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SML Isuzu suspends production at Punjab unit till January 15 due to rising COVID cases: Due to sudden increase in the Covid cases (especially with highly infectious variant – Omicron), resulting in challenges / issues in the supply chain and likely impact on the demand of school buses, and to ensure safety of its employees and optimized the inventory, the Company has decided to temporarily suspend production at its manufacturing plant, located at Village Asron, Distt. Shahid Bhagat Singh Nagar (Punjab), effective from January 10, 2022 to January 15, 2022. The company is closely monitoring the current situation and ensuring customers’ requirements and taking the appropriate actions as required, it said in an exchange filing. The stock was trading at Rs 671.05, down Rs 0.55, or 0.08 percent. It has touched an intraday high of Rs 673.15 and an intraday low of Rs 660.
Alembic Pharma receives US FDA tentative approval for Dronedarone tablets: Alembic Pharmaceuticals Limited announced that it has received tentative approval from the US Food & Drug Administration for its Abbreviated New Drug Application (ANDA) for Dronedarone Tablets USP, 400 mg indicated to reduce, the risk of hospitalization for atrial fibrillation in patients in sinus rhythm with a history of paroxysmal or persistent atrial fibrillation, the company said in an exchange filing. The stock was trading at Rs 817, up Rs 10.25, or 1.27 percent. It has touched an intraday high of Rs 820 and an intraday low of Rs 807.85.
Market At 11 AMBenchmark indices were trading near the day’s high with Nifty around 17950 led by the IT, bank, realty and auto names.The Sensex was up 491.02 points or 0.82% at 60235.67, and the Nifty was up 149.30 points or 0.84% at 17962. About 2444 shares have advanced, 823 shares declined, and 111 shares are unchanged.
Gold Price Today: Yellow Metal Likely To See Short-covering Rally, All Eyes On US Inflation Data
Traders should create fresh buy positions near support levels, says Amit Khare, AVP-Research Commodities, Ganganagar Commodity
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
The record high inflation of 5% in the Euro zone, following the inflation trends in the US, is emerging as a major challenge to central banks globally. There is now a clear possibility of 3 rate hikes by the Fed in 2022 with ECB and other leading central banks, including in emerging markets, shifting to tightening mode. The appreciation in US 10-year yield to 1.76% and strengthening US dollar are indicative of the headwinds to equity markets.
The relevant question in India is: To what extent the tail winds from higher growth and earnings visibility reflected in Q3 results can counter the headwinds from rising interest rates.
The Q3 results starting this week from the IT majors and HDFC Bank are likely to set the trend for the crucial IT and banking segments.
Buzzing:
GTPL Hathway share price jumps 7 percent to Rs 289.50 on January 10 after company announced an investment in innovative technology in partnership with Aprecomm.
“GTPL Hathway today announced an investment in innovative technology to remotely optimise its residential Wi‐Fi connections through a partnership with Aprecomm,” company said in its release.
The unique A.I. technology will help GTPL bring down the customer issue resolution time and enhance the customer experience on its network of more than 700K connected broadband households.
Aprecomm’s A.I. Engine allows GTPL to convert its Household connections to A.I. enabled Smart WiFi access points. Additionally, the technology offers proactive monitoring and measuring of the Wireless Experience of the connected devices and provides real‐time insights to improve the reliability and performance of the network, it added.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
17950 is a stiff resistance for the Nifty and if we can close above this level, the index can go up to 18500.
The overall market trend is positive and intraday corrections can be utilized to accumulate long positions. 17700 is the revised support for this week.
SBI Cards falls after Goldman Sachs says ‘Sell’
Shares of SBI Cards and Payment Services fell more than 2% after CNBC-TV18 reported that brokerage firm Goldman Sachs has initiated coverage on the scrip with a ‘Sell’ rating and a price target of Rs. 654, implying downside of 29%.
The brokerage is among the first institutional brokers to initiate a ‘Sell’ call on the stock and believes rich valuations of the company have made risk-reward ratio unfavourable.
While Goldman Sachs acknowledged that the company has managed the COVID-19 situation well, it also said that there are several headwinds for the credit card company going ahead.
SBI Cards & Payment Services was quoting at Rs 906.10, down Rs 22.10, or 2.38 percent.
Nifty Auto index added 1 percent supported by the Maruti Suzuki, Hero MotoCorp, Ashok Leyland
Ucal Fuel Systems to close completely the manufacturing activity at Puducherry unit
Ucal Fuel Systems has decided to close completely the manufacturing activities at its Plant II situated at A-98-A100-A107, PIPDIC Industrial Estate, Mettupalayam, Puducherry – 605 009 due to restriction on emission norms imposed by the Government, technological change, and transition of Bharat Stage IV to Bharat Stage VI, and ultimately to Electric Vehicles has resulted in rendering our products completely out-dated and fall into disuse.
At 09:52 hrs Ucal Fuel Systems was quoting at Rs 164.50, up Rs 5.00, or 3.13 percent.
Market at 10 AMBenchmark indices extended the early gains and trading higher with Nifty around 17950.The Sensex was up 481.93 points or 0.81% at 60226.58, and the Nifty was up 142.50 points or 0.80% at 17955.20. About 2440 shares have advanced, 713 shares declined, and 125 shares are unchanged.
