Benchmark indices are likely to open on a negative note, hinted SGX Nifty on Tuesday as Nifty futures traded lower at 18167 on the Singapore Exchange. In the previous session, BSE Sensex rallied 327 pts to 61,168, while NSE Nifty 50 jumped 92 pts to 18,197 “Metals are likely to continue its northward movement as it benefits from the exports duty hike in China along with fall in the US dollar index – which is down to 7 months’ low at 103. Some stock-specific action would be also seen in Auto sector stocks after it reported decent December sales numbers. Oil producing companies would be in focus as Brent crude prices surged to 1 month high,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 3 January, Tuesday
Zomato: Zomato co-founder and chief technology officer (CTO) Gunjan Patidar is the latest to resign from his position at the food delivery platform. Patidar’s departure is the fourth top-level exit at Zomato in a span of about two months. On November 18, Mohit Gupta, co-founder at the firm, had also resigned. He was preceded by exit of Rahul Ganjoo, the head of new initiatives. Ganjoo’s exit was just after the departure of Siddharth Jhawar who headed the Gurugram-based company’s intercity food delivery service.
SBI, HDFC Bank, ICICI Bank: State Bank of India (SBI), HDFC Bank and ICICI Bank continue to be domestic systematically important banks (D-SIBs), the Reserve Bank of India (RBI) said on Monday. SIBs are perceived as banks that are ‘too big to fail (TBTF)’. This perception of TBTF creates an expectation of government support for these lenders in times of distress.
Dabur: Dabur India said on Monday that the company has completed the acquisition of 51% stake in Badshah Masala, the owners of the brand Badshah Masala, engaged in the business of manufacturing, marketing and export of ground spices, blended spices and seasonings. On 26 October 2022, Dabur had announced Badshah’s acquisition for Rs 587.52 crore less proportionate debt as on the closing date, with the Badshah enterprise being valued at Rs 1,152 crore.
HFCL: The company along with its subsidiary HTL has received orders worth Rs 95.38 crore from Reliance Projects & Property Management Services for the supply of optical fibre cables to one of the leading private telecom operators of the country. The orders will be executed by February 2023.
Zee Entertainment: Indian Performing Right Society (IPRS), an operational creditor to Zee Entertainment Enterprises (ZEEL), has filed an insolvency petition against the media firm claiming Rs 211.42 crore of debt. The operational creditor has sought initiation of an insolvency process against the company. The petition was filed before National Company Law Tribunal’s (NCLT) Mumbai bench under Section 9 of the Insolvency and Bankruptcy Code (IBC), ZEEL said in a regulatory update.
Coal India: Company’s coal supply to the power sector rose 11% to 432.7 million tonne in the April-December period of the 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. CIL accounts for over 80% of the domestic coal output.
PSP Projects: The company has emerged as the lowest bidder (L1) for a government project worth Rs 1,364.47 crore in Gujarat. It will construct a high-rise office building at Surat for Surat Municipal Corporation.
Mahindra & Mahindra Financial Services: In December 2022, the non-banking finance company said the business continued its momentum with the disbursement of Rs 4,650 crore, a 67% on-year growth led by a positive macro environment. In Q3FY23 disbursements at Rs 14,450 crore registered an 80% on-year growth, and with this, the year-to-date (YTD) disbursement stood at Rs 35,750 crore, up 95% on-year.
Hindustan Zinc: The company’s mined metal production at 254kt increased by 1% on-year, driven by higher ore production and down 1% sequentially due to overall mined metal grades, while refined metal production at 257kt fell 2% on-year as per mined metal availability, but sequentially grew 5% with better plant and mined metal availability. Wind power generation for Q3FY23 at 50 million units, down 15% on-year and down 59% on-quarter, owing to lower wind velocity and seasonality impact.
NMDC: State-owned NMDC on Monday announced that it has hiked the prices of iron ore lumps by Rs 200 to Rs 4,300 per tonne. The country’s largest iron ore miner has also increased rates of iron ore fines by Rs 500 to Rs 3,410/tonne, NMDC said in a regulatory filing. The prices are effective 1 January, and exclude royalty, district mineral fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee and other taxes, the company said.