Adani Ports and Gadot Group has completed the acquisition of Haifa Port Company

SGX Nifty is up by 10.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian markets traded in green on Wednesday. The Japanese Nikkei is up by 1.1 percent. Hong Kong’s Hang Seng is up by 1.15 percent and South Korea’s Kospi is up by 0.16 percent in early morning deals.

US stocks ended higher on Tuesday led by gains in Nasdaq on relief that Federal Reserve Chair refrained in a speech from commenting on rate policy. The S&P 500 lost 0.70 percent; and the Nasdaq Composite added 1.01 percent respectively.

Stocks News:

?Adani Ports and Gadot Group has completed the acquisition of Haifa Port Company from the government of Israel. The consortium had won the bid for HPC, at an offer price of $1.18 billion, during July 2022. The concession period of the port is up to 2054.

?TATA Motors subsidiary TATA Passenger Electric Mobility has completed the acquisition of Sanand property and the VM plant and machinery of Ford India.

?Reliance Industries subsidiary Reliance Jio Infocomm will invest additional Rs 2,500 crore to deploy 5G network services in Assam. Currently, the company’s investment in the state is Rs 9,500 crore.

?Adani Wilmar expects sales in the December quarter to grow in high single digits, helped by strong demand during the festive season and stronger out-of-home consumption. Standalone sales volume will grow in high teens, the company said. Price volatility in its mainstay edible oil was lower in the third quarter compared with the second quarter and the segmental volume growth was at high-single digits.

?Foreign institutional investors (FII) net-sold shares worth Rs 2,109.34 crore, while domestic institutional investors (DII) net-bought shares worth Rs 1,806.62 crore on January 10, as per provisional data available on the NSE.

Domestic and International Events

World Bank slashed its growth forecast for most countries and regions and warned that new adverse shocks could tip the global economy in recession.
Global consumption of liquid fuels is forecast to reach 102.2 million barrels per day in 2024, driven primarily by growth in countries like India and China, reflecting trends in economic activity, the US Energy Information Administration said in its Short-Term Energy Outlook.
Sout Korea unemployment rate rose to 11 month high in Dec 22, while the annual increase in employed people marked the smallest in 21 months. The country’s seasonally adjusted unemployment rate for December stood at 3.3 percent higher than 2.9 percent in Nov’22.
SEBI through a circular has decided to alter the offer for sale framework through the stock exchange route. The revamp clears the way for non-promoter shareholder to opt for the OFS mechanism while simultaneously chalking out on cooling off period of promoters to opt for OFS mechanism.