09/01/2023, Market Alerts, Corporate Action, Stock in Action
Market Alerts
Piyush Goyal to attend India-US Trade Policy Forum on January 11
Commerce and industry minister Piyush Goyal will be on a three-day visit to the US, where he will meet the heads of top multinational companies. The minister will also attend the 13th Trade Policy Forum (TPF) that aims to expand economic ties between the two nations. “He (Goyal) will attend the 13th Trade Policy Forum in Washington DC on January 11. Before delegation-level talks, he will also hold a one-to-one meeting with USTR (US Trade Representative) Ambassador Katherine Tai,” an official statement said on Sunday. The TPF aims to iron out key trade and investment-related issues between India and its largest trade partner — the US. Bilateral merchandise trade during April-October stood at $77.25 billion. The US is also the biggest destination for India’s exports.
Financial inclusion, remittance cost focus areas in G20 meeting
As the first G20 Global Partnership for Financial Inclusion (GPFI) meeting is set to kick off in Kolkata from Monday, a litany of issues are likely to be discussed. These include unlocking digital financial infrastructure for advancing financial inclusion, reducing cost of remittances, assessing progress made in implementation of G20 high-level principles and availability of finance for small and medium enterprises (SMEs). Chanchal Sarkar, economic advisor, department of economic affairs, said the main purpose of the meeting is to ensure access and usage to the unbanked and left out. It would provide opportunities for higher income and growth, which would help in the next stage of economic development. The first of the GPFI working group meetings is being held in Kolkata from January 9-11. There are indications that West Bengal Chief Minister Mamata Banerjee may attend on Monday, said Sarkar.
DPIIT working on policy for auction of salt land to private players
The Department for Promotion of Industry and Internal Trade (DPIIT) is working on formulating a policy for auction of salt land to private players, sources said. The department had received requests from different ministries, departments, state governments, central and public sector enterprises for transfer of land owned by the Government of India through the Office of the Salt Commissioner, at places other than Mumbai and its suburbs, for public purposes. Sources said that the department is finalising a draft policy on auction of salt land to private players. A drone survey of salt land is also being undertaken. In May last year, the DPIIT had sought applications for the empanelment of valuers in Salt Commissioner’s Organization (SCO) for a period of five years.
Commodity play
Gold – Rs 55293/10g, Silver – Rs 67586/kg, Brcrude – Rs 5959/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 725/kg.
Corporate News
Paytm Payments Bank gets RBI nod for Surinder Chawla as new MD and CEO.
JSPL to invest Rs 1,500 crore to make Monnet Power project operational: MD.
Lal PathLabs targets leadership position in west India in 5 years.
SGX Nifty indicates positive start to Indian markets trading at 18087 levels up by 0.71% or 128 points.
Sector in focus – Banks, IT, Infrastructure & Chemicals.
Corporate Action
Dividend
11-Jan-23
WELENT: Special Dividend – Rs. – 7.50
16-Jan-23
TCS: Interim Dividend – Rs. –
Buyback
Softsol India: Ex-Date: 13-Jan-23
Bonus
KPI Green Energy: Bonus Issue 1:1; Ex-Date: 18-Jan-23
Stock Split
Rajnish Wellness: Stock Split From Rs. 2/- to Rs. 1/-; Ex-Date: 10-Jan-23
Vishnu Chemicals: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 13-Jan-23
Deep Diamond India: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 20-Jan-23
Rights Issue
Jet Freight Logistics: Ex-Date: 11-Jan-23
Pacific Industries: Ex-Date: 11-Jan-23
Indowind Energy: Ex-Date: 13-Jan-23
Hatsun Agro Products: Open: 19-Dec-22; Close: 09-Jan-23
Anjani Portland Cement: Open: 30-Dec-22; Close: 19-Jan-23
Indowind Energy: Open: 27-Jan-23; Close: 10-Feb-23
Amalgamation
JMC Projects (India): Ex-Date: 11-Jan-23
Stocks in Action
Indian Energy Exchange: IEX witnessed good growth in electricity volumes traded during 3QFY23 despite supply-side issues. Total volumes traded were up 5% QoQ basis, at 24.2 billion units. Electricity prices in December 2022 averaged around Rs 5.2 per unit, higher by 48% on a YoY basis. IEX, which commands close to 90% market share in the power trading exchange business, has announced a share buyback worth up to Rs 98 crore. Electricity demand and generation are growing at a decent pace, with higher demand from the industry and households. In November 2022, India’s coal-based power generation grew at 16.3% on a YoY basis. The Day Ahead Market (DAM) segment contributed around 60% to its total volumes in December. While DAM volumes were impacted because of the spike in prices, other segments like Term Ahead market (TAM) recorded a good 135% jump in volumes in December 2022. Contribution from the gas exchange and long-duration contracts would further support volumes and margins. Positive on IEX given the valuation comfort, market leader in power exchange pace and volume revival in key segments to boost earnings.
Marico: The Marico earnings update for the December quarter shows mid single-digit volume growth for the domestic business against a 3% volume growth in the September ’22 quarter and a flattish volume growth in the December ’21 quarter. Parachute coconut oil posted a low single-digit volume growth compared with a 1% volume growth in the December ’21 quarter and a 3% volume decline in the September ’22 quarter. Marico saw visible recovery in Parachute coconut oil in December as copra prices firmed up due to off season while finished goods price remained stable. The Saffola franchise grew in double digits in value terms in the December ’22 quarter as against a 19% growth in the December ’21 quarter and 4% in the September ’22 quarter. Premium personal care saw a double-digit growth in the December ’22 quarter, almost similar to the previous quarters. During 3QFY23, gross and operating margins are likely to improve on a sequential as well as YoY basis as raw material prices stabilised and price hikes were initiated across franchises. Positive on Marico given the margin recovery during 3QFY23 on the back of softening input costs.