Indices end near records; Sensex gains 529 pts; RIL up 2.5%, Infy dips 1%

Markets will remain shut on Friday on account of Christmas.

12:40 PM

NEWS ALERT :: India Ratings revises FY21 GDP forecast to -7.8% from -11.8%

>> Although the headwinds emanating from COVID-19 related challenges are unlikely to go away till mass vaccination becomes a reality, perhaps the economic agents and economic activities not only have learnt to live with it but also are adjusting swiftly to the post COVID-19 world. Ind-Ra now expects 3QFY21 GDP growth to come in at -0.8% and 4QFY21 GDP growth to turn positive at 0.3% as against its earlier expectation it turning positive in 4QFY22. The agency expects FY22 growth to be 9.6%, mainly due to the favourable/weak base of FY21.

 

12:34 PM

Economy recovering faster than expected, inflation needs to be tackled: RBI

Indian economy is recovering faster than expected and may post minor positive growth in the third quarter, but efforts need to be redoubled to fight inflation so that it doesn’t hurt the incipient growth impulses, according to the State of the Economy report in the December Bulletin of the Reserve Bank of India (RBI). “Indian economy is pulling out of Covid-19’s deep abyss and is reflating at a pace that beats most predictions," the report said. Although there are headwinds, “steadfast efforts by all stakeholders could put India on a faster growth trajectory,” the report said. READ MORE

12:28 PM

ALERT | Adani's Power's agreement with AES OPGC Holding and AES India stands cancelled

>> Adani's Power's agreement with AES OPGC Holding and AES India for acquisition of 49% stake in Odisha Power Gen is cancelled as Odisha Govt, which holds 52% stake, exercises right of first refusal.

(Source: BSE filing)

12:18 PM

Tata Comm surges 9% on acquisition of majority stake in France's Oasis

Shares of Tata Communications surged 9 per cent to Rs 1,140 on the BSE on Thursday after the company announced the acquisition of majority stake in France-based embedded-SIM (eSIM) technology provider, Oasis Smart SIM Europe SAS (Oasis). The Tata Group company's stock hit a record high in intra-day today, surpassing its previous high of Rs 1,103, touched on November 25, 2020. In the past six months, the stock has zoomed 90 per cent, as compared to 34 per cent rise in the S&P BSE Sensex. READ MORE

12:09 PM

Xiaomi's market value tops $100 billion, reaching 2018 IPO goal

Xiaomi Corp. founder Lei Jun can finally rejoice after the Chinese smartphone maker’s market value swelled past the $100 billion mark, a figure his company fell far short of when it listed two years ago.
 

The firm’s stock rallied as much as 9.1% Wednesday to a fresh record in Hong Kong, making it the 13th stock in the city’s benchmark Hang Seng Index to have a market capitalization above $100 billion. It ended the day 7.6% higher with a market value of HK$802 billion ($103 billion). READ MORE

12:01 PM

Only nine of 187 closed-end schemes outdid their benchmarks this year

The Covid-19 pandemic and attendant market volatility have taken a toll on closed-end schemes maturing in 2020-21. A Business Standard analysis of 187 such schemes across asset classes showed only nine had given higher returns than indices against whom their performances are measured over the last one year. All others had given lower returns, some with double-digit underperformance compared to their benchmarks. READ MORE

11:52 AM

S&P affirms Indian Bank's 'BBB-' rating, removes from CreditWatch

Rating agency Standard and Poor’s (S&P) has affirmed ratings for Indian Bank at “BBB-” on expectation of ability to absorb a moderate deterioration in its asset quality over the next 12 months. The Chennai-based public sector lender is expected to benefit from faster-than-expected economic recovery in India. Shares were trading over 1 per cent higher at Rs 86.60 on BSE. READ MORE

11:47 AM

RBI BULLETIN :: Bankers’ sentiments on lending conditions have improved

As regards, Services and Infrastructure Outlook, RBI says:

>> The expectations expressed are in general higher than the assessments exhibiting optimism bias in business expectations.

>> Industry reported constant input cost pressures till 2019-20. With improved perceptions on input costs subsequently, the selling prices also showed a declining trend.

 

>> The overall sentiments of the companies remained optimistic, though gradually moderated before the severe impact of Covid-19 pandemic was felt in Q1:2020-21. Business sentiments have moved to recovery path subsequently but are yet to reach the pre-pandemic levels.

11:46 AM

RBI BULLETIN :: Centre and states' counter-cyclical fiscal support is necessary to sustain recovery.

>> The impact of economic downturn has been severe on the revenue side, while expenditure has largely held up. The silver lining is that the impact seems to have bottomed out in Q1:2020-21 with signs of recovery in Q2.

 

>> General Government (Centre plus states) fiscal deficit has seen a sharper than usual build-up in the first half of the current year.

 

>> Going forward, with the severest impact of COVID-19 on government finances already realised in Q1

11:45 AM

RBI BULLETIN :: Evidences show that the Indian economy is pulling out of Covid-19’s deep abyss

>> Economy is reflating at a pace that beats most predictions

>> Economic conditions continued to improve through November 2020 on the back of the uptick in agriculture and manufacturing activity

>> Although headwinds blow, steadfast efforts by all stakeholders could put India on a faster growth trajectory.

11:38 AM

Stock Idea by Geojit Financial: Dabur India

In Q2FY21, Revenue rose 13.7% YoY driven by healthy growth in the domestic and international market through the launch of new products and increase in demand. EBITDA margin stood at 22.6% (+50bps YoY) helped by cost reduction initiatives i.e. Samriddhi project. New product launches, pickup in economy post lockdown, efficient supply chain, and cost reduction initiatives will boost financials in medium to long term. Hence, we upgrade our rating to BUY on the stock with a revised target price of Rs. 584 based on 53x FY22E adj. EPS.

11:37 AM

Bajaj Auto hits 52-week high on signing pact to set up factory in Chakan

Bajaj Auto, on Tuesday, signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to set up a manufacturing facility on a proposed investment of Rs 650 crore in Chakan, Maharashtra. READ MORE

11:29 AM

Bollinger Bands, ATR: Volatility indicators and how to use them

It is true that volatility can have an adverse impact on one's trading behaviour, and yet, acknowledging and managing the risk can, on the other hand, can provide significant returns. It is crucial to identify volatile sessions and trade according to the trend. Some well-known indicators like Average True Range, Bollinger Band, and Standard Deviation can assist in this regard. READ MORE

11:18 AM

Cabinet approves 100% FDI in DTH sector; should you buy related stocks?

Shares of Direct-to-home (DTH) service providers came under investor radar on Thursday, a day after the Union Cabinet approved changes to allow 100 per cent FDI in the DTH broadcasting services sector. It also said that licences will now be issued for 20 years with a renewal provision after every 10 years. On the BSE, shares of Hathway Cable and Datacom, Den Networks, and GTPL Hathway zoomed between 5.4 per cent and 6.6 per cent in the early morning deals. Shares of Dish TV, however, were down around 4.5 per cent. How do these stocks look on charts? READ HERE

11:11 AM

BSE Metals index best sectoral performer; Vedanta top gainer