Morning Update :–Titan Company, Eicher Motors, BPCL, Tata Motors and HCL Technologies were among major gainers on the Nifty, while losers were Infosys, Tata Consumer, Divis Labs, Bajaj Finance and UPL.
Sensex – Rise +70 Points at 72,096
Nifty 50 – Rise +27 Points at 21,738
Indian Market
FII AND DII
| FII Bought | 1,696.86 Cr |
| DII Sold | 3,497.62 Cr |
Indian Market News
- Wall Street scores a tiny Friday victory, but suffers its first weekly fall in ten years.
- Oil prices fall as OPEC supply increases and Saudi price cuts overcome Mideast concerns.
- In December, the US economy created a record number of jobs, while salaries increased.
- ACC will buy the remaining 55% of Asian Concretes & Cements.
- In yet another positive surprise, the government forecasts FY24 GDP growth at 7.3%.
- JSW Steel has been given permission to build a 2,678-acre greenfield-integrated steel plant in Odisha.
- IREDA, Cello, and Mamaearth may be added to the MSCI index, but Nykaa and Mankind must rally further.
- GMR Airports Infrastructure is in the spotlight after an arbitral tribunal issued an award on January 6, 2024.
- Titan Q3 update: Revenue growth of 22% year on year, with a total of 90 locations added.
- Tata Steel’s Q3 crude steel production increased by 6% year on year, resulting in the company’s best-ever Q3 sales.
- The Taiwan Weighted Index rose 0.8%, while the Shanghai Composite fell 0.5%.
Global Markets updates
GIFT Nifty
With a gain of 12 points, the GIFT Nifty suggests a slightly good start for the whole index. After peaking at 21,797 points, GIFT Nifty futures were trading at 21,786 points.
US Markets
•US Stock Futures and Inflation Data
• Dow Jones Industrial Average futures fell by 35 points, or 0.1%.
• S&P 500 and Nasdaq 100 futures rose 0.14 percent and 0.21 percent.
• Congress announced a $1.59 trillion top-line spending deal to avoid a potential government shutdown.
• Boeing shares may trade lower after a temporary grounding of 737 Max 9 aircrafts.
• Wall Street has its first losing week in 10 due to underperformance of tech stocks and rising Treasury yields.
• Apple shares fell about 6% last week.
European Markets
•European Markets Close Lower
• Stoxx 600 ended 0.3% lower, with most sectors and major bourses falling into negative territory.
• Retail stocks fell 1.1% due to German retail sales dropping more than expected in November.
• Banking stocks rose 0.5%.
• Pan-European index gained 0.7% on Thursday.
• Euro zone inflation climbed to an annual 2.9% in December from 2.4% the previous month.
• US jobs report showed employers added 216,000 jobs, outstripping a Dow Jones consensus estimate of 170,000. Unemployment rate remained unchanged at 3.7%.
Asian Markets
• Small gains observed as investors anticipate key economic data and events.
• Australia and Japan to release inflation figures on Tuesday and Thursday.
• China to announce trade balance and inflation numbers for December on Friday.
• Bank of Korea to hold first central bank meeting of the year among major Asia economies on Thursday.
• S&P/ASX 200 in Australia inched 0.17 percent higher.
• Japan’s markets closed for a public holiday, returning to trade on Tuesday.
• South Korea’s Kospi opened 0.34 percent higher, Kosdaq 0.08 percent lower.
Oil Prices
• Oil Prices Rise Amid Israel-Gaza Conflict
• Brent crude futures rose by 1.83 percent to $79.01 a barrel, while U.S. West Texas Intermediate crude futures rose by 2.47 percent to $73.97.
• Both benchmarks are expected to end the first week of the year higher.
• The price rebound is a reminder of the risk rooted in Middle East tension.
• Israel’s defence minister announced plans for a targeted approach in the north and further pursuit of Hamas leaders in the south.
• U.S. Secretary of State Antony Blinken is set to visit the Middle East for diplomacy.
Dollar Index
The dollar’s value stayed around Rs 83.19, while the Dollar index saw a 0.06 percent increase in futures trading at 102.44.
Gold Prices
• Gold held steady on Friday due to mixed U.S. economic data.
• Bullion posted first weekly decline in four weeks due to stronger dollar and higher Treasury yields.
• Spot gold rose 0.1% to $2,044.21 per ounce.
• US gold futures mostly unchanged at $2,049.80.
• Official data shows US employers hired more workers than expected in December.
News Updates
Since May 2023, 29,273 fraudulent companies implicated in tax evasion of Rs 44,015 crore have been found.
Since the special search for fake registrations started in mid-May 2023, as many as 29,273 fictitious companies linked to suspected input tax credit (ITC) cheating of Rs 44,015 crore have been found, the Finance Ministry announced on January 7.
“Since the start of the targeted campaign against fraudulent registrations in the middle of May 2023, 29,273 fictitious companies suspected of evading Input Tax Credit (ITC) worth Rs. 44,015 crore have been identified. This has prevented ITC from taking effect, saving Rs 4,646 crore, of which Rs 3,802 crore came from recovery and Rs 844 crore from preventing it. In relation to the cases, 121 arrests have been made thus far, according to a ministry statement.
It further stated that 4,153 bogus organisations, involving suspected ITC evasion of about Rs 12,036 crore, were found in the quarter that concluded in December 2023. Up to 2,358 of these bogus businesses were found by the central GST officials.
TN GIM 2024: The government of Tamil Nadu releases a plan to reach a $1 trillion economy
A plan to make the state’s GDP reach $1 trillion by 2030 was revealed by the Tamil Nadu government on January 7 at the two-day Global Investors Meet in Chennai. The report’s releaseer, Chief Minister MK Stalin, declared, “We have set ourselves an ambitious target of becoming a $1 trillion economy by 2030.”
To achieve this, the state has identified seven essential tenets: governance, infrastructure, human capital, innovation, market efficiency, investments, and comprehensive inclusive growth.
Dalal Street Week Ahead: Things to Watch: Red Sea Crisis, US & India Inflation, Q3 Earnings
The upcoming trading week will be influenced by significant events such as Q3 earnings season, inflation data, and individual stock triggers. The Nifty, which recently reached a high of 21,834, moves closer to the 22,000 level. The Nifty ended the week at 21,710, down 0.1%, while the Sensex closed at 72,026, down 0.3%. Sectors like Nifty Realty and Nifty Media saw significant gains, while IT and Metal experienced losses. The overall market outperformed for the second week, with the Nifty Smallcap 100 increasing by 1.9% and the Nifty Midcap 100 climbing by 2.5%. Analysts advise caution for results season due to ongoing unpredictabilities in the Red Sea.
TN GIM 2024: Ahead of the Vibrant Gujarat meeting, Tamil Nadu makes every effort to attract investors.
The presence of grey clouds over Chennai on Sunday morning may have caused a momentary wave of anxiety among government officials and the organisers of the Tamil Nadu Global Investors Meet (GIM).
To their great relief, it ended in a rain, and business leaders and delegates crowded the summit venue in Nandambakkam, the capital city’s western district.
MK Stalin, the chief minister of Tamil Nadu, exchanged his veshti and all-white shirt for a dapper suit. In his inaugural speech, he mentioned it briefly, saying, “I usually wear a suit only when I travel overseas.” I decided to wear it today because Chennai is home to people from all over the world.
Stocks in news
Titan Company: The manufacturer of jewellery, watches, and eyecare goods reported revenue growth of 22% YoY for the quarter that ended in December of FY24. The company’s jewellery division saw growth of 23%, while its watches and wearables division saw growth of 21%. However, its eyecare sector saw a 3% YoY loss.
Godrej Consumer Products: The FMCG business reported that during Q3FY24, the business climate in India remained unchanged from Q2. In spite of this, the organic business generated consistent mid-single-digit underlying volume growth. Both personal care and at-home care saw widespread growth.
Marico: The FMCG company said that, compared to the previous year, consolidated revenue fell in the low single digits in Q3FY24. While domestic volumes climbed in the low single digits year over year with a little sequential improvement in the core portfolio, international business generated mid-single digit constant currency growth notwithstanding ephemeral macro challenges in the Bangladesh market.
Jupiter Wagons: Has been awarded a contract valued at Rs 100 crore by a top automotive manufacturer to produce and supply four double-decker automobile carrier waggons.
Tata Steel: For the quarter ending in December of FY24, the Tata Group company revealed its preliminary production and delivery numbers. While Tata Steel Netherlands’ production volume declined dramatically by 23 percent YoY to 1.17 mt and its delivery quantities dropped by 7.86 percent to 1.29 mt, India’s production volume increased by 6.4 percent YoY to 5.32 mt (million tonnes) and its delivery volumes improved by 3 percent to 4.88 mt.
Bank of Baroda: For the quarter that ended in December of FY24, the public sector lender’s worldwide business increased by 10.68 percent YoY to Rs 22.95 lakh crore, with advances climbing 13.59 percent YoY to Rs 10.49 lakh crore and deposits expanding 8.34 percent YoY to Rs 12.45 lakh crore. In Q3FY24, advances increased by 13.4% to Rs 8.62 lakh crore, while domestic deposits increased by 6.34 percent YoY to Rs 10.67 lakh crore.
Union Bank of India: The PSU bank said that as of the December FY24 quarter, its total business had surpassed Rs 20.68 lakh crore, an increase of 10.67 percent from the same period the previous year. As of Q3FY24, the bank’s total advances climbed by 11.44 percent YoY to Rs 8.96 lakh crore, while deposits surged by 10.09 percent to Rs 11.72 lakh crore.
Adani Wilmar: The Adani Group company saw a 6% increase in volume overall during the quarter that ended in December of FY24; nevertheless, a 15% YoY loss in revenue was caused by lower edible oil prices, which were in line with a decline in the cost of raw materials (crude edible oils). Because institutional clients’ demand was muted, the volume of the edible oil segment remained unchanged year over year in Q3. Nonetheless, business fell 21% year over year, whilst the food and FMCG industries had a 28% YoY growth in sales during the quarter. Although sales in the industry basics area was stable, volumes rose by 15% year over year.
India’s Life Insurance Corporation: Demand orders for GST (Rs 191.01 crore), interest, and penalty (Rs 191.01 crore) for Gujarat for the fiscal years 2017–18 and 2018–19 have been received by the Corporation. Within the allotted time, the corporation will appeal the aforementioned order to the Commissioner (Appeals), Ahmedabad.
JSW Steel: To establish a greenfield integrated steel plant capable of producing 13.2 million metric tonnes of crude steel annually (MTPA), the Odisha government has granted ownership of the entire forest area (2,677.80 acres) to JSW Utkal Steel, a subsidiary of the business. The government has previously leased 272.51 acres of non-forest land to JSW Utkal Steel.
Bhansali Engineering Polymers: For front-end engineering design (FEED) and capital expenditure cost estimation for the brown field ABS expansion project, the business has awarded a Letter of Award (LOA) to Toyo Engineering India. Overall, the development will result in an increase in ABS production capacity at the company’s current plants in Abu Road, Rajasthan, and Satnoor, Madhya Pradesh, from 75,000 TPA (tonnes per year) to 1,45,000 TPA.
MedPlus Health Services: The medicine Control Administration, which oversees medicine sales licencing, has sent directives to the company’s subsidiary. It was given an order to suspend the drug licence for storage in Shankarayapally Jadcherla for six days and Hayath Nagar for seven days. On January 4, the subsidiary received both orders.
Kaushalya Logistics: On January 8, the logistics firm will float its stock shares on the NSE Emerge. Each share is being issued for Rs. 75. The trade-for-trade component will allow trading of its equity shares.
Must read book about investing – check here
Read more Check the latest news
Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update