Prabhudas Lilladher on today’s market: Fresh upward move to retest the previous peak zone near 18900 levels.

Vaishali Parekh, vice president – technical research, Prabhudas Lilladher Pvt. Ltd forecast on Nifty: Nifty has maintained the 18000 zone as the strong support as of now and currently, some consolidation is witnessed hovering near the significant level of 50EMA moving average with the 18250-18300 band acting as the crucial resistance zone above which the bias and sentiment would further improve and can anticipate for fresh upward move to retest the previous peak zone near 18900 levels.

BANKNIFTY:

BankNifty also moving sideways for the past 2-3 sessions with tight resistance witnessed near 43400-43500 zone and would need a decisive breakout above these levels to establish a clear directional upward move in the coming days. Once again, the overall bias and sentiment is maintained with a cautiously positive approach till further clarity and conviction is established. 

Sensex is flat at the start of the preopen session; Zomato, NTPC, ONGC, Reliance in focus

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DPIIT considering quality control norms for air coolers, bicycles, bottled water dispensers

The Department for Promotion of Industry and Internal Trade (DPIIT) is looking to bring air coolers, bicycles and bottled water dispensers under the quality norms, a move aimed at containing the import of sub-standard goods and boosting the domestic industry. The department has floated draft control orders (QCOs) for 16 products.

The other light-engineering industry products for which these norms are under consideration include pumps, door fittings, cookware and utensils, electrical accessories, communication cable and water meters. (Read More)

Sanjiv Kapoor to remain CEO-designate of Jet Airways

Grounded carrier Jet Airways on Monday said Sanjiv Kapoor remains the CEO-designate of the company till the airline’s ownership is transferred to the consortium by the lenders.

Earlier CNBCTV18 reported that the head of the Jet Airways management committee and erstwhile Resolution Professional Ashish Chhawchharia in a notice to Kapoor has asked him to refrain from using the title of CEO of the airline.

In October 2020, the airline’s committee of creditors (CoC) approved the revival plan submitted by the consortium of Dubai-based Murari Lal Jalan and the UK’s Kalrock Capital.

After the Insolvency resolution process in June 2021, Jalan-Kalrock Consortium (JKC) was declared the winning bidder for Jet Airways.

The consortium had in March last year announced the appointment of Kapoor as the CEO of the airline with effect from April 4, 2022. (PTI)

Railways earned ₹120,478 cr from freight loading in 2022-23

Freight loading and subsequent earnings for the first three quarters of the financial year 2022-23 by Indian Railways crossed figures of that of the same period last year.

Data put out by the Ministry of Railways on Monday showed that the Railways have earned ₹120,478 crore against ₹104,040 crore over the same period last year, an improvement of 16 per cent as compared to the same period last year.

On a cumulative basis during April-December 2022, overall freight loading was 1,109.38 MT, an improvement of 8 percent year-on-year.

Indian Railways has made sustained efforts to improve the ease of doing business as well as improve service delivery at competitive prices which have resulted in new traffic coming to railways from both conventional and non-conventional commodity streams. The customer-centric approach backed up by strong policy-making helped Railways towards this landmark achievement. (PTI)

Radiant Cash Management IPO’s shares listing likely tomorrow. What GMP signals

The finalisation of the share allotment of Radiant Cash Management Services IPO is done and now all eyes are on the stock market debut of the company’s shares. The initial public offer (IPO) of Radiant Cash Management Services was subscribed 53% on the last day of subscription on Tuesday, December 27, 2022.

As per market observers, Radiant Cash Management shares are commanding a premium (GMP) of ₹7 in the grey market today. Meanwhile, the company’s shares are expected to list on BSE, NSE this week on Wednesday, January 4, 2023. (Read More)

Stocks to Watch: ONGC, Reliance Industries, Zomato, NTPC, Dabur, Zee Entertainment, Coal India, Bharat Forge, NMDC, Hindustan Zinc, and Ashok Leyland

ONGC/Reliance: India has raised the windfall tax on petroleum, crude oil and aviation turbine fuel, according to a government order dated Jan. 2. It raised the windfall tax on crude oil to 2,100 rupees ($25.38) per tonne from 1,700 rupees ($20.55), effective on Tuesday, the order said. The federal government also raised the export tax on diesel to 7.5 rupees per litre from 5 rupees, while raising the windfall tax on ATF to 4.5 rupees per litre from 1.5 rupees, the document showed. (Read More)

Buy or sell: Vaishali Parekh of Prabhudas Lilladher recommends these 2 stocks to buy today

Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are GMR Infra and Coromandel International.

GMR Infra: Buy GMR Infra at ₹40.75, stop loss ₹40, target ₹42

Coromandel International: Buy COROMANDEL INTL at ₹897, stop loss ₹888, target ₹927 (Read More)

Ashok Leyland reports 45 pc rise in total sales in December

Commercial vehicles maker Ashok Leyland on Monday reported a 45 per cent increase in total sales at 18,138 units in December 2022.

The company had registered total sales of 12,518 units in the same month a year ago, it said in a statement.

Domestic sales were higher by 49 per cent last month at 17,112 units as compared to 11,493 units in December 2021.

Exports were flat at 1,026 units last month as against 1,025 units in the previous year. (PTI)

Bharat Forge subsidiary enters into agreement to acquire Indo Shell Mould’s SEZ Unit in Erode

Bharat Forge on Monday announced that its step-down subsidiary J S Auto Cast Foundry India has entered into a business transfer agreement (BTA) with Indo Shell Mould Limited (“ISML”) for acquiring their SEZ Unit in SIPCOT in Tamil Nadu’s Erode.

The closing of the transaction is subject to customary conditions and regulatory approvals, Bharat Forge said in a regulatory filing on Monday.

The Special Economic Zone unit with a capacity of 42,000 million tonnes per annum (MTPA, supplies fully machined critical castings to marquee customers in the automotive industry and will operate as the 3rd manufacturing unit of Bharat Forge’s JS Auto. (PTI)

Sah Polymers IPO subscribed over 2 times; 2 more days left to bid. Check latest GMP

The Initial Public Offer (IPO) of Sah Polymers was subscribed 2.37 times on the second day of subscription on Monday. The IPO received bids for 1,33,06,420 shares against 56,10,000 shares on offer, as per the exchange data. The offer opened for public subscription on Friday, December 30, 2022 and will conclude on Wednesday, January 3, 2023.

According to market observers, Sah Polymers shares are commanding a premium of ₹6 in the grey market today. The company’s shares are expected to list on leading stock exchanges BSE and NSE on Thursday, January 12, 2023. (Read More)

CIL’s coal supply to power sector up 11 pc at 433 MT

CIL’s coal supply to the power sector rose 11 per cent to 432.7 million tonne in the April-December period of current financial year.

In the year-ago period, the supply was 390.2 MT.

The supply to the non-power sector last month was 10.5 MT due to increased output.

Coal India Ltd’s output in April-December 2022-23 increased to 479 MT from 413.6 MT in the year-ago period.

“To outdo the annual output target of 700 MT, CIL has to produce 221 MT in Q4 FY23 against 209 MT for comparable quarter last fiscal. Our production pace is already up and expected to rise higher. Another point in our favour is large quantities of overburden removal. We feel positive about scaling over the output target,” the company said in a statement. (PTI)

Govt proposes amendment to IT Rules to regulate online gaming

The government has proposed to bring online real money gaming platforms under the IT (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, which also regulates social media platforms. The new rules could hurt foreign betting firms while boosting the business of Indian fantasy sports and other gaming companies, experts said.

The ministry of electronics and IT (MeitY), which became the nodal ministry to govern online gaming on 23 December, released a draft for public consultation on Monday. The final amendment to the IT rules after industry consultation will be notified by April, the ministry said. (Read More)

Suhail Sameer to step down as CEO at BharatPe

BharatPe’s chief executive Suhail Sameer, who has been overseeing the beleaguered fintech company after it ousted co-founder Ashneer Grover alleging financial misappropriation, is stepping down from the company, a person familiar with the development said. A leadership transition is being planned at the firm, and an announcement in this regard will likely be made later this month.

Sameer’s departure will be the latest in a slew of recent top-level exits at the Tiger Global investee firm. Last month, three senior executives—chief technology officer Vijay Aggarwal, PostPe head Nehul Malhotra, and Rajat Jain, chief product officer for lending and consumer products—resigned from the company. (Read More)

Tesla posts disappointing deliveries for 2022

Tesla said Monday it had delivered 1.31 million electric vehicles in 2022 — a record for the US automaker and a 40 percent jump from a year before, but still short of its own and Wall Street’s expectations.

The Elon Musk-led company has set a long-term goal of increasing its deliveries by 50 percent a year on average.

Tesla regularly says the objective may fluctuate based on operations and in a statement Monday, it noted “significant Covid and supply chain-related challenges” had affected its 2022 output.

Production was suspended at its Shanghai plant for several weeks during the course of last year due to Covid restrictions.

In October, the company’s chief financial officer Zach Kirkhorn said that Tesla might fall short of its goal. (AFP)

Zomato co-founder and chief technology officer Gunjan Patidar resigned; fourth high profile exit in Zomato in 2 months

Zomato co-founder and chief technology officer Gunjan Patidar resigned from his position on Monday, in the fourth senior-level exit at the food delivery platform since November. Patidar, one of the first employees at Zomato, leaves after over a decade at the Gurugram-based company. He built the “core tech systems” for the company, and also set up a tech leadership team at Zomato during his tenure, the company said in an exchange filing. (Read More)

Windfall profit tax on crude oil, diesel, and aviation fuel hiked

India has raised the windfall tax on petroleum, crude oil and aviation turbine fuel, according to a government order dated Jan. 2. It raised the windfall tax on crude oil to 2,100 rupees ($25.38) per tonne from 1,700 rupees ($20.55), effective on Tuesday, the order said.

The federal government also raised the export tax on diesel to 7.5 rupees per litre from 5 rupees, while raising the windfall tax on ATF to 4.5 rupees per litre from 1.5 rupees, the document showed.

India, the world’s largest consumer and importer of oil, has been buying Russian crude barrels at well below a $60 price cap agreed by the West. (Read More)