Nifty PSU Bank (+11%) & more

Tribe Daily

Jan 1, 2023

Nifty snapped three-week losing streak due to the strong performance of Nifty PSU Bank, Nifty Realty and Nifty Metal.

Companies

Tata Steel (+10%) rose after the company announced that it will be supplying high-end seating systems and paneling for the Vande Mataram Express. Hindalco (+10%) rose after China relaxed Covid-19 restrictions. SBI (+7%) rose due to high growth visibility, strong retail loans, asset quality, and pick-up in the corporate segment.

Sectors

Nifty PSU Bank (+11%) rose due to stupendous performance of IOB, JK Bank, Union Bank, Bank of Maharashtra and Canara Bank. Nifty Realty (+5%) rose due to strong performance of India Bulls Realty, Hemisphere, Phoenix Mills, Sobha and Oberoi Realty. Nifty Metal (+8%) rose due to strong performance of Welspun Corp, NALCO, Jindal Steel, SAIL and NMDC.

News of The Day

1.Bandhan Bank sold stressed loans to Asset Reconstruction Company for Rs 801 cr. (Mint)

2.HG Infra (+7%) rose after the company won projects worth Rs 997 cr. (Business Standard)

3.Lotus Chocolates (+5%) rose after Reliance Retail arm acquired a 51% stake in the company for Rs 74 cr. (Mint)

4.Solar Industries (+5%) rose due to a stable outlook. (Business Standard)

5.Tata Motors to acquire Ford India’s Gujarat plant by Jan 10. (Indian Express)

Tribe Weekly

January 02 Nikkei S&P Global PMI ( Purchasing Manager Index ) release
January 03 Karnavati Finance Ltd board meeting to discuss the stock split
January 04 IRB Infrastructure Developers Ltd board meeting to discuss stock split AMITINT & CPML results announcement
January 05 Supreme Infrastructure India Limited result announcement
January 06 Inox Green Energy Services board meeting to consider matters related to NCDs (Non-Convertible Debentures)