performance In CY2023
Today, Ashok Leyland declared that it has achieved yet another significant milestone, recording the highest sales volume in a calendar year in the company's history in 2023. The firm broke its own record created in 2018 and achieved a total commercial vehicle (CV) volume of 198,113 units, setting a new benchmark in the process.
Jan 08, 2024, 9:42 am IST
Tata Steel 3QFY2024 Production And Delivery Volumes Update
The production and delivery numbers for the quarter ended in December of FY24 were released by Tata Steel. India's delivery volumes climbed by 3% to 4.88 mt, while its production volume increased by 6.4% YoY to 5.32 mt (million tonnes). The production of crude steel rose 4% YoY in the 9MFY24. Given the ongoing strength in India's steel demand, the increase on a QoQ and YoY basis was mainly driven by an increase in domestic deliveries (+3% QoQ and +10% YoY). Tata Steel India had its best-ever deliveries for 9MFY24, up 6% YoY. Tata Steel Netherlands produced 1.17 million tonnes of liquid steel during the quarter, up 5% from the previous quarter, while deliveries were 1.29 million tonnes. Operational problems caused Tata Steel UK's liquid steel output for the quarter to be 0.73 million tonnes, which was slightly less on a QoQ basis.
Jan 08, 2024, 8:56 am IST
Stocks To Buy This Week As Recommended By Motilal Oswal
BUY HINDUSTAN AERONAUTICS AT CMP of Rs 2988, STOP-LOSS: Rs 2900, TARGET: Rs 3200,
BUY HIND COPPER AT CMP of Rs 283, STOP-LOSS: Rs 270, TARGET: Rs 305,
BUY LARSEN & TOUBRO LTD AT CMP of Rs 3521, STOP-LOSS: Rs 3430, TARGET: Rs 3700
Jan 08, 2024, 8:49 am IST
JSW Group To Double Investments In Tamil Nadu Across Sectors Over The Next Few Years
Sajjan Jindal, an industrialist and the chairman of the multinational conglomerate JSW Group, announced on Sunday that his company intends to double its investments in Tamil Nadu over the next few years in an array of sectors. Jindal, who is in the state to participate in the Global Investors' Meet hosted by the Tamil Nadu government, stated that JSW has made cumulative investments in the state of Rs 15,000 crore. The JSW Group operates the JSW Steel and JSW Energy businesses, which are present in Tamil Nadu.
“We have so far invested over Rs 15,000 crore in Tamil Nadu and I plan to double that investment over the next few years and propose to invest further in a 1,000 MW of pump storage project and a 1,000 MW of wind power energy,” Sajjan Jindal said according to PTI.
Jan 08, 2024, 8:44 am IST
Titan Q3FY24 Business Update
In Q3FY24, the company reported revenue growth of 22% YoY. During this time, the company added 90 new stores, bringing its overall retail footprint to 2,949 outlets. The Watches & Wearables (W&W) Division had a 21% YoY rise in domestic business, while the Jewellery Division saw a 23% YoY growth. YoY revenue for the EyeCare Division dropped by 3%.
Jan 08, 2024, 8:36 am IST
Reliance Industries Shares In Focus
Chairman and Managing Director of Reliance Industries, Mukesh D. Ambani, announced on Sunday that the company has committed to making fresh investments in Tamil Nadu's renewable energy sector. Additionally, Reliance Industries would open its brand-new data centre, which has been built in collaboration with US-based Digital Reality and Canada-based Brookfield Asset Management. According to him, Reliance Industries Ltd. is collaborating with US-based Digital Reality and Canada's Brookfield Asset Management to establish a cutting-edge data centre that will open next week.
Jan 08, 2024, 8:33 am IST
Crude Oil Prices In Red
At 2:50 a.m. GMT, Brent crude had dropped 0.89% to .04 a barrel, while U.S. West Texas Intermediate crude futures had dropped 90 cents, or 1.15%, to .93 a barrel due to steep price reductions by Saudi Arabia and a rise in OPEC supply amidst geopolitical unrest.
Jan 08, 2024, 8:27 am IST
Stocks To Watch
On Monday, January 8, market watchers will probably be focusing on the top 10 stocks, which include popular companies like Reliance Industries, Bajaj Auto, TVS Motor Company, ONGC, and FSN E-Commerce Ventures.
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