Indian benchmark indices made a positive start on Friday as Sensex gained 500 points at open to trade above 57,700, while Nifty jumped above 17,200. Mahindra & Mahindra made a solid start with 3.78% gain. L&T, Dr Reddy’s Labs, Kotak Mahindra Bank, Britannia Industries, Vedanta, 3i Infotech, Aptus Value Housing Finance, Arvind SmartSpaces, Asahi India Glass, Atul, AU Small Finance Bank, Bajaj Healthcare, Bharat Electronics, Blue Dart Express, CARE Ratings, Central Bank of India, Chambal Fertilisers, Chemplast Sanmar, Crompton Greaves Consumer Electricals, Deepak Fertilisers, Dixon Technologies, Equitas Small Finance Bank, Happiest Minds Technologies, Karnataka Bank, Marico, Max Financial Services, Info Edge, Oberoi Realty, Suzlon Energy, Tata Coffee, United Breweries, UTI Asset Management Company, and Zenotech Laboratories will release their Q3 earnings on January 28.
Manyavar-owner Vedant Fashions sets IPO price band at ₹824-866/ share
Vedant Fashions Ltd, which owns ethnic wear brand Manyavar, on Friday fixed a price band of ₹824-866 a share for its ₹3,149-crore initial public offering (IPO).
The initial share-sale will open on February 4 and conclude on February 8. The bidding for anchor investors will open on February 3, according to the company.
The public issue is purely an offer for sale of 36,364,838 equity shares by promoter and existing shareholders. The OFS comprises sale of up to 1.74 crore shares by Rhine Holdings Ltd; up to 7.23 lakh shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I; and up to 1.81 crore shares by Ravi Modi Family Trust.
The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.
Since, the IPO is entirely an offer for sale, the company will not receive any proceeds from the public issue.
At the upper end of the price band, the public issue is expected to fetch ₹3,149 crore.
CAN FIN Homes Limited
Yes Securities: In our view, Can Fin’s Q3 FY22 performance provides clarity on growth and margin trajectory. Our recent branch visits had revealed no material compromise on the quality of new business (in terms of credit score, occupation mix and sourcing mix) notwithstanding co.’s higher HL rates. Return of growth and preservation of strong profitability should re‐rate valuation (stock trades at 1.9x FY24 P/ABV). Current 1‐yr rolling fwd. P/ABV multiple stands well below the 5‐year average.
Potential return: 34.5%
Budget 2022: Stock market experts seek measures to attract foreign investors
As Union Budget 2022 date is fast approaching, various industry experts are busy forwarding their demands to Finance Minister Nirmala Sitharaman who will present the Budget on February 1. While banking sector is seeking more income tax relaxation on home loans, stock market players are seeking measures from the Modi government to attract more foreign investment.
Rakesh Jhunjhunwala portfolio: LIC trims stake in this Tata group stock in Q3
Rakesh Jhunjhunwala portfolio: During October to December 2021 quarter, Big Bull Rakesh Jhunjhunwala raised his stake in Titan Company but Life Insurance Corporation (LIC) of India thought otherwise. While Big Bull raised his stake in the flagship Tata group company from 3.80 per cent to 4.02 per cent, LIC and Foreign Portfolio Investors (FPIs) cut down their stake in the company. FPIs cut down their stake in Titan Company from 19.06 per cent to 18.55 per cent whereas LIC trimmed its stake in Titan Company from 3.24 per cent to 3.16 per cent in Q2FY22.
NTPC up 4.5%
BSE Telecom up almost 2%
IT index up almost 2%
27 of 30 Sensex stocks in the green
Freefall: Paytm, Zomato, Nykaa Shares Drop to Record Low. Is the ‘Unicorn’ Craze Over?
Are investors starting to lose faith in India’s new-generation IT firms?
It certainly appears to be true. The last few days have been the most difficult for all listed start-ups on the bourses.
Shares of well-known brands like Paytm, Zomato, Nykaa, Policybazaar (PB Fintech), CarTrade Tech, and many more were under pressure in the recent stock market meltdown.
In the last six days, the Sensex has lost around 4,000 points whereas the Nifty has crashed around 1,100 points.
The drop is being attributed to waning risk appetite for equities as global central banks prepare to tighten monetary policy in order to combat inflation.
New age company stocks in India are mimicking the pattern on the Nasdaq, where investors have lost their desire for highly valued tech stocks. Read
All sectoral indices in green
Oil heads for sixth weekly gain amid supply concerns
Oil prices rose on Friday, set for their sixth weekly gain, amid concerns of tight supplies as major producers continue their policy of limited output increases amid rising fuel demand.
Brent crude futures climbed 45 cents, or 0.5%, to $89.79 a barrel at 0429 GMT, after falling 62 cents during the previous day. However, prices did reach $91.04 earlier in that session, the highest since October 2014.
U.S. West Texas Intermediate (WTI) crude futures rose 50 cents, or 0.6%, to $87.11 a barrel, having declined 74 cents on Thursday. WTI also reached a seven-year high of $88.54 earlier in the session.
Both Brent and WTI are set to rise for a sixth week, the longest weekly streak since October, when Brent prices climbed for seven weeks while WTI gained for nine.
Yes Securities on Nippon Life India AMC
Yes Securities maintains ‘BUY’ rating on Nippon Life India AMC (NAM) with a revised price target of ₹435: It values NAM at 28x FY23 P/E for an FY21-24E EPS CAGR of 20%.
Google to invest up to $1bn in Airtel through equity buy, commercial agreement
Internet search giant Google will invest upto $1 billion in Bharti Airtel through an equity purchase of 1.28% and commercial agreement on mutual terms over the next five years.
Google will invest the amount, as part of its Google for India Digitization Fund, in the country’s second-largest telecom services provider, making it the only company to have invested in both Reliance Jio and Bharti Airtel.
The investment includes $700 million equity investment in Bharti Airtel at a price per share of ₹734 and $300 million towards implementing commercial agreements, which will include investments in scaling Airtel’s offerings that cover a range of devices to consumers via innovative affordability programs as well as other offerings aimed at accelerating access and digital inclusion across India’s digital ecosystem.
Most active stocks on Nifty
Top Nifty50 losers
Top Nifty50 gainers
SGX Nifty up 200 points
Nifty at open
Sensex at open
All 30 Sensex stocks in green
Nifty in pre-open
Sensex up 438 pts, Nifty at 17,100 in pre-open; Airtel, Kotak Bank in focus
Markets in pre-open
Stocks to Watch: Kotak Mahindra Bank, DRL, Dixon, Britannia
Here is the list of the top 10 stocks that are likely to be in focus on Friday
Punjab National Bank’s profit more than doubles to ₹1,127 cr in Dec quarter
Punjab National Bank (PNB) on Thursday reported a…