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Morning Alert..(share market news today)

*Rupee sheds 33 paise on persistent dollar purchases by oil companies*
The rupee weakened sharply against the dollar on Tuesday, giving up 33 paise, as relentless purchases of the American currency by importers, particularly oil companies, towards the end of the month dragged the domestic currency lower. The rupee settled at 81.72 to the dollar as against 81.39 on Monday. So far this week, the domestic currency has shed 0.7 per cent against the greenback, making it one of the weakest performing Asian units over the last couple of days, traders said. In the calendar year so far, however, the rupee has appreciated 1.2 per cent against the American unit. Outflows of overseas investment from Indian equities also contributed to the rupee’s weakness, dealers said, adding that market sentiment was jittery ahead of key events lined up next week including the Union Budget and the US Fed’s policy statement.

*Work in progress to set up Coal-to-Methanol plants in country: Puri*
Work is in progress to set up Coal-to-Methanol plants in the country using indigenous technology, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Tuesday. BHEL (Hyderabad and Trichy), Thermax, and IIT Delhi are working on the project, the Union minister said while inaugurating the demo run of an Inland Water Vessel powered by Methanol blended Diesel (MD15) on the Brahmaputra here. The low-carbon boat ride was done on a 50-seater motor launch marine vessel named ‘SB Gangadhar’ by Puri and Union Minister of State for Petroleum and Natural Gas Rameshwar Teli.

*Govt to hold separate consultation next month on PIB fact-check rules*
Amid outrage over a plan to give powers to its arm PIB to police fake news on social media, Union Minister Rajeev Chandrasekhar on Tuesday said that the government would next month hold discussions with stakeholders before the proposal is implemented. The minister said the rules for regulating online gaming were expected to be notified by January 31 after which these will be tabled in Parliament. “We will hold a separate consultation (on PIB fact check) sometime early next month,” Chandrasekhar said when asked about clarification on the proposed amendment to the IT rules 2021. Chandrasekhar said the consultation on the Digital Personal Data Protection Act was over and it was being processed within the realms of the government for notification.

*Commodity play*
Gold – Rs 57061/10gm, Silver – Rs 67934/kg, Brcrude – Rs 6581/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 787/kg.

*Corporate News*
Price hikes, top-end car sales drive Maruti Q3 net up 130% to Rs 2,391 cr.

Indus Towers makes Rs 2,298-crore provision for Vodafone Idea receivables.

IndianOil to pump in Rs 2,200-cr investment for projects in Tamil Nadu.

SGX Nifty indicates negative start to Indian markets trading at 18099 levels down by 0.20% or 35 points. Dow Jones ended yesterdays session in green up by 0.31% at close.

Sector in focus – Energy, Banks, Infra and FMCG.

Stocks In Action(share market news today)

Stock in Action

Result Kotak Mahindra Bank: Kotak Mahindra Bank reported another strong 3QFY23, clearly showing that it is making the most of this encouraging environment. Loan growth remained strong with a meaningful surge in unsecured advances, interest margin touched a record high, and deposits showed early signs of recovery. The robust growth continues, with a YoY growth of 23% and a sequential surge of 5.7% in advances. The bank reported a record net interest margin of 5.47%. With some asset pricing revision yet to take place, it expects the strength of the NIM to continue in the coming quarter. Kotak Mahindra Bank reported negligible gross slippage to NPA of Rs 748 crore with higher recoveries and upgradation resulting in a net negative slippage. Gross and net NPA declined to 1.9% and 0.43%, respectively, from 2.08% and 0.55% in the preceding quarter, with a very healthy provision cover of 78%. Positive on Kotak Mahindra Bank given the comfortable capital position, right asset mix, strong margin, and market share gains.

IEX: IEX, a dominant player in the power exchange market holding over 90% market share, is diversifying both in terms of products and categories. It has added a gas exchange, which is now making good profits. It is working to establish an exchange to trade carbon credit, which holds great opportunity. During the quarter, the company achieved overall volumes of 24.2 billion units, up 4.8% on a QoQ basis. Volumes were lower 12.3% on a YoY basis largely because of high energy prices. Higher coal and gas prices impacted overall demand resulting in lower volumes. Higher coal prices led to high cost of electricity generation. With lower coal prices and increasing coal availability, the company expects the volumes to return in the DAM segment. In the last quarter, the company formed a wholly owned subsidiary International Carbon Exchange, which will aim to leverage India’s target to achieve the emission norms. Positive on IEX given the gradual recovery in the business and valuation offering good margin of safety.

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