Stock market morning update for 12 january 2021
Indices at 10:00 am
Nifty50 14,467 ▼ 16 (-0.1%)
Sensex 49,162 ▼ 106 (-0.2%)
Nifty
Bank 31,850 ▼ 148 (-0.4%)
MORNING UPDATE
GAIL to consider share buyback
On January 15, Gas
Authority of India Limited (GAIL), will consider a share buyback with
an aim to distribute its excess cash reserves to its shareholders,
including the government of India, which holds a 52.1% stake.
The Nifty50 stock has
rallied nearly 40% in the past quarter and rose nearly 10% this month. In a bid
to raise capital and reduce its fiscal deficit, the government has asked
state-owned companies to announce buybacks.
Total Renewables to grab stake in Adani Green
The Competition
Commission of India (CCI) has approved Total SE’s acquisition of a minority stake in
Adani Green Energy.
The acquisition will
be made via Total Renewables SAS, a fully owned subsidiary of the French
multinational oil and gas major. Shares of Adani Green gained 1.1% this
morning, but have ceded about 8% in January so far.
Tata Steel sales volumes drop
In its Q3 volume
update, Tata Steel mentioned that its India sales volumes stood at 4.66 MT,
down 4% YoY due to
lower opening inventory after a strong Q2 sales.
However, given the
price hikes seen in Q3, the sales momentum (value-wise) was strong. The stock
ceded 2.1% early today. It has seen a strong run in Q3, having risen close to
80%.
Thyrocare Technologies
The diagnostics chain
saw a significant business revival in Q3 after business activities resumed across
all states. Its non-Covid business, in particular, is showing growth after the
end of the festive season.
The company achieved
nearly 34% YoY growth in the quarter. Covid RTPCR tests continue to contribute
in terms of volume of tests performed in Q3. The stock was up 2.8% today.
Tuesday: CPI
Inflation, IIP (India)
Wednesday: Crude oil
inventories (US)
Thursday: WPI
Inflation (India), Initial jobless claims (US)
|
Top gainers |
Top losers |
|
Nifty Metal |
Nifty Pvt Bank |
|
Nifty Media |
Nifty FMCG |
|
Global markets |
Today's movement |
|
Nikkei 225 (Japan) |
▲ 2.3% |
|
Hang Seng (Hong Kong) |
▲ 0.8% |
|
SSE Composite (China) |
▼ 0.2% |
|
Dow Jones (US) |
▲ 0.1% |
Fact of the day
Remember the Tata
Sumo? The SUV was named after Sumant Moolgaokar, the former MD of Tata Motors.
Source: The Better India
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Labels: Morning Update
posted by JAVED CHILLIMUTTUR @ January 12, 2021
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