News Shots

In very important news, two Covid-19 vaccines have been approved in India. The Serum Institute of India(SII)’s Covishield and Bharat Biotech’s Covaxin have been given the green signal by the Drugs Controller General of India on Sunday. Vaccination will be launched very soon in states who have completed the dry-run test. This will move the markets today.

Government is looking to divest 26% stake in BEML, along with the management control. SBI Capital Markets has been appointed as the transaction advisor for the strategic divestment process. The process is to be implemented through an open ompetitive bidding route. The government currently holds 54.03% stake in the company.

SEBI has imposed penalties on Reliance Industries, Chairman Mukesh Ambani, and two other entities for alleged manipulative and fraudulent trading in the shares of Reliance Petroleum, back in November 2007. Fines of Rs 25 crore and Rs 15 crore have been imposed on Reliance Industries and Mukesh Ambani respectively. While this is not a big amount, investor confidence may be affected. In another development, RIL and its partner BP Plc of UK have committed to pay in cash for any natural gas volumes they are unable to deliver to customers from the next wave of discoveries in the new gas block.

Production in December of Coal India up 0.5% year-on-year to 58.3 MT while Offtake declined 2.1% year-on-year to 52.6 MT.

The name of the company Adani Gas now changed to Adani Total Gas Ltd. from January 1, 2021.

Promoters Danta Enterprises and Glebe Trading created a pledge of 7 lakh shares in JSW Steel on December 29.

State-owned Power Finance Corporation (PFC) has raised its borrowing limit to Rs 1.18 lakh crore for the ongoing financial year.

The Board of Directors has decided that the sugar unit of E.I.D.-Parry (India) at Pettavaithalai, Tamilnadu will not be operated in the future as the expectation of a revival of the cane cultivation in the area is low.

The government is planning to sell 10 per cent stake in Rashtriya Chemical and Fertilizers (RCF) and has invited bids for managing the share sale process.

Drug firm Zydus Cadila on Sunday said it has received DCGI approval to initiate Phase III clinical trials of its COVID-19 vaccine ZyCoV-D. 

Larsen & Toubro (L&T) said its construction arm has won significant contracts in domestic and overseas markets.

December production of NMDC up 23% to 3.86 MT from 3.13 MT year-on-year. Sales up 19% to 3.62 MT versus 3.04 MT year-on-year.

Adani Renewable Energy Holding Eight Ltd. (AREHEightL), a wholly-owned subsidiary of Adani Green Energy received the Letter of Award to set up 600 MW Wind-Solar Hybrid project.

Tata Steel has transferred the 51% stake it holds in Jamshedpur Continuous Annealing and Processing Company and 50% stake it holds in Tata BlueScope Steel to Tata Steel Downstream Products, a wholly-owned subsidiary. The company’s strategy to reorganise its India operations “to drive scale, synergies, and simplification along with creating value for all stakeholders”.

Auto sales data has been published. You can read all about it here.

What to expect today?

Last day, Nifty consolidated heavily ahead of the vaccine approval. With them finally approved, there is a lot of positivity in the market. Bank Nifty also remained very rangebound. PSU Banks performed well.

The European markets have been closed since before New Years’, also the US markets. Asian markets are mixed, but almost flat. Japan’s Nikkei lost its early gains to fall 1.1% when a news channel reported the government was considering a state of emergency for capital Tokyo and three surrounding cities. 

SGX NIFTY is trading higher at 14,119, which is nearly 100 points higher, indicating a gap up opening in the Indian Market.

Nifty has started the year on a high, as we expected. Last day it was comfortably able to sustain above the 14,000 mark. Let us see how things would go after the gap-up opening at maybe a fresh all-time high.

Foreign institutional investors (FIIs) net bought shares worth Rs 506.2 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 69.4 crore in the Indian equity market.

A lot of portfolios are likely to be in green when markets open with a gap-up today. The only question here is will profit booking kick in, as investors try to get out of their short-term positions. Support exists at 14,000, just like last day. Bank Nifty who is still lagging behind NIFTY, may give good movements.

For many who chose to skip trading on New Year, today will be the first day of trading in the year. So again repeating what I said last day! Keep discipline as your tagline and enter into safe, conservative, realistic, intelligent trades!

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