Stock Market LIVE Updates: Sensex, Nifty in green; Bajaj Finance rises 2%, Vodafone Idea surges 12%

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13:32:00 IST

Adani Power stock rises 5%

Shares of Adani Power jumped 5 percent in early trade today after the company approved the appointment of Shersingh B Khyalia as the company’s chief executive officer (CEO) with effect from January 11, 2022.

13:20:36 IST

 RITES sign MoU with SMEC Group to explore infra projects

RITES signed a memorandum of understanding (MoU) with SMEC Group to cooperate and explore infrastructure projects, company said in its release. The MoU will enable RITES and SMEC to collaborate and cooperate to explore, identify, pursue, and jointly execute mutually beneficial business opportunities in the infrastructure sector, it added.

13:07:21 IST

Bajaj Finance gains 2.6% as board mulls fundraising proposal

Bajaj Finance Ltd’s share price climbed 2.61 percent to an intraday high of Rs 7,869.90 on Wednesday after the financial services company announced its intent to consider a fundraising plan at its meeting on January 18. The Board of Bajaj Finance will consider raising funds by debt issue/issue of non-convertible debentures as a part of the proposed increase in the overall borrowing limit, the company said in an exchange filing.

12:57:05 IST

2022 to set new benchmark for real estate industry: Ajmera Realty’s Dhaval Ajmera

Dhaval Ajmera, Director at Ajmera Realty and Infra India, believes 2022 will set a new benchmark for the real estate industry where all stakeholders will collaborate to harness latent demand for homes. “Both residential and commercial asset classes have scripted a turnaround story in the second half of the year 2021… Most cities in India have witnessed better equilibrium dynamics in demand-supply economics of real estate with sales numbers being in line with the number of home unit launches,” he said. 

Institutional investors are actively looking at opportunities across the capital stack on both the equity and debt sides… The deal street of the Indian real estate is expected to be active both on value and volume aspects,” he said. 

12:56:54 IST

DLF shares rise

DLF shares rose as much as 4.3 percent to Rs 426.7 apiece on BSE, a day after the real estate company said it had clocked sales of about Rs 1,500 crore for towers in the first phase of its newly launched luxury residential project, ONE Midtown. 

JPMorgan retained its ‘overweight’ call on the stock with a target price of Rs 445 apiece. 

12:41:37 IST

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Bharti Airtel at day’s high

Bharti Airtel shares rose as much as 2.1 percent to an intraday high of Rs 718.6 apiece on BSE in afternoon deals. 

12:35:23 IST

L&T bags orders worth over Rs 7,000 crore

L&T said a consortium led by wholly-owned subsidiary L&T Hydrocarbon Engineering had secured two offshore packages from a prestigious overseas client.

The scope of the work comprises EPC for new facilities and integration with existing installations, it added.  

L&T shares were up 0.9 percent at Rs 1,978.1 apiece on BSE. 

12:29:35 IST

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Stock Ideas | 10 scrips analysts suggest buying now

Are there any short-term opportunities for traders out there? Analysts have handpicked 10 bets to make use of the current juncture on Dalal Street. On their playbook now are stocks such as IRCTC, BASF and Phillips Carbon Black. (Check out the complete list of their stock recommendations)

12:26:27 IST

Buy Alkem Labs, bull case fair value Rs 4,311: HDFC Securities

HDFC Securities recommends buying Alkem Laboratories shares in the band of Rs 3,706-3,728 and adding more on dips to Rs 3,315 for the next two quarters. 

Fair value
Base case Bull case
Rs 4030 Rs 4311

12:17:03 IST

Buy M&M, Reliance Industries: Mitessh Thakkar

 

Here are two trading calls from Mitessh Thakkar of earningwaves.com:

 

–Buy Mahindra & Mahindra for a target of Rs 880 with a stop loss at Rs 847 

 

–Buy Reliance industries for a target of Rs 2,595-2,600 with a stop loss at Rs 2,485 
Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

12:08:42 IST

Signs of bubble in certain areas of Indian market, cautious about rupee: Arvind Sanger
   

Arvind Sanger of Geosphere Capital Management said in an interaction with CNBC-TV18 that there are signs of a bubble in certain parts of the Indian market. He is cautious about the rupee. 

 

Sanger likes the real estate sector and believes the tech sector to have a long-term structural tailwind. 

11:48:06 IST

Equity shares to be issued after DoT confirmation, procedural clarifications: Vodafone Idea CEO

11:47:25 IST

Easy Trip board approves 1:1 bonus issue 

Easy Trip’s board gave nod to a bonus issue in the ratio of 1:1. 

Easy Trip Planners shares jumped as much as 3.6 percent to Rs 600 apiece on BSE after the news. 

11:44:30 IST

Exclusive | Sources say FedFina may seek valuation of Rs 6,000-7,000 crore

The size of an IPO by FedFina (FedBank Financial Services) may be close to Rs 2,000 crore including fresh issuance of shares worth Rs 1,000 crore, sources told CNBC-TV18. Federal Bank and True North may look to sell shares worth Rs 1,000 crore in the public offer, they said. 

Federal Bank shares were up 1.6 percent at Rs 98.1 apiece on BSE in late morning deals, having risen as much as three percent earlier on Wednesday.

11:29:26 IST

TCS, Wipro decline, Infosys rises ahead of Q3 earnings

Investors awaited the quarterly results of TCS, Infosys and Wipro due later in the day. (Read more on TCS, Infosys, Wipro shares)

11:17:12 IST

Frontline IT companies may surprise on guidance front: Deven Choksey 

Deven Choksey of KRChoksey is positive on the IT space. He believes frontline IT companies may surprise on guidance as well as margin fronts in the coming year. That is where one can reasonably allocate the amount in the IT space now, he said. 

“Frontline IT companies are reportedly showing a good amount of growth, given the new orders and better realisations because of higher price commanded by them,” he said. “They remain relatively strong. Though the midcap IT companies are registering higher growth compared to frontline IT companies, but on a smaller base, and they are also commanding higher valuations,” Choksey added.

10:53:42 IST

Banks very well provided for, have great ability to post better Nos: Macquarie Capital Securities’ Suresh Ganapathy

Suresh Ganapathy of Macquarie Capital Securities believes banks are very well provided for and have a great ability to report better numbers. Large banks will perform better than mid and small banks, and most midcap banks cater to the SME portfolio, he told CNBC-TV18. The top four private banks could report loan growth to the tune of 15-16 percent on a year-on-year basis, he said.

One needs to wait for the RBI to hike the repo rate in order to see banks raise rates, he added.

10:36:50 IST

Bajaj Finance to consider funds raising through debt issue/NCDs on January 18

Bajaj Finance was up 2.4 percent at Rs 7,850 apiece on BSE, having risen to as high as Rs 7,859.9 apiece earlier in the day. 

10:28:19 IST

Expect good set of Q3 numbers from TCS: CapitalVia Global’s Gaurav Garg

Gaurav Garg, Head of Research at CapitalVia Global Research, expects TCS to report a good set of earnings for Q3, with a constant currency growth expectation of 15 percent on a quarter-on-quarter basis. “TCS has consistently seen growth in terms of earnings and revenue. With large deal wins and a favorable currency movement, TCS has experienced a lot of traction in the recent months,” he said. 

10:21:27 IST

Buy SBI, target price Rs 675: Motilal Oswal Retail Research 

Motilal Oswal Retail Research has a ‘buy’ call on SBI for a target price of Rs 675.

According to the brokerage:

–SBI appears well-positioned to report strong earnings uptick led by moderation in credit costs

–SBI has strengthened balance sheet, increased PCR to around 88%

–Fresh slippage moderated sharply to 1.2% in FY21, negligible over 2QFY22

–SBI inarguably has one of best liability franchises

–SBI’s low cost of deposits would continue to support margins to large extent

–Its subsidiaries SBI MF, SBI Life Insurance, SBI Cards, SBI Cap have exhibited robust performances in last few years, account for around 31% of total valuation

10:16:33 IST

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Rupee opens higher at 73.38 vs US dollar

The rupee began the day at 73.38 against the greenback. On Tuesday, it had settled at 73.91.

09:53:53 IST

Buy HCL Tech, Tata Chemicals, Indian Hotels: Chandan Taparia

Here are three trading calls from Chandan Taparia, Derivative and Technical Analyst at Motilal Oswal Financial Services:

–Buy Indian Hotels Company for a target towards Rs 210 with a stop loss at Rs 192 

–Buy HCL Technologies for a target of Rs 1,395 with a stop loss at Rs 1,305 

–Buy Tata Chemicals for a target of Rs 1,025 with a stop loss at Rs 950 

09:48:46 IST

IT stocks in long upcycle, to beat previous highs: Sandip Agarwal

Sandip Agarwal of Edelweiss Securities told CNBC-TV18 he believes IT stocks to be in a long upcycle and set to beat their previous highs. He expects IT stocks to double in the next three years.

Agarwal does not expect any disappointment from IT companies He expects some positive surprise from TCS and Infosys. Edelweiss Securities estimates three percent sequential growth for Infosys in Q3, and believes the IT company has the advantage of large deals in the recent past, he said. 

TCS is focussing strategically on improving in the long-term, and Wipro is returning to a growth trajectory. 

09:35:45 IST

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Paytm shares drop 3%, below Rs 1,100 

At 9:30 am, the stock of Paytm parent One97 Communications was down 2.8 percent at Rs 1,088 apiece on BSE, having dropped to a record low of Rs 1,084.6 apiece earlier in the day. 

At the fresh low, Paytm shares were available at a discount of 49.6 percent to the issue price of Rs 2,150. (Read more on Paytm shares)

09:34:38 IST

Consumer discretionary companies to bounce back on low base: Manishi Raychaudhuri

Manishi Raychaudhuri of BNP Paribas told CNBC-TV18 he expects lower taxes to proide tailwinds to consumer discretionary companies, which will bounce back on a low base. 

He expects global market demand to remain strong going forward. 

Speaking on his expectations from the upcoming Union Budget, he said a continued focus on healthcare and some tinkering around on the standard tax deduction rate front are likely. 

09:25:05 IST

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Hindalco, Tata Steel, UltraTech, Indian Oil top blue-chip gainers

ONGC, NTPC, JSW Steel, Kotak Mahindra Bank and BPCL were also among the top gainers. On the other hand, Cipla, TCS, UPL, Tata Consumer and Hindustan Unilever were the worst hit among the 10 laggards in the Nifty50 pack.

Here’s how the 30-scrip basket fared:

09:20:37 IST

Sensex jumps over 400 points, Nifty firm above 18,150

Both headline indices jumped as much as 0.7 percent in early deals following a positive opening. The 30-scrip index rose as much as 428 points to touch 61,044.9 and the broader Nifty50 benchmark climbed to as high as 18,184.6, up 128.9 points from its previous close.

09:14:40 IST

Bond Market Deals | PNB, Shriram Transport Finance, HPCL in focus today

–Punjab National Bank will raise at least Rs 500 crore through perpetual bonds.

–Shriram Transport Finance has raised $475 million through three-year and six-month dollar-denominated bonds at a 4.15 percent semi-annual coupon.

–HPCL will raise funds through over one-month commercial papers at a 3.54 percent coupon. (Catch other key bond deals today)

09:13:16 IST

Stock Tips | HCL Tech, Navin Fluorine, Cummins among Sudarshan Sukhani, Mitessh Thakkar’s top picks today

–Mitessh Thakkar of mitesshthakkar.com recommends buying Cummins India shares for a target of Rs 1,005 with a stop loss at Rs 960.

–Sudarshan Sukhani of s2analytics.com suggests going long on Navin Fluorine with a stop loss at Rs 4,000. (Check out their other stock recommendations today)

09:07:36 IST

World Bank projects India’s FY22 GDP growth at 8.3% 

The World Bank has projected India’s GDP growth at 8.3 percent for the financial year ending March 2022, and 8.7 percent for the next financial year. The forecast is unchanged from the June 2021 outlook, when the World Bank had slashed the growth projection from the 10.1 percent predicted in April due to the devastating effects of the second wave of the pandemic in the country. (Read more on World Bank’s GDP estimates for India)