Zomato’s co-founder and CTO Gunjan Patidar has resigned.

Opening Bell:

SGX Nifty is down by 56.0 points in the early morning trade, indicating a negative opening for Indian stock market.

Markets in the Asia-Pacific traded lower as most of the region kicks off their first trading sessions for the year. South Korea’s Kospi index is down by 1.7 percent. Hong Kong’s Hang Seng is down by 0.43 percent in the early morning deals.

US Markets were closed yesterday for New Year’s Holiday.

Stocks News:

?Gunjan Patidar, co-founder and chief technology officer of Zomato, has tendered his resignation. Gunjan was one of the first few employees of Zomato and built the core tech systems for the company.

?HFCL along with subsidiary HTL, has received orders worth Rs 95.38 crore from Reliance Projects & Property Management Services for supply of optical fiber cables to one of the leading private telecom operators of the country. The orders will be executed by February 2023

?Dabur has completed acquisition of 51% stake in Badshah Masala as per Share Purchase Agreement and Shareholders Agreement. With this, Badshah Masala has become a subsidiary of Dabur India.

?Hindustan Zinc mined metal production at 254kt increased by 1% YoY driven by higher ore production and down 1% QoQ due to overall mined metal grades, while refined metal production at 257kt fell 2% YoY as per mined metal availability, but sequentially grew 5% with better plant and mined metal availability. Wind power generation for Q3FY23 at 50 million units, down 15% YoY & down 59% QoQ, owing to lower wind velocity & seasonality impact.

?Foreign portfolio investors (FPIs) on Monday net sold shares worth Rs 213 crore, provisional data showed. DIIs, however, net bought shares to the tune of Rs 743 crore.

Domestic and International Events

Oil prices slid on Tuesday from their highest levels in a month on a stronger dollar and after the head of the International Monetary Fund warned of a tougher 2023 as major economies experience weakening activity.
India’s manufacturing activity rebounded to a 26-month high in December, led by strong expansion in new orders and production, according to the S&P Global India Manufacturing Purchasing Managers Index. As production increased, hiring also picked up, and factory output grew at its fastest rate since November 2021.
Manufacturing PMI rose sharply to 57.8 in December from 55.7 in November. However, new overseas orders rose at the slowest pace in five months amid a demand slowdown in key export markets.
The central government will examine recommendations to let shareholders of large defaulters retain control of the businesses while exploring fresh investments and corporate restructuring with its lenders outside bankruptcy tribunals.