Market Update 8 Jan. 2021 – Biocon arm bags investment from Abu Dhabi

Phoenix Mills rises on upbeat Q3 update

  • The realty major stated that it witnessed a sustained recovery in demand across its malls, commercial, residential and hospitality properties. Consumption across its retail portfolio in Q3 stood at ₹1,370 crore, up 66% from last year.
  • The stock rallied about 8.8% in the day and closed with gains of 4.7%. It hit its highest levels since March and has gained nearly 33% in Q3.

Biocon arm bags investment from Abu Dhabi

  • Biocon Biologics, a subsidiary of Biocon, has bagged a ₹555 crore equity investment from Abu Dhabi-based ADQ for a 1.8% stake.
  • The transaction values the biologics business at $4.1 billion and after the transaction, Biocon will hold 89.8% in the company. After news of the investment, Biocon shares closed with a gain of 2%.

M&M drives up on price hike

  • The auto major has announced a price hike of 1.9% across its personal and commercial vehicles effective immediately. After the hike, Mahindra cars will be dearer by ₹4,500 to ₹40,000.
  • The company cited increasing input costs as the reason for raising prices across its range. The stock gained 3.0% today, and has risen nearly 19% in Q3. Price hikes help to maintain margins, till they start affecting demand.

IT stocks on a roll ahead of TCS Q3 earnings

  • Sector leader, TCS gained 2.9% today ahead of its Q3 results, which will be announced after market hours. Analysts expect QoQ growth of around 4% on constant currency terms. Apart from this, the street is expecting an upbeat outlook from the management.
  • The rub-off effect was seen in shares of other IT companies, as they surged nearly 6% in intraday trade today. IT giants Tech Mahindra (+5.3%), Wipro (+5.2%) and Infosys (+3.9%) were among the top 5 Nifty50 gainers today.