BSE Sensex zoomed 847 points or 1.18% to 72,568 and Nifty 50 rallied 247 points or 1.14% to 21,894 on Jan 12, 2024. Nifty Bank gained 271 points to 47,709and Nifty Midcap 100 rallied 175 points to 47,512 in trade on Friday. Infosys Ltd shares jumped 7.98% intraday to close at 1614.35 apiece.
Shares of large cap Tata Group stock Tata Consultancy Services Ltd rose 4.07% in trade today on BSE to 3888.40 per share. Shares of large cap Tata Group stock Tata Consultancy Services Ltd rose 4.07% in trade today on BSE to 3888.40 per share.
On the Nifty pack, the top gainers in the opening session were Infosys, Wipro, TCS, Tech Mahindra and Tata Consumer Products whereas the worst performers were M&M, Nestle India, Reliance Industries, Power Grid and Bharti Airtel.
On the global market front, Asian markets were broadly down, while US stock indices closed lower overnight ahead of today's publication of US and China's inflation statistics. After mixed earnings from Infosys and TCS, investors are likely to respond to Wipro and HCL Tech Q3 earnings today, as their management comments and forecast will give a glimpse at the stock price and outlook for the future.
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Jan 12, 2024, 3:23 pm IST
Newgen Software Technologies Shares Trade Ex-Bonus, Up 350% In 1-Yr
Mid cap company from the IT Software sector Newgen Software Technologies Ltd shares hit 5.00% upper circuit in trade on BSE as it trades ex-bonus today. Newgen Software Technologies Ltd shares witnessed spurt in volume by over 1.06 times. Last trading price of Newgen Software Technologies share on BSE is Rs 815.10 apiece with intraday rally of 5.00%. Newgen Software Technologies Ltd shares offered return of 350% in last 1-year and surged 161% in last 6-months.
Jan 12, 2024, 2:54 pm IST
Torrent Pharmaceuticals To Consider Dividend, Results
Large cap pharmaceuticals sector stock, Torrent Pharmaceuticals Ltd shares witnessed a decline of 0.14% in trade today even after it informed via its BSE filing about its upcoming meeting of Board of Directors on February 02, 2024 to consider financial results and interim dividend. Torrent Pharmaceuticals shares surged 20.37% in last 1-month and rose 60% in last 1-year.
Brokerage firm Motilal Oswal has assigned buy call to large cap Tata Group stock Tata Consultancy Services Ltd with target price of Rs 4250 apiece. Current market price of Tata Consultancy Services share on BSE is Rs 3894.65 per share. If you buy TCS share at last trading price of 3894.65 apiece, you can fetch likely return of 9.12%. Tata Consultancy Services shares gained 9.96% and rose 16.80% in last 1-year. TCS declared an interim dividend of Rs 9/share and special dividend of Rs 18 per share of Re 1 each.
Jan 12, 2024, 2:06 pm IST
Crude Oil Prices Increase by 2% Following US and Britain's Strike On Houthi Targets
On Friday, oil prices experienced a 2% uptick after the United States and Britain conducted air and sea strikes on military targets belonging to the Houthi group in Yemen. The military action was a response to the Iran-backed group's attacks on shipping in the Red Sea. This incident has heightened market concerns regarding the potential consequences of a broader conflict in the Middle East, particularly its impact on oil supplies from the region, especially those transiting through the crucial Straits of Hormuz.
Jan 12, 2024, 2:05 pm IST
Alkem Laboratories Names Nitin Agrawal As Chief Financial Officer
In a meeting held today, the Board of Directors of Alkem Laboratories announced the appointment of Mr. Nitin Agrawal as the Chief Financial Officer of the company, effective from February 1, 2024.
Jan 12, 2024, 2:04 pm IST
KPI Green Energy Achieves Record High With A 250% Surge In Stock In One Year
Experiencing a surge of more than 3 percent, KPI Green Energy's shares reached a new 52-week high following a substantial order received by its subsidiary, KPIG Energia Pvt Ltd. Sanwariya Processors Pvt Ltd has commissioned KPIG Energia to undertake the construction of 2 MW solar power projects. The completion is scheduled in various tranches by FY25, as per the terms outlined in the order.
Jan 12, 2024, 1:24 pm IST
Nifty 50 Hits All-Time High
The Nifty 50 experienced a nearly 1% surge, reaching its peak in the morning session on Friday, January 12. Opening at 21,773.55, compared to the previous close at 21,647.20, it ascended to a new record high of 21,848.20.
Jan 12, 2024, 1:16 pm IST
M&M Gives Nod For Investment Of Up To Rs 630 Crore In Mahindra Electric Automobile
M&M has given the green light for an investment of up to Rs 630 crore in Mahindra Electric Automobile (MEAL) through a rights issue. The funds raised will be employed by MEAL to fulfill its financial needs for ongoing business operations.
Jan 12, 2024, 12:51 pm IST
Venus Remedies Gets Manufacturing Authorisations For Docetaxel & Gemcitabine
Venus Remedies has obtained fresh manufacturing authorizations for Docetaxel and Gemcitabine. The company has officially declared the approval for Docetaxel in concentrations of 160MG/8ML, 20MG/1 ML, and 80MG/4ML (Single Vial), along with Gemcitabine 1G from Malta, Europe.
Jan 12, 2024, 12:15 pm IST
Quess Corp Signs MoU With Department Of Gujarat Technical University
Quess Corp has entered into a Memorandum of Understanding (MoU) with the Department of Gujarat Technical University. The collaboration aims to concentrate on services related to skill assessment, employment facilitation, entrepreneurship development programs, and technology integration. The primary goal is to address the skill gap among employees, aligning with industry requirements.
Jan 12, 2024, 12:01 pm IST
Top Gainers and Losers By Mid-Day Indian Markets Today
Sensex kisses 1% and back, climbing 668 points at 72,390, while Nifty trades above 190 points, starting to touch a 52-week high just 15 points away with strong buying in PSU banking and Nifty Realty stocks so far. Top Gainers by mid-day are tech stocks like Wipro, Infosys, and Tech Mahindra, trading at 7.7%, 4.2%, and 4.19% respectively. Cipla and Bajaj Finserve lose value by 1.37% and 1.2% respectively by noon. Share about to touch 52-week highs. The highest volume was witnessed in Tata Steel, Infosys, and ONGC by the afternoon session.
Jan 12, 2024, 11:46 am IST
Rupee Gaining Strength Today, Losses Against Pound, Yen Gains 0.15%
The USD/INR futures maturing 12th January are trading around Rs. 83.00/-, a fall of more than 0.02% today amidst strong Indian market performance. Euro Futures declined by 0.03% to reach around Rs. 91.20/-. GBP gains against Rupee by 0.11% and climbs to Rs. 106.07/-. Japanese Yen trades in green against INR by 0.15% at Rs. 57.39/-.
Jan 12, 2024, 11:24 am IST
Gold Takes A Breather In Green Today After Sluggish Weekly Trends
The average 24-carat gold rate in India today for 10 grams is Rs. 62,950/- and Rs. 57,700/- for 10 grams of 22-carat gold. The prices have taken a breather by rising Rs. 120/- and Rs. 100/- for 10 grams. Likewise, 18-carat gold prices have increased by Rs. 83/- to reach Rs. 47,210/- per 10 grams. The US Spot gold is trading around $ 2,035/- per ounce in green, while MCX Gold Futures maturing this February is floating around Rs. 62,150/-. Silver Rates remained unchanged domestically despite silver metal gaining 0.45% on international markets today.
Jan 12, 2024, 11:06 am IST
PM Modi Starts Special Ritual For Ram Mandir, Kalyan Jewellers To Hold Earnings Call This Month
PM Modi today announced there will be a special ritual of 11 days ahead of the inauguration of the Ram Mandir in Ayodhya this month. As per his official remarks he says, “Only 11 days are left for the consecration of Ram Lalla in Ayodhya. I am fortunate that I will also be a witness to this auspicious occasion. The Lord has made me an instrument to represent all the people of India during the consecration. Keeping this in mind, I am starting a special ritual of 11 days from today. I am seeking blessings from all the people. At this moment, it is very difficult to express my feelings in words, but I have tried from my side.” Kalyan Jewellers will hold a conference call to discuss Q-3 & 9MFY24 Results and confirm opening its 250th store in Ayodhya after the temple construction is completed.
Jan 12, 2024, 10:42 am IST
Hindustan Zinc Receives GST Notice From Central Excise & CGST Commissionerate
Hindustan Zinc has received an Order from Principal Commissioner, Central Excise & CGST Commissionerate confirming demand of GST for the period July 2017 to March 2018 on account of interpretational issue under the relevant provision of the CGST Act,2017. The GST is amounting to Rs. 12,72,15,660 with 100% Penalty on GST demand and applicable interest.
Jan 12, 2024, 10:19 am IST
Infosys & TCS Stocks Surges Strongly, Atul Jaggi Of Gabriel India Joins Anand Group
Robust results have rallied Infosys shares about to touch a 52-week high, currently at Rs. 1602.9/-, while TCS shares jumped 3.9% or Rs. 146/- to reach Rs. 3,882/- after results were posted yesterday. Mr. Atul Jaggi from the position of Deputy Managing Director w.e.f. April 1, 2024, we wish to inform you that the Board of Directors has agreed to relieve Mr. Atul Jaggi from the position of Deputy Managing Director w.e.f. March 01, 2024, instead of April 01, 2024, due to his early joining in an ANAND Group Company from March 1, 2024.
Jan 12, 2024, 9:58 am IST
Bank Nifty Forecast Today By Prabhudas Lilladher
BankNifty once again has been moving sideways with resistance visible near 47650 zone for the session and on the downside 47000 level is maintained as the crucial support zone. The index would need a decisive breach above the 48000–48200 zone decisively for confirmation of further fresh upward move. BankNifty would have a daily range of 47100–47800 levels.
Jan 12, 2024, 9:53 am IST
Nifty Forecast Today By Prabhudas Lilladher
Nifty has witnessed resistance zone near 21700-21750 levels and has seen some rangebound movement between the 21750 and 21450 zone for quite some time and would need a decisive breach on either side of the band to confirm a directional move in the coming days. The index has indicated a rising channel pattern on the daily chart with support now maintained near 21500 level and upside potential of 21100 levels visible once a decisive breach above 21800 zone is confirmed. The support for the day is seen at 21500 while the resistance is seen at 21800 levels.
Jan 12, 2024, 9:47 am IST
Healthcare | 3QFY24 Preview: US growth to sustain, domestic steady
Abhishek Kumar - Equity Research Analyst - JM Financial Ltd said, that in 3QFY24, we expect double-digit domestic growth from IPCA, TRP, CIPLA and SUNP. We expect gRevlimid contribution of USD 95mn/ USD 54mn/ USD 20mn for DRRD, Cipla and SUNP, respectively. SUNP (specialty growth, gRevlimid, Mohali supply resumption) and LPC (gSpiriva, gPrezista) can potentially deliver positive earnings surprise. We expect sequential improvement in BIOS’ revenue driven by ramp-up in existing biosimilars, higher generics revenue and research contribution. Due to Unichem acquisition, IPCA’s performance is not comparable. Krsnaa and Vijaya’s topline growth should outperform larger diagnostic peers. METROHL’s growth was slightly impacted by Tamil Nadu floods. We expect Medanta to sustain its strong operating performance with stable margins QoQ due to better case mix. We prefer SUNP as our top pick in Pharma, and Metropolis, Medanta and Jupiter in healthcare.
Jan 12, 2024, 9:14 am IST
Buy TCS For A Target Price of Rs 4,250; Motilal Oswal
Given its size, order book and exposure to long-duration orders and portfolio, TCS is well positioned to withstand the weakening macro environment and ride on the anticipated industry growth. Owing to its steadfast market leadership position and best-in-class execution, the company has been able to maintain its industry-leading margin and demonstrate superior return ratios. We maintain our positive stance on TCS. Our TP of INR4,250 implies 25x FY26E EPS, with a 14% upside potential. We reiterate our BUY rating, said Motilal Oswal in a report dated 12th January 2024.
Jan 12, 2024, 9:07 am IST
USD-INR outlook by Anand James, Chief Market Strategist, Geojit Financial Services
Downswings have not gained momentum, but the bias has persisted, being below 83.17. Bargain may have wait till we see 82.9, Ability to trade above 83.05 could be taken as the initial signs of upswings.
Jan 12, 2024, 9:06 am IST
Nifty Derivative Outlook
Nifty weekly contract has highest open interest at 21650 for Calls and 21600 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21000 for Puts. Highest new OI addition was seen at 21650 for Calls and 21600 for Puts in weekly and at 21700 for Calls and 21700 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 0.61%, decreased future index shorts by 1.73% and in index options by 14.29% decrease in Call longs, 19.30% decrease in Call short, 9.24% decrease in Put longs and 19.64% decrease in Put shorts, said Anand James, Chief Market Strategist, Geojit Financial Services.
Jan 12, 2024, 9:05 am IST
Nifty Outlook
We had gone in yesterday admitting our inability to see past 21730. Incidentally, Nifty’s opening burst fizzled off at the same region. While this also is consistent with the sideways bias we had persisted through this week, the micro tussle is setting up for a breakout soon. Perhaps not yet on the lower side, especially as long as 21500s hold. For the day, we will pursue upsides only while above 21660/75 though, said Anand James, Chief Market Strategist, Geojit Financial Services.
Jan 12, 2024, 9:04 am IST
Morning Market Outlook from Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
With inline results from Infosys and better-than-expected results from TCS, IT stocks will see some action today. Even though there is no positive message from the management commentary, the market is likely to respond positively to the absence of any bad news. But the upside for TCS and Infy will be limited since it will take time for clarity to emerge on the prospects for the sector in FY25.
Resilience in IT stocks and strength in Reliance will enable Nifty to consolidate around 21600 levels. HDFC Bank results on January 16th will be keenly watched by the market for cues in the direction of Bank Nifty.
The U.S. CPI inflation inching up to 3.4% YoY is slightly negative from the global equity market perspective. The rate cut expected from the Fed in March this year may not materialise. It is likely to be postponed to June and , therefore, rate cut by the MPC will also get delayed.
Jan 12, 2024, 9:03 am IST
Buy Infosys For A Target Price of Rs 1,750; Motilal Oswal
INFO narrowed its FY24 revenue growth guidance while keeping the mid-point unchanged, leading to a muted 2HFY24E. Despite multiple guidance revisions, it has maintained its margin guidance, which is encouraging. We expect FY24 revenue growth to be at 1.9% CC QoQ, near to the upper band of the guidance. Despite near-term weakness, we expect INFO to be a key beneficiary of the acceleration in IT spending in the medium term. Based on our revised estimates, the stock is currently trading at 19x FY26E EPS. We value the stock at 22x FY26E EPS, implying a TP of INR1,750, said Motilal Oswal in a report.
Jan 12, 2024, 8:59 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
The markets settled the weekly expiry day on a flat note at 21,647.20. In a well-defined range of 21,470-21,800, it appears that the Index is forming a Bullish Flag pattern and one can expect a sharp uptick after the pattern breakout. As mentioned yesterday, the Auto sector performed on expected lines which boosted our confidence to remain bullish on the same (Hero Motocorp). The same remarks go for the Energy and Power stocks particularly heavyweight Reliance and NLC India/PTC India. From the Banking segment, the technical set-up of a couple of stocks is impressive namely IDFC First Bank and J&K Bank. The direction of the IT space will depend on how the market participants decode the Q3 earnings of giant Infosys and TCS. From the Pharma sector, IPCA Labs looks strong as it has given a breakout from an Inverted Head and Shoulder formation. Some stocks look strong namely Aarti Industries, BHEL, Dixon Technologies, Engineers India, JIO Fin, and JSW Energy.
Jan 12, 2024, 8:57 am IST
Tata Power Renewable Energy To Invest Rs 70,000 Cr In Gujarat; Aims To Generate 3,000 Employment
Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, has signed a Memorandum of Understanding (MoU) with the Government of Gujarat (GoG) to build 10,000 MW of Renewable Energy Power projects across different locations in Gujarat. This partnership will help achieve the ambitious target of generating 50% of power from renewable sources by 2030. This MoU demonstrates TPREL's commitment to making a significant contribution to India's renewable energy environment. The 10,000 MW Renewable Energy Power projects, which include solar, wind, hybrid, RTC, peak, and Firm and Dispatchable Renewable Energy (FDRE), are scheduled to be developed in strategic locations across the state of Gujarat, with a total investment potential of 70,000 crore and the potential to employ over 3,000 people.
Jan 12, 2024, 8:49 am IST
Stocks To Buy Today: Recommended By Sumeet Bagadia, Executive Director of Choice Broking
Buy VEDL in Cash @ Rs 274.60, stop-loss: Rs 265, target: Rs 290, Buy UNOMINDA in cash @ Rs 720.05, stop-loss: Rs 702, target: Rs 744.
At the Vibrant Gujarat Global Summit 2024, Shalby Academy, a division of Shalby Limited, inked a memorandum of understanding with Kaushalya, the Skill University of the Government of Gujarat, in the presence of union minister, Mr. Dharmendra Pradhan, and other officials. Shalby Academy will specialise in clinical paramedical and allied health science certificate, diploma, and postgraduate diploma programmes with a track record of educating over 2000 students every year in diverse fields.
Jan 12, 2024, 8:39 am IST
Union Bank of India Secures 2nd Rank In EASE Reforms
Union Bank of India is placed second in the EASE Reforms Index for Q2 FY 2023-24 for embracing reforms mandated for Public Sector Banks by the Indian Banks' Association (IBA). Union Bank of India has excelled in areas such as enabling various digital and digitally assisted journeys for customer convenience, providing excellence in customer service through digital enablement, leveraging analytics capabilities for personalised offerings, developing people, and improving HR operations.
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