SGX Nifty hints at a positive open for domestic benchmark indices as Nifty futures are trading marginally higher at 17995 level on the Singapore Exchange. In the previous session, BSE Sensex plunged 632 pts to 60,115, while NSE Nifty 50 shed 187 pts to 17,914. “We expect Nifty to move in a broader range ahead of various events like US Fed speech, release of US, India and Europe CPI data. However, expectations of healthy earnings could cap the downside,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 11 January, Wednesday
Reliance: In a major relief to Reliance Jio, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has stayed the department of telecommunications’ (DoT’s) demand for Rs 1,300 crore more towards spectrum usage charge (SUC) for the 2016-21 period. The company had moved the tribunal over DoT’s methodology of computing SUC in cases where a telecom service provider has a spectrum-sharing pact with another operator.
PC Jeweller: During the quarter ended December 2022, the company recorded a domestic turnover of Rs 829.10 crore as compared to the turnover of Rs 600.18 crore in the corresponding quarter of the previous year, indicating a growth of more than 38 percent. It has also opened a new franchisee showroom at Katihar (Bihar) during the quarter.
NTPC: The state-owned company on Tuesday said its coal production increased 51% on-year from its captive mines to 14.55 million tonne (MT) in April-December 2022. The power giant had produced 9.65 MT of coal from its captive coal mines in the year-ago period, NTPC said in a statement. In the third quarter, NTPC produced 5.79 MT of coal and dispatched 5.42 MT to its power plants.
Tata Motors: Subsidiary Tata Passenger Electric Mobility has completed the acquisition of Sanand property and the VM plant and machinery of Ford India. Both companies had executed a Unit Transfer Agreement in August 2022 for the acquisition of Ford India’s manufacturing plant at Sanand, Gujarat, for Rs 725.7 crore.
Bank of Baroda: The public sector lender has hiked the marginal cost of funds-based lending rate (MCLR) by up to 35 bps across tenors. The rate hike will be effective from January 12.