This week will mark the beginning of the earnings season for Dalal Street heavyweights with the IT behemoths gearing up to unveil their quarterly performance.
Domestic equity markets have started the new year on a strong footing, gaining nearly 2% each. S&P BSE Sensex closed the last week at 59,744 while NSE Nifty 50 settled at 17,812. Bank Nifty zoomed ahead. This week will mark the beginning of the earnings season for Dalal Street heavyweights with the IT behemoths gearing up to unveil their quarterly performance. Investors will also closely watch inflation figures not just for India but the United States as well. Analysts expect volatility to remain on the higher side and hence suggest a positive yet cautious view.
Reliance Industries – Mukesh Ambani’s Reliance Industries announced the acquisition of a 73.37% stake in Mandarin Oriental New York, a premium luxury hotel in New York City for an equity consideration of approximately $ 98.15 million. RIL made the investment through Reliance Industrial Investments and Holdings Limited, a wholly-owned subsidiary of the company.
Tata Steel: Tata Steel has informed the bourses that its stake in Medica TS Hospital Private Limited, a joint venture, has increased to 51% from the earlier 26%. Tata Steel said it has converted 5,102 Optionally Convertible Debentures of Rs 1,000 each, fully paid-up, held in MTSHPL into 5,10,200 equity shares of face value Rs 10 each.
DMart: Radhakishan Damani Avenue Supermarts announced its third-quarter results over the weekend. DMart reported a 23.62% rise in consolidated net profit to Rs 552.53 crore. Avenue SUpermarts’ revenue from operations was up 22.22% at Rs 9,217 crore during the quarter under review against Rs 7,542 crore in the corresponding quarter last fiscal year.
TCS: IT major Tata Consultancy Services (TCS) on Friday announced that it board of directors will consider a proposal for buyback of equity shares of the Company, at its meeting to be held on January 12.
Adani Enterprises: Gautam Adani-led firm has set up a new subsidiary, to undertake green hydrogen projects, generation of low carbon electricity, and manufacture of wind turbines, solar modules and batteries. The new subsidiary has been named Adani New Industries Ltd (ANIL).
DLF: Real estate giant DLF has informed the bourses that it has launched “One Midtown”, a luxury residential address in New Delhi.
CSB Bank: CSB Bank in a regulatory filing said on Saturday that C V R Rajendran, managing director & CEO of the bank, has decided to take early retirement from the post to take care of his health under the advice of his physicians.
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