Sensex sheds 237 pts dragged by HUL, RIL, Infosys; Nifty ends below 18,050

Closing Bell: Broader markets bled more than benchmarks with the BSE Midcap and Smallcap indices falling up to 0.7 per cent

12:11 PM

Gautam Adani's discount share sale tries to woo public, silence critics

Indian tycoon Gautam Adani, who added $40 billion to his wealth last year after a blistering stock rally, wants validation from the investing public and critics who question the forces pushing up his companies’ share prices. To woo mom-and-pop investors to buy into his ports-to-power empire’s flagship, Adani Enterprises Ltd. will sell new shares at a discount and allow payments in three installments when it rolls out its $2.5 billion follow-on offer later this month. Read here

12:01 PM

The stock of this iron & steel company has doubled in three months

Shares of Jindal Stainless hit a new high of Rs 263, as they rallied 7 per cent on the BSE in Friday’s intra-day trade amid heavy volumes on strong business outlook. The stock of iron & steel company surpassed its previous high of Rs 255, touched on January 2, 2023. In comparison, the S&P BSE Sensex was up 0.04 per cent at 60,881 at 11:17 AM. Read here

11:46 AM

IT service firm Coforge reports 24% jump in Q3 profit aided by deal wins

Indian IT services provider Coforge Ltd reported a better-than-expected 24% jump in third-quarter profit on Friday, aided by multiple large outsourcing deals across sectors. Read here

11:37 AM

Adani Enterprises FPO: Short-term trend on the stock remains negative

A sustained move over the 50-DMA of Rs 3,881 could see the counter heading towards recording a new historic peak. Read more

11:27 AM

Unilever's India unit falls as royalty fee rise overshadows profit beat

Shares of Hindustan Unilever (HUL) fell as much as 4.3% on Friday, as a deal to pay its UK parent higher royalty fees took the shine off a bigger-than-expected rise in quarterly profit. Read more

11:16 AM

Hindustan Zinc to acquire Vedanta's international zinc biz; stock slides 9%

Shares of Hindustan Zinc (HZL) dipped 9 per cent to Rs 342.20 on the BSE in Friday's intra-day trade as investors booked profit at the counter after the company announced the acquisition of Zinc International business from Vedanta for a cash consideration not exceeding $ 2,981 million. Read more

11:03 AM

Tata Motors races 2% on report co looking to raise $500-600 mn for EV biz

 

 

10:48 AM

Moody's upgrades ratings for PNB, Canara Bank and Bank of Baroda to 'Baa3'

Global rating agency Moody's has upgraded the long-term local and foreign currency deposit ratings of Bank of Baroda (BOB), Canara Bank, and Punjab National Bank (PNB) from "Ba1" to "Baa3", reflecting improving credit profile and macro economic conditions. Read here

10:39 AM

Gold price unchanged in early trade; selling at Rs 56,730 per 10 grams

Gold prices remained unchanged on Friday, with 10 grams of the yellow metal (24-carat) trading at Rs 56,730. Silver prices fell Rs 300 from yesterday's close. The precious metal is selling at Rs 71,900 per kg. Read here

10:29 AM

WATCH: Should you subscribe to Adani Enterprises’ Rs 20K-cr FPO?

10:18 AM

Q3 results preview: RIL may see rise in sales but 10% decline in profit

 

Mukesh Ambani-led Reliance Industries (RIL) may report a mixed set of numbers for the third quarter of 2022-23, consensus estimates by Bloomberg show. READ MORE

 

 

10:08 AM

Hindustan Unilever slips 4% as royalty payout hike raises margin concerns

The company announced on Thursday that it had entered a new agreement with Unilever, under which the royalty and central services fees would increase from 2.65 per cent of turnover in FY22 to 3.45 per cent. This will be staggered over three years, starting with a 45 basis point (bp) increase in effective cost for the February-December 2023 period.  READ MORE

 

9:58 AM

Comment :: 'Triggers to take Nifty beyond 18,200 are not yet visible'

Nifty, which is now stuck in a narrow band of 17,800-18,200, is likely to remain in this range in the absence of major triggers. FIIs turning buyers is a major support at 17,800. Triggers to take Nifty beyond 18,200 are not yet visible. Large Q3 results from the likes of RIL, ICICI Bank and Kotak Bank have to be closely watched for indications.

The strength of HDFC twins and the weakness of ICICI Bank indicate some churn within financials.

Data on capex, credit growth, and manufacturing and services PMI indicate that the growth rebound in the economy is robust. Capital goods segment has the potential to outperform this year.

Views by: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
 

9:48 AM

HIL tanks 4% as MD&CEO resigns

>> Dhirup Roy Choudhary, the company's managing director and CEO, has resigned, and will step down on January 31, 2023. The Board has approved the appointment of Akshat Seth as the MD and CEO of the company effective February 01, 2023.

9:46 AM

LTTS tumbles over 3% post Q3 results

>> L&T Technology Services, on Thursday, reported a 22 per cent increase in net profit to Rs 303.6 crore for Q3FY23. The revenue of the company, meanhwile, improved by 21.4 per cent to Rs 2,048.6 crore.