Budget 2022 Share Market Live Update [01-02-2022]

Budget 2022 Share Market Live: Impact of Budget on Share Market Live News, Budget 2022 Share Market Live News

Budget 2022: Key Highlights So Far

  • FY22 real GDP growth estimated at 9.2%
  • Sharp rebound and recovery in our economy reflects India’s strong resilience
  • India in strong position to withstand challenges, will continue journey with strong growth
  • Confident that with ‘sab ka prayas’ we will continue our journey towards economic recovery

Nirmala Sitharaman, Finance Minister

LIC IPO Listing Process Is Expected To Be Completed Shortly, Says FM Nirmala Sitharaman  

Goals For ‘India at 100’: Complementing macro-growth with micro-all-inclusive welfare, digital economy and fintech, tech-enabled development, energy transition and climate action

  • Transferring of ownership of Air India has been completed
  • LIC IPO listing process is expected to be completed shortly
  • PLI Schemes in 14 sectors have received with potential to create 60 lakh new jobs, and additional new production of Rs 30 lakh crore
  • Public issue of LIC shortly, others too are in the process for FY23

Rakesh Jhunjhunwala’s favorite stock Tata Motors falls on Rs 1,451-cr Q3 loss, lower JLR sales

Rakesh Jhunjhunwala’s favorite stock Tata Motors fell over 3.5 per cent to Rs 498.55 apiece on Tuesday, a day after the company reported a consolidated net loss of Rs 1,451 crore for the October-December quarter. Jhunjhunwala held 3.92 crore equity shares of Tata Motors at the end of October-December 2021 quarter. The company’s performance was primarily impacted by the ongoing semiconductor shortage issue, which led to lower sales for Jaguar Land Rover (JLR), while commodity inflation bit into margins.

Alembic Pharma Gets U.S. FDA Nod For Clarithromycin Tablets; Shares Advance

Shares of Alembic Pharmaceuticals Ltd. rose over 1.3% after the company announced it has received final approval for the U.S. FDA for its Abbreviated New Drug Application for Clarithromycin tablets USP, 250 mg and 500 mg.

  • Clarithromycin tablets is used to treat infections caused due to acute bacterial exacerbation of chronic bronchitis in adults; acute maxillary sinusitis, community-acquried pneumonia and duodenal ulcer disease in adults among others.
  • The tablets have an estimated market size of $11 million for twelve months ending September 2021, according to IQVIA.

Of the 18 analysts tracking the company, seven maintained ‘buy’, seven maintained ‘hold’ and four maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 11.6%

Source: Exchange Filing, Bloomberg

Environment is right to attract capital

The environment is right to attract capital, said Nirmal Jain, Chairman, IIFL. Talking to CNBC TV18, the market veteran said that FIIs will keep an eye on the macro side of the story in the Union Budget.

Bank Nifty up 2%

Bank Nifty was up 2% on Tuesday at 38,736.35 points. The benchmark indices Sensex and Nifty were trading with gains.

Real Estate sector stocks zoom

Real Estate sector stocks were up in the green ahead of the Union Budget. Oberoi Realty was up more than 4% on NSE, followed by Brigade, IRB Real Estate. Nifty Realty index was up 2%.

Private Banks soar

Private Bank stocks soared higher on Tuesday morning ahead of the Union Budget. IndusInd Bank was up more than 3% on NSE, followed by ICICI Bank, Axis Bank, and HDFC Bank. Nifty Private Bank index was up more than 2%.

Rupee Gains, Bonds Steady Ahead Of Budget

NTPC Has 1.01 Million Shares Change Hands In A Large Trade

  • NTPC has 1.01 million shares change hands in a large trade.
  • Details of buyers, sellers are not known immediately.

Source: Bloomberg

Indian bonds trade steady and rupee edged higher as traders await the budget for the fiscal deficit and borrowing numbers. They are also on the lookout to see if capital gains tax on bonds is scrapped.

  • USD/INR falls 0.1% to 74.56.
  • 10-year yields down 1bp at 6.67%. The yields fell 7bps on Monday after government switched Rs 1.19 lakh crore of bonds with RBI, raising hopes of lower gross borrowings.
  • Finance Minister Nirmala Sitharaman to start budget speech at 11 a.m.

Source: Bloomberg

Manufacturing PMI Falls In January But Remains In Expansion Mode

  • Manufacturing PMI falls to 54 in January 2022 from 55.5 in December 2021.

Source: IHS Markit

State-Run Refiners Fall After Q3 Profit Misses Estimate

Shares of Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. fell after the Q3 results lagged estimates due to rising costs.

  • The state-run refiners are among the worst performers on NSE Nifty 100 index.
  • This is the steepest intraday decline for Indian Oil and HPCL since Jan. 21.
  • This is the steepest intraday decline for BPCL since Dec. 20

Source: Bloomberg

Tata Motors Declines The Most In Over A Week On Q3 Miss

Shares of Tata Motors Ltd. fell as much as 3.7%, the steepest intraday decline in over a week, to Rs 498.65 apiece after the company posted a net loss for the third quarter. The company reported revenue that missed average analyst estimate.

Tata Motors Q3FY22 (Consolidated, YoY)

  • Revenue down 5% at Rs 72,229.29 crore Vs Rs 75,653.79 crore (Bloomberg estimate: Rs 72,679.97 crore)
  • Net loss of Rs 1,516.14 crore Vs Net profit of Rs 2,906.45 crore (Bloomberg estimate: Rs 988.9 crore)
  • Ebitda down 42% at Rs 7,078 crore Vs Rs 12,132.7 crore (Bloomberg estimate: Rs 6,791.20 crore)
  • Margin at 9.8% Vs 16%

Analysts cited the prevailing raw material cost pressure in CV business, uncertainty over the semiconductor shortage as key challenges facing the company.

They also believe that a prolonged delay in JLR’s deleveraging plan could adversely impact the company’s aggressive EV strategy. With the chip shortage expect to persist till the second half of 2022, analysts expect the volumes to surge and margins to expand gradually as the disruption due to chip shortages eases.

Of the 33 analysts tracking the company, 25 maintained ‘buy’, four maintained ‘hold’ and four maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 9.9%.

Trading volume on the stock was nearly three times the 30-day average volume at this time of the day.

Source: Exchange Filing, Bloomberg, Brokerage note

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