Published on: January 20, 2025
Fitch Ratings has upgraded Vedanta Resources Ltd's (VRL) long-term foreign-currency issuer default rating to 'B+' from 'B-', citing a significant reduction in refinancing risks. The agency also improved the senior unsecured rating and changed the outlook to stable. Furthermore, Fitch upgraded the ratings on VRL’s $300 million June 2028 bonds and $500 million December 2031 bonds issued by subsidiary Vedanta Resources Finance II Plc (VRF2), raising them to 'B+' with a Recovery Rating of 'RR4'.
The rating upgrade follows VRL's successful raising of $1.1 billion in new bonds and $350 million in loan commitments, providing improved financial stability. With the proceeds earmarked for refinancing existing debt, VRL will benefit from a longer and more spread-out maturity profile, with the next significant bond maturity in 2029.
Fitch’s stable outlook reflects the company’s strengthened liquidity position, aided by better funding access and available internal accruals. VRL is also projected to spend $1.7-2.5 billion on capex between FY26-FY28. VRL serves as the holding company for Vedanta Limited and Konkola Copper Mines.
Published on: January 20, 2025
In today's market session, a mix of stocks hit their 52-week lows and highs, reflecting a volatile trading day. SterlingWilson Solar, JP Associates, SKIL Infrastructure, Poddar Housing, and Eros Media were among the stocks that touched their 52-week lows, facing significant declines.
On the flip side, Apollo Micro Systems, Renaissance Global, Ddev Plastiks Ind, Atlas Cycles, and ARSS Infra saw fresh 52-week highs, driven by strong buying momentum. In the Nifty 50 index, Kotak Mahindra Bank, Wipro, Bajaj Finance, Bajaj Finserv, and NTPC were the leading gainers, helping support the benchmark index.
On the other hand, stocks like SBI Life, Trent, Shriram Finance, Adani Ports SEZ, and HDFC Life were among the top losers. The Nifty closed at 23,344.75, down by 141.55 points, while the Sensex ended the day on a positive note, up 454.11 points at 77,073.44.
Published on: January 20, 2025
Shares of Wipro saw an uptick on Monday, January 20, 2025, following the release of its strong Q3FY25 results. The IT services company reported a 4.5% sequential rise in profit after tax (PAT), reaching Rs 3,353.8 crore, while revenues rose marginally by 0.1% to Rs 22,318.8 crore.
Wipro's IT services revenue saw a slight dip of 1.2% sequentially, but the company's margin improved to 17.5%, surpassing expectations. Brokerages reacted differently to the results. Morgan Stanley maintained an 'Underweight' rating with a target price of Rs 265, citing downside potential despite the positive margin performance.
Conversely, Nomura maintained a 'Buy' call with a target of Rs 340, noting the strong performance across all parameters, particularly margins. Macquarie also maintained an 'Outperform' rating, with a target of Rs 330, praising the company's EBIT margin beat and turnaround strategy.
Meanwhile, Citi remained bearish, keeping its 'Sell' rating and a target price of Rs 280, citing weak forward indicators and cost pressures in the sector. The mixed reactions reflect varying views on Wipro's future growth prospects.
Published on: January 20, 2025
Shares of Vodafone Idea (Vi) surged 9.10% on Monday, reaching Rs 9.95 after media reports suggested the government might offer a substantial waiver on the company's adjusted gross revenue (AGR) dues. This potential relief could lower Vi's AGR dues by over Rs 52,000 crore.
However, Vi clarified later that it had not received any formal communication from the government regarding the waiver. The stock had surged 30% in the past week and is trading at its highest level since October 2024.
Meanwhile, Kalyan Jewellers' stock jumped 9.4% following a strong rebuttal from Motilal Oswal Asset Management Company (MOAMC), which denied recent allegations that its officials were bribed to invest in the jeweller.
The company's stock had recently fallen more than 35%, but the denial helped boost investor confidence, with shares closing 5.9% higher. In other news, Tata Teleservices saw a 13% rise, and Bharti Airtel's stock experienced slight declines. The BSE Sensex remained largely unchanged on the day.
Published on: January 20, 2025
Laxmi Dental's IPO made a positive debut on the stock exchanges on Monday, January 20, 2025. On the National Stock Exchange (NSE), the shares listed at Rs 542, reflecting a listing gain of 26.6% from the issue price of Rs 428, while on the Bombay Stock Exchange (BSE), the shares opened at Rs 528, a premium of 23.3%.
Although the listing performance was strong, it was slightly below the grey market expectations, which had pegged the premium at Rs 145, or 33.88%. The IPO, with a price band of Rs 407 to Rs 428, was subscribed 60.02 times and raised Rs 698.06 crore, including a fresh issue and an offer for sale.
The company plans to use the proceeds for debt repayment, capital expenditure, and investments in subsidiaries. Laxmi Dental, an integrated dental products company, offers a range of dental items including clear aligners, crowns, and pediatric dental products.
Published on: January 20, 2025
Shares of Kalyan Jewellers soared 9.3% to Rs 548.65 on the BSE in Monday's intraday trade after Motilal Oswal Asset Management Company (MOAMC) issued a strong denial of recent social media allegations. The rumors claimed that MOAMC officials were bribed to invest heavily in Kalyan Jewellers, which had contributed to a 37% drop in the jeweler's stock price over the past two weeks.
MOAMC, a subsidiary of Motilal Oswal Financial Services, labeled the allegations "baseless, malicious, and defamatory" and assured stakeholders of its commitment to compliance and transparency. Kalyan Jewellers also denied the claims, with Executive Director Ramesh Kalyanaraman calling the bribery accusations "absurd."
The stock's price rise follows MOAMC's clarification, reversing some recent losses. Kalyan Jewellers has outperformed the market, showing a 51% increase over the last year despite recent volatility.
Published on: January 20, 2025
Benchmark indices Nifty and Sensex extended their gains in the afternoon, driven by a strong performance in banking and metal sectors. Kotak Mahindra Bank and Wipro led the rally, impressing investors with better-than-expected Q3 results. The Sensex rose 0.79%, and Nifty gained 0.67% by mid-session.
Despite the positive momentum, Nifty FMCG and Auto stocks lagged, containing the rally. Global optimism over US-China talks added to the market's positive tone, although volatility remains heightened with India VIX surging nearly 8%. Companies such as Kalyan Jewellers and Vodafone Idea saw notable movements, with the latter hitting its upper circuit limit after reports of potential government relief on AGR dues.
The broader market saw moderate gains, while some stocks like Rallis India faced sharp declines due to weak earnings. Market analysts remain cautious, noting resistance levels in the Nifty at 23,600-23,700, with further upside dependent on large-cap stocks.
Published on: January 20, 2025
Bharti Airtel and Bajaj Finance have entered a strategic partnership to launch a comprehensive digital financial services platform. Through the alliance, Airtel will integrate Bajaj Finance’s products on its Airtel Thanks App and expand them via its nationwide store network.
The collaboration combines Airtel’s 370 million customers and extensive distribution network with Bajaj Finance’s wide range of financial products and branch reach. Customers will soon access offerings like Gold Loans, Business Loans, and Personal Loans, with plans to expand to ten products by year-end.
The partnership is poised to deepen financial inclusion across India, especially in remote areas, by leveraging the country’s digital infrastructure.
Published on: January 20, 2025
Vodafone Idea (VIL) shares jumped 10% to Rs 10.03, marking a three-month high, following reports that the government is considering a proposal to waive a substantial portion of adjusted gross revenue (AGR) dues for telecom companies.
This proposal, expected to be included in the Budget 2025-26, could reduce VIL's AGR liabilities by over Rs 52,000 crore. The stock has surged 30% in the past week and recovered 51% from its 52-week low in November 2024.
Additionally, VIL has made significant progress in reducing its debt, and the company continues to focus on expanding its 4G and 5G networks. This positive momentum is supported by hopes of further relief from the government and strategic investments in infrastructure.
Published on: January 20, 2025
Equity benchmarks Nifty and Sensex extended their morning gains on January 20, with banking and financial services stocks driving the rally. The Sensex rose by 547.84 points to 77,167.17, while the Nifty climbed 139.65 points to 23,342.85.
Kotak Mahindra Bank was the top gainer, surging 9.41% following strong Q3 results. Other major gainers included Wipro, Bajaj Finance, and NTPC. Despite continued selling pressure from Foreign Institutional Investors (FIIs), the market showed resilience, buoyed by sustained buying from Domestic Institutional Investors (DIIs).
The Nifty traded near resistance levels of 23,430-23,340, while support was seen at 23,060-23,000. The market breadth remained positive, with a higher number of stocks advancing compared to those declining.
Published on: January 20, 2025
The benchmark indices Nifty and Sensex extended their morning gains to trade firmly in the green on January 20, with significant support from sharp upticks in bank and metal stocks. Kotak Mahindra Bank and Wipro stole the spotlight with strong Q3 earnings, driving investor sentiment.
However, the FMCG and auto sectors lagged, keeping the rally in check. The broader market also saw gains, although mid- and small-cap stocks remain significantly below their September peaks. Among individual stock movements, Kalyan Jewellers soared 9% after clarifications on rumors surrounding its investments, while Rallis India fell nearly 9% after a decline in profits.
Vodafone Idea, on the other hand, hit the upper circuit limit amid hopes of relief on AGR dues. With rising volatility, market watchers suggest the day’s trend will depend on the key levels of 23,199 for Nifty and 48,632 for Bank Nifty.
Published on: January 20, 2025
Fertiliser stocks were trending higher on Monday, with Madhya Bharat Agro Products Ltd., Bohra Industries Ltd., and Rama Phosphates Ltd. among the top gainers, as the sector saw a positive move. On the other hand, stocks like Khaitan Chemicals and Coromandel International faced losses.
Meanwhile, the broader market remained buoyed by a strong performance in Kotak Mahindra Bank and Wipro, pushing the Nifty and Sensex indices higher. While the Nifty50 index rose by 59.55 points, Kotak Mahindra Bank posted a notable 9.13% gain.
In contrast, several stocks in the Nifty pack, including SBI Life Insurance and Maruti Suzuki, recorded losses, impacting the overall sentiment.
Published on: January 20, 2025
Kotak Mahindra Bank's impressive Q3FY25 performance has led to upgrades from multiple brokerages. Nuvama Institutional Equities has raised its rating to 'Buy' with a 26% higher target price of Rs 2,040, citing growth and quality factors, including healthy loan and deposit growth and improved NIM.
Motilal Oswal also upgraded its rating to 'Buy' with a target of Rs 2,100, driven by a strong operating performance.
While some brokerages like Emkay Global Financial Services have maintained conservative views due to potential growth moderation, others like Systematix and Dolat Capital have retained their 'Buy' ratings, factoring in a recovery from the RBI ban and prospects for higher margins.
Published on: January 20, 2025
Shares of Kotak Mahindra Bank surged by 9.22% on January 20, hitting a high of Rs 1,920.85, after posting impressive Q3FY25 results. This rally pushed the bank's market capitalization to Rs 3.81 lakh crore, surpassing Maruti Suzuki India and Mahindra & Mahindra.
Analysts highlighted key positives including marginally improved NIM, robust loan and deposit growth, and reduced slippages. Brokerages like Nuvama and MOFSL upgraded their ratings and price targets for Kotak Mahindra Bank, citing its strong growth prospects and solid financial position.
Despite trimming its earnings estimates, HDFC Institutional Equities remains optimistic about the bank’s long-term trajectory.
Published on: January 20, 2025
Benchmark indices Nifty and Sensex opened higher on January 20, supported by strong performances from Kotak Mahindra Bank and Wipro, which lifted banking and IT stocks. The Sensex rose by 0.38% to 76,908.44, and the Nifty gained 0.28% to 23,269.00.
However, weakness in auto and pharma sectors capped the rally. Kotak Mahindra Bank saw a 7% rise following positive earnings, while Wipro gained 8% after reporting better-than-expected Q3 results.
Despite optimism from global markets, market concerns remain, with foreign institutional investors maintaining short positions in index futures. The Nifty faces resistance around the 23,600–23,700 range, and the broader market shows mixed performance, with mid- and small-cap indices underperforming.