Sensex snaps 2-day winning streak, ends 187 pts lower; Nifty50 below 18,150

CLOSING BELL: Broader markets, too, were subdued in trade as Nifty MidCap 100 and Nifty SmallCap 100 indices declined up to 0.4 per cent.

1:27 PM

Rs 20,000-cr Adani Enterprises FPO opens on Jan 27: Should you subscribe?

Adani Enterprises' Rs 20,000-crore follow-on public offering (FPO) sent shares southwards in Thursday's intra-day trade, as they slumped over 4 per cent and hit a two-month low at Rs 3,446 per share. Analysts, however, suggest subscribing to the offer and re-iterated bullish tone on the counter, given the conglomerate's large play on renewable energy. READ MORE
 

1:26 PM

Comment :: Budget may have something for everyone, says Axis Securities MD

As this is the last full-year Budget before the Union Election in 2024, we expect it to be growth-oriented. The primary focus of the Budget is likely to be on job creation and investment-driven growth.

The real estate sector may get a boost with some announcements to expand the current income tax benefit for housing. Measures to stimulate rural spending and infrastructure development would be the highlight in the Budget.

Any roadmap to build and bolster the entrepreneurship culture can promote self-reliance and go a long way in employment generation. FMCG, Manufacturing, MSME, and Banking are a few sectors that may see action.

Views by: B Gopkumar, MD & CEO, Axis Securities

1:14 PM

ALERT :: JLR India MD Rohit Suri resigns

Source: Agencies

1:09 PM

These 2 recently listed stocks have zoomed up to 44% from December lows

Shares of the recently listed companies, Landmark Cars and Sula Vineyards continued their upward journye, surging 6 per cent on the BSE in Thursday’s intra-day trade in an otherwise subdued market. The S&P BSE Sensex was down 0.13 per cent at 60,969 at 12:32 PM. Read here

12:58 PM

JSW Energy arm bags two battery energy storage system projects from SECI

JSW Energy on Thursday said that its arm JSW Renew Energy Five has bagged two battery energy storage system projects totalling 500 MW/ 1,000 MW from Solar Energy Corporation of India (SECI). Read here

12:49 PM

Barring OMCs, Paint & Tyre stocks may see adverse impact if Brent tops $88

A decisive close over $88 a barrel on Brent Oil Futures may trigger a medium-term rally, validating a bottom formation on the charts. In the last eleven sessions, the oil major has mounted close to 10 per cent, taking sharp rebound near the previous 52-week low of $75.64. Read here

12:37 PM

BUDGET VIEW: Several clarifications on crypto tax provisions sought this year

The taxation provisions on crypto introduced in the last budget require clarity in some areas. 

Firstly, there is ambiguity on whether losses from one cryptocurrency can be set-off against profits from another cryptocurrency. While losses from crypto cannot be set-off against any other income, an inter-source set-off should be permissible and clarifications should be issued. 

Secondly, expenditure that is incurred directly in connection with the transfer of crypto (say exchange fees, transaction charges, etc) should be allowed as a deduction.

The provisions currently permit only the cost of acquisition as an allowable deduction. 

Lastly, expenses incurred by the miner for mining of cryptocurrency, such as electricity costs, costs of sophisticated machines, etc., may not be regarded as ‘cost of acquisition’ of cryptocurrency and consequently no deduction may be allowed to the miner for such costs. Suitable clarifications around such issues are recommended.

Views by Umesh Gala, Partner, Dhruva Advisors

12:26 PM

Analysts cautious on IndusInd Bank despite all-round beat in Q3; here's why

IndusInd Bank Q3 review: Despite an all-round beat in the December quarter (Q3) results for 2022-23 financial year (FY23), shares of IndusInd Bank fell 3 per cent on the BSE on Thursday. The drop comes as analysts flagged deepening challenges to deposit gathering for mid-sized banks, and potential margin compression in quarters ahead. Read here

12:16 PM

Asset quality of Indian banks will be stable in 2023, says Moody's

The asset quality of Indian banks and those in Southeast Asian countries will be stable in 2023, said Moody's Investors Service in its latest report on the banking sector in emerging markets. Read here

12:05 PM

Atul Auto hits 3-year high on foray into EV space; zooms 29% in one week

Shares of Atul Auto rallied 7 per cent to hit over three-year high of Rs 362.70 on the BSE in Thursday’s intra-day trade.

In the past one week, the stock of the commercial vehicles company has zoomed 29 per cent after it announced its foray into the electric vehicle (EV) space. Read more

11:50 AM

Analysts hopeful of ICICI insurance twins despite Q3 disappointment

The ICICI group's insurance "twins", ICICI Lombard and ICICI Prudential Life, came out with results that disappointed the market. However, analysts' opinion on the two companies is more nuanced, with most maintaining a fairly positive stance. Read here

11:41 AM

Persistent Systems up 5% on strong TCV, in-line revenue growth in Q3

Shares of Persistent Systems were up 5 per cent at Rs 4,161.75 on the BSE in Thursday’s intra-day trade in an otherwise subdued market after the company reported a 6 per cent sequential increase in revenues at Rs 2,169.37 crore for the quarter ended December 2022 (Q3FY23), meeting Street estimates. The company reported 11th sequential quarter of revenue growth. Read here

 

11:30 AM

Tech companies, telecom operators against mandatory caller ID display

Telecom operators and tech companies have expressed concerns over a proposal to make it mandatory for them to display caller ID or calling name presentation (CNAP) across telecommunication networks, saying the will not be advisable, The Hindu Business Line reported on Thursday. Read here

11:20 AM

Q3 preview: Metal firms' sales likely to flatten, profits may plunge

Subdued demand as well as volatile prices will likely weigh on earnings of metal companies for Q3 of FY23, Bloomberg consensus estimates for the period show. Read here

11:10 AM

MARKET CHECK: Sensex off lows; down 100 pts