Reliance Industries Jio Infocomm has launched 5G wireless services

Opening Bell:

SGX Nifty is down by 20.5 points in the early morning trade, indicating a flat opening for Indian stock market.

Asia-Pacific markets traded mixed after the Nasdaq Composite extended gains for a second day on Wall Street. Technology stocks helped the index skirt losses Monday as traders added to bets that inflation may be easing. The Japanese Nikkei is up by 0.9 percent. Hong Kong’s Hang Seng is up by 0.02 percent and South Korea’s Kospi is up by 0.73 percent in early morning deals.

The S&P 500 index erased early gains to close nearly flat on Monday as expectations that the Federal Reserve will become less aggressive with its interest rate hikes were offset by lingering worries about inflation. The Dow ended lower, and the Nasdaq Composite ended well off the day’s highs. The S&P 500 lost 0.08 percent; and the Nasdaq Composite added 0.63 percent respectively.

Stocks News:

?Adani Enterprises, the flagship entity of Gautam Adani-led Adani Group is likely to file the red herring prospectus (RHP) with market regulator Sebi for its big-bang Rs 20,000-crore follow-up public offering ( FPO) later this month.

?Tata Consultancy Services (TCS) on January 9 reported a 10.98 percent increase in its consolidated net profit at Rs 10,883 crore for the quarter ended December 2022 (Q3FY23). The company had posted a profit of Rs 9,806 crore in the year-ago period.

?Tata Motors subsidiary Jaguar Land Rover saw a 15% YoY rise in wholesale sales volumes to 79,591 units in the December quarter, on the back of a ramp-up in production amid the improvement in chip supplies. The luxury carmaker’s retail sales grew by 5.9% to 84,827 units. JLR expects free cash flow to be positive by over 400 million pounds in Q3.

?Reliance Industries arm Reliance Jio Infocomm has launched fifth-generation or 5G wireless services in 10 cities across 4 states — Uttar Pradesh, Andhra Pradesh, Kerala, and Maharashtra. Services have been launched in Agra, Kanpur, Meerut, Prayagraj, Tirupati, Nellore, Kozhikode, Thrissur, Nagpur, and Ahmednagar.

?Foreign institutional investors (FII) net sold shares worth Rs 203.13 crore, while domestic institutional investors (DII) net bought shares worth Rs 1,723.79 crore on January 9, as per provisional data available on the NSE.

Domestic and International Events

• Capital markets regulator Sebi on Monday said payment mechanisms provided by banks and payment aggregators can be used for settlement of trades in the debt securities executed on the request for quote (RFQ) platform of stock exchanges.
• India, the world’s biggest rice exporter, is likely to lift restrictions on grain shipments in a move that would mark a further easing of a global wave of food protectionism after Russia’s invasion of Ukraine. Authorities are actively considering removing curbs on some rice exports as domestic prices are stable, according to a person familiar with the matter. Government stockpiles are adequate to meet the needs of welfare programs, said the person, who asked not to be identified as the information is private.
• Chief Economic Advisor V Anantha Nageswaran said on Monday that the Indian economy will be USD 3 trillion by the end of the current 2022-23 fiscal and is expected to be USD 7 trillion in the next seven years. The government had previously said India would become a USD 5 trillion economy by 2025.
• India’s Power Ministry has asked utilities to import 6% of their coal requirement until September, according to a letter seen by Reuters, warning that domestic supplies could be curtailed if import targets are not met.

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