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Market Close: Benchmark indices ended higher on January with Nifty retesting 18000 led by the PSU Bank, IT, Auto, Capital Goods, Power stocks.
At close, the Sensex was up 650.98 points or 1.09% at 60,395.63, and the Nifty was up 190.60 points or 1.07% at 18,003.30. About 2472 shares have advanced, 948 shares declined, and 88 shares are unchanged.
UPL, Hero MotoCorp, Titan Company, Tata Motors and Maruti Suzuki were among the top Nifty gainers. Losers were Wipro, Nestle, Divis Labs, Asian Paints and Power Grid Corp.
All the sectoral indices ended in the green with PSU Bank, IT, Auto, Capital Goods, Power, Bank, Realty indices up 1-3 percent. BSE midcap and smallcap indices were up 0.7-1 percent.
CLSA India says Budget 2022 to focus on boosting demand in economy
Brokerage firm CLSA India expects the Union Budget 2022-23 to bring in measures that will boost the consumption demand in the economy.
The brokerage firm noted that demand has started to constrain economic growth in India with first advance estimate for 2021-22 indicating private consumption expenditure has declined 2.9% in real terms.
“We expect Budget 2022 to boost demand with cuts in oil taxes, lower income taxes and incentives to real estate. The issuance of NABFID infrastructure bonds to fund public investment would create fiscal space to support consumption,” the brokerage firm said.
Edelweiss partners with Indian Bank for priority sector lending
Edelweiss Housing Finance Limited (EHFL) and ECL Finance Limited (ECLF), today announced a strategic co-lending agreement for Priority Sector Lending with Indian Bank. The lenders recently signed a MoU under RBI’s CLM, significantly expanding the portfolio of lending products available to the target customers, increasing their access to credit, company said in its release.
Edelweiss Financial Services was quoting at Rs 73.85, up Rs 0.30, or 0.41 percent on the BSE.
Nifty PSU Bank index rose 3 percent supported by the Bank of Baroda, IOB, PNB
Fitch rates State Bank of India’s proposed senior bonds ‘BBB-(EXP)’
Fitch Ratings has assigned a ‘BBB-(EXP)’ expected rating to State Bank of India’s (SBI, BBB-/Negative) proposed senior unsecured notes, which will constitute its direct, unconditional, unsubordinated and unsecured obligations and will at all times rank pari passu among themselves and with all of SBI’s other unsubordinated and unsecured obligations. The notes will be issued by SBI’s London branch.
State Bank of India was quoting at Rs 502.75, up Rs 11.45, or 2.33 percent.
JBM Auto arm acquires 51% stake in JBM Green Energy
JBM Auto has announced the acquisition of 51% stake in JBM Green Energy Systems Private Limited and JBM EV Industries Private Limited through its subsidiary JBM Electric Vehicles Private Limited, company said in its press release.
Post this stake acquisition, JBM Green Energy Systems Private Limited and JBM EV Industries Private Limited have become the indirect subsidiary companies of JBM Auto Limited, it added.
JBM Auto touched a 52-week high of Rs 1,490.70 and was quoting at Rs 1,490.70, up Rs 70.95, or 5.00 percent.
Nifty Nears 18,000, Sensex Jumps Over 500 Pts: 4 Factors Fuelling The Rally
After bullish candle formation last week, today the Nifty50, so far, formed bullish candlestick pattern on the daily charts, indicating positive momentum. Experts feel 18,000 is going to be crucial…
Market at 3 PMBenchmark indices extended the gains and trading near the day’s high with Nifty inching towards 18000 level.The Sensex was up 615.31 points or 1.03% at 60359.96, and the Nifty was up 177.10 points or 0.99% at 17989.80. About 2501 shares have advanced, 910 shares declined, and 86 shares are unchanged.
Citi downgrades India’s GDP forecast to 9%:
Citi has downgraded India’s GDP forecast from 9.8 percent to 9 percent on the back of slower economic momentum in Q3, Omicron uncertainty, reported CNBC-TV18.
Course5 Intelligence files draft papers with SEBI
Data analytics company Course5 Intelligence has filed draft red herring prospectus with the capital markets regulator SEBI, to raise funds through initial public offering (IPO).
The company is planning to mop up Rs 600 crore via public offer that comprises a fresh issuance of shares worth Rs 300 crore and an offer for sale of Rs 300 crore by promoters.
The offer for sale consists of shares worth Rs 32.5 crore by Ashwin Ramesh Mittal, while Riddhymic Technologies and Riddhymic Technoserve LLP will sell shares worth Rs 40 crore each via OFS.
Also AM Family Private Trust will offload shares worth Rs 112.5 crore and Kumar Kantilal Mehta will sell shares worth Rs 75 crore via offer for sale.
TCS shares gain as board will consider buyback on 12 January
Shares of Tata Consultancy Services (TCS) surged about 3.5% after the firm said its board will consider buyback of shares on 12 January.
The board will also meet to announce third quarter earnings. This will be the fourth buyback and in earlier three buybacks Tata Sons was the biggest beneficiary.
In 2021, TCS bought back more than 53 million shares at Rs 3000 a share and 33.33 million shares were accepted under the offer. In 2017 and 2018 as well it undertook two buybacks and the size was around Rs 16000 crore each. At the end of September 2021, TCS had cash and cash equivalents of Rs 51950 crore.