Follow our LIVE blog for the latest updates on the new Omicron variant of COVID-19 and its impact
Goldman Sachs keeps buy on Bandhan Bank
Foreign research house Goldman Sachs has kept buy call on Bandhan Bank with a target at Rs 440 per share.
The preliminary Q3 business update shows AUM growth of 11% YoY versus our estimate of 10%, said Goldman Sachs.
The improvement in collection efficiencies to 91% in MFI business is a key positive in Q3. However, adjusting for NPLs, overall collections on standard portfolio may potentially improve to 96-97%, it added.
Bandhan Bank was quoting at Rs 261.05, up Rs 6.80, or 2.67 percent.
Market at 3 PMBenchmark indices were trading near the day’s high with Sensex above 60000 level.The Sensex was up 406.35 points or 0.68% at 60262.28, and the Nifty was up 124.50 points or 0.70% at 17929.80. About 1636 shares have advanced, 1494 shares declined, and 72 shares are unchanged.
Gaurav Garg, Head of Research, Capitalvia Global Research:
After a cautious start today, Indian equity benchmarks were trading around day highs, with the Sensex and Nifty both in positive territory. Traders are more hopeful with the RBI’s decision to keep the reverse repo rate unchanged in the next policy amid an increase of Corona cases in India.
The Indian market is gaining strength as a result of the Federal Reserve’s hawkish move to enhance economic growth.
Our research suggests that 60000 may act as an important psychological level in the market. Sustaining above this level can leads to a higher level of 60500. Technical indicators also support positivity in the market.
More Than 100 Stocks Post Double-digit Gains In Current Rally, Outperform Nifty 50’s 7% Surge From Recent Low
Sentiment seems to have been driven by the return of FIIs, the absence of disruption in economic activity during the ongoing spread of Omicron, hopes of strong earnings growth in the December quarter,…
European Markets Updates
Market update at 2 PM: Sensex is up 422.55 points or 0.71% at 60278.48, and the Nifty jumped 119.30 points or 0.67% at 17924.60.
Nelco bags contract from ONGC:
Nelco announced about their contract for turnkey project from Oil and Natural Gas Corporation (ONGC) worth more than Rs 40 crore, company said in its release.
The scope of the project entails supply, commission, and maintenance of ONGC’s captive very small aperture terminal (VSAT) based network. This network will be used to enhance the communication infrastructure of ONGC’s Western India offshore sites, it added.
NELCO was quoting at Rs 730, up Rs 15.05, or 2.11 percent on the BSE.
IndusInd Bank Q3 business update:IndusInd Bank Q3 net advances rose 3% QoQ at Rs 2,28,128 crore against Rs 2,20,808 crore. The deposits were 3% at Rs 2,84,835 crore against Rs 2,75,473 crore, QoQ.IndusInd Bank was quoting at Rs 905.65, up Rs 1.45, or 0.16 percent on the BSE.
BSE Oil & Gas index rose 1 percent led by the HPCL, Gail India, IOC
HFCL joins hands with Aprecomm:
HFCL has announced powering its network offerings with Artificial Intelligence (AI) based Analytics, partnering with Aprecomm, the leading AI-powered Wi-Fi analytics technology provider.
HFCL was quoting at Rs 86.35, up Rs 7.25, or 9.17 percent on the BSE.
Buzzing:
AU Small Finance Bank share price jumped over 6 percent on January 5 with the stock gaining over 15 percent in the last five days.
Global research and broking firm Morgan Stanley has an ‘overweight’ call on the stock with a target at Rs 1,500 per share, an upside of over 28 percent from the current level.
The research firm is of the view that the third quarter AUM growth was strong helped by a 36 percent on-year growth in disbursements, adding that collection efficiency remains strong with no restructuring during the period.
