Sensex vaults 350 pts; IT, FMCG shine; Auto, banks tepid

CRISIL Ratings expects Tata Power’s consolidated adjusted Ebitda to be more than Rs 12,000 crore each in fiscals 2024 and 2025, against around Rs 11,500 crore in FY23 and around Rs 9,600 crore in FY24. READ MORE

Zydus Lifesciences in an exchange filing said it received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Methylene Blue Injection, 10mg/2ml and 50mg/5ml. 

We are coming close to timelines where we would like to see a concrete and definitive plan” Abhishek Dangra, a Singapore-based infrastructure analyst at S&P Global said. READ MORE

Pharma major Lupin has received United States Food and Drug Administration (USFDA) approval for its new drug application for Varenicline Tablets, 0.5 mg and 1 mg. The company has received approval to market a generic equivalent of Chantix Tablets, 0.5 mg and 1 mg, of PF Prism CV. READ MORE

The new fund offering has been open for subscription since December 5, 2023, and will close on December 15, 2023. The fund managers of the scheme are Anil Ghelani and Diipesh Shah. READ MORE

Hero MotoCorp in an exchange filing said that in a landmark moment for the EV industry, the company and Ather Energy have entered into a partnership for an interoperable fast-charging network in India.

Amic Forgings was trading at Rs 251.35 against its issue price of Rs 126 per share, while Deepak Chemtex was quoting at Rs 159.60, against its issue price of Rs 80 per share. READ MORE

>> Growth in Asia Pacific’s most advanced economies will stabilize at low levels after slowing in 2023

>> Growth in the region’s emerging economies, led by domestic-focused India and Indonesia, will remain resilient.

>> China’s economic recovery from the pandemic is waning on muted domestic demand, weak exports and a property market correction

>> Exposure to real estate and its related sectors, such as construction, remains a key risk for banks in mainland China, Hong Kong, Korea and Vietnam.

>> Indian banks’ profitability will increase further on lower provisioning expenses and robust growth in higher-yielding retail segments

>> Japanese banks could benefit from a Net Interest Margins upside; Net Interest Margins at Chinese banks will contract further 

>> Banks will remain well-funded by deposits and not rely heavily on wholesale sources

>> Moody’s outlook for global banks in 2024 is negative.

>> Central banks’ tighter monetary policies will result in lower GDP growth.

>> Reduced liquidity, repayment capacity will squeeze loan quality, leading to greater asset risks.

>> Profitability may subside on higher funding costs, lower loan growth, reserve buildups

>> Funding, liquidity to pose challenges; capitalisation will be stable,

Retail investors have taken to the equity markets like never before with the demat account tally hitting the 132 million mark recently. Gurpreet Sidana chief executive officer at Religare Broking believes that the successful players going ahead may not be the ones who charge zero brokerage, or provide additional limits to their users, or provide intraday calls resulting in more turnover or trades but, the ones who create a moat or an edge for investors. READ FULL INTERVEW HERE

“I must admit, I am always a little confused and surprised as to why people continue to do that (bet on F&O) knowing that the odds are not in their favour at all,” Buch said at the launch of the Investor Risk Reduction Access platform at the Bombay Stock Exchange in Mumbai. READ MORE

The sharp run up in the markets in the last few sessions has made analysts cautious, who now expect the markets to consolidate before resuming their journey north. Investors, they suggest, should remain selective READ MORE

India toppled China to become the worlds’ most populous nation earlier this year and has emerged as the fastest-growing major economy. Touting political stability and strong domestic growth potential, India has been making efforts to increase global investment in its capital markets as well as industrial production. READ MORE

The 30-share BSE Sensex jumped 303.25 points, or 0.44 per cent, to a new record high of 69,599.39 in the morning trade. The broader index Nifty also climbed 100.05 points, or 0.48 per cent to hit its fresh lifetime high of 20,955.15. READ MORE

The stock rallied 5% to Rs 750.55 on the BSE in the intraday trade, quoting close to its 52-week high level of Rs 754.40 touched on December 20, 2022 READ MORE

>> Indian Oil will share the technology of “Surya Nutan” with EKI to enhance its production and distribution, supported by carbon finance while contributing towards the betterment of society and environment.

>> EKI will oversee the end-to-end management of ‘Surya Nutan’ encompassing manufacturing, marketing, installation, and the provision of after-sales services.

>> This will be achieved by leveraging carbon finance, corporate social responsibility, or any other similar means.

>> Client base up 51.3% YoY  & up 3.8% MoM at 18.45 million

 

>> Number of orders up 51.4% YoY & up 1.2% MoM at 107.21 million