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The equity market is expected to open in the green as trends on SGX Nifty indicate a positive opening for India's index with a 50 points gain. The SGX Nifty is currently hovering around 14,454.80, which is about 70 points higher than Nifty futures close of 14,374.90.
On Friday, the BSE Sensex surged 689.19 points, or 1.43 per cent, to 48,782.51 while the Nifty50 climbed 209.90 points, or 1.48 per cent, to 14,347.30.
Nifty Financial Services futures: From today (January 11), the National Stock Exchange is launching derivatives contracts on the Nifty Financial Services index. This will be the third equity index to have futures after Nifty and Bank Nifty.
The Nifty Financial Services comprises 20 stocks from banks, NBFC and insurance sectors. Top weights are HDFC Bank, HDFC, ICICI Bank and Kotak Mahindra Bank. Given the high weightage of banking stocks, the Nifty Financial Services correlates with 98 per cent with the Nifty Bank index. The Nifty Financial Services has delivered annualised returns of 15 per cent in the last five years, NSE said. The market lot is 40 for Nifty Financial services.
KEC International Ltd: THe RPG group company has secured new orders of Rs1,024 crore across its various businesses such as transmission & distribution(in India, Middle East, Africa and the Americas); railways: (doubling project including track linking, signalling & telecommunication and overhead electrification works in India; civil (infra works in the cement segment in India); solar (13.60 MWp rooftop solar project in India); and cables: (various types of cables/cabling projects in India and overseas).
Bhansali Engineering Polymers: It has reported a healthy set of financial results for the period ended December 31, 2020. The company has reported total income of Rs.412.95 crores during the period ended December 31, 2020, compared to Rs 309.54 crores during the period ended September 30, 2020, and Rs 260.95 crore posted in the year-ago period. The net profit zoomed to Rs 136.29 crores for the period ended December 31, 2020, as against Rs 35.50 crores for the period ended September 30, 2020, and Rs 16.91 crore for the year-ago period.
Vedanta: Open offer from its promoters to keep the stock in focus. After a failed delisting attempt last year, Vedanta Resources Ltd (VRL), the parent of Vedanta Ltd, has made an open offer to acquire 10 per cent of its equity at Rs 160 a share.
VRL, together with Twin Star Holdings, Vedanta Holdings Mauritius and Vedanta Holdings Mauritius II, plans to acquire up to 37.175 crore shares representing 10 per cent of the fully diluted voting share capital of Vedanta Ltd from public shareholders.
If the open offer is successful, the promoter group's holding will rise to 65.11 per cent.
Result Calendar: Bheema Cements, Dolat Investments, Filatex India, GNA Axles, Hathway Bhawani Cabletel, HPL & Electric Power, IndusInd Bank, Karnataka Bank, Netlink Solutions, Nidhi Granites, Venmax Drugs and Pharmaceuticals, Tata Elxsi, and Zicom Electronic Security Systems will announce their quarterly earnings on Monday (January 11).
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