Sensex ends at new closing high; ONGC, Power Grid shine; HDFC Life drags

Market


Without any global cues to anchor the sentiment, Asian stocks mostly remained in the flat-to-positive territory. Tokyo traded flat but eeked out a small gain, while China and Hong Kong gained. The European market was trading higher in the morning session. 

15 Nov 2022, 03:41:36 PM IST

Table of Contents

A late rally helped indices end with 0.4% with Sensex closing above 61,800 and Nifty above 18,400

Indian indices raced in the last hour to register an impressive gain on Tuesday. Sensex closed at 61,872, its highest ever on a closing basis. 

The Nifty index closed at 18403 – its third-highest close ever. In the end, Sensex ended with a gain of 250 while Nifty closed with a gain of 75 points.

Among sectoral indices, most of the sectors ended in the green with Auto, Bank and Oil & Gas jumping the most. Realty and Media ended in the red, while FMCG closed flat.

Power Grid, ONGC and ICICI Bank gained 2% each, while HDFC Life and Grasim ended on the red side. Fusion Microfinance made a weak debut in the bourses today.

Tokyo stocks closed slightly higher on Tuesday as the negative impact of US falls and weak Japanese GDP data was offset by purchases of shares with sound corporate earnings. The benchmark Nikkei 225 index edged up towards the end.

Mainland China and Hong Kong stocks rose on Tuesday as investors cheered Chinese moves to ease Covid-19 restrictions and the broadly positive talks between President Xi Jinping and US counterpart Joe Biden. The Hang Seng Index jumped 4.11% extending its rally into a third day. The Shanghai Composite Index rose 1.64%.

European shares opened higher on Tuesday with defensive utilities and real estate sectors leading the advance, while Vodafone tumbled after slashing its full-year forecasts. The continent-wide STOXX 600 index rose while the benchmark FTSE 100 index dipped.

Sensex at Close

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Sensex at Close
15 Nov 2022, 03:24:50 PM IST

Multibagger stock: Karnataka Bank shares rally 110% in 2022. Axis Securities sees more upside

Shares of Karnataka Bank have maintained their bullish momentum after reporting an all-time high profit during the second quarter of the current fiscal year or Q2 FY23. The private bank’s stock has given multibagger return in 2022 (YTD) so far by rallying about 110% during the period.

“While the bank’s asset quality traction is encouraging, concerns about high restructuring (~6.2%) and the expected increase in the cost of funds persist. However, in Q2FY23 the bank reported the highest-ever PAT in a quarter and also the highest-ever PAT in the first half of the FY,” said domestic brokerage and research firm Axis Securities.

15 Nov 2022, 03:24:24 PM IST

Maruti, M&M, other plan capex expansion of ₹20,000 cr on combustion engine capacity

Carmakers Maruti Suzuki, Tata Motors, and Mahindra and Mahindra (M&M) are increasing capacities for internal combustion engine vehicles (ICEVs) to meet unmet demand. As per the guidance shared by the chief financial officers (CFOs) of all the companies will spend ramping up the output of waitlisted models in tune of 20,000 crore. (Read More)

15 Nov 2022, 02:56:38 PM IST

India’s exports dip 17% to $29.78 bn in Oct, trade deficit widens to $26.91 bn

A decline in merchandise exports in some sectors led to a contraction in the country’s overall outbound shipments by 16.65% to $29.78 billion in October, while the merchandise trade deficit widened to $26.91 billion from $25.71 billion in the previous month, according to the data released by the commerce ministry on Tuesday.

Imports during the month was at $56.69 billion as against $53.64 billion in October 2021, the data showed. (Read More)

15 Nov 2022, 02:42:03 PM IST

Govt issues draft notification to further streamline, strengthen tourist permit regime

With an aim to further streamline and strengthen the tourist permit regime, the ministry of road transport and highways (MoRTH) has issued a draft notification to supersede the All India Tourist Vehicle (Authorisation or Permit) Rules, 2021.

According to an official statement, the rules notified in 2021 provided a significant boost to the tourism sector in India by streamlining and simplifying the permit regime for tourist vehicles.

“MoRTH has issued a draft notification on 11 November 2022 to supersede the All India Tourist Vehicle (Authorisation or Permit) Rules, 2021.” (PTI)

15 Nov 2022, 02:36:30 PM IST

Shares of RailTel and Rail Vikas rally over 7%

The shares of two rail stocks, namely RailTel and Rail Vikas Nigam went up on Tuesday. According to BSE, the shares of RailTel were trading with a surge of 6.59 per cent to 133.50 apiece at 1.33 pm whereas Rail Vikas Nigam’s shares were trading with a rise of 7.70 per cent to 58.75 apiece on BSE on Tuesday.

The two rail stocks had been strengthening ever since there had been reports that the government might divest up to 10 per cent stake in RailTel, Rail Vikas and four other public-listed railway firms. There had been reports that the divestment shall give the government a sum of 12,000 crore. (ANI)

15 Nov 2022, 02:25:40 PM IST

Prabhudas Lilladher recommendations on Bharat Forge, Manappuram Finance, and Thermax India

Bharat Forge (BHFC IN): Rating: BUY | CMP: Rs859 | TP: Rs950

Q2FY23 Result Update – Diversification efforts to aid profitability

 

Manappuram Finance (MGFL IN): Rating: BUY | CMP: Rs117 | TP: Rs144

Q2FY23 Result Update – Yield Sees Sharp Uptick, Gold Loan AUM Sluggis

 

Thermax (TMX IN): Rating: ACCUMULATE | CMP: Rs2,276 | TP: Rs2,556

Q2FY23 Result Update – Better execution; margins likely to improve

 

15 Nov 2022, 02:18:55 PM IST

India’s Modi calls for diplomacy to end Russia-Ukraine conflict

India Prime Minister Narendra Modi on Tuesday urged a return to diplomacy to end the Russia-Ukraine war, reiterating the South Asian nation’s call for peace in the ongoing conflict.

India has not condemned Moscow’s invasion of Ukraine, but Modi told Russian President Vladimir Putin in September that “today’s era is not an era of war”.

“I have repeatedly said that we have to find a way to return to the path of ceasefire and diplomacy in Ukraine,” Modi said in his opening remarks at the Group of 20 (G20) summit in Bali, Indonesia. (Reuters)

15 Nov 2022, 01:54:03 PM IST

UPL Ltd stock drags on Tuesday; sheds 1%

UPL Ltd

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UPL Ltd
15 Nov 2022, 01:52:30 PM IST

Medanta operator Global Health IPO: GMP rises ahead of shares listing

The finalisation of the share allotment of Medanta operator Global Health IPO has taken place and now all eyes are on the company’s shares listing. The company’s shares are expected to list on the leading stock exchanges BSE and NSE tomorrow i.e., Wednesday, November 16, 2022. As per market observers, Global Health shares are available at a premium (GMP) of 30 in the grey market today, up from 23 in the previous session. (Read More)

15 Nov 2022, 01:48:22 PM IST

Hong Kong stocks end up more than 4%

Hong Kong stocks rose more than three percent in the morning session as investors cheered Chinese moves to ease Covid-19 restrictions and the broadly positive talks between President Xi Jinping and US counterpart Joe Biden.

The Hang Seng Index jumped 4.11 percent, or 723.41 points, to 18,343.12 — extending its rally into a third day.

The Shanghai Composite Index rose 1.64 percent, or 50.68 points, to 3,134.08, while the Shenzhen Composite Index on China’s second exchange climbed 2.05 percent, or 41.28 points, to 2,054.09. (AFP)

15 Nov 2022, 01:22:35 PM IST

Realty Index remains a major drag on the market today; most stocks shed 

Realty

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Realty
15 Nov 2022, 01:15:20 PM IST

Axis Securities recommendation on Bata India, Hindalco and JK Cement

Bata India: Resilient Performance Amidst Challenging Times; Maintain BUY

We remain cautiously optimistic on the demand outlook going ahead and maintain BUY on the stock with a revised TP of 1,950/share and a target multiple of 43x sept’24 expected earnings (40-45x 5yr average PE band. We discount some of its listed retail peers) as we expect Bata’s valuations to catch up going ahead.

Hindalco: Resilient Q2 with Costs Peaking Out; Maintain BUY

We value the stock at 12MF EV/EBITDA multiple of 5.0x for Indian business and 6.0x for the Novelis operations on FY24 EBITDA estimates to arrive at a TP of 515/share (from 490/share). Our TP implies an upside of 13% from the CMP.

JK Cement: Encouraging Results; New Announced Capacity to Aid in Growth

We value JKCL at 13x FY24E EV/EBITDA to arrive at a TP of Rs3,350/share ( 3,020/share earlier), implying an upside of 14% from the CMP and maintaining our BUY rating on the stock.

15 Nov 2022, 01:02:10 PM IST

Paytm sees no impact from lock-in expiry, trends show heavy buying

India’s largest fintech company Paytm saw its mandatory lock-in expiry end today, with 86 per cent of its shares becoming free to trade.

Trends showed that the lock-in expiry had minimal or no impact on the company’s share price, which was trading at 637, down 0.2 per cent at 10:30 am.

In fact, details on BSE show that more shares were being bought than sold.

Paytm counts the likes of Warren Buffet, SoftBank, Elevation Capital, Alibaba as its long-term investors.

Top brokerage firms such as JP Morgan, Morgan Stanley, Goldman Sachs, ICICI Securities, Dolat Analysis and Research Themes, and CITI have extended their confidence in Paytm’s strong performance. (ANI)

15 Nov 2022, 12:45:55 PM IST

Data protection bill will end misuse of customer data, penalise violators: MoS IT

The proposed data protection bill will put an end to misuse of customer data, and violators will face punitive action under the rule, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Tuesday.

The minister shared his reaction in response to Google’s settlement of an investigation in the US which outlines that the internet giant misled users and continued tracking their location even after they opted out of the location tracking system.

Google has agreed to settle the lawsuit for which it will pay around USD 392 million, according to a statement issued by the Oregon Department of Justice.

“This type of “misuse” of custmr data violates #Privacy n #DataProtection expectations India’s #DigitalDataProtection bill will put a stop to this – & ensure that any Platform/Intermediary that does this will face punitive & financial consequences, ” Chandrasekhar tweeted. (PTI)

15 Nov 2022, 12:29:41 PM IST

Centrum Broking on Glaxo SK Pharma & Pfizer Q2FY23 Result Update: BUY

Centrum Broking says BUY for GSK and Pfizer Pharma

Glaxo SK Pharma – Focus on Rx growth; vaccine continue to decline (Buy, TP: Rs1,600)

GSK Pharma reported revenue of Rs9,2bn in Q2FY23 de-grew by 2% YoY, and grew strong on QoQ 23%. Lower staff cost offset by investment in core brands which has driven the other expenses in Q2. EBITDA for the quarter came in at Rs2.6bn with margin expansion of 800bps QoQ (flat QoQ) at 28%. Adj. PAT for the quarter stood at Rs1.9bn up by 2% YoY and 66% QoQ. During the quarter the company reported strong performance in general medicines and specialty business, gaining market share, while vaccine continue to decline. We expect the EBITDA margins to expand beyond the Cx transaction. We maintain our BUY rating, with a revised target price of Rs1,600 (38x on Sep’24E EPS).

Pfizer – Low-cost drives earnings (Buy, TP: Rs5,790)

Pfizer reported Q2FY23 result, with overall revenue came flat on YoY and grew 8% QoQ to Rs6.4bn. Despite lower sales, its better cost mix resulted EBITDA growth of 22% YoY and 21% QoQ to Rs2.3bn with margin expansion of 658bps YoY and 400bps QoQ at 36%. During the quarter Pfizer had a one-off income related to transfer of certain primarily off-patented and generic established medicines (Upjohn Business). Adjusted to this PAT for the quarter came in at Rs1.7bn up 19% YoY and 26% QoQ (Reported PAT was Rs3.1bn). We remain are positive on Pfizer as it has ~50% of its sales from innovative products and remains focused on high margin private channel vaccine market in India led by Prevenar13. As Pfizer enjoys access to new product pipeline of its parent, we remain optimistic of Prevenar20 launch in India soon. We maintain BUY, with a revised target price of Rs5,790 (36x Sep’24E EPS).

15 Nov 2022, 12:19:25 PM IST

India bonds gain for 7th day in a row as inflation eases

The benchmark Indian 10-year government bond yield fell today as data showed that inflation eased below 7% in October. But the gains in bond prices were capped as the easing of inflation in October was already baked into the market, say analysts. Bond prices are inversely related to yields. The benchmark Indian 10-year government bond yield dipped to 7.281% after closing at 7.2866% on Monday. The yield has declined for the seventh session in a row, dropping by an aggregate of 19 basis points. (Read More)

15 Nov 2022, 12:12:15 PM IST

Archean Chemical IPO’s share allotment this week; GMP steady

The initial public offering (IPO) of Archean Chemical Industries was subscribed 32.23 times by the close of the subscription period on Friday, November 11, 2022. The public issue received bids for 64,31,70,528 shares against 1,99,57,325 shares on offer, according to data available with the National Stock Exchange (NSE).

As per market observers, Archean Chemical shares are commanding a premium (GMP) of 80 in the grey market today. The shares of the company are expected to list on the leading stock exchanges BSE and NSE on Monday, November 21, 2022. (Read More)

15 Nov 2022, 12:11:32 PM IST

Credit Suisse Agrees to Sell Large Chunk of SPG Unit to Apollo

Credit Suisse AG agreed to sell a significant part its securitized products group’s assets in a deal that will help cut back a business that soaks up capital.

The Swiss lender is transferring the assets to Apollo Global Management Inc., according to a statement on Tuesday. The deal, along with the expected sale of other portfolio assets to third-party investors, is expected to reduce SPG assets from $75 billion to approximately $20 billion, through a series of transactions expected to be completed by the middle of next year.

Apollo will take on most of the SPG team, Credit Suisse said. Credit Suisse had previously said it was close to an agreement with Apollo on the deal. (Bloomberg)

15 Nov 2022, 12:01:25 PM IST

Noon Update: Indices remain marginally in red on Tuesday with Sensex shedding 125 points and Nifty 30

ONGC and Adani Ports shine, while Grasim and ITC drag in today’s session.

Sensex at Noon

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Sensex at Noon
15 Nov 2022, 11:48:39 AM IST

SpiceJet shares decline over 4 pc after Q2 loss

Shares of SpiceJet on Tuesday fell over 4 per cent in morning trade after the firm reported widening of net loss to 837.8 crore in the three months ended September.

The stock after a weak beginning, further declined 4.24 per cent to 37.20 on the BSE.

SpiceJet on Monday reported widening of net loss to 837.8 crore in the three months ended September, as record fuel prices and depreciating rupee caused turbulence for the budget carrier.

Excluding the forex loss, the airline’s net loss stood at 577.7 crore in the latest quarter under review. (PTI)

15 Nov 2022, 11:40:13 AM IST

Recommendations on Tega Industries and Mannapuram Finance by brokerage firms

LKP Securities on Tega Industries Ltd after Quarterly result: Overall we remain positive on the stock given the performance in H1FY23 and strong growth prospects ahead further substantiated from the fact that it has diversified product portfolio coupled with introduction of new products – DynaPrime liners opening opportunities in global steel mill liner market for conversion, 2) strong relationships with customers (>10 years) with sticky customer base 3) de-risked business model due to low customer concentration. . The stock has already moved up 22% from our initiation. We have tweaked our revenue and margins nos given the strong performance in H1FY23 and strong visibility ahead. We expect the company to deliver sales/EPS CAGR of 18%/26% over FY22-24E. We maintain BUY on Tega with a revised price target of 664.

Axis Securities on Mannapuram Finance after Quarterly Result: The Cost to Income ratio is expected to continue improving going forward. Overall, with 20% CAGR growth for standalone AUM, focus on higher-yielding products, adequate capital (leverage at a low 3x), and the C-I expected to improve further, we believe Mannapuram is in a good position to continue its growth momentum moving ahead. Backed by these key levers management expects ROE to reach ~20% in the next two quarters. MFL is currently trading near its 5-year P/B average (~1.1x). On reasonable valuations, we maintain our BUY rating with the revised target price of 175/share (1.3x FY24E ABV), implying an upside of 50% from the CMP.

15 Nov 2022, 11:36:56 AM IST

Grasim Industries one of the biggest laggards today; sheds around 1.5%

Grasim Industries

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Grasim Industries
15 Nov 2022, 11:25:29 AM IST

India’s October crude oil demand gets festive season boost: S&P Global Commodity Insights

India’s oil product demand during October increased month-on-month by 113,000 barrels per day, supported by an uptick in economic activities in the post-monsoon season and the Diwali festival, acoording to S&P Global Commodity Insights.

Demand was up on the year by 130,000 barrels per day, driven by gasoil and gasoline, which were up 83,000 barrels and 67,000 barrels, respectively.

After two consecutive cuts in windfall taxes to nil for ATF, gasoline and USD 10 per barrel for gasoil exports, the Indian government started raising the export taxes again from mid-October. (ANI)

15 Nov 2022, 11:24:21 AM IST

ONGC declares interim dividend at 135%, record date next week

Oil and Natural Gas Corporation (ONGC) on Monday said its board has declared an interim dividend of 6.75 per equity share of face value of 5/- each i.e. @ 135 % for the financial year 2022-23 while also announcing its second quarter earnings for the current fiscal or Q2 FY23. Shares of ONGC were trading nearly 3% higher at 143 apiece on the BSE in Tuesday’s early deals.

Meanwhile, the company reported 30% fall in net profit for September quarter after the government levied windfall tax to take away gains arising from spurt in international oil and gas prices. ONGC’s net profit came at 12,826 crore in July-September 2022-23 as compared with 18,347.7 crorein the same period a year back. (Read More)

15 Nov 2022, 11:12:52 AM IST

Fusion Micro Finance shares fall over 2 pc in debut trade

Shares of Fusion Micro Finance on Tuesday made a weak market debut, falling over 2 per cent, against the issue price of 368.

The stock made its debut at 360.50, a discount of 2 per cent on the BSE. It later fell 6.25 per cent to 345.

Its market valuation stood at 3,447.61 crore at the BSE.

At the NSE, it began the trade at 359.50, lower by 2.30 per cent from the issue price.

Meanwhile, the broader market was also quoting lower, with the BSE benchmark trading down by nearly 100 points at 61,526.02 at 10.56 hours.

The Initial Public Offering (IPO) of Fusion Micro Finance was subscribed 2.95 times earlier this month.

The 1,104-crore IPO had a price range of 350-368. (PTI)

15 Nov 2022, 10:51:30 AM IST

Why crypto Solana’s price crashed the most in a week amid FTX collapse

Crypto altcoin Solana, which was tied to a blockchain backed by Sam Bankman-Fried, declined more than 52% in just a week, leading the crypto slump as the fallout from the collapse of Fried’s FTX empire continued to reverberate. Solana’s market value has fallen from a peak of almost $80 billion last November to just over $5 billion, according to data from CoinGecko.

“If we look at the performance of Solana, it has slipped by 95% from its all-time high in November 2021. The recent developments at FTX have rattled the crypto market which is pushing investors away from riskier assets. The market is anticipating that Alameda research could offload its entire SOL holdings which is its second-largest holding after FTX,” said Tarusha Mittal, COO and Cofounder of UniFarm, a group staking platform. (Read More)

15 Nov 2022, 10:41:07 AM IST

Hero MotoCrop climbs 2%; among the biggest gainers in today’s session

Hero MotoCorp

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Hero MotoCorp
15 Nov 2022, 10:39:48 AM IST

Mindtree-L&T Infotech merger operationalised: Record date, fractional entitlements, other details

The L&T Group has announced operationalisation of the merger of Mindtree with LTI (Larsen & Toubro Infotech), effective November 14. The new entity, LTI Mindtree, will begin trading from November 24. Mindtree shareholders will get 73 LTI shares for every 100 shares they hold post merger. LTI and Mindtree merger was announced in May 2022. The parent company, L&T, will hold 68.73% of the merged entity – LTIMindtree. Read10 things to know about Mindtree-LTI merger in this link.

15 Nov 2022, 10:28:44 AM IST

Auto Index shines in today’s session; most stocks in the index gain

Auto Index

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Auto Index
15 Nov 2022, 10:16:05 AM IST

Rupee slips after positive opening on corporate dollar demand

The Indian rupee was unable to hold on to its opening uptick against the dollar on Tuesday, on likely importer interest to hedge their liabilities, traders said.

The rupee was trading at 81.44 per U.S. dollar by 0442 GMT, compared with 81.26 in the previous session. The local had managed to inch up to 81.14 in opening trades.

The price action was similar to that on Monday but within a narrower range. On Monday, the rupee climbed to near 80.50, before quickly reversing to below 81.

Yet again, there is very good demand for dollars from both private banks and foreign banks, likely related to their corporate clients, a spot trader said. (Reuters)

15 Nov 2022, 10:07:21 AM IST

Reliance Securities Stock in Focus for today: Mphasis

STOCK IN FOCUS

Mphasis (CMP 2,035)

Valuing the stock at 20x of FY24E earnings, we have BUY recommendation on Mphasis with 1-Year Target Price of Rs2,330.

Intraday Picks

BALRAMCHIN (PREVIOUS CLOSE: 341) BUY

For today’s trade, long position can be initiated in the range of Rs337- 335 for the target of Rs348 with a strict stop loss of Rs331.

LUPIN (PREVIOUS CLOSE: 760) BUY

For today’s trade, long position can be initiated in the range of Rs749- 742 for the target of Rs775 with a strict stop loss of Rs734.

LALPATHLAB (PREVIOUS CLOSE: 2,484) BUY

For today’s trade, long position can be initiated in the range of Rs2,425- 2,410 for the target of Rs2,540 with a strict stop loss of Rs2,345.

15 Nov 2022, 09:56:25 AM IST

ONGC Sept qtr profit drops 30% to ₹12,826 cr as govt levies windfall tax

Oil and Natural Gas Corporation (ONGC) reported 30% fall in net profit for the September quarter after the government levied a windfall tax to take away gains arising from a spurt in international oil and gas prices.

Net profit of 12,825.99 crore, or 10.20 a share, in July-September 2022-23 is compared with 18,347.73 crore, or 14.58 per share net profit in the same period a year back, the company said in a statement.

Profit fell 15.6 per cent over the preceding June quarter when it had reported 15,205.85 crore net profit.

The company’s gross billing for crude oil it produced soared 37.7 per cent to USD 95.49 per barrel in the quarter from USD 69.36 a barrel last year. (PTI)

15 Nov 2022, 09:45:05 AM IST

Bikaji Foods IPO: Shares listing likely tomorrow. Check GMP

The initial public offering of Bikaji Foods International was subscribed 26.67 times on Monday, November 7, 2022 the last day of subscription. The 881-crore IPO received bids for 55,04,00,900 shares against 2,06,36,790 shares on offer, as per data available with the NSE.

As per market observers, Bikaji Foods shares are commanding a premium (GMP) of 23 in the grey market today. The finalisation of the share allotment has been done and now all eyes are on the company’s stock market debut. The shares of the company are expected to list on leading stock exchanges BSE and NSE tomorrow i.e., Wednesday, November 16, 2022. (Read More)

15 Nov 2022, 09:36:20 AM IST

ITC stock sheds 1% in early trading, dragging the FMCG index

ITC

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ITC
15 Nov 2022, 09:30:00 AM IST

Geojit Financial Services on today’s market: Some profit booking may be considered in mid and small-caps

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The strongest tailwind for equity markets globally is the peaking of inflation in the US and the possibility of a slower pace of rate hikes. In tune with this trend, CPI inflation in India, too, has declined to 6.7 % in October from 7.4 % in September. The decline in crude to $92 dollars is another positive. All these can take the Nifty to a new record, but in typical market characteristics, it may not happen when the consensus expects it to happen. A healthy trend in the market now is the slow accumulation in high quality large-caps. Sustained buying by the FIIs is supporting this trend. Some profit booking may be considered in mid and small-caps which have run up on good results.

15 Nov 2022, 09:25:14 AM IST

FMCG index sheds in early trading with most stocks in the index trading in the red

FMCG

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FMCG
15 Nov 2022, 09:23:35 AM IST

Japan’s economy shrinks as consumers hold back on spending

The Japanese economy contracted at an annual rate of 1.2% in the July-September quarter, as consumption declined amid rising prices.

Seasonally adjusted real gross domestic product for the world’s third-largest economy shrank 0.3% on-quarter, according to government Cabinet Office data released Tuesday.

The annual rate shows how the economy would have grown if the quarterly rate were to continue for a year.

Japan’s GDP, or the sum of the value of a nation’s products and services, was weaker than analysts had expected, coming after three quarters of moderate growth. (PTI)

15 Nov 2022, 09:22:36 AM IST

Indices open marginally higher on Tuesday with Sensex gaining 100 points and Nifty 35 points

Sensex at Open

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Sensex at Open
15 Nov 2022, 09:07:28 AM IST

Godrej Properties booking in Pune project launch crosses ₹500 crore in 2 months

Godrej Properties today announced that it’s has achieved sales of 500 crore in a Pune, Hinjewadi, project launch in just two months. Its Godrej Woodsville project in Hinjewadi, Pune, recorded sales of over 675 homes with an area of over 6.90 lakh square feet for the project launched in September 2022.

Godrej Woodsville is a residential project, located at Hinjewadi and is in close proximity to Mula Mutha River. The project offers a range of luxurious 2 and 3 BHK apartments. Godrej Properties says the project is located to provide easy connectivity to the IT and lifestyle hubs in Hinjewadi along with access to schools, hospitals, malls, restaurants and premium hotels. (Read More)

15 Nov 2022, 09:04:28 AM IST

Sensex preopens in red on Tuesday; IRCTC and NDTV in focus and Fusion Microfinance to debut in bourses today 

Sensex at Preopen

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Sensex at Preopen
15 Nov 2022, 08:58:14 AM IST

Zomato’s head of new businesses Rahul Ganjoo resigns

Zomato’s new initiatives head and former food delivery chief Rahul Ganjoo has resigned from the company, BSE filings obtained by Mint showed.

Ganjoo is leaving Zomato after a five-year stint. He joined the company in 2017 as the head of product development. In 2020, he was appointed co-CEO of the food delivery vertical. In August of this year, he was elevated as head of new businesses.

Before joining Zomato in 2017, Ganjoo had worked in companies like Snapdeal, Twitter, and Symantec in product management roles, as per his LinkedIn profile.

His exit follows the departure of Siddhart Jhawar, who was the head of Zomato’s Intercity Legends service.

The high-profile exits have been announced after Zomato’s second-quarter results. Its fiscal second-quarter loss narrowed from a year ago due to a sharp rise in its income from food delivery and its wholesale Hyperpure unit. (Read More)

15 Nov 2022, 08:46:39 AM IST

Kaynes Technology IPO: GMP, share allotment, listing date details inside

The Initial Public Offer (IPO) of Kaynes Technology India received 34.16 times subscription on the last day of offer on Monday. The IPO got bids for 35.76 crore shares against 1.04 crore shares on offer, according to NSE data.

As per market observers, Kaynes Tech shares are available at a premium (GMP) of 138 in the grey market today. The company’s shares are expected to list stock exchanges BSE and NSE on November 22, 2022. Meanwhile, the finalisation of the share allotment is expected to take place this week on Thursday, November 17, 2022. Link Intime India Private Ltd is the registrar of the offer. (Read More)

15 Nov 2022, 08:39:26 AM IST

INDIA-MARKETS-BONDS: Bond yields seen tad lower tracking oil move, inflation data may cap fall

Indian government bond yields are expected to open marginally lower on Tuesday as oil prices declined, though any major move is likely to be capped as domestic inflation eased and came roughly in line with estimates.

The benchmark 10-year yield is likely to be in a 7.26%-7.32% band for the session, a trader with a private bank said.

The yield ended lower for a sixth straight session at 7.2866% on Monday and has declined 19 basis points in six sessions.

“The move in oil prices could lead to some bullish bias at the open, but we may not see a runaway rally,” the trader said. (Reuters)

15 Nov 2022, 08:25:22 AM IST

Stocks to Watch: Fusion Microfinance, IRCTC, Biocon, LTI, Mindtree, NDTV, Adani Ports, Apollo Tyres, Aditya Birla Capital, Zomato, SpiceJet

Milton Industries, AVG Logistics, and Rajesh Exports will be the stocks in focus as they declare their September quarter earnings today. (Read More)

15 Nov 2022, 08:18:03 AM IST

Inox Green Energy IPO: Latest GMP on the last day of subscription

The initial public offering (IPO) of Inox Green Energy Services, a subsidiary of Inox Wind, was subscribed 85% on the second day of offer on Monday. The three-day issue opened on Friday, November 11, 2022 and will conclude on Tuesday, November 15, 2022. The price band has been fixed at 61 to 65 per share.

The company on Thursday said that it collected 333 crore from anchor investors ahead of its public issue. The company decided to allocate 5.12 crore shares to anchor investors at 65 apiece. 

As per market observers, Inox Green Energy shares are commanding a premium (GMP) of 4 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE next week on Wednesday, November 23, 2022. (Read More)

15 Nov 2022, 08:10:57 AM IST

Biocon Q2 results: Revenue was recorded at 2384 crore grew by 26%

Bengaluru-based bio-pharma company Biocon Biologics on Monday announced its consolidated financial results for the second quarter which ended on September 30. While Q2FY23 revenue was seen at 2,384 crore recording growth of 26%, the core EBITDA was up by 34% at 816 crore.

According to the company, the generics formulations recorded revenue of 623 Crore up by 18% and 34% growth was recorded in Biosimilars along with 26% in the research service sector.

“We reported a strong consolidated revenue growth of 23% YoY for Q2FY23 at 2,384 Crore driven by 34% growth in Biosimilars, 26% in research services and 18% in the generics business. Our Gross R&D spends increased by 52% YoY this quarter to 252 crore reflecting our advancing pipeline that will drive our future growth. Core EBITDA was up by 34% at 816 Crore, representing healthy core operating margins of 35% versus 33% in the same quarter last year,” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics. (Read More)

15 Nov 2022, 08:08:58 AM IST

China industrial output, retail sales miss expectations in October

China’s industrial output rose 5.0% in October from a year earlier, slowing from the 6.3% pace seen in September, official data showed on Tuesday, as COVID-19 restrictions weighed on factory activity.

It came below expectations for a 5.2% increase in a Reuters poll of analysts.

Retail sales fell 0.5%, the first drop since May when Shanghai was under a city-wide lockdown. Analysts had expected retail sales to rise 1.0%, slowing from a 2.5% gain in September.

Fixed asset investment expanded 5.8% in the first 10 months of 2022 from the same period a year earlier, versus expectations for a 5.9% rise. It grew 5.9% in the January-September period. (Reuters)

15 Nov 2022, 07:57:57 AM IST

Govt reworks plan to monetize BSNL’s surplus property

The government has redrawn its plan for monetising the surplus properties and land assets of Bharat Sanchar Nigam Limited—those valued over 100 crore are to be handled by the department of investment and public asset management (DIPAM) and the rest by the department of telecommunications (DoT).

The decision was taken after the sale of non-core assets of BSNL and Mahanagar Telecom Nigam Limited received a poor response in the first-ever sale of non-core assets through auctions in November 2021. (Read More)

15 Nov 2022, 07:55:35 AM IST

Oil prices slip on OPEC cut in demand forecast, China COVID cases

Oil prices extended losses in early Asian trade on Tuesday after OPEC cut its 2022 global demand forecast, while rising COVID-19 case numbers in China clouded the outlook for fuel consumption in the world’s top crude importing nation.

Brent crude futures fell 39 cents, or 0.4%, to $92.75 a barrel by 0133 GMT after settling down 3% on Monday. U.S. West Texas Intermediate crude was at $85.31 a barrel, down 56 cents, or 0.7%, after tumbling 3.5% in the previous session.

The Organization of the Petroleum Exporting Countries (OPEC) cut its 2022 global oil demand growth forecast for a fifth time since April, citing mounting economic challenges including high inflation and rising interest rates. (Reuters)

15 Nov 2022, 07:43:02 AM IST

Aditya Birla Capital, Nippon Life talks fail on merger

Talks between Aditya Birla Capital and Japan-based Nippon Life for merger have failed as later did not agree to a reduced stake in the life insurance venture of debt-ridden Reliance Capital Ltd (RCL) post-resolution, sources said.

Nippon Life, who is a 49 per cent partner in Reliance Nippon Life Insurance Company (RNLIC), was considering a merger between Reliance Nippon Life and Birla Sun Life Insurance, a part of Aditya Birla Capital.

RNLIC is a subsidiary of debt-ridden Reliance Capital which is undergoing the insolvency resolution process.

Sources said Nippon Life stake would have been diluted to below 10 per cent following the merger and the Japanese firm is believed to be not comfortable with the idea of losing all the shareholder and the governance rights. (PTI)

15 Nov 2022, 07:41:50 AM IST

Grasim’s Q2 performance gets support from chlor-alkali biz

Grasim Industries Ltd posted a decent performance during the September quarter amid challenges with the company’s net profits at the standalone level for the core operations at 964 crore growing 1.8% year-on-year and 19.26% sequentially.

Excluding exceptional items, net profit at 1,052 crore would have grown 11.08 % year-on-year and as much as 30% sequentially.

Global market conditions remained challenging during Q2 and the sharp increase in energy costs added to woes. (Read More)

15 Nov 2022, 07:40:39 AM IST

Gold gains ₹255; silver climbs ₹561

Gold price in the national capital rose 255 to 52,850 per 10 grams on Monday, according to HDFC Securities.

In the previous trade, the precious metal had settled at 52,595 per 10 grams.

Silver also climbed 561 to 62,440 per kilogram.

“Gold prices witnessed profit booking from a three-month peak hit in the previous session, US bond yields rose after a top US central banker warned that the Federal Reserve is not ‘softening’ fight against inflation yet,” said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services. (PTI)

15 Nov 2022, 07:34:32 AM IST

Fusion Micro Finance to debut on 15 Nov: Experts view on listing of the NBFC

New Delhi-based Fusion Micro Finance is set to get listed on stock exchanges on Tuesday. The company which launched an initial public offering (IPO) worth over 1,100 crore in the first week of November, received an oversubscription of 2.95 times on exchanges. On BSE, Fusion will be listed for trading under the ‘B’ group of securities. Fusion provides financial services to unserved and underserved women in rural and peri-rural areas across India.

As per BSE notice, it said, “trading members of the exchange are hereby informed that effective from Tuesday, November 15, 2022, the equity shares of Fusion Micro Finance shall be listed and admitted to dealings on the Exchange in the list of ‘B’ group of securities.” (Read More)

15 Nov 2022, 07:33:14 AM IST

Amazon to lay off thousands of employees -source

Amazon.com Inc is planning to lay off around 10,000 employees in corporate and technology roles beginning this week, a person familiar with the matter said on Monday, in what would amount to its biggest such reduction to date.

The cuts, earlier reported by the New York Times, would represent about 3% of Amazon’s corporate staff. The exact number may vary as businesses within Amazon review their priorities, the source told Reuters.

The online retailer plans to eliminate jobs in its devices organization, which makes voice-controlled “Alexa” gadgets and home-security cameras, as well as in its human resources and retail divisions, the person said. Amazon’s time frame for informing staff remained unclear.

The source attributed the reduction to the uncertain macroeconomic environment faced by Amazon and other companies. (Read More)

15 Nov 2022, 07:32:13 AM IST

SEBI approves Adani Group’s open offer for 26% shares of NDTV

Markets regulator Sebi on Monday approved Adani Group’s open offer to buy an additional 26% stake in broadcaster New Delhi Television Ltd, a takeover attempt that has raised concerns over eroding press freedom in the world’s largest democracy.

The Securities & Exchange Board of India approved Adani Group’s open offer, as per a statement on SEBI’s website, allowing Adani to buy more equity from the media company’s minority shareholders. (Read More)

15 Nov 2022, 07:31:35 AM IST

IRCTC Q2 results: Net profit up 42.5% to ₹226 cr; revenue soars nearly 100%

For the quarter ended September 2022, Indian Railway Catering and Tourism Corporation’s net profit after tax from continuing operations surged to 226 crore, up 42.5%. The company had reported a profit of 158.5 crore in the same quarter last year.

However, on a sequential basis, the company’s profit dropped 7.7% from 245.5 crore recorded in the previous quarter (Q1FY23).

The company’s revenue from operations soared 99% on-year to 805.8 crore in the quarter under review as against 404.9 crore in Q2FY22.

During the quarter, the PSU’s total expenses soared to 524 crore, as compared to 207.4 crore in the year-ago period. (Read More)

15 Nov 2022, 07:29:21 AM IST

LTI, Mindtree merger gets approval; set to be fifth largest IT services firm

L&T Infotech and Mindtree have received approval for the merger from NCLT and will start operating as a merged entity from November 14, 2022.

The combined entity called LTIMindtree, will thus become the fifth largest IT services company in India in terms of current market capitalization.

The two companies had announced their merger in May 2022. L&T Group Chairman AM Naik said the merger has been approved by both the Mumbai and Bengaluru benches of the National Company Law Tribunal in two separate orders.

The merger will help L&T achieve its goal of expanding the IT services to 25 percent of the group’s total business by 2026, he said. (Read More)

15 Nov 2022, 07:28:15 AM IST

Wall Street stocks end down, U.S. yields up as investors assess Fed path

A gauge of global stocks ended lower on Monday in choppy trade and U.S. bond yields rose as investors assessed comments from Federal Reserve officials to try and determine the central bank’s path of rate hikes.

Equities rallied last week and U.S. Treasury yields tumbled after consumer price data indicated stubbornly high inflation may finally be starting to slow and give the Fed room to dial back its tightening policies, pushing MSCI’s gauge of stocks across the globe to its biggest weekly percentage gain in two years.

On Wall Street, the S&P 500 fell after recording its biggest weekly percentage gain since June last week, led by declines in real estate and consumer discretionary shares. Amazon.com fell 2.28% after reports the online retailer is planning to cut around 10,000 jobs in corporate and technology roles.

The Dow Jones Industrial Average fell 211.16 points, or 0.63%, to 33,536.7, while the S&P 500 lost 35.68 points, or 0.89%, to 3,957.25 and the Nasdaq Composite dropped 127.11 points, or 1.12%, to 11,196.22. (Reuters)


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