Ambuja Cements has incorporated a wholly owned subsidiary – Ambuja Resources

Opening Bell:

SGX Nifty is down by 10.0 points in the early morning trade, indicating a flat opening for Indian stock market.

Markets in the Asia-Pacific traded higher despite the Federal Reserve signaling further rate hikes ahead. A better-than-expected reading of ADP private payrolls report showed that employers added 235,000 jobs in December, showing a strong labor market despite the Fed’s attempt to tame inflation and suggesting there is more room for higher rates. The Japanese Nikkei was up by 0.46 percent, Hong Kong’s Hang Seng declined by 0.1 percent and South Korea’s Kospi is down by 0.82 percent in early morning deals.

Wall Street Indices declined on Thursday as evidence of a tight labor market eroded hopes that the Federal Reserve could pause its rating hiking cycle anytime soon as it keeps focused on inflation. On Wednesday, another data set showed a moderate fall in US job openings. The S&P 500 declined 1.16 percent; and the Nasdaq Composite added 1.47 percent respectively.

Stocks News:

?Larsen & Toubro subsidiary L&T Realty Developers has entered into an agreement to sell entire stake of 99% in its subsidiary Think Tower Developers. The entire stake is being sold to Pratik Harshad Kalsariya, who does not belong to the promoter group. Think Tower Developers has not commenced commercial operation and hence has zero revenue and net worth.

?Ambuja Cements has incorporated a wholly owned subsidiary – Ambuja Resources. The subsidiary will enter into manufacturing of cement & allied product, alternate fuel and power generation.

?Rail Vikas Nigam in joint venture with ISC Projects has received letter of award for supply and commissioning of ballastless track for Surat Metro Rail Project under Phase-1. The accepted contract amount is Rs 166.26 crore.

?SEBI has given its approval for reclassification of the government’s shareholding in IDBI bank as ‘public’ after its stake sale. The government and state-run Life Insurance Corporation of India (LIC) will sell 60.72% stake in IDBI Bank as part of the disinvestment, and after the stake sale, government’s shareholding will be reduced to 15%.

?Foreign institutional investors (FII) sold shares worth Rs 1,449.45 crore, while domestic institutional investors (DII) offloaded shares worth Rs 194.09 crore on January 5, as per provisional data available on the NSE.

Domestic and International Events

• US trade deficit contracted by the most in nearly 14 years in November as slowing domestic demand amid higher borrowing costs depressed imports. The trade deficit decreased 21.0 percent to $61.5 billion, the lowest level since September 2020, the Commerce Department said on Thursday. The percentage decline in the trade gap was the largest since February 2009.
• Imports tumbled 6.4 percent to $313.4 billion, with goods dropping 7.5 percent to $254.9 billion. Consumer goods imports were the lowest since December 2020.
• Japan’s service sector activity rebounded in December thanks to a boom in international and domestic tourism as COVID curbs were relaxed, a business survey showed on Friday.
• China’s services activity shrank in December as surging COVID infections hit demand, a private-sector survey showed on Thursday, although the pace of recent declines slowed while business confidence rose to a 17-month high.

Key Equity Indices