Companies such as Mahindra and Mahindra Ltd., Power Finance Corp. and Polycab India Ltd. will be among the major stocks to watch on Wednesday.
Mahindra and Mahindra will collaborate with U.S.-based automobile technology company Mobileye for software solutions, while Polycab India denied media reports of tax evasion.
Power Finance Corp. received a no-objection letter from the Reserve Bank of India for setting up a finance company in the International Financial Services Centre in Gujarat.
Most markets in Asia-Pacific region declined, whereas Japan's extended 34-year gains in early Wednesday.
Nikkei was trading 1.38% higher at 34,230.33. S&P ASX 200 and KOSPI was trading 0.12% and 0.43% down respectively as of 6:31 a.m.
Market participants are now awaiting release of a slew of economic data from China and the U.S. China will be releasing its inflation and trade data later this week. Meanwhile, U.S. CPI is scheduled for release on Thursday.
U.S. stocks fluctuated after a tech-led bounce as Treasury 10-year yields remained above 4% while oil climbed, Bloomberg reported.
The S&P 500 index and Dow Jones Industrial Average declined 0.15% and 0.42%, respectively, on Tuesday. The Nasdaq 100 advanced by 0.17%.
Brent crude was trading 1.47% higher at $77.59 a barrel. Gold was trading flat at $2,030.04 an ounce.
India's benchmark stock indices closed marginally higher on Tuesday amid losses in the financial services sector.
The S&P BSE Sensex ended 31 points, or 0.04%, higher at 71,386.21 and the NSE Nifty 50 gained 32 points, or 0.15%, to end at 21,544.85. The Sensex hit an intraday high of 72,035.47 and the Nifty reached 21,724.45 early in the day.
Overseas investors turned net sellers of Indian equities on Tuesday, after being buyers for three consecutive sessions. Foreign portfolio investors offloaded stocks worth Rs 990.9 crore, while domestic institutional investors mopped up equities worth Rs 104.2 crore, according to provisional data from the NSE.
The Indian rupee strengthened 2 paise to close at Rs 83.12 against the U.S. dollar.
Stocks To Watch
Mahindra and Mahindra: The company will collaborate with a US-based automobile technology company Mobileye for software solutions and to explore building a full-stack autonomous driving system.
Power Finance Corp: The company received a no-objection letter from the Reserve Bank Of India for setting up a finance company in the International Financial Services Centre situated in GIFT City, Gujarat.
Polycab India: The company denied media reports of tax evasion and said that it has not received any communication from the income-tax department regarding the outcome of the search.
Lupin: The pharma major received approval from the USFDA for the launch of Bromfenac Ophthalmic Solution, 0.07% in the United States.
Shyam Metalics And Energy: The company raised Rs 1,385 crore through qualified institutional placement at Rs 576 per share which indicated a discount of 9.70% to the current market price.
Steel Strips Wheels: The National Company Law Tribunal approved the acquisition of the AMW Autocomponent. The company has also invested Rs 138.15 crore into AMW Autocomponent through a mix of equity for Rs 5 crore and an inter-corporate loan of Rs 133.15 crore.
IRCTC: The Railway Ministry nominated Sanjay Kumar Jain as the chief managing director of the company.
Life Insurance Corp: The company has increased its stake to 5% from 4.8% in Navin Fluorine.
KIOCL: The company’s operations at the Mangalore pellet plant were suspended due to the non-availability of iron-ore fines.
Karnataka Bank: The private lender partnered with Digivriddhi to offer a host of financial services catering to the needs of dairy farmers and milk societies.
Earnings Post Market Hours
Delta Corp: Q3FY24 (Consolidated YoY)
Revenue at Rs 231.7 crore vs Rs 273.4 crore, down 15.3%
Ebitda at Rs 55.7 crore vs Rs 102.3 crore, down 45.6%
Margin at 24.03% vs 37.41%
Net profit at Rs 34.5 crore vs Rs 84.8 crore, down 59.3%
IPO Offerings
Jyoti CNC Automation: The public issue was subscribed 2.52 times on day 1. The bids were led by, retail investors (8.28 times), portion reserved for employees (3.69 times), non-institutional investors (3.63 times), and institutional investors (0.02 times).
Block Deals
Yasho Industries: Neuberger Berman BD LLC bought 95,000 shares (0.83%) and Nishigandha Polymers P sold 95,000 shares (0.83%) at Rs 1,625 apiece.
Bulk Deals
Tracxn Technologies: Seabright II sold 7.56 lakh shares (0.73%) at Rs 111.1 apiece.
Zee Entertainment: Societe Generale sold 83.45 lakh shares (0.86%) at Rs 259.1 apiece.
Pledge Share Details
Nalwa Sons and Investments: Promoter Jindal Power revoked a pledge for 1.2 lakh shares and Promoter OPJ Trading revoked a pledge for 5.71 lakh shares on Jan. 5.
Jindal Steel and Power: Promoter Siddeshwari Tradex revoked a pledge for 27.35 lakh shares on Jan. 5 and 8.
Emami: Promoter Suraj Finvest revoked a pledge for 2.5 lakh shares on July 17.
JSW Holdings: Promoter OPJ Trading revoked a pledge for 5.37 lakh shares and promoter Jindal Power revoked a pledge for 4.41 lakh shares Jan. 5.
Who’s Meeting Whom
Navin Fluroine International: To meet analysts and investors on Jan. 12.
Tanla Platforms: To meet analysts and investors on Jan. 24.
Torrent Pharma: To meet analysts and investors on Jan. 10 to 12.
Kilburn Engineering: To meet analysts and investors on Jan. 12.
JTL Industries: To meet analysts and investors on Jan. 12.
Dixon Technologies: To meet analysts and investors on Jan. 9 and 10.
Shriram Finance: To meet analysts and investors on Jan. 12.
Trading Tweaks
Ex/record Right Issue: Grasim Industries.
Ex/record stock split: Cochin Shipyard.
Ex/record AGM: Spicejet.
Moved into a short-term ASM framework: 5paisa Capital, Amines and Plasticizers, Sigachi Industries, Sula Vineyards, Syncom Formulations, Transindia Real Estate, Trident.
Moved out of a short-term ASM framework: Adani Energy Solution, Adani Green Energy, Alok Industries, TVS Holdings.
F&O Cues
Nifty January futures up by 0.23% to 21,616.85 at a premium of 72 points.
Nifty January futures open interest down by 0.4%.
Nifty Bank January futures down by 0.44% to 47,391.50 at a premium of 148.85 points.
Nifty Bank January futures open interest down by 4.25%.
Nifty Options Jan 11 Expiry: Maximum Call open interest at 21,700 and Maximum Put open interest at 21,000.
Bank Nifty Options Jan 10 Expiry: Maximum Call Open Interest at 49,000 and Maximum Put open interest at 46,000.
Securities in the ban period: Balrampur Chini Mills, Bandhan Bank, Chambal Fertilizer, Delta Corp, Escorts Kubota, Gujarat Narmada Valley Fertilizer and Chemicals, Hindustan Copper, Indian Energy Exchange, India Cements, National Aluminium, Piramal Enterprise, SAIL.
Research Reports
Adani Ports - Strong Volume Growth To Boost Performance: Motilal Oswal
V-Mart - An Under-Earning Asset Or A Melting Ice Cube? HDFC Securities' Analysis
IT, Telecom Q3 Results Preview - Seasonally Weak, Recovery Expected: Axis Securities
Telecom Q3 Results Preview - Steady Growth Expected: Prabhudas Lilladher
Oil And Gas Q3 Results Preview - Lower OMC Profits Likely To Drag Sector Profit: Anand Rathi
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