Sensex tanks 700 pts, Nifty near 17.9k; Bajaj Finance drops 3%

M&M partners with Hero Electric, to manufacture electric bikes Optima & NYX

Mahindra & Mahindra (M&M) and Hero Electric on Wednesday announced a strategic partnership in electric mobility to cater to the growing demand for electric vehicles (EVs) in India.

As part of the partnership, Mahindra Group will manufacture Hero Electric’s electric bikes – Optima & NYX at their Pitampur plant to meet the growing demands of the market. Hero Electric’s manufacturing unit is in Ludhiana, and it sells a wide range of electric scooters.

Tata Motors launches Tigor CNG, Tiago CNG cars. Know prices, features

Tata Motors has today launched two new CNG cars to offer an alternative for the rising fuel prices in the country. The homegrown auto major launched Tata Tigor CNG and Tiago CNG today for the Indian buyers. This way, Tata Motors completes the tri-segment of vehicles; petrol/diesel, electric and CNG. Tata Tigor CNG and Tata Tiago majorly compete with Maruti Suzuki’s CNG-driven cars in India. Meanwhile, Tata Motors has also revised the passenger vehicles prices starting today due to rising input costs.

Infosys, ICICI Bank drag Sensex down

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Ambit Asset Management launches ‘TenX Portfolio’ fund

Ambit Asset Management has announced the launch of ‘Ambit TenX Portfolio’, a long-term investment opportunity in the listed space to multiply wealth.

Lupin’s acquisition of branded portfolio to boost domestic sales

Lupin Ltd’s proposed acquisition of a portfolio of brands of Anglo-French Drugs & Industries and its associates is being seen as a positive. The turnover of the portfolio being acquired was at ₹95 crore during FY21. As the acquisition is being done at cash consideration of ₹325 crore, it implies an enterprise value to sales valuations of 3.3 times, which is attractive and lower than the industry average of 4-5 times, as per analysts. 

LTTS bags $45 million EV deal from US automotive firm

L&T Technology Services Ltd (LTTS) has bagged a deal worth $45 million from a US-based tier-1 automotive company, to be its strategic engineering partner and provide engineering services for its electric vehicle (EV) product portfolio. 

ICICI Securities bullish on this multibagger IT stock post Q3 results, raises target price

Software company Newgen Software Technologies has reported robust growth of around 9% year-on-year (YoY) in Q3FY22 backed by strong performance in the EMEA/APAC region, highlighted brokerage house ICICI Securities as it sees more upside on the multibagger stock after the earnings.

Rupee falls 12 paise to 74.70 against US dollar in early trade

IEX divests 4.93% equity stake in arm IGX to Indian Oil

India Energy Exchange (IEX) announced divesting 4.93% equity stake in its subsidiary Indian Gas Exchange (IGX) to oil marketing company Indian Oil Corporation (IOC). Indian Oil has joined the company as a strategic partner by acquiring stake from promoter IEX. 

Reliance Jio topples BSNL as largest fixed line broadband provider

In about two years of commercial roll out of its fixed-line broadband services, Reliance Jio has toppled 20 -year-old state-run telecom company BSNL as top service provider in the segment.

According to a monthly telecom subscribers report released by the telecom regulator Trai on Tuesday, Jio now leads the fixed-line broadband segment with 4.34 million customers.

Nifty below 18,000 now

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L&T Tech stock slips 7% as Q3 revenue disappoints

Midcap IT company L&T Technology Services Ltd (LTTS) has upset its investors with a mixed performance in the December quarter. In constant currency terms, its revenue grew 4.2% sequentially, below the 5% estimate many analysts were penciling in for the company. A combination of unfavourable factors such as seasonality, weak performance of its industrial products and medical devices verticals and a high base of Q2FY22, weighed on LTTS’ revenue. 

9 of 30 Sensex stocks in the green

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Reliance Jio prepays ₹30,791 crore, clears all deferred spectrum liabilities acquired before March 2021

Reliance Jio Infocomm Limited, a subsidiary of Jio Platforms Limited, on Wednesday announced that it has paid ₹30,791 crore, which includes accrued interest, to the Department of Telecom towards prepayment of the entire deferred liabilities pertaining to spectrum acquired in auctions before March 2021. 

Markets opening view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

We are very close to the psychological support level of 18000; ideally, the Nifty should close above this for the positive sentiment to remain intact. A break of this could take us down to 17750-17800 which is the next level of support. 

BUY Angel One: ICICI Securities

Strong earnings growth continues; benefiting from increasing retail footprint on capital markets

Angel One (Angel) successfully maintained its business momentum in Q3FY22 with 110%/23% YoY/QoQ PAT growth. We estimate PAT to clock 37% CAGR between FY21-FY24E and we value the stock at 22x FY23E EPS of ₹86.5 (earlier: ₹74). Maintain BUY with a revised target price of ₹1,900 (earlier: ₹1,630). 

Nifty tests 18,000

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Most active stocks on Nifty

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AGS Transact Tech IPO opens today

The initial public offering (IPO) of AGS Transact Technologies will open for subscription today. The price band of the three day initial share-sale has been fixed at ₹166-175 a share, which will conclude on Friday, January 21. The payment solutions provider raised ₹204 crore from anchor investors ahead of its issue.

GMP, other key details. Should you subscribe or skip?

Nifty at open

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Sensex over 250 points down at open

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Sensex in pre-open

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Nifty in pre-open

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Oil rises to 7-year high as Turkey outage adds to tight supply outlook

Oil prices rose for a fourth day to a seven-year high as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates.

Brent crude futures rose $1.44, or 1.7%, to $88.95 a barrel at 0230 GMT, adding to a 1.2% jump in the previous session. The benchmark contract climbed to as much as $89.05, its highest since Oct. 13, 2014.

Stocks to Watch: RIL, Bajaj Fin, Airtel, Axis Bank, ICICI Prudential Life

Here is the list of the top 10 stocks that are likely to be in focus on Wednesday.

Bajaj Auto kick-starts Q3 today. What can investors expect from two-wheeler cos’ results?

Bajaj Auto Ltd will announce its December quarter (Q3FY22) results today. Last quarter, the company’s volumes shrank by nearly 10% year-on-year. This was primarily driven by a 12% fall in two-wheeler (2W) sales, which was partly offset by an 18% growth in total three-wheeler sales (3W).

Even so, strong exports and price hikes are expected to support marginal year-on-year revenue growth in Q3. Motilal Oswal Financial Services expects Bajaj Auto’s Q3 revenues to rise by 1% year on year. However, the drop in sales volume and higher commodity costs have kept expectations low on the Ebitda margin front. Ebitda is earnings before interest, tax, depreciation and amortization; a key measure of profitability. Motilal Oswal estimates Bajaj Auto’s Ebitda margin to contract by 510 basis points (bps) year-on-year to 14.3%. One basis point is one-hundredth of a percentage point.

Rupee slumps 33 paise to 2-week low on high crude prices, rate hike worries

Continuing its fall for the third straight session, the rupee on Tuesday slumped by 33 paise to close at a two-week low of 74.58 against the US dollar as a strong American currency and elevated crude oil prices continue to weigh on investor sentiments. Forex traders said muted domestic equities and dollar buying by banks on behalf of importers also dragged the local unit down. At the interbank foreign exchange market, the local currency opened at 74.36 against the American currency and witnessed an intra-day low of 74.60 during the session. The rupee finally settled at 74.58, down 33 paise over its previous close of 74.25 against the greenback.

SGX Nifty futures trading 23 points lower at 18,115.50 in early deals

Market Wrap (Tuesday): Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel One Ltd)

Nervousness across globe triggers sharp profit booking

Our markets started the session slightly in the green but right from the beginning the benchmark index looked a bit tentative. In the initial hour, Nifty tested sub-18200 levels from where the banking space took the charge and lifted markets higher to trim all losses. But market was not done with its action yet. As we stepped into the penultimate hour, the global markets became extremly nervous which resulted in a sharp decline to test 18100 at the close.

Today for the major part of the session, Nifty remained under pressure but banking was on a roll; but eventually it succumbed to the last hour sell off. This weighed down heavily on the overall sentiments as some of the stocks tumbled like a bottomless pit. Index wise, we lost slightly over a percent but the velocity at which market came off, it was intimidating. Also in last 4 – 5 days, index had done nothing but stock specific movement was quite enough to keep the traders engrossed all the time. Today it was the individual stocks who went under a hammer and hence, was certainly not a pleasant day for traders. Despite today’s correction, we are not seeing any structural damage yet, rather it should be considered as a profit booking after recent relentless run. As far as levels are concerned, 18000 followed by 17900 to be treated as key supports and if today’s decline was merely a profit booking, market should attract some buying interest around mentioned supports. On the flipside since the volatility has increased a bit, the resistance remains slightly higher at 18250 – 18350.

Most Asian Stocks Drop as Treasury Yields Climb:

Most Asian stocks fell Wednesday following a Wall Street selloff in the wake of a surge in Treasury yields, as the prospect of Federal Reserve monetary tightening to fight high inflation weighs on markets.

MSCI Inc.’s Asia-Pacific share index dropped for a fifth session, led lower by Japan, while China and Hong Kong were steadier. U.S. futures wavered after the S&P 500 suffered a broad drop and the tech-heavy Nasdaq 100 sank 2.6%.

The slide in Treasuries is stirring expectations that the benchmark 10-year yield will top 2%.