Sensex jumps 1200 pts, Nifty ends at 18,350; HDFC twins shine; Eicher lags

Market


Asian stocks celebrated the latest sign of cooling off of inflation pressures in the US with Tokyo and Hong Kong making a huge jump and Shanghai rising moderately on Friday. European stocks also were trading in the green in the morning session. 

11 Nov 2022, 03:43:55 PM IST

Table of Contents

Indices track Wall Street rally to end 2% higher on Friday; Sensex adds 1200 pts and Nifty 320

Indian benchmark indices capitalised on the positive global cues and soared around 2% in today’s session. US inflation data and China’s easing its Covid restrictions boosted the sentiment on Friday.

Sensex made a jump of 1,181 points to close the week at 61,795 points. Nifty also went past 18,300 to close at 18,350, a gain of 321 points.

HDFC and HDFC Bank led the rally with a climb of more than 5% on reports that a methodology change in MSCI M&A (early inclusion) could ensure that the merged entity could find a place on the MSCI early next year.

Infosys, Tech Mahindra and HCL Tech were other gainers. Eicher Motors was the only prominent laggard today with a drop of 5%.

Among indices, IT indices gained more than 4% followed by Financial Services and Metal. PSU Bank, Auto and FMCG were the only indices that ended in the red in today’s session.

Asian stocks soared on Friday as markets tracked Wall Street after signs of cooling inflation fuelled hopes the U.S. central bank might slow its pace of interest rate hike. The sentiment got a further boost with China reportedly easing its Covid restrictions.

Japan’s Nikkei index ended at a two-month high on Friday, led by Tokyo Electron and other growth stocks. The Nikkei jumped 2.98%, its highest close since September 13. The index gained 3.91% this week and marked a third straight weekly gain.

Chinese markets rallied as a move by authorities to ease some rules related to quarantine and flight bans intensified bets that a shift away from the stringent Covid Zero policy may finally be underway. However, some gains were pared by the Mainland China indices.

Hong Kong’s Hang Seng climbed 7.74%, while Shanghai Composite ended with a gain of 1.69%.

European shares opened higher on Friday as news of China easing its stringent Covid rules boosted commodity-linked stocks as well as luxury goods retailers. The STOXX 600 index advanced in the morning session with Swiss luxury group Richemont surging 10.9% to the top of the index.

Sensex at Close

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Sensex at Close
11 Nov 2022, 03:26:30 PM IST

Kotak Bank among prominent laggards; sheds more than 0.5%

Kotak Bank

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Kotak Bank
11 Nov 2022, 03:12:36 PM IST

IDFC reports 27% YoY rise in Q2 PAT at ₹332 cr, revenue sees robust growth

Mumbai-based IDFC Limited reported double-digit growth in profitability for the second quarter ending September 30, 2022 (Q2FY23). The company’s consolidated net profit to owners increased by 26.70% to 331.83 crore in Q2FY23 compared to 261.90 crore in the same quarter last year. On Friday, IDFC shares neared their 52-week high.

Sequentially, IDFC recorded a whopping growth of 31.35% in net profit compared to a PAT of 252.62 crore in the June 2022 quarter. (Read More)

11 Nov 2022, 03:10:00 PM IST

India’s Exide Industries posts Q2 profit rise as input costs ease

Indian battery maker Exide Industries Ltd reported a better-than-expected second-quarter profit on Friday driven by an increase in volumes and easing input costs.

There was also an uptick in demand from the replacement and the original equipment manufacturer (OEM) segments as demand for passenger vehicles surged, with automakers reporting strong sales.

Exide’s profit rose 5.13% to 2.46 billion Indian rupees ($30.43 million) in the June-September quarter, compared with 2.34 billion rupees a year ago, the company said in an exchange filing.

Analysts on average had expected a profit of 2.36 billion rupees, according to Refinitiv IBES data. (PTI)

11 Nov 2022, 03:02:04 PM IST

PhysicsWallah results: Net profit in FY22 jumps over 14 times on revenue surge

On account of surge in revenue in the financial year 2021-22, India’s edtech unicorn has posted another year of a profitable operations. In FY22, India’s sole profitable edtech unicorn’s net profit surged more than 14 times to 97.8 crore against 6.93 crore in previous financial year. In FY22, the edtech unicorn reported nine-fold rise in standalone operational revenue to 232.48 crore from 24.59 crore in FY21.

However, PhysicsWallah’s standalone expenses also grey over six folds to 103.17 crore from 15.36 crore in the previous financial year. In FY22, PhysicsWallah’s employee benefit expenses accounted for more than 40 per cent of the total cost at 42.18 crore, logging over 20 times the rise against 2.01 crore in the previous fiscal.

11 Nov 2022, 03:01:14 PM IST

Apple supplier Foxconn plans to quadruple workforce at India plant: Report

Apple supplier Foxconn plans to quadruple the workforce at its iPhone factory in India over two years, two government officials with knowledge of the matter said, pointing to a production adjustment as it faces disruptions in China.

The disruptions prompted Apple to lower its forecast for shipments of the premium iPhone 14 models this week, dampening its sales outlook for the busy year-end holiday season.

Taiwan-based Foxconn now plans to boost the workforce at its plant in southern India to 70,000 by adding 53,000 more workers over the next two years, said the sources, who declined to be named as the discussions are private. (Read More)

11 Nov 2022, 02:29:04 PM IST

Auto Index in the negative territory, dragged by Eicher Motors which has shed 5%

Auto Index

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Auto Index
11 Nov 2022, 02:25:04 PM IST

Alstom wins ₹798 crore order to manufacture 78 coaches for Chennai Metro

French rolling stock manufacturer Alstom on Friday said it has bagged a contract worth 98 million euro (about 798 crore) to design, manufacture and commission 78 advanced metro coaches from Chennai Metro Rail Limited (CMRL).

These new metro cars will operate on the 26 km corridor, a part of Phase-II, between Poonamallee Bypass and Light House through 28 (18 elevated and 10 underground) stations.

The scope of the contract includes manufacturing 26 metro trains (three-car configuration) that can operate at a top speed of 80 kmph as well as training personnel.

With a 25 KV power supply for optimal energy efficiency, Alstom’s Metropolis metros will ensure safe and reliable passenger transport for over 11 million citizens of the city. Additionally, the overall project will significantly contribute towards socio-economic development by connecting key zones. (PTI)

11 Nov 2022, 02:20:16 PM IST

Hindalco Q2 results: Consolidated PAT dips 35% YoY to ₹2,205 crore

Hindalco Industries on Friday reported a 35.5% year-on-year dip in its consolidated net profit for the July to September quarter at 2,205 crore. Meanwhile, the company’s revenue from operations jumped around 18% YoY to 56,176 crore.

The firm’s consolidated operating profit declined 29% YoY to 5,743 crore due to higher input costs and inflationary impacts. (Read More)

11 Nov 2022, 02:04:34 PM IST

Hero MotoCorp among laggards today; sheds 1% in the session

Hero MotoCorp

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Hero MotoCorp
11 Nov 2022, 02:01:48 PM IST

Moody’s cuts India’s 2022 GDP growth forecast to 7%, sees 2023 growth at 4.8%

Rating agency Moody’s cut India’s growth projections for the current and next calendar year due to higher inflation, high interest rates and slowing global growth that, it believes, will dampen economic momentum more than it had expected.

Moody’s said it now expects India’s GDP growth to slow to 7% in 2022 –– versus its previous estimate of 7.7% –– and then decelerate to 4.8% in 2023, before recovering to around 6.4% in 2024.

The Reserve Bank of India expects 2022/23 growth of 7%.

“We expect the RBI to raise the repo rate by another 50 bps (basis points) or so as part of its objective to anchor inflation expectations and support the exchange rate,” economists at Moody’s wrote in the note. (Reuters)

11 Nov 2022, 02:01:16 PM IST

China eases Zero-COVID policy, removes curbs on international flights and cuts quarantine time for inbound travellers

China has trimmed the quarantine time for inbound travellers and scrapped curbs on international flights, as it began to ease its stringent Zero-COVID policy.

The new rules were announced following the first meeting of the newly elected seven-member Standing Committee of the ruling Communist Party of China, (CPC) headed by Xi Jinping here on Thursday.

The Standing Committee is the highest policy-making and implementation body of the CPC.

On the domestic front, China has adjusted quarantine requirements for close contacts of confirmed cases from seven days of centralised quarantine plus three days of health observation at home to five days of quarantine plus three days of observation. (PTI)

11 Nov 2022, 01:59:39 PM IST

UK economy contracts in third quarter as recession looms

United Kingdom’s economy shrank in the third quarter, official data showed Friday, likely confirming it is already in a recession forecast to last some time. Output shrank 0.2 percent in the July-September period, following a modest rise in the second quarter, the Office for National Statistics (ONS) said in a statement. As well as recession, United Kingdom is facing a cost-of-living crisis with UK inflation at a four-decade high above 10 percent.

The gross domestic product fell 0.2%, meaning Britain is the only Group of Seven economies that has yet to fully recover from the pandemic with output 0.4% below pre-Covid levels. (Read More)

11 Nov 2022, 01:39:35 PM IST

M&M Q2 results: Net profit jumps 46%, beats estimates

Automaker Mahindra and Mahindra (M&M) reported a better-than-expected second-quarter profit, driven by strong demand for its passenger vehicles and farm equipment. Mahindra reported a profit after tax of 2,090 crore, up 46% from 1,433 crore a year earlier. Total vehicles sold soared 75% from a year ago to 174,098 units, while it had open bookings for more than 260,000 sports utility vehicles.

Analysts were expecting a profit of 19.88 billion rupees, according to Refinitiv IBES data.

The company’s farm equipment sector saw the highest second-quarter volume while the auto segment achieved the highest-ever quarterly volume, Mahindra said in a statement, adding that exports for both vehicles and tractors remained strong. (Read More)

11 Nov 2022, 01:25:20 PM IST

Prabhudas Lilladher recommendations on Pidilite Industries, Lupin, and Eicher Motors

Pidilite Industries (PIDI IN): Rating: HOLD | CMP: Rs2,656 | TP: Rs2,737

Q2FY23 Result Update – Sharp margin recovery only in 4Q23, Hold

Lupin (LPC IN): Rating: HOLD | CMP: Rs719 | TP: Rs650

Q2FY23 Result Update – Gradual recovery ahead

Eicher Motors (EIM IN): Rating: BUY | CMP: Rs3,701 | TP: Rs4,190

Q2FY23 Result Update – High RM cost and lower ASPs hamper margins

11 Nov 2022, 01:11:01 PM IST

ITC inaugurates spices processing plant in Andhra Pradesh

ITC Ltd. on Friday inaugurated an export-oriented spices facility in Guntur, Andhra Pradesh. The mega facility will have processing lines for turmeric, chilli, and blended spices, with an annual capacity of 20,400 metric tonne of spices, the company that sells packaged foods and operates hotels in India said.

The processing plant is equipped to produce over 15 organic spices and will boost ITC’s food exports. The company’s target global markets for export of spices include Europe, the US, Canada, Australia, and China. (Read More)

11 Nov 2022, 12:40:08 PM IST

Tokyo’s Nikkei closes up nearly 3% amid global rallies

Tokyo’s key Nikkei index advanced nearly three per cent on Friday as investors cheered rallies on Wall Street, driven by hopes for less aggressive Fed rate hikes due to slowing US inflation.

The Nikkei 225 index ended up 2.98% or 817.47 points to 28,263.57, while the broader Topix index rose 2.12%, or 41.10 points, to 1,977.76.

The Tokyo market rallied after global shares surged as “slower-than-projected inflation galvanised bets the Federal Reserve can downshift its aggressive rate-hike path”, said Stephen Innes of SPI Asset Management. (AFP)

11 Nov 2022, 12:31:44 PM IST

Axis Securities on Sensex climbing 1000 points in today’s session: A new market high cannot be ruled out if global markets are supporting it

Naveen Kulkarni, chief investment officer, Axis Securities: From the last couple of trading sessions, the market was in a cautious mood and was waiting for a crucial US inflation print for October. On the positive side, the inflation print was cooler than the expected number triggering a rally in equity markets, across the world, including our domestic market. This led to the conclusion that inflation in the US market has peaked, and the US FED may pause the aggressive stance on the rate hikes soon. The market is not very far from an all-time high. Quarterly results have largely been in line with expectations. In the last year, the Indian market had a 92% correlation with the global market. Thus, a new market high cannot be ruled out if global markets are supporting it. Investors need to be patient in this market and invest in a staggered manner. Also, investing in dips will work well in this market. We recommend investors build a position in quality companies (where the earnings visibility is very high) with an investment horizon of 12-18 months.

11 Nov 2022, 12:28:06 PM IST

European stock investors on alert for heightened balance sheet stress

Stock pickers have a message for company finance bosses and it’s getting louder: bolster your balance sheets before the downturn strikes.

After more than a decade of ultra-loose monetary policy, financing conditions are tightening, inflation is rising and the global economy looks poised to fall into its first recession since 2009.

Highly indebted businesses could be looking at trouble as their interest payments rise and profit growth shrinks, say fund managers, who are already switching out of debt-laden companies. (Reuters)

11 Nov 2022, 12:16:00 PM IST

LKP Securities on Ashok Leyland and M&M Q2 result

Ashwin Patil, senior research analyst at LKP Securities said

Ashok Leyland: Ashok Leyland reported a strong set of numbers. Market share gains were seen as volumes expanded largely led by pick up in the infrastructure activities in the country. Margin growth was also positive. The contribution from other segments apart from MHCV, like LCV, Defense, Aftermarkets etc was also good. We remain Positive on the stock.

Mahindra and Mahindra: Strong set of numbers from MnM. Outperformance was seen on topline as both the Auto as well as Farm equipment segment performed robustly. Margins at 12% were in line with expectations. Auto as well as FES margins grew on a QoQ basis. At the bottom line, higher other income and good operational performance led to an above-expected growth. Remain BUY

11 Nov 2022, 12:14:33 PM IST

Nykaa share price rebounds from 52-week lows. Should you buy now?

After hitting a 52-week low of 162.50 on NSE on Thursday’s session, shares of Fsn E-Commerce Ventures Ltd bounced back strongly in early morning deals on Friday. Nykaa’s share price today opened upside and went on to hit intraday high of 224.45 apiece on NSE, nearly 19% higher from its Thursday close price of 188.25 per share.

However, stock market experts are still not impressed by this rebound in Nykaa stocks as they believe that stock is in base-building mode after the end of one-year lock-in for anchor investors. They advised fresh investors to look at other stocks whereas Nykaa shareholders can exit on a bounce. (Read More)

11 Nov 2022, 12:01:44 PM IST

Indices soar 1.5% on positive global cues with Sensex gaining 1000 points and Nifty 300 points

HDFC twins, Infosys, HCL Tech, TCS, and Apollo Hospitals are among the prominent gainers in today’s rally. Eicher Motors tanks 4%

Sensex at Noon

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Sensex at Noon
11 Nov 2022, 11:53:25 AM IST

Axis Securities recommendations on Orient Cement and Page Industries: HOLD

Orient Cement: Capacity Expansion Delayed; Downgrade to HOLD

We expect the company to deliver Volume/Revenue/EBITDA and APAT CAGR of 7%/11%/1% and 3%over FY21-24E, factoring in the impact of higher cost. The stock is currently trading at 6.5x and 5.5x FY23E and FY24E EV/EBITDA and EV/Tonne of $40and $45for FY23E and FY24E. We value the company at 6x of its FY24E EV/EBITDA to arrive at a TP of Rs135/ share which implies an upside of 9% from the CMP. Hence, we change our rating from BUY to HOLD.

Page Industries: Miss on Margins; Retained HOLD

Due to rich valuation and limited upside potential, we maintain HOLD with a revised TP of 52,200 (vs. TP 51,900 earlier) on the back of robust distribution expansion, penetration in T3/T4 cities, and healthy operating performance.

11 Nov 2022, 11:42:17 AM IST

HDFC Bank shines in today’s session, adds 5%

HDFC Bank

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HDFC Bank
11 Nov 2022, 11:40:55 AM IST

Consumer confidence dips in urban India in November: Survey

Consumer confidence among urban Indians dipped in November due to the rising inflation and cost of living, according to the monthly Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI).

The monthly PCSI which is measured by four weighted sub-indices reported a drop in three of the four indices.

PCSI’s current personal financial conditions sub-index dropped by 3.3 percentage points, while the investment climate sub-index is down by 2.9 percentage points. The PCSI employment confidence sub-index inched up 0.2 percentage points, and the PCSI economic expectations sub-index is down 0.8 percentage points. (Read More)

11 Nov 2022, 11:26:10 AM IST

Pricol Ltd reports consolidated Q2 net profit at ₹47.52 cr

Pricol Ltd has recorded a consolidated profit for the July-September 2022 quarter at 47.52 crore, the company said on Friday.

The city-based automotive technology company had registered a consolidated profit of 14.66 crore during the corresponding quarter of the previous year.

For the half year ending September 30, 2022, the consolidated profit grew to 68.12 crore from 20.60 crore registered in the same period of the previous year, the company said.

The consolidated total income during the quarter under review went up to 516.46 crore from 409.49 crore registered in the same period of last year.

11 Nov 2022, 11:15:34 AM IST

Apollo Hospitals among highest gainers today; adds 5% following its quarterly results

Apollo Hospitals on Thursday said its consolidated net profit declined 20% to 213 crore in the second quarter ended September. The healthcare major had reported a net profit of 267 crore in the July-September period of previous fiscal. Total income increased to 4,274 crore in the second quarter of the current fiscal as against 3,723 crore in the year-ago period

Apollo Hospitals

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Apollo Hospitals
11 Nov 2022, 11:05:29 AM IST

Rupee posts biggest single-day gain in nearly 4 years vs US dollar

The Indian rupee surged today as the dollar plummeted after US inflation data came in cooler than expected, raising hopes that the Federal Reserve would consider pivoting from its hawkish monetary policy stance. The rupee rose to two-month high of 80.80 per dollar, compared to its previous close of 81.80. This is also rupee’s biggest intraday percentage gain since December 2018, according to Reuters.

Indian government bond yields tumbled on Friday, with the benchmark yield at a more-than-seven-week low, tracking a plunge in US peers. (Read More)

11 Nov 2022, 10:54:42 AM IST

Aurobindo Pharma gains 3% in early trade

Shares of Aurobindo Pharma rose nearly 3% in early trade on Friday, a day after touching a 52-week low following the arrest of one of its directors by the Enforcement Directorate.

The scrip jumped to 492.10 on the BSE after opening at 481.50. It touched an intra-day high of 496.95.

On Thursday, it had touched a 52-week low of 464.20 after one of its directors P Sarath Chandra Reddy was arrested by the Enforcement Directorate in connection with the Delhi excise policy case.

The scrip had closed at 481.50 on the BSE on Thursday.

Recovering the lost ground, the company’s shares were trading in the green on the BSE as well as NSE on Friday morning. (PTI)

11 Nov 2022, 10:47:32 AM IST

PSU Bank index not able to capitalise on the rally; trading flat with only marginal gains

PSU Bank

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PSU Bank
11 Nov 2022, 10:39:11 AM IST

Zomato shares see biggest one-day gain in 2 months after as Q2 losses narrow

Shares of Zomato Ltd today surged the most in two months after the food delivery firm reported a narrower loss for the second quarter. Zomato shared surged 13% to 72.25 at it intraday high. Zomato post market hours on Thursday reported narrowing of its consolidated net loss to 250.8 crore for the second quarter ended September 2022, as compared to 434.9 crore loss in the year-ago period.

Adjusted core loss, excluding figures for its recently acquired quick-commerce business Blinkit, narrowed to 60 crore from 310 crore. (Read More)

11 Nov 2022, 10:24:48 AM IST

Axis Securities recommendations on Affle and NOCIL: BUY

Affle: Encouraging Expansions in Margins; Outlook Remains Healthy

We recommend a BUY rating on the stock and assign a 39x P/E multiple to its FY24E earnings of 34.5/share which gives a TP of 1,350/share, implying an upside potential of 13% from the CMP.

NOCIL: Exports disappoint, domestic business continues to grow. Maintain Buy

We maintain our BUY recommendation on the stock with revised target price of 300 per share (earlier 327) valuing NOCIL at 16x FY24E EPS.

11 Nov 2022, 10:16:40 AM IST

India sends more vacuum gasoil to the US as the West shuns Russian oil

India stepped up vacuum gasoil (VGO) exports to the United States this year in an unusual trade flow for the oil product as the West seeks alternatives to replace Russian supplies, according to traders and data analytics firms.

The United States and Canada banned Russian oil imports over Moscow’s invasion of Ukraine, while sanctions from the European Union on Russian crude and oil products imports will take effect on Dec. 5 and Feb. 5, respectively. (Read More)

11 Nov 2022, 10:15:19 AM IST

China Stocks Pare Gain as Rising Cases Temper Reopening Hopes

Chinese stocks in Hong Kong pared an earlier rally as a worsening virus outbreak dented optimism spurred by authorities’ move to fine-tune their approach to the strict Covid Zero policy.

The Hang Seng China Enterprises Index trimmed its gain to 5.6% as of the mid-day lunch break, after rallying nearly 7% at the open, aided by global risk-on gains following a softer US inflation reading.

Stocks tied to reopening largely underperformed as some traders played down the implications of the readout from the new Standing Committee, which urged officials to be more targeted with their Covid restrictions so as to avoid damage to the economy. Also weighing on sentiment for the sector are China’s rising daily infections that exceeded 10,000 for the first time since April. (Bloomberg)

11 Nov 2022, 09:53:27 AM IST

IT stocks lead the rally with many stocks gaining more than 4%

IT Stocks gain

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IT Stocks gain
11 Nov 2022, 09:52:40 AM IST

Ashika Stock Broking on today’s market: A renewed rejuvenation of upward momentum in midcap, small cap and the underperforming indices can be seen.

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty ended with a back-to-back negative candle however Index was able to defend the crucial support level of 17950 hence the positive price structure of higher high formation in weekly time frame continues and a new elevated support base for the market is now registered. The primary trend has resumed uptrend once it breached past the 12 months falling trend line and is now on the path to challenge the all time high of 18600 in coming sessions. Elevated support base for the market is at 17950 followed by 17500 as it happens to be the 50 days EMA and the breakout point from the 12 months falling trend line. The momentum indicator RSI (relative strength index) is still above the 60 level mark though dipped a bit. During the day Nifty is likely to open on a positive note due to positive global cues, overnight Nasdaq rallied over 7% and on technical parlance it is echoing a V-Shaped reversal pattern, hence with U.S. market registering a bottom for the next few months it can said that in our domestic market, a renewed rejuvenation of upward momentum in midcap, small cap and the underperforming Indices can be seen. 

11 Nov 2022, 09:49:43 AM IST

INDIA BONDS-Bond yields to tumble as U.S. yields crash after inflation cools

Indian government bond yields are expected to open sharply lower on Friday, after Treasury yields crashed as data showed U.S. inflation cooled in October, fuelling expectations that the Federal Reserve could slow its pace of interest rate hikes.

The benchmark 10-year yield is likely to be in a 7.25%-7.30% band for the session, a trader with a private bank said, pegging the open to be in a 7.27%-7.28% range.

The yield ended lower for a fourth straight session at 7.3462% on Thursday and has fallen by 13 basis points (bps)in the last four sessions.

“There will be a gap down opening in terms of yields and this would be a major breakout as the direction has changed materially after a surprise reading in inflation,” the trader said. (Reuters)

11 Nov 2022, 09:34:37 AM IST

Eicher Motors sinks in an otherwise bright day after they declare their quarterly results

Eicher Motors on Thursday reported a 76% rise in consolidated net profit to 656.86 crore in the September quarter. This is against a net profit of 373.20 crore in the year-ago period, the company said in a regulatory filing. The consolidated revenue from operations of Eicher Motors grew by 55.8% to 3,453.43 crore in the quarter under review from 2,216.40 crore a year ago.

Eicher Motors

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Eicher Motors
11 Nov 2022, 09:26:41 AM IST

IT index climbs 3% in early trading; all stocks in green led by Infosys, Tech M and Wipro

IT Index

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IT Index
11 Nov 2022, 09:25:04 AM IST

China’s COVID curbs intensify as cases surge to highest since Shanghai lockdown

Chinese authorities stepped up COVID-19 lockdowns and other curbs to halt clusters from spreading as China’s case load soared to its highest since this year’s Shanghai lockdown, with Beijing and Zhengzhou seeing record daily cases.

China reported on Friday 10,535 new locally transmitted cases for Nov. 10, the highest since April 29, when the country’s commercial hub, Shanghai, was battling its most serious outbreak. (Read More)

11 Nov 2022, 09:20:58 AM IST

Indices off to a huge start with Sensex up 800 points and Nifty 250 points. IT stocks shine

Sensex at Open

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Sensex at Open
11 Nov 2022, 09:11:56 AM IST

Oil Set for Weekly Drop as Weak China Outlook Weighs On Demand

Oil headed for a weekly loss of almost 7% as China presses on with its strict Covid Zero strategy, which has weighed on energy demand.

West Texas Intermediate was steady near $86 a barrel after closing 0.8% higher on Thursday following a broader rally across markets on slower-than-projected US inflation. China’s top leaders have reinforced the need to stick with Covid Zero, while urging officials to be targeted with their restrictions.

Crude has lost a third of its value since early June on concerns over a global economic slowdown and aggressive monetary tightening by central banks. The US inflation read prompted speculation that the Federal Reserve could temper its aggressive interest rate hikes. It also led to a decline in the dollar, making commodities priced in the currency more attractive to investors. (Bloomberg)

11 Nov 2022, 09:08:09 AM IST

Reliance Securities Stock in Focus for today: Escorts Kubota

STOCK IN FOCUS

Escorts Kubota (CMP 2,020)

In view of the sizable presence in a relatively better-placed tractor segment, strong positive cash flow, healthy return ratios and likely synergy from Kubota tie up ahead, we have BUY rating on the stock, with a Target Price of Rs2,250.

Intraday Picks

KOTAKBANK (PREVIOUS CLOSE: 1912) BUY

For today’s trade, long position can be initiated in the range of 1895- 1912 for the target of Rs.1945 with a strict stop loss of 1880.

MUTHOOTFIN (PREVIOUS CLOSE: 1105) SELL

For today’s trade, short position can be initiated in the range of 1125- 1135 for the target of Rs.1105 with a strict stop loss of 1145.

TATASTEEL (PREVIOUS CLOSE: 105) BUY

For today’s trade, long position can be initiated in the range of 103- 104 for the target of Rs.107 with a strict stop loss of 102.

11 Nov 2022, 09:04:43 AM IST

Sensex soars at the preopen session; DCX System will debut in bourses today

Sensex at Preopen

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Sensex at Preopen
11 Nov 2022, 08:58:50 AM IST

Nifty could gap up by 400 pts on overnight surge in US markets

The Nifty could open gap up by as much as 400 points, cues from SGX Nifty signal, as the US markets surged overnight on inflation data, which turned out below expectations.

The SGX Nifty, which derives its value from the Nifty, traded up at 18,424.5 at 8:30 am IST while the Nifty closed at 18028.2, indicating a 396.5-point difference. (Read More)

11 Nov 2022, 08:57:35 AM IST

Geojit Financial Services on today’s market: Since dollar is weakening, FIIs are likely to increase their buying

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “It was well known that the crucial US inflation numbers for October will sway the market either up or down depending on the trajectory of inflation. Now that the inflation print – both CPI and core- has come below expectations, the direction of the markets is a foregone conclusion. The numbers speak for themselves – Nasdaq is up by 7.35 %, S&P is up by 5.5%, the dollar index has crashed to 108.3 and the US 10-year yield has dived to 3.8%. Since the CPI and core print indicate moderation of inflation, it is probable that the Fed might pause after one more hike of 50 bp. This is good news for global equity markets.

Since dollar is weakening, FIIs are likely to increase their buying and with Monthly SIP figure crossing Rs13000 crores, DIIs too will have to deploy the inflows. In brief, it is Advantage Bulls for the near- term. New record for the Nifty is only a question of when.”

11 Nov 2022, 08:48:25 AM IST

Japan’s Nikkei 225 Jumps 3% as Soft US CPI Cools Fed Rate Worry

Japan’s Nikkei 225 Stock Average surged more than 3% as investors wagered that slower US inflation would spur the Federal Reserve to moderate its pace of rate hikes.

Tokyo Electron Ltd. was the biggest boost to the blue-chip gauge, climbing more than 9% after its results. Electronics and chemical makers were the biggest drivers of a 2.2% gain in the Topix. The yen weakened 0.8% to 141.16 per dollar after strengthening about 3.8% overnight.

The US consumer price index rose 7.7% from a year earlier, cooling by more than forecast. Rates traders downgraded the odds of another three-quarter-point rate increase by the Fed in December almost to nil. The S&P 500 Index and Nasdaq 100 soared by the most in more than two years on Thursday. (Bloomberg)

11 Nov 2022, 08:41:37 AM IST

Buy or sell: Vaishali Parekh of Prabhudas Lilladher recommends 2 stocks to buy today

Vaishali Parekh has recommended two stocks to buy today. Here we list out important details in regard to those two shares:

1] HDFC Bank: Buy at 1524, target 1568, stop loss 1495; and

2] Hero Motocorp: Buy at 2712, target 2780, stop loss 2675. (Read More)

11 Nov 2022, 08:40:39 AM IST

Stocks to Watch: DCX System, Adani Green, Zomato, RIL, Apollo Hospitals, NHPC, SJVN, Eicher Motors, Sail, OIL

Adani Power, M&M, BHEL, Delhivery, GSK, Pfizer, Hindalco, IDFC, and HAL will be among the stocks in focus as they declare their September quarter earnings today. (Read More)

11 Nov 2022, 08:16:44 AM IST

India’s IOC buys Nov Sokol cargo at near parity to Dubai benchmark – source

Indian Oil Corp, the country’s top refiner, has purchased a cargo of Russia’s Sokol oil for November delivery through a spot deal with a trading firm, a source familiar with the matter said.

The trader won the Sokol cargo at near parity with the Dubai benchmark in a recent tender floated by Russian oil giant Rosneft, the source said. IOC did not respond to Reuters email seeking comment.

Rosneft last month offered six cargoes of Sokol crude for loading in November to early December, signaling that output from the Sakhalin-1 project may be recovering following the departure of former operator Exxon Mobil Corp. (Reuters)

11 Nov 2022, 08:15:40 AM IST

Twitter Blue rolls out in India, likely to cost ₹719 per month: Report

The Twitter Blue paid subscription has started rolling out in India and would likely cost 719 per month. Some users in India have started sharing images of the prompts received for Twitter Blue subscription.

Elon Musk had said that users who subscribe to Twitter Blue will get priority in replies, mentions & search, which is essential to defeat spam/scam; ability to post long video & audio; half as many ads and paywall bypass for publishers willing to work with Twitter which will also give the social media platform a revenue stream to reward content creators. (Read More)

11 Nov 2022, 08:02:00 AM IST

Jet  investor’s  assets raided in Europe

Prosecutors in Liechtenstein, Switzerland and Austria raided multiple properties linked to Florian Fritsch, one of the investors trying to revive India’s Jet Airways, as part of a broader investigation into suspected fraud and money laundering.

Investigators in the small Alpine principality are evaluating the confiscated evidence from the raids conducted on 26 October, Liechtenstein’s prosecutor general Robert Wallner said in an emailed response to questions, without naming Fritsch.

Authorities raided the properties and froze other assets tied to Fritsch, said a person with knowledge of the raids, who didn’t want to be identified discussing an ongoing probe. (Read More)

11 Nov 2022, 08:01:07 AM IST

Apollo Hospitals Q2 net falls 20% to ₹213 crore

Apollo Hospitals on Thursday said its consolidated net profit declined 20 per cent to 213 crore in the second quarter ended September.

The healthcare major had reported a net profit of 267 crore in the July-September period of previous fiscal.

Total income increased to 4,274 crore in the second quarter of the current fiscal as against 3,723 crore in the year-ago period, Apollo Hospitals said in a regulatory filing. (PTI)

11 Nov 2022, 07:59:07 AM IST

Cryptocurrency exchange FTX hurtles toward bankruptcy

The crisis engulfing Sam Bankman-Fried’s FTX.com is rapidly worsening, with the onetime crypto wunderkind warning of bankruptcy if his firm can’t secure funds to cover a shortfall of as much as $8 billion.

Bankman-Fried informed investors of the gap on Wednesday, shortly before rival exchange Binance abruptly scrapped a takeover offer. He said FTX.com needed $4 billion to remain solvent and is attempting to raise rescue financing in the form of debt, equity, or a combination of the two, according to a person with direct knowledge of the matter. (Read More)

11 Nov 2022, 07:40:36 AM IST

Bikaji Foods IPO allotment likely today. GMP, how to check status online

Bikaji Foods IPO allotment status may become public any time today as tentative Bikaji Foods International IPO allotment date is 11th November 2022. Those who have bid for the public issue are advised to check their application status online by logging in at the BSE website — bseindia.com or at the website of its official registrar — Link Intime India Private Ltd. The official website of Link Intime India Private Ltd is linkintime.co.in. Meanwhile, grey market has gone positive on the public issue ahead of finalisation of share allocation. According to market observers, Bikaji Foods IPO GMP (grey market premium) today is 38 per equity share. (Read More)

11 Nov 2022, 07:39:54 AM IST

Combining Korea’s manufacturing foundations, India’s ICT will help in developing future industries: S Korea

If Korea’s outstanding manufacturing foundations such as electronics, automobiles, steel, are combined with India’s world-class information and communications technology (ICT) capabilities, this will contribute to the development of future industries, including EVs and batteries, as well as strengthen the resilience of regional supply chains, Republic of Korea Deputy Trade Minister Jeong Dae-jin said on Thursday.

The Deputy Minister for Trade, Ministry of Trade, Industry and Energy (MOTIE), Republic of Korea, was addressing virtually during the India Korea Business Partnership Forum, which was organised by Confederation of Indian Industry (CII) in partnership with Korea International Trade Association. (ANI)

11 Nov 2022, 07:39:09 AM IST

Rupee strengthens for 4th day, rises 7 paise to 81.40/USD

The rupee clawed back intra-day losses to close 7 paise higher at 81.40 against the US dollar on Thursday amid persistent foreign fund inflows and softer crude oil prices.

At the interbank foreign exchange market, the local unit opened at 81.61 and witnessed a high of 81.38 and a low of 81.92.

It finally settled at 81.40 against the American currency, up 7 paise over its last close of 81.47. This was the fourth straight session of gains for the local unit.

“Rupee came under pressure in the first half of the session ahead of the US inflation number…,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. (PTI)

11 Nov 2022, 07:38:34 AM IST

India, US to discuss global economy, climate finance, other issues of mutual interest on Friday

Finance Minister Nirmala Sitharaman and visiting US Treasury Secretary Janet Yellen will discuss a host of issues of mutual interest, including climate finance on Friday here.

Both leaders will lead the 9th meeting of the India-US Economic Financial Partnership. Yellen is on a day-long visit to India on November 11.

“During the 9th India-US EFP meeting, both sides will discuss issues of mutual interest including Climate Finance, multilateral issues, India-US cooperation at G20 under India’s Presidency, taxation, supply chain resilience, global economy and macroeconomic outlook,” the Finance Ministry said in a tweet.

“On the sidelines of the 9th India-US EFP meeting, @nsitharaman and @SecYellen will also participate in a Roundtable interaction on India-US Business and Economic Opportunities with top Business Leaders and eminent economists,” another tweet said. (PTI)

11 Nov 2022, 07:37:50 AM IST

Medanta operator Global Health IPO allotment today. GMP, how to check status

The finalisation of Share allocation for the initial public offer (IPO) of Medanta operator Global Health Ltd is most likely today. As per the tentative schedule of this popularly known Medanta IPO, the allotment date is most likely on 11th November 2022 i.e. today. After the announcement of share allotment, bidders are advised to check Medanta IPO allotment status online by logging in at the BSE website or at the website of its official registrar. KFin Technologies Limited have been appointed as the official registrar of the IPO. Meanwhile, the grey market premium (GMP) of Global Health IPO has surged ahead of the share allocation date. According to market observers, shares of Global Health Ltd are available at a premium of 23 in the grey market today.

As per the market observers, Medanta IPO or Global Health IPO GMP today is 23, which is 3 higher than its yesterday’s GMP of 20. They expected further improvement in Medanta operator Global Health IPO GMP as overall sentiment on Dalal Street is still positive. (Read More)

11 Nov 2022, 07:36:22 AM IST

NHPC net profit rises over 21 pc to ₹1,685 crore in Q2

State-owned NHPC on Thursday posted a 21.56 per cent rise in its consolidated net profit at 1,685.81 crore in the September quarter of FY23, mainly on the back of higher revenues.

The consolidated net profit of the company was 1,386.81 crore in the quarter ended on September 30, 2021, a BSE filing showed.

Total income of the company rose to 3,529.31 crore in the reporting quarter from 3,165.59 crore in the same period a year ago. (PTI)

11 Nov 2022, 07:32:29 AM IST

Gautam Adani, RIL’s Mukesh Ambani in fray to acquire debt-ridden Future Retail

Companies led by Asia’s richest man, Gautam Adani, and billionaire Mukesh Ambani, the owner of Reliance Industries have entered the fray to acquire India’s debt-laden Future Retail Ltd, a document seen by Reuters shows.

April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group, Reliance Retail ventures as well as 13 other firms have submitted expressions of interest (EOIs) for Future Retail.

Future Retail’s court-appointed resolution professional (RP), Reliance Industries and Adani group did not immediately respond to emails seeking comment. (Read More)

11 Nov 2022, 07:31:44 AM IST

Zomato narrows September quarter loss to ₹251 crore

Zomato Ltd said its fiscal second-quarter loss narrowed from a year ago on a sharp rise in its income from food delivery and its wholesale Hyperpure unit.

The company consolidated revenue from operations rose by 62.2 per cent to 1,661 crore as against 1,024 crore in the year ago period.

Zomato completed the acquisition of Blinkit in August. Hence, the earnings include about 50 days of Blinkit’s financials in the consolidated numbers, it said. Adjusted for Blinkit, the revenue grew 48 per cent year-on-year, which translates to annualized revenue of $ 1.05 billion.

“This is the first quarter where we have crossed the billion dollar annualized revenue mark,” said Zomato in its filing. (Read More)

11 Nov 2022, 07:30:46 AM IST

Adani Green Energy net profit rises 49% to ₹149 crore

Adani Green Energy on Thursday posted a 49 per cent rise in its consolidated net profit at 149 crore in September quarter of FY23 compared to a year ago, mainly due to higher revenues.

The consolidated net profit of the company was 100 crore in the quarter ended on September 30, 2021, a BSE filing showed.

Total income of the company rose to 1,686 crore in the reporting quarter from 1,411 crore in the same period a year ago.

“With our focus on delivering the cheapest green electron, we have continued to deploy the latest and most innovative technologies to maximise electricity generation at a lower cost,” said Vneet S Jaain, MD & CEO, Adani Green Energy, in a statement. (PTI)

11 Nov 2022, 07:29:05 AM IST

DCX Systems shares to debut in the bourses today; may see strong listing

Shares of DCX Systems Ltd is going to hit Dalal Street today. As per the information available on BSE website, DCX Systems IPO listing date has been fixed on 11th November 2022, this means DCX shares are going to make its debut in secondary markets today. Confirming about the DCX systems share listing date, BSE website informs, “The equity shares of DCX Systems Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities in a Special Pre-open Session (SPOS) on Friday, November 11, 2022.”

According to stock market experts, DCX Systems shares may have a strong debut today and DCX Systems share price may open in the range of 275 to 300 apiece levels. They said that in bear case DCX Systems shares may open around 275 levels whereas in bulls case, it may open around or above 300 levels. Experts went on to add that allottees may expect 35 per cent to 40 per cent listing gain from the public issue. (Read More)

11 Nov 2022, 07:27:56 AM IST

Wall Street stocks soar to their biggest gain in years after inflation cools; Dow jumps 1,200 points, S&P 500 up 5.5%

U.S. stocks jumped, the dollar slid and Treasury yields dropped on Thursday as cooler-than-expected inflation data suggested the Federal Reserve’s barrage of interest rate hikes are beginning to have their intended effect.

All three major U.S. stock indexes took off from the starting gate, with the S&P 500 charting a course for its biggest one-day jump since April 2020. 

The Dow Jones Industrial Average rose 1,078.58 points, or 3.32%, to 33,592.52, the S&P 500 gained 181.11 points, or 4.83%, to 3,929.68 and the Nasdaq Composite added 657.34 points, or 6.35%, to 11,010.52.

The consumer price index (CPI) showed the prices paid by urban U.S. consumers for a basket of items cooled down in October, a welcome indication that the buckets of cold water the Federal Reserve has been dumping on the economy with its hawkish monetary policy are reining in decades-high inflation at last. (Reuters)


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