Stock Market Today: Record Highs and Market Outlook
The market’s record-breaking spree continues, fueled by a decisive breakout, promising a sustained upward trajectory. Experts foresee ongoing momentum, tempered by consolidation and volatility. Key levels to monitor include 22,200–22,400 as resistance and 21,900–21,800 as support.
January 15 Surge: BSE Sensex and Nifty 50
On January 15, the BSE Sensex surged 759 points to 73,328, driven by technology, banks, and Reliance Industries. Simultaneously, the Nifty 50 soared 203 points to 22,098, forming a bullish candlestick pattern, indicating robust buying interest at lower levels.
January 16: Earnings Focus
Multiple companies, including HDFC Bank, ICICI Lombard, L&T Technology Services, and others, are set to declare their December FY24 quarter earnings on January 16.
Angel One’s Robust Performance
Retail stock broking firm Angel One reported a net profit of Rs 260.3 crore, marking a 14.2% YoY growth. Despite a significant revenue surge of 41.5% YoY to Rs 1,059 crore, margins dipped to 37.6%. The company declared an interim dividend of Rs 12.7 per share for FY24.
Jio Financial Services Update
Jio Financial recorded a consolidated profit of Rs 293.82 crore in Q3 FY24, with a notable decline from the previous quarter. The board appointed Rupali Adhikari Sawant as Group Head of Internal Audit and Sudheer Reddy Govula as Group Chief Compliance Officer.
Rail Vikas Nigam’s Contract Win
Rail Vikas Nigam secured a contract as the lowest bidder for 11 KV line-associated works in various circles of MPPKVVCL, Jabalpur. The contract spans 24 months.
Zomato Share Sale
Motilal Oswal Mutual Fund sold 4.5 crore equity shares (0.51% stake) in Zomato via open market transactions at an average price of Rs 138.15 per share.
Patanjali Foods’ Q3 Performance
Patanjali Foods reported stable edible oil prices in Q3 FY24, with single-digit sequential and YoY volume growth. Branded sales contributed 75% to total edible oil sales volume.
Corporate Developments: Shakti Pumps and Aster DM Healthcare
Shakti Pumps will consider raising funds through a preferential allotment or private placement. Aster DM Healthcare’s stake sale in GCC business is progressing, with the board contemplating a dividend distribution based on the deal.
Infrastructure Deals: PNC Infratech
PNC Infratech and its subsidiary will divest 12 road assets to Highways Infrastructure Trust for an enterprise value of Rs 9,005.7 crore.
Usha Martin’s Acquisition Move
Usha Siam Steel Industries in Thailand, a subsidiary of Usha Martin, is set to acquire a 50% stake in Tesac Usha Wirerope Company, a joint venture, from Kobelco Wire Company.
In conclusion, the market’s upward trend, earnings announcements, and strategic moves by key players indicate a dynamic and evolving landscape. Investors should stay tuned for further developments in this dynamic stock market environment.
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The Medi Assist Healthcare Services IPO begins with a modest start, recording a subscription of 54% on the first day. Despite the slow initial response, optimism prevails for a successful outcome, with two more days remaining for investors to participate in the subscription of the Medi Assist IPO.
Ahead of the IPO, Medi Assist secured Rs 351.5 crore through its anchor book issue. Notable names among anchor investors include Nomura Trust, Goldman Sachs, Ashoka Whiteoak, Pinebridge Global Funds, Troo Capital, HSBC, and various domestic investors.
The IPO presents a unique opportunity in the healthcare administration sector, backed by a widespread network and strategic positioning. Investors are closely watching the developments as the subscription period progresses. 📈 #MediAssistIPO #StockMarket #HealthcareAdministration
Epack Durable IPO Details
Epack Durable, the second-largest original design manufacturer of room air conditioners in India, announces its maiden public issue. The IPO is set to open on January 19 and close on January 23, with a price band of Rs 218–230 per share. The company aims to raise Rs 640 crore at the upper price band, comprising a fresh issue of Rs 400 crore and an offer-for-sale (OFS) of 1.04 crore equity shares by existing shareholders. The anchor book opens on January 18. This marks the third public issue of the year, following Jyoti CNC Automation and Medi Assist Healthcare Services IPOs and precedes the Nova Agritech IPO.