Rupee Close:
Indian rupee closed 58 paise higher at 81.78 per dollar against previous close of 82.36.
Market Close: Benchmark indices ended lower on January 10 with Nifty around 17,900.
The BSE midcap and smallcap indices fell 0.5 percent each.
CLSA upgrades Tata Motors rating to buy
-Upgrade to buy, target at Rs 512
-JLR reported 6%/15% QoQ/YoY improvement in wholesale volume for Q3
-Chip supply improved & demand remained strong
-Order backlog increased to 2.15 lakh units at the end of quarter
-Expect JLR margin profile to improve led by volume growth
-For CV & PV biz margin to improve on lower commodity costs & price hikes
-Improvement in volume and margin profile to aid free cash generation in FY24
Tata Motors was quoting at Rs 413.00, up Rs 23.60, or 6.06 percent on the BSE.
Nomura maintains ‘Buy’ rating on Sona BLW Precision Forgings, target Rs 609-Buy rating, target at Rs 609 per share
-Novelic acquisition, new growth dimension
-Acquisition marks Sona’s entry into sensors & software segment
-Novelic’s short-wave radar tech is best suited to solve autonomous needs
-Short-wave radar tech is less expensive than LIDAR & more accurate than a camera
-Novelic is ahead of competition
-Stricter Euro NCAP safety requirements can lead to significant growth
Yes Bank Large Trade | 2.33 crore shares (0.1% equity) worth Rs 48.14 crore change hands at an average of Rs 20.7 per share.
Dilip Parmar, Research Analyst, HDFC Securities
The Indian rupee becomes the best performer among the Asian currencies following stop order triggers and inflows from bond selling. The local unit witnessed the biggest single-day gains after November 11 and broke the psychological level of 82 as the traders rush to cover the positions.
Spot USDINR now has the support of 81.70, the 50% Fibonacci retracement adjoining the November 14 low of 80.51 and the January 03 high of 82.94. The near-term view remains bearish for the pair and a level below 81.70 will pave way for 81.45 while on the higher side 82.10 acts as resistance.
CLSA keeps ‘Buy’ rating on Reliance Industries, target Rs 2,970
-Buy rating, target at Rs 2,970 per share
-Nearing end of consolidation
-Interesting events in H2FY23 may set RIL on its next leap
-These include ramp-up of its FMCG biz, launch of Airfiber for wireless broadband
-New 5G smartphones to monetise pan-india standalone 5G network by 2023 end
-See chances for an IPO of Jio & retail in the next 12-18 months
-Expect a 75% jump in its retail EBITDA over next 2 years
-More visibility on its omni-channel offering are other positives
Reliance Industries was quoting at Rs 2,558.55, down Rs 38, or 1.46 percent on the BSE.
Great Eastern Shipping arm to buy a 2007 built vessel
Greatship (India), a wholly owned subsidiary of The Great Eastern Shipping Company, has signed a contract to buy a 2007 built 80T Anchor Handling Tug cum Supply Vessel (AHTSV).
The vessel is expected to join the company’s fleet during Q4FY2023.
Great Eastern Shipping Company was quoting at Rs 658.45, up Rs 11.05, or 1.71 percent on the BSE.
Market at 3 PMThe Sensex was down 671.03 points or 1.10% at 60076.28, and the Nifty was down 197.50 points or 1.09% at 17903.70. About 1214 shares have advanced, 2031 shares declined, and 132 shares are unchanged.
Lupin receives USFDA approval for Prasugrel tablets, USP
Lupin has received approval from the United States Food and Drug Administration for its Abbreviated New Drug Application (ANDA), Prasugrel Tablets USP, 5 mg and 10 mg, a generic equivalent of Effient Tablets, 5 mg and 10 mg of Cosette Pharmaceuticals, Inc.
The product will be manufactured at Lupin’s facility in Goa, India
Lupin was quoting at Rs 759.95, up Rs 10.75, or 1.43 percent on the BSE.
BSE Midcap index fell 0.7 percent dragged by IDBI Bank, General Insurance Corporation of India, Indian Overseas Bank
Star Health reports a 13% YoY growth in gross direct premium
Star Health & Allied Insurance Company reports a 13% YoY growth in gross direct premium for nine months of FY23 from Rs 7,774 crore to Rs 8,752 crore.
The retail health premium is up 19% on year to Rs 8,045.5 crore; Group Health premium is down 38% on year to Rs 572 crore; and personal accident premium grew 23% on year to Rs 133.5 crore.
Star Health & Allied Insurance Company was quoting at Rs 591.10, up Rs 1.80, or 0.31 percent.
