Moneycontrol Bureau1:50 pm New IPO: Quess Corp, a staffing services and business solutions provider co-promoted by Thomas Cook India, has approached markets regulator Sebi for an initial public offer (IPO) to raise Rs 400 crore.The company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for the public issue of its equity shares. As per the DRHP, the company intends to use Rs 157.9 crore towards incremental working capital, Rs 80 crore for acquisitions and other strategic initiatives, Rs 70.7 crore for capex and Rs 50 crore towards debt repayment, apart from general corporate purposes.1:40 pm Market outlook: The market could correct another 5 percent from current levels near term, Raamdeo Agrawal, Joint MD, Motilal Oswal Financial Services tells CNBC-TV18. However, Agrawal is positive in his outlook from a 12-month perspective.On volatile commodity prices, he says crude have to stabilise first for other commodities as well to settle down.He says private sector banks are a good bet but investors should wait till the bad loan issues are resolved.1:30 pm Result poll: Two-wheeler manufacturer Bajaj Auto's third quarter earnings are expected to be weak on lower volume growth and exports, though domestic volume growth was strong. Profit is seen falling 5.9 percent year-on-year to Rs 810 crore and revenue may decline 3.3 percent to Rs 5,466 crore in Q3, according to analysts polled by CNBC-TV18. Earnings will be announced on February 4.
Sales volume in December quarter declined 3 percent to 9.51 lakh units YoY due to slowdown in many export markets. Export volumes fell 16 percent YoY to 4.1 lakh units in Q3 due to sharp slowdown in demand in Africa and Latin America. Lack of availability of dollars in key markets also impacted export sales.
However, domestic volume growth was strong, up 9.5 percent YoY to 5.41 lakh units in third quarter, led by strong growth in domestic three-wheelers and additional volumes of CT 100.
HUL, Sun Pharma, Coal India, Bajaj Auto and M&M are top gainers while BHEL, Tata Motors, Axis Bank, NTPC and Hindalco are losers in the Sensex. Among most active stocks are Crompton Greaves and SpiceJet
Asian stocks closed sharply lower on Wednesday, after Wall Street sold off as much as 2 percent overnight amid a plunge in oil prices.
The losses on the mainland came despite China's Caixin purchasing managers' index (PMI) for the services sector showing activity expanded at its fastest pace in six months in January. The index rose to 52.4 in January from a 17-month low reading of 50.2 in December.
But after the global market rout since the beginning of the year, some are seeing glimmers of light at the end of the tunnel.
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