Stock Market LIVE Updates: Sensex up 500 points, Nifty at 18,200; metal, auto gain

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15:53:02 IST

Market Watch | Buy Apollo Hospitals, Indus Towers: Aditya Agarwala of Yes Securities

– Apollo Hospitals is a sell with a stop loss of Rs 5,150 and target of Rs 4,800

– Indus Towers is a buy with a stop loss of Rs 265 and target of Rs 300

15:51:21 IST

Closing Bell: Sensex jumps 530 points to 61,150, Nifty at 18,200; Airtel, Reliance lead

India’s share market closed higher Wednesday for the fourth straight session. The headline indices surged over half a percent higher, led by an uptick in realty, metal and auto stocks. The 30-scrip Sensex closed at 61,150, as it rose 530 points and the Nifty50 index surged 150 points to end at 18,212. It is the first time since October 27, 2021 that Nifty has closed the day above 18,200.

15:47:54 IST

Rupee At Close

Rupee ends at 73.92/$ against Tuesday’s close of 73.91/$.

15:40:37 IST

L&T bags two “mega” offshore orders

A consortium led by LTHE, a wholly-owned arm of Larsen & Toubro, has bagged two mega offshore orders from a prestigious overseas client. The engineering and construction company, however, did not provide the exact value of the contract but specified that as per its classification, a megaproject is of over Rs 7,000 crore. The scope of work comprises engineering, procurement and construction (EPC) for new facilities and integration with existing installations, Larsen & Toubro (L&T) said in a statement.

15:34:28 IST

EaseMyTrip’s board approves issuance of bonus shares

Online travel platform EaseMyTrip on Wednesday said its board has approved issuance of bonus shares with a view to allow its shareholders increase their equity and gain greater exposure to its future growth. The board of directors of the company at its meeting held on January 12, 2022, have approved and recommended the issuance of fully paid-up bonus shares in the ratio of 1:1, out of its free reserves created out of profit, EaseMyTrip said in a statement.

15:27:00 IST

Aditya Birla Fashion and Retail collaborates with Germany’s GIZ to boost circular business practices

Aditya Birla Fashion and Retail Limited (ABFRL) on Wednesday announced collaboration with Germany’s GIZ, a move aimed at strengthening circular business practices for the Indian market. The joint project will focus on material innovation, reducing inputs of harmful substances, increasing textile-to-textile recycling, developing alternatives to plastic packaging, and fostering traceability, said a joint statement from ABFRL and GIZ.

15:20:27 IST

COVID-19 scare: Oxygen stocks jump 100% in 1 month; should investors buy?

Shares of oxygen stocks—National Oxygen, Bhagwati Oxygen—have risen over 5 percent Wednesday as the third wave of COVID-19 infections has gripped the country. The coronavirus cases—driven by the Omicron variant, the more transmissible permutation and the Delta variant, the more fatal variant—were the highest in 230 days on Wednesday.

15:15:13 IST

India’s palm oil imports fall 29 pc in December 2021: SEA

India’s imports of palm oils declined by 29.15 per cent to 5.44 lakh tonnes in December 2021, but the rise in shipments of RBD palmolein is threatening the survival of domestic refineries, Solvent Extractors Association (SEA) said on Wednesday. India, the world’s leading vegetable oil buyer, had imported 7,68,392 tonnes of palm oil in December 2020. In December last year, palm oil imports fell to 5,44,343 tonnes.

15:11:51 IST

Kolte Patil Developers Q3 update

Kolte Patil Developers volumes grew 28% QoQ and was up 56% YoY. Collections were up 13% QoQ and added 10% YoY. The stock was trading at Rs 333.10, up Rs 7.10, or 2.18 percent. It has touched an intraday high of Rs 342.55 and an intraday low of Rs 326.90. It was trading with volumes of 76,459 shares, compared to its five day average of 69,619 shares, an increase of 9.83 percent.

15:00:10 IST

Bharat Forge shares fall 4%; CLSA downgrades rating, cuts target price

Bharat Forge shares fell over 4 percent on Wednesday after foreign brokerage firm CLSA downgraded its rating on the forging company’s stock and cut its target price by a whopping 23 percent. CLSA downgraded its rating on Bharat Forge shares to ‘sell’ from ‘buy’ and slashed its target price to Rs 690 from Rs 900. Shares of Bharat Forge fell 2 percent lower on the BSE during early trade. The stock has fallen after two days of consecutive gain and touched an intraday low at Rs 736 on BSE.

14:53:30 IST

Signs of bubble in certain areas; like IT, real estate space: Geosphere Capital

There are signs of a bubble in certain areas of the Indian equity market, said Arvind Sanger, managing partner of Geosphere Capital Management, on Wednesday, adding that he is trying to position the Indian portfolio to be inflation-proof.

“I do not think the RBI can keep itself separate from where most of the central bankers around the world are going and as liquidity tightens in India to deal with inflation and global cues, some of the sectors remain at risk. So there is a sign of bubbles in some of the areas and I would be cautious about those,” Sanger said.

14:40:47 IST

Oil prices hold firm on hopes economic growth to support demand

Oil prices steadied on Wednesday after rising in the previous session on expectations that fuel demand will continue to strengthen as the U.S. Federal Reserve is likely to raise interest rates more slowly than expected. Brent and U.S. crude oil futures are trading at their highest since the highly contagious Omicron COVID-19 variant emerged in late November has not impacted fuel demand the way previous variants did.

Brent crude futures were up 2 cents at $83.74 a barrel, after jumping 3.5% in the previous session.

14:33:45 IST

Edul Patel, CEO, and Co-founder, Mudrex- A Global Crypto Trading Platform on Cryptocurrency

“The cryptocurrency prices have gained a bit easing investor’s anxiety. Bitcoin gained momentum bouncing to US$43,000 in the past 24 hours. The next support price of BTC would most likely be US$40,000. Even though the total market volume is down, the global crypto market cap has gained close to 3% over the past day. As Iran might allow payments in crypto for international trades soon, the crypto market may witness a surge in the coming weeks.”

14:20:54 IST

LazyPay Forays into Card segment: launches LazyCard to empower India’s underserved with access to credit

LazyPay, India’s preferred Buy Now Pay Later solution by PayU Finance, today announced its partnership with SBM Bank India to launch LazyCard, a prepaid payment instrument backed by a credit line, foraying into the card segment. The card aims at empowering financially underserved Indians with easy access to credit. Powered by Visa and SBM Bank India, LazyCard is built with a strong rewards structure, creating value for customers in every transaction by offering bigger, better cash back rewards and offers like never before. 

14:11:03 IST

Refined soya oil futures fall on low demand

Refined soya oil prices on Wednesday fell 50 paise to Rs 1,195 per 10 kg in futures trade as speculators reduced holdings amid subdued demand in the spot market. On the National Commodity and Derivatives Exchange, refined soya oil for delivery in January declined by 50 paise, or 0.04 per cent, to Rs 1,195 per 10 kg in 19,150 lots. Market analysts said cutting down of positions by participants against ample stocks mainly influenced refined soya oil prices.

14:00:29 IST

Coronavirus News LIVE Updates

India added 1,94,720 new coronavirus infections taking the total tally of COVID-19 cases to 3,60,70,510 which includes 4,868 cases of the Omicron variant, according to the Union Health Ministry data updated on Wednesday. Read all updates related to coronavirus on CNBC-TV18’s live blog here.

13:50:50 IST

Kalpataru Power raises Rs 200 crore via NCD issue

Kalpataru Power Transmission Ltd raised Rs 200 crore through the issuance of non-convertible debentures (NCDs), the company said in a regulatory filing on Wednesday. It has raised Rs 200 crore through the allotment of 2,000 NCDs of the face value of Rs 10,00,000 each on a private placement basis.

13:41:32 IST

Market Watch: Prakash Gaba, prakashgaba.com

– Buy United Breweries Ltd with a stop loss of Rs 1,600 and a target of Rs 1,640.

– Buy Piramal Enterprise Ltd with a stop loss of Rs 2,600 and a target of Rs 2,675.

– Buy Bata India with a target of Rs 2,000.

– Buy Jubilant Foodworks with a stop loss of Rs 3,850 and a target of Rs 4,000.

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