Morning update for 7 January 2021

Indices at 10:00 am

      Nifty50 14,225 ▲ 78 (+0.5%)

         Sensex 48,400 ▲ 226 (+0.4%)

  Nifty Bank 32,033 ▲ 235 (+0.7%)

In the news

NMDC hikes prices

• State-owned iron ore producer NMDC has hiked prices of lump ore by 10% and fines by 4%, from yesterday. Prices were previously hiked on 15 December. 
• Shares of NMDC have gained nearly 40% in Q3 and are already up 10% this month.

NCL’s cement dispatches jump

• The south-based cement maker's cement dispatches rose 45% YoY, in Q3. It even saw an increase in ready-mix concrete sales by 36% and cement board dispatches by 22%. 
• Shares of NCL were up 4.1% today. Bullish trends were also seen in other south-based cement makers such as Dalmia Bharat (+2.5%), Ramco Cements Ltd (+2.0%), Sagar Cements (+1.6%) and India Cements (+0.8%).

Maharashtra slashes real estate levies

• Maharashtra has decided to cut construction premiums by 50% for a period of one year upto 31 December 2021. The state collects 22 premiums under heads such as staircases, lift well, and lobbies. 
• The drop in levies will reduce construction costs, which is likely to make housing cheaper. Shares of Maharashtra-based developers such as Godrej Properties (+2.8%), Oberoi Realty (+3.4%), Sunteck Realty (+3.9%), and Kolte Patil (+3.5%) were up today.

Dixon spurts on new deal

• Contract manufacturer Dixon Technologies has inked an agreement with boAt, an electronics lifestyle brand. Dixon will manufacture twin wireless speakers for boAt. 
• Shares of Dixon hit lifetime high today and rose 3.9%. The stock has been upbeat in 2020 having gained 253%. 

Events in this week

• Thursday: Initial jobless claims (US)

Sectoral indices

Fact of the day

We breathe roughly 25,000 times a day. But few of us are good at it.
Source: Spectator

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