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Top Market Highlights Of The Day – Jan 17 , 2022

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Index

The Nifty futures were trading around 18,201 level on the Singaporean Exchange at 7:35 IST. US markets ended mixed, while Asian markets are trading mostly higher.

Source: Internet

Maruti Suzuki has increased prices of its models by up to 4.3%

Maruti Suzuki has increased prices of its models by up to 4.3% with immediate effect to partially offset the impact of rising input costs. The price enhancements across its models range from a low of 0.1% to a peak level of 4.3%. The overall weighted average price hike works out to 1.7%. Maruti Suzuki has already hiked prices of its cars thrice last year adding up to a weighted average hike of 4.9%. Most key auto inputs like steel, aluminium and plastics have rallied sharply even as the microchips shortage continues to mount.

IOCL plans to invest over Rs.7,000 crore setting up city gas distribution

IOCL plans to invest over Rs.7,000 crore setting up city gas distribution (CGD) networks in cities where it has got licenses in the latest round of bidding. IOCL got 33% of the total demand potential that was put up for bidding in the 11th round of CGD bidding. IOCL has got 9 licenses to retail CNG to automobiles and piped cooking gas to households. IOCL licenses were still less than Megha Engineering, which got 15 licenses and 14 licenses of Adani Total Gas. IOCL will service 28% of the CGD potential of 3 rounds of bidding.

HDFC Bank reported 18% jump in standalone net profit at Rs.10,342 crore for the Dec-21 quarter

HDFC Bank reported 18% jump in standalone net profit at Rs.10,342 crore for the Dec-21 quarter. An aggregate of NII and other income was up 12% at Rs.26,627 crore. The all-important net interest income or NII grew by 135 at Rs.18,444 crore while the net interest margins or NIMs were stable at 4.1%. The higher profits were also helped by the 12% lower provisions in the quarter at Rs.2,994 crore. Gross NPAs of the bank has gone up sharply from 0.81% to 1.26% on yoy basis. Net NPAs also spiked from 0.09% to 0.37% YoY.

Oil India Ltd has opted to exit its US shale oil venture

Oil India Ltd has opted to exit its US shale oil venture. It has sold its 20% stake to its venture partner for $25 million. Oil India becomes the second Indian hydrocarbon company after RIL to fully exit the US shale business. Oil India and IOCL had jointly bought 30% stake in Carrizo’s Niobrara shale assets in Colorado in 2012. At present, GAIL continues to hold 20% stake in Carrizo’s Eagle Ford shale venture. With the world moving away from fossil fuels, most companies are cutting down their shale franchises across the world.

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