Sensex, Nifty tumble over 1% on selling in banking shares & RIL

Mumbai (PTI): Equity benchmarks Sensex and Nifty plunged over 1% for a second straight session on Friday dragged down by heavy selling in banking, financials, and oil stocks amid foreign fund outflows.

Massive selling in the Adani group stocks also added to the overall bearish trend. The 30-share BSE benchmark tanked 874.16 points or 1.45% to settle at 59,330.90. The broader NSE Nifty fell 287.60 points or 1.61% to end at 17,604.35, marking its worst singleday fall since Dec 23, 2022.

Adani slips from third to seventh on rich list

Adani Group stocks continue to fall

New Delhi: Tata Motors on Friday said it will increase prices of its internal combustion engine-powered passenger vehicle range by 1.2% on a weighted average basis from February 1. The company has been absorbing a significant portion of the increased costs on account of regulatory changes and a rise in overall input costs, and is hence passing on some portion through this hike, the auto major said.

Effective February 1, 2023, the weighted average increase will be 1.2%, depending on the variant and model. —PTI

SMARTPHONE SHIPMENTS FELL BY 9% Y-O-Y IN 2022

From the Sensex pack, State Bank of India, ICICI Bank, IndusInd Bank, Axis Bank, Kotak Mahindra Bank, HDFC Bank, Reliance Industries were among the major laggards.

Bucking the trend, auto stocks Tata Motors and Mahindra & Mahindra closed with gains.

New Delhi (PTI): Adani group stocks took a beating for a second straight session on Friday, falling up to 20% and losing over `4.17 lakh crore from the combined market valuation of listed firms after the US-based investment research firm Hindenburg Research made damaging allegations. Shares of Adani Total Gas plummeted 20%, Adani Transmission tumbled 19.99%, Adani Green Energy plunged 19.99% and Adani Enterprises tanked 18.52% on the BSE. Also, Adani Ports and Special Economic Zone fell 16.03%, Adani Wilmar dipped 5% and Adani Power declined 5%.

` rises 8 paise to end at 81.53 against dollar

Mumbai (PTI): The rupee appreciated 8 paise to close at 81.53 (provisional) against the US dollar on Friday amid a firm American currency against major rivals overseas. At the interbank foreign exchange market, the rupee opened stronger at 81.51 to a dollar. The local unit moved in the range of 81.50 to 81.67 during the day. It finally settled at 81.53, a rise of 8 paise against the previous close of 81.61.

Crop Condition Good

New Delhi (FIB): Adani Group’s chairperson Gautam Adani’s rank slipped four positions from third to seventh on Friday, as per Forbes Real Time Billionaires. Stocks of the Adani Group continued to go down since Wednesday and crashed over 20% on Friday over a Hindenburg Research report claiming that he was manipulating stocks. He has lost $22.6 billion since the report came out as per Forbes. He now has a net worth of $96.6 billion.

New Delhi (PTI): As the Tata group completes the first year of taking over Air India, the airline on Friday said it is finalising a historic order of new air craft while the airline's chief Campbell Wilson highlighted that the carri er's progress has been quite remarkable.

Wilson, in a message to employees, acknowl edged that there will be challenges along the way and empha that more than successes, "it is

FOREX KITTY RISES BY $1.727 BILLION TO $573.727 BILLION

Mumbai (PTI): India's forex reserves increased by $1.727 billion to $573.727 billion in the week ended January 20, the Reserve Bank of India said on Friday.

This is the second consecutive week of a rise in the kitty after the $10.417 billion jump to $572 billion during the preceding week.

During the reporting week, the foreign currency assets, a major component of the reserves, increased by $839 million to $506.358 billion, according to the Weekly Statistical Supplement.

The gold reserves continued to rise, jumping by $821 million to $43.712 billion, the RBI said. The Special Drawing Rights (SDRs) were up by $68 million to $18.432 billion, the apex bank said.

Wheat sowing up to 341.85 lakh ha so far

New Delhi: Smartphone shipments declined 9% on-year to reach 152 million units in 2022, as demand in the entry-level segment suffered even as the premium segment continued to rise, capturing a double-digit share amidst growth in retail average selling prices, according to a report from Counterpoint Research. This is the second ever annual decline in the Indian smartphone market, the first being in 2020. —FIB

New Delhi (PTI): Area sown to wheat has increased marginally by 0.37% to 341.85 lakh hectare (ha) so far in the ongoing rabi season, with higher areas reported in Rajasthan, Maharashtra and Bihar, the government data showed.

According to a agri ministry official, about 5–6 lakh ha more wheat area is expected to be reported from north India, especially Uttar Pradesh, where the sowing of wheat has got delayed due to sugarcane harvesting. “The wheat crop condition is good as of now. Tiller per plan is average at 6-10 due to better weather situations. One spell of rain in a day or two will further boost the plant growth,” the official said. As per the latest agriculture ministry’s data, wheat

More Is Expected

z According to a senior agriculture ministry official, about 5–6 lakh hectare more wheat area is expected to be reported from north India, especially the state of Uttar Pradesh, where the sowing of wheat has got delayed due to sugarcane harvesting has been sown in 341.85 lakh ha as of January 27 against 340.56 lakh ha in the year-ago period.

JIO, AIRTEL GAIN SUBSCRIBERS IN NOV AT VI's EXPENSE

New Delhi (FIB): Reliance Jio and Bharti Airtel gained 1.42 million and 1.05 million mobile users respectively in November, largely at the expense of cashstrapped Vodafone Idea (Vi), which continued to suffer big customer losses, unable to compete effectively with its stronger rivals. Vi lost a whopping 1.82 million mobile users in November, further shrinking its user base to 243.79 million. By contrast, Jio and Airtel user bases expanded to 422.80 million and 366.08 million respectively.

Reliance Jio previous week reported a net profit of ` 4,638 crore in the justconcluded quarter, against `3,615 crore in October-December 2021, according to a company's stock exchange filing.