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Nifty Hits 2-Month Low as Auto and Midcap Indices Tumble

The Sensex fell 494.75 points to close at 81,006.61, while the Nifty dropped 221.45 points to 24,749.85.

On 17th October, benchmark indices faced a broad-based selloff, pushing the Nifty 50 below key support levels to close at a two-month low. 41 of the 50 Nifty stocks ended in the red.

The Sensex fell 494.75 points to close at 81,006.61, while the Nifty dropped 221.45 points to 24,749.85. The Nifty Midcap 100 Index declined by nearly 2%, losing 985.90 points to end at 58,465.95, and the Nifty Bank fell 512.25 points to close at 51,288.80.

The auto sector was hit hard, led by Bajaj Auto’s cautious commentary on festive demand. Bajaj Auto saw its largest single-day fall in nearly four years, raising concerns about demand and margins across the auto stocks.

Nestle shares fell 3% after weaker-than-expected Q2 results, while IT stocks like Tech Mahindra and Infosys gained ahead of their earnings announcements.

Mphasis surged 6% on better-than-expected Q2 performance, and Nalco rose 4%, supported by strong earnings from Alcoa. Central Bank and CRISIL were up 3% due to solid quarterly results.

Havells saw its largest drop in three years as margins missed estimates. SRF declined 2% after UBS downgraded it to ‘Sell,’ citing demand concerns. Kolte Patil jumped 7% on strong Q2 performance, while Tata Communications dropped 5% following disappointing Q2 earnings.

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MARKETS

United Breweries Shares Soar 6% on Resuming Beer Supply 

Ali Waghbakriwala

Shares of United Breweries Ltd soared 6% on 20 January after the company announced their plans to resume supplying its beer to Telangana Beverages Corporation Limited with immediate effect.

The company described this as an “interim decision” made in the “interest of consumers, workers, and stakeholders.” It stated, “We have been engaging in constructive discussions with TGBCL, who has assured us of addressing our concerns regarding pricing and outstanding payments within a specified timeframe. Based on these assurances and pending further information, we have decided to resume our supplies to TGBCL for now,” the company shared in a stock exchange filing.

Earlier, on 8 January, the company announced that it had suspended the supply of beer to Telangana Beverages Corporation Limited as it had not revised the basic price of its beer since 2019-20, which resulted in significant losses. 

The company added that there were significant overdues, and Telangana Beverages Corporation Limited failed to pay for the previous beer supply. 

According to the news outlet CNBC-TV18, the company reversed the decision after the Telangana government confirmed that they would hike prices in 30-45 days, and the previous dues would be cleared in instalments during the next 12 to 13 months.

Last year, the Brewers Association of India (BAI), representing some of the country’s leading beer manufacturers, requested the Telangana government to permit price increases for alcoholic beverages to offset inflation. However, the state government denied the request.

TGBCL, a public sector enterprise owned by the Telangana government, holds exclusive control over the wholesale and retail distribution of alcohol in the state.

At 12:55 pm, the shares of United Breweries were trading 4.94% higher at Rs 2,047.80 on NSE.

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MARKETS

Ashapura Minechem Shares Skyrocketed 10% on Signing a Pact with China Railway 

Ali Waghbakriwala

Shares of Ashapura Minechem Ltd skyrocketed 10% and hit a 52-week high of Rs 571.55 on 20 January after the company announced that its arm has inked a MoU with China Railway. 

In its regulatory filing, the company said that its overseas subsidiary had signed a long-term Memorandum of Understanding (MoU) with a Global Fortune 500 Company, China Railway, to jointly develop the Fako bauxite deposit in the Kindia region of Guinea. 

As a part of the MoU, the company will oversee marketing, sales, and technical support, including quality assurance, whereas China Railway will handle bauxite production and provide logistic solutions. 

The filing added, “The above mentioned project may set to transform one of Guinea’s most underdeveloped regions by creating job opportunities. It will also boost company’s production capacity while driving economic growth and improving lives of local communities in the Fako region.” 

Established on 19 February 1982, Ashapura Minechem is involved in the mining, production, and trading of various minerals and their derivatives. The company offers multi-mineral solutions catering to diverse industries, including soaps, steel, energy, edible oils, metals, medicine, cement, and ceramics. It operates across India and seven other countries.

At 12:35 pm, the shares of Ashapura Minechem were trading 2.75% higher at Rs 533.90 on NSE.

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MARKETS

Dixon Tech Shares Soar 2% on Inking MoU with KHY Electronic

Ali Waghbakriwala

Shares of Dixon Technologies Ltd gained almost 2% on Monday, 20 January, after the company announced its plans to acquire land and assets of KHY Electronic India. 

In its regulatory filing, the company said that its subsidiary IsmartU has announced entering a binding Memorandum of Understanding (MoU) with KHY Electronics India, and thereby, the arm will acquire machinery, land and building, and other tangible assets of KHY for a total consideration of Rs 133 crore. 

The company also announced that the Board of Directors is set to meet on 20 January to consider and approve the unaudited financial results of the company for the quarter that ended 31 December. 

Earlier, the company announced that it was inking an MoU with Cellecor Gadgets to manufacture refrigerators and related components for Cellecor. 

Dixon Technologies is a leading Indian company specializing in design-driven manufacturing solutions across consumer durables, lighting, and mobile phone segments.

Its diverse product range features LED TVs, washing machines, LED bulbs, tube lights, downlighters, mobile phones, wearables, hearables, refrigerators, and telecom and IT hardware products.

Beyond manufacturing, Dixon Technologies also offers reverse logistics services, including the repair and refurbishment of LED TV panels.

At 12:04 pm, the shares of Dixon Tech were trading 1.28% higher at Rs 17,445.20 on NSE.

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MARKETS

Kalyan Jewellers Shares Skyrocketed 9% as MOAMC Refutes Social Media Claims 

Ali Waghbakriwala

Shares of Kalyan Jewellers Ltd skyrocketed 9% on Monday, 20 January, after Motilal Oswal Asset Management Company (MOAMC) issued a statement addressing the recent social media allegations. 

MOAMC is a subsidiary of Motilal Oswal Financial Services, which is a brokerage firm.

The asset management company dismissed the rumours suggesting that its money managers were bribed to invest in Kalyan Jewellers by labelling the allegations as “baseless, malicious, and defamatory.”

The company, in a statement, added, “We categorically deny the baseless, malicious, and defamatory allegations circulating on social media against MOAMC and its officials. These baseless accusations are a deliberate attempt by individuals with vested interests to malign the good reputation that our firm and leadership have built over decades.”

Recent social media posts have claimed that officials at MOAMC may have been bribed to make significant investments in Kalyan Jewellers. Despite a strong denial from Kalyan Jewellers last week, these rumours have persisted, seemingly contributing to a 37% drop in the jeweller’s stock price over the past two weeks.

Kalyan Jewellers has long been a key holding in several Motilal Oswal Mutual Fund schemes.

During its recent earnings call on 14 January, Kalyan Jewellers’ management directly addressed the allegations. Executive Director Ramesh Kalyanaraman dismissed the bribery claims as “absurd” and clarified that no IT raids had occurred at the company’s premises. He emphasized, “We have always conducted our business and stakeholder interactions with the utmost integrity and transparency.”

Both Kalyan Jewellers and MOAMC have urged stakeholders to ignore the rumours and rely solely on credible information. MOAMC assured its investors, distributors, shareholders, and other stakeholders that the company upholds the highest standards of compliance and has full confidence in its systems, processes, and fund managers.

The company further stated that its daily operations remain unaffected and reiterated its commitment to prioritizing investor growth. MOAMC added, “MOAMC will take all necessary steps to protect its reputation and uphold the trust placed in us by our investors and the broader community.”

At 11:47 pm, the shares of Kalyan Jewellers were trading 7.63% higher at Rs 539.75 on NSE.

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MARKETS

Gland Pharma Shares Gain 2% on EIR from USFDA 

Ali Waghbakriwala

Shares of Gland Pharma Ltd were trading in the green and 2% higher on 20 January after the company announced receiving Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for its Pashamylaram facility.

The US health regulator conducted an inspection for Good Manufacturing Practices (GMP) at the Pashamylaram facility in Hyderabad between 25 July and 2 August 2024. Following the completion of the inspection, the company received an EIR from the USFDA. 

Earlier on 16 January, the company’s Dundigal Facility in Hyderabad received an EIR from the USFDA indicating the closure of the inspection.

In its regulatory filing, the company said, “Following the inspection for Good Manufacturing Practices (GMP) by the USFDA at the company’s Dundigal Facility in Hyderabad between 22 July, 2024, and 25 July, 2024, the company has received an Establishment Inspection Report (EIR) from the US FDA indicating the closure of the inspection.”

Founded in 1978, Gland Pharma specializes in manufacturing injectable formulations. The company operates eight production facilities across India and markets its products in more than 60 countries. Following a business-to-business (B2B) model, Gland Pharma serves regions such as the United States, Europe, Canada, Australia, India, and other global markets as of 31 March 2022.

The company’s shares have experienced negative trends, declining approximately 17% over the past six months and 13% over the past year.

At 11:24 pm, the shares of Gland Pharma were trading 0.41% higher at Rs 1,686.10 on NSE.

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