Tata Power Company subsidiary gets order
Tata Power Company’s subsidiary Tata Power Renewable Energy has received ‘letter of award’ to set up 255MW hybrid power project (wind and solar) for Tata Power Delhi Distribution, in Karnataka. Tata Power Delhi Distribution is a joint venture of Tata Power and the Government of NCT of Delhi. The project will be commissioned within 24 months from the PPA execution date.
Tata Power Company was quoting at Rs 206.80, down Rs 1.35, or 0.65 percent.
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened on negative note on December 29 with Nifty below 18100.
The Sensex was down 284.52 points or 0.47% at 60625.76, and the Nifty was down 77.70 points or 0.43% at 18044.80. About 788 shares have advanced, 1144 shares declined, and 109 shares are unchanged
JSW Steel, Hindalco Industries, Maruti Suzuki, Eicher Motors and Tata Motors were among major losers on the Nifty, while gainers were Dr Reddy’s Laboratories, Divis Labs, Cipla, Bharti Airtel and Sun Pharma.
Trade Spotlight | What should you do with Saregama India, Macrotech Developers, Bank of Baroda on Thursday?
Macrotech Developers shares rallied 5 percent to Rs 1,084 and formed strong bullish candle on the daily charts with above average volumes. The stock has seen a breakout of downward sloping resistance trend line adjoining July 28 and December 12 this year…. Read More
Asian shares skid as COVID surge in China unsettles investors
Asian share markets fell along with oil prices on Thursday as soaring COVID cases in China unsettled investors who have been expecting the world’s second biggest economy to regather momentum after the relaxation of stringent COVID curbs.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.06%, and was set for a third straight week of losses.
China shares opened 0.4% lower, while Hong Kong’s stock market fell 1%. Japan’s Nikkei fell more than 1% to a nearly three month low, while Australia’s resource heavy S&P/ASX 200 index lost 1.18%.
Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities:
Markets are likely to see a bearish opening on Thursday in view of weak global cues after US markets slumped overnight amidst rising bond yields over fears that inflation could pick up on China’s reopening.
Volatility is likely to be the hallmark for the day as traders roll-over December F&O contracts to January.
Oil prices have declined $77 per barrel on concerns that surging Covid-19 cases in China will undermine the recovery of the world’s second-biggest economy.
Besides, FIIs have sold shares to the tune of Rs 2,239 crores in the last 3-trading sessions and Rs 10,708 crore in the month so far, which is a sign of caution for investors.
Indian rupee opened marginally higher at 82.81 per dollar on Thursday against previous close of 82.86.
Market at pre-open: Benchmark indices are trading lower in the pre-opening session.
At 09:02 IST, the Sensex was down 301.15 points or 0.49% at 60609.13, and the Nifty was down 107.40 points or 0.59% at 18015.10.
Dr Reddy’s says claims against generic Revlimid in US dismissed
On November 22, 2022, Dr. Reddy’s Laboratories Ltd. informed that it and Dr. Reddy’s Laboratories, Inc. (a wholly owned subsidiary of the Company) had been named as defendants, along with Celgene, Bristol Myers Squibb, and several other generic pharmaceutical companies, in a complaint that asserts claims under federal and state antitrust law and other state laws alleging that defendants improperly restrained competition and maintained a shared monopoly in the sale of brand and generic Revlimid in the United States.
On December 22, 2022 and December 27, 2022, the plaintiffs voluntarily dismissed Dr. Reddy’s Laboratories Ltd. and Dr. Reddy’s Laboratories, Inc., respectively, from the case. All claims against the company in the litigation have now been dismissed.
Deepak Jasani, Head of Retail Research, HDFC securities:
Indian markets could open lower, in line with mostly lower Asian markets today and negative US markets on Wednesday.
US stocks finished sharply lower on Wednesday, as investors assessed economic data on the housing market amid concerns over rising interest rates and economic growth in 2023. US stocks fell for a second day on concern that the end of China’s zero-Covid policy could lead to a rise in cases around the world.
All 11 S&P 500 sectors finished lower on Wednesday with energy stocks falling by 2.2%, as worries over rising fuel demand in China weighed on oil prices. If the Chinese reopening story is positive for oil and commodity prices – and for the massively battered Chinese stocks, it’s bad news for global inflation.
Asia-Pacific markets traded lower, taking the lead from Wall Street’s losses overnight as investors looked to the year ahead. Fresh concerns about the spread of Covid-19 from China unnerved investors, dragging Asian stocks lower in trade.
Nifty ended almost flat on Dec 28 after remaining in a narrow 94 point band through the day. At close, Nifty was down 0.05% or 9.8 points at 18122.5. Nifty seems to have run into a road block after a two day rise. However a small intra day range does not give enough signals for the future trend. Nifty could now face resistance in the 18173-18203 band and take support from 17967-17977 band in the near term.
Mamaearth parent files IPO papers
Honasa Consumer Private Ltd, the first unicorn of 2022 and the parent firm of brands such as Mamaearth, The Derma Co and BBlunt has filed draft papers with Sebi for listing to raise funds through a combination of a fresh issue and an offer-for-sale.
The fresh issue size is up to Rs 400 crore and the OFS component by a clutch of external investors and individual shareholders is up to 46,819,635 equity shares, according to the draft red herring prospectus reviewed by Moneycontrol. Read More
Oil prices ease
Oil prices ticked down on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand in the world’s second-biggest oil consumer.
The scale of the latest outbreak and doubts over official data prompted some countries to enact new travel rules on Chinese visitors, even as China began dismantling the world’s strictest COVID regime of lockdowns and testing.
Brent futures for February delivery fell 42 cents, or 0.5%, to $82.84 a barrel, by 0123 GMT, while U.S. crude fell 50 cents, or 0.6%, to $78.46 per barrel.