Nifty may open with 180 points gain, but economic indicators will sway direction later

KS Badri Narayanan Chennai | Updated on January 29, 2021

Aarti Industries, Sundaram Finance, Adani Ports among scrips likely to see action today

The domestic market is likely to open on a positive note with a gap-up opening of 180 points on Thursday, as indications from SGX Nifty and global cues are bullish. The SGX Nifty is ruling at 13,995 as against the Nifty50 Feb futures close of 13,813.50.

The Asia-Pacific markets such as Japan, Singapore, Australia, Taiwan and others have eked out gains. Arresting the downtrend, the Dow Jones, S&P 500 and the Nasdaq closed with gains of up to one per cent on Thursday.

For a fifth day in a row, the S&P BSE Sensex and the NSE Nifty plunged on Thursday.

The Economic Survey 2021 will be tabled today, a couple of days prior to the Union Budget, which will be tabled on February 1. The President, Ram Nath Kovind, will address the joint sitting of both Houses today, marking the start of the Budget session of Parliament.

The stock market will get some cues from the Economic Survey and move accordingly, say analysts, as that will provide the government's official take on the economic condition of the country and its plans.

Stocks to watch

The board of directors of Aarti Industries Ltd has constituted an Internal Committee of Directors to evaluate the feasibility of the demerger of pharma and allied activities.

Sundaram Finance: Sundaram Asset Management Company Ltd, a 100 per cent subsidiary of Sundaram Finance, has announced the purchase of the asset management businesses of Principal Asset Management Pvt. Ltd for Rs 338.53 crore. Sundaram will acquire the schemes managed by Principal Asset Management Pvt. Ltd and acquire 100 per cent of the share capital of Principal Asset Management Pvt. Ltd., Principal Trustee Company Pvt. Limited, and Principal Retirement Advisors Pvt. Ltd.

Adani Ports and Special Economic Zone Ltd, the ports & logistics company of the diversified Adani Group, successfully priced a $500-million 10-year bullet senior unsecured USD note issuance at a fixed coupon of 3.10 per cent on January 26, 2020. The offering received a good response from marquee investors across key markets and geographies, which enabled the order book to build around 6x, leading to tightening of spreads and pricing under fair value, it said in a statement to the stock exchanges.

V-Mart Retail has authorised the opening of its qualified institutional placement issue on Thursday and approved a floor price of Rs 2,432.84 a share. The company may, at its discretion, offer a discount of not more than 5 per cent on the floor price for the issue. The company had earlier passed a resolution for fund raising to the tune of Rs 500 crore.

Gujarat Apollo & Dangee Dums: AEML Investments Ltd (formerly Apollo Earthmovers Ltd), the material subsidiary of Gujarat Apollo Industries Ltd, purchased 23,142 equity shares (0.225 per cent) and 34,000 shares (0.331 per cent) of Dangee Dums on January 27 and 28 respectively.

Wardwizard Innovations & Mobility Ltd, one of the leading companies in the EV segment, which owns brands, including Joy e-bike and Vyom Innovation, has inaugurated a new facility at Vadodara, Gujarat, for the manufacture of electric two-wheelers. The company has invested around Rs 45 crore in the new plant with a capacity to manufacture over one lakh electric two-wheelers per year in the first phase in one shift.

Result calendar: Over 110 companies will declare their quarterly results on Friday. Among them are Bajaj ealthcare, Cholamandalam Investment and Finance, Cipla, Dabur, Dish TV India, DLF, Dr. Reddy's Labs, Exide Industries, Grindwell Norton, Heritage Foods, IndusInd Bank, Indian Oil Corporation, JSW Energy, Just Dial, Dr. Lal PathLabs, LIC Housing Finance, Manappuram Finance, Shankara Building Products, Sun Pharma, SAIL, Shriram City Union, Subros, Sundaram Clayton, Tata Motors, Tech Mahindra, Union Bank of India, UPL, Vaibhav Global, UTI Asset Management Company, Union Bank, Vedanta, Wheels India and Wockhard

IPO watch

IRFC to list today: After the successful completion of its initial public offering, shares of Indian Railway Finance Corporation will be listed on Friday. The Rs 4,600-crore issue was subscribed 3.5 times. The issue price was fixed at Rs 26.

Published on January 29, 2021

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