Rupee Close:
Indian rupee closed 36 paise higher at 82.36 per dollar against previous close of 82.72.
Market Close: Indian benchmark indices ended on positive note on January 9 with Nifty finishing around 18,100.
At Close, the Sensex was up 846.94 points or 1.41% at 60,747.31, and the Nifty was up 241.70 points or 1.35% at 18,101.20. About 1986 shares have advanced, 1542 shares declined, and 155 shares are unchanged.
M&M, TCS, HCL Technologies, Tech Mahindra and IndusInd Bank were among the top gainers on the Nifty. However, losers were Titan Company, Bajaj Finserv, Grasim Industries, Bajaj Auto and HDFC Life.
Among sectors, Information Technology, power, auto, capital goods, oil & gas, metal and PSU bank indices up 1-2 percent.
BSE midcap index up nearly 1 percent and smallcap index up 0.5 percent.
CLSA maintains ‘Outperform’ rating on Titan Company-Outperform rating, target at Rs 3,000 per share
-Healthy demand & strong execution sustains growth
-Titan noted strong double-digit growth across all its segments
-Company saw 12% growth in overall revenue versus estimates of 13.4% growth
-Company continued to expand its network with 129 store additions for quarter
-Titan’s total store count now stands at 2,537
JK Cement arm invests Rs 153 crore in Acro Paints
JK Cement’s wholly owned subsidiary JK Paints & Coatings initially/at first tranche invested an amount of Rs 153 crore and completed the acquisition of 60 percent equity shares of Acro Paints
JK Cement was quoting at Rs 2,875.40, up Rs 2.70, or 0.09 percent.
CLSA maintains ‘Buy’ rating on ONGC:
-Buy rating, target at Rs 225 per share
-High confidence in predictability of company’s earnings will be a big positive
-Policy for crude & gas pricing stabilises in 2023 after uncertainties seen in H2
-See potential for 65% base case total stock return versus sub 10% downside risk
-Identify option value equal to 90% of current stock price
-See possibility that conviction the rise over the next 12-18 months
-Reiterate ONGC as top buy in the sector
Oil and Natural Gas Corporation was quoting at Rs 148.05, up Rs 0.65, or 0.44 percent.
Gland Pharma arm to acquire 100% stake in Cenexi
Gland Pharma’s Singapore subsidiary, Gland Pharma International PTE. has enters into a share purchase agreement with FPCI Sino French Midcap Fund and others to acquire 100% stake in Cenexi and the Cenexi Holding Entities
Gland Pharma was quoting at Rs 1,560.50, down Rs 4.30, or 0.27 percent.
BSE Capital Goods index rose 1 percent supported by CG Power, Carborundum Universal, L&T
Dhruv Consultancy Services bags contract:National Highways Authority of India, Navi Mumbai has awarded contract worth Rs 11,17,80,000 to Dhruv Consultancy Services.
Morgan Stanley keeps Equal-weight rating on Macrotech Developers
-Equal-weight rating, target at Rs 1,145 per share
-Key themes for MDL include pre-sales momentum
-Project acquisition via JDA/JV route & de-leveraging
-Cash repatriation from London projects should accelerate
Macrotech Developers was quoting at Rs 1,054.10, down Rs 7.50, or 0.71 percent on the BSE.
Gujarat Heavy Chemicals gets regulatory nod to increase soda ash production capacity
Gujarat Heavy Chemicals has received requisite regulatory consent amendment for increase in its Soda Ash production capacity from 11,00,000 Ton per annum (TPA) to 12,00,000 TPA as per consent condition.
Gujarat Heavy Chemicals was quoting at Rs 524.15, down Rs 3.00, or 0.57 percent on the BSE.
Market at 3 PMThe Sensex was up 806.60 points or 1.35% at 60706.97, and the Nifty was up 227.70 points or 1.27% at 18087.20. About 1889 shares have advanced, 1467 shares declined, and 152 shares are unchanged.
Macquarie maintains ‘Outperform’ rating on Titan Company
-Outperform rating, target raised to Rs 3,250 per share
-See healthy growth in jewellery, watches
-Weaker-than-expected pace of store additions key takeaways
-Raise FY23/24/25e EPS by 2% each to factor sales strength across segments
-Pre-Q3 update reaffirms resilience of Titan’s consumer demand
Titan Company was quoting at Rs 2,480.10, down Rs 56.85, or 2.24 percent on the BSE.
