Markets hope that inflation may keep cooling and the Feds may ease up on its interest rate hikes. Analysts warn that volatility may still persist as it is yet to be seen whether the economy can avoid a recession.
Stocks to Watch: Titan, PTC India, SJVN, JSPL, JK Cement, Gland Pharma, Aditya Birla Fashion, Suzlon Energy, Paytm, and Dish TV
Tata Consultancy Services, Gyscoal Alloys, JBF Industries, Shrenik, and Tijaria Polypipes will be among the stocks in focus as they declare their December quarter earnings today. (Read More)
FPIs turn net sellers in 1st week of 2023 with outflow of ₹5,872 cr from Indian equities
Foreign portfolio investors (FPIs) turned into net sellers in the first week of 2023 due to intense bearish sentiment amidst FOMC minutes, economic data, and a sharp selloff in IT stocks. Also, investors showed nervousness ahead of major tech earnings such as TCS, Infosys, Wipro, and HCL Tech among others. In the week that ended January 6th, FPIs outflow from Indian equities stood at ₹5,872 crore.
FPIs were broadly net sellers across market instruments. As per NSE data, between January 2-6, FPIs pulled out ₹5,872 crore from equities, while they sold ₹1,240 crore from debt, ₹760 crore from debt-VRR, and ₹36 crore in the hybrid market. Overall, the outflow stood at ₹7,908 crore in Indian markets during the first week of 2023 with equities taking the most beating. (Read More)
Govt may rejig textile duty to raise export competitiveness
The government is likely to announce adjustments in the duty structure for the $200-billion Indian apparel and textile sector in the Union budget next month in a bid to improve Indian competitiveness in cash-strapped Western markets, a senior government official said. Mismatch in demand and supply during the ongoing financial year had driven Indian cotton prices to a record high of ₹1 lakh per candy at one point. (Read More)
Goldman Sachs to cut about 3,200 jobs this week after cost review
Goldman Sachs Group Inc. is embarking on one of its biggest round of job cuts ever as it locks in on a plan to eliminate about 3,200 positions this week, with the bank’s leadership going deeper than rivals to shed jobs.
The firm is expected to start the process mid-week and the total number of people affected will not exceed 3,200, according to a person with knowledge of the matter. More than a third of those will likely be from within its core trading and banking units, indicating the broad nature of the cuts. The firm is also poised to unveil financials tied to a new unit that houses its credit card and installment-lending business, which will record more than $2 billion in pretax losses, the people said, asking not to be identified discussing private information. (Read More)
Private equity investments in Indian realty stood at USD 3.4 bln in 2022: Report
Investments into the Indian real estate sector by private equity firms stood at USD 3.4 billion at the end of 2022, data from property consulting firm Savills India showed.
The quantum of investment last year — 2022 — was at par with the investment registered in 2021.
Savills India’s data suggested that commercial office assets remained the frontrunner during 2022, garnering about half of the total investments.
Residential and retail sectors also witnessed robust growth, though riding on the end-users’ demand.
Despite persisting geopolitical challenges amid the ongoing Russia-Ukraine war, high global inflation, a fresh Covid outbreak and lockdown in neighbouring China, Indian real estate assets provided favourable avenues for both global and domestic institutional investors. (ANI)
Paytm Payments Bank appoints MD and CEO post RBI nod
Paytm Payments Bank has received banking regulator RBI’s nod to appoint Surinder Chawla as its Managing Director and CEO, the company said in a statement on Sunday.
The RBI, however, continues to bar Paytm Payments Bank from on-boarding new customers.
“Paytm Payments Bank Limited (PPBL) has appointed veteran banker Mr. Surinder Chawla as its new Managing Director (MD) and Chief Executive Officer (CEO). The appointment has been approved by the Reserve Bank of India for a period of three years,” the statement said.
Before joining PPBL, Chawla was working with RBL Bank, where he served as Head – Branch Banking and focused on expanding the CASA base, fee revenue, and cross-selling across channels. (PTI)
Buy or sell: Vaishali Parekh recommends 2 stocks to buy today
Vaishali Parekh of Prabhudas Lilladher has recommended two intraday stocks for today, here we list out full details in regard to the two day trading stocks:
1] Mahindra & Mahindra (M&M): Buy at ₹1264, target ₹1288, stop loss ₹1250; and
2] Gujarat Narmada Valley Fertilizers & Chemicals or GNFC: Buy at ₹587, target ₹604, stop loss ₹580. (Read More)
TCS Q3 results: Ease in supply-side pressure may lift margins. Key factors to look out
All eyes are set on IT-giant Tata Consultancy Services (TCS) which is set to announce its financial performance for the quarter ending December 31, 2022 (Q3FY23) period on January 9. TCS stock will also be in focus during this week’s session. TCS which is the largest IT company in terms of market share will be the first to present its Q3FY23 earnings in the sector. In Q3, the company is expected to see improvement in operating margin as supply-side disruption eases. Among key things to watch out for will also be TCS’ third interim dividend announcement.
Ahead of Q3 earnings, TCS shares closed at ₹3,212 apiece on BSE down by 2.97% on Friday. TCS is the second largest Indian firm with a valuation of over ₹11.75 lakh crore as of January 6, 2023, after RIL. (Read More)
Sah Polymers IPO allotment date today. How to check status online
The finalisation of share allocation for the initial public offering (IPO) of Sah Polymers Ltd can be announced any time today. As per the tentative schedule of the public issue, Sah Polymers IPO allotment date is most likely on 9th January 2023. Those who applied for the public offer will be able to check their allotment status online by logging in at the BSE website or on the website of the official registrar of the IPO. Link Intime Private Limited has been appointed as the official registrar of the Sah Polymers IPO.
As mentioned above Those who have applied for the public issue can check their application status online by logging in at the BSE website — bseindia.com or at the website of official registrar of the public issue. (Read More)
Govt coffers swell on boost from import duty receipts
A flood of imports swelled the Centre’s customs duty receipts in the three months to November, reversing the declining trend of most of the first half of the current fiscal, official data showed.
That leaves excise duty the only laggard in the Centre’s tax revenue collections so far this year, which has contracted from year-ago levels. The dramatic recovery in customs duty receipts comes as a relief to policymakers trying to balance the budget amid a surge in subsidy outgo. (Read More)
Wall Street rallies on Friday on rate hopes, notches gain for the week
Stocks rallied after a shaky start and closed with broad gains Friday as some mixed readings on the U.S. economy stoked hope on Wall Street that inflation may keep cooling and the Federal Reserve may ease up on its interest rate hikes.
The S&P 500 rose 2.3%, marking its first winning week in the last five. The Dow Jones Industrial Average gained 2.1% and the Nasdaq composite added 2.6%. Small-company stocks also rose, lifting the Russell 2000 index 2.3% higher.
Markets worldwide got an initial jolt from the U.S. jobs report. On the upside for them, it showed workers’ wage gains are slowing, which could mean easing pressure on the nation’s high inflation. On the downside, it also showed hiring across the job market may still be too strong for the Fed’s liking, even after its fusillade of rate hikes last year.
Analysts warned trading may remain turbulent in the coming hours and weeks as investors keep trying to handicap whether the economy can avoid a recession. Much of the trading is based entirely on expectations for what the Fed will do with rates: High rates slow the economy by design, hoping to grind down inflation, while also threatening to cause a recession and dragging down prices for all kinds of investments.
Perhaps the clearest action for investors was in the bond market, where the yield on the two-year Treasury dropped to 4.28% from 4.48% just before the release of the data on the U.S. labour market. (AP)
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