Stock Market LIVE: Sensex gains 100 pts; Nifty 30; PSU Bank, Metal shine
China’s strict lockdown policies have been crimping economic growth in the world’s second-largest economy. Moreover, Goldman Sachs sees India’s economic growth slowing next year, citing a hit to consumer demand from higher borrowing costs and fading benefits from the pandemic reopening.
Ultratech Cement climbs 1% in today’s session; tops the stock chart
Rupee gains 14 paise to 81.65 against US dollar in early trade
The rupee appreciated 14 paise to 81.65 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels.
Forex traders said foreign fund outflows and a muted trend in domestic equities weighed on the local unit and restricted the appreciation bias.
At the interbank foreign exchange, the domestic unit opened at 81.72 against the dollar, then gained further ground to touch 81.65, registering a rise of 14 paise over its previous close.
On Monday, the rupee depreciated by 5 paise to close at 81.79 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.24 per cent to 107.57. (PTI)
Cannot leave homes without Covid negative test: China locks down millions
The southern Chinese metropolis of Guangzhou locked down its largest district Monday as it tries to tamp down a major COVID-19 outbreak, suspending public transit and requiring residents to present a negative test if they want to leave their homes.
The outbreak is testing China’s attempt to bring a more targeted approach to its zero-COVID policies while facing multiple outbreaks driven by fast-spreading omicron variants. China is the only major country in the world still trying to curb virus transmissions through strict lockdown measures and mass testing. (Read More)
ONGC stock price sheds in initial trading; down more than a per cent
Geojit Financial Services on today’s market: The weakness in the market is likely to continue in the near term
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: “The weakness in the market is likely to continue in the near term. With the dollar index rebounding to above 108, FIIs may sell again or at least refrain from big buying. There are no positive triggers now that can take the market much higher from the current levels. The Covid spread in China is likely to impact Chinese growth and, therefore, further weakness in crude and metals is likely. Long-term investors can utilize the weakness in the market to buy high-quality stocks in banking, telecom, capital goods, IT and autos and blue chips across sectors.”
PSU Bank index continues to shine with the index jumping 1% in early trading; most stocks in green
Vedanta’s interim dividend decision to be taken in board meet today
Vedanta’s board of directors will meet on Tuesday, November 22, 2022, and will consider and approve the third interim dividend on equity shares, if any, for the Financial Year 2022-23. A dividend means the distribution of surplus from the profits by a listed company to its shareholders.
“The Board of Directors of the Company (the “Board”) on Tuesday, November 22, 2022, will consider and approve Third Interim Dividend on equity shares, if any, for the Financial Year 2022-23. Please note that the record date for the purpose of determining the entitlement of the equity shareholders for the said dividend, if declared, is being fixed as Wednesday, November 30, 2022,” Vedanta had informed in an exchange filing earlier this month. (Read More)
Indices open flat with Sensex and Nifty marginally in green
Glenmark Pharma reaches settlement agreement with Pfizer for Axitinib Tablets
Glenmark Pharmaceuticals Inc., USA (Glenmark) and Glenmark Pharmaceuticals Limited have reached a settlement agreement with Pfizer Inc., PF Prism C.V., and PF Prism IMB B.V. (Pfizer) for Axitinib Tablets, 1 mg and 5 mg, the generic version of their Inlyta®1 Tablets, 1 mg and 5 mg.
Glenmark had previously announced it received tentative approval by the United States Food & Drug Administration (U.S. FDA) for their generic Axitinib Tablets, 1 mg and 5 mg on November 30, 2020. (Read More)
Cryptocurrency prices today: Bitcoin, ether fall while dogecoin, Polygon gain
The global crypto market cap today remained below the $1 trillion mark, as it over 2% lower in the last 24 hours to $820 billion, as per the data by CoinGecko, as cryptocurrency prices continued to be under pressure on concern about the spreading fallout from the FTX crisis.
The world’s largest and most popular digital token Bitcoin’s price today was trading nearly a per cent lower at $15,844, slipping below the $16,000 mark. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also plunged by about a per cent to $1,106. (Read More)
Goldman Sachs says U.S., Europe could end reliance on Chinese EV batteries by 2030 -FT
The United States and Europe could cut their dependence on China for electric vehicle batteries through more than $160 billion in new capital expenditure by 2030, the Financial Times reported on Monday, citing a Goldman Sachs forecast. (Reuters)
Sensex remains flat at preopen; Kaynes Technologies to debut on the bourses today
Reliance Securities views on today’s market: India is likely to see a multi-year economic up-cycle led by strong macros
Reliance Securities says, “India has managed to perform well bolstered by its strong economic fundamentals. The 2QFY23 results season has largely concluded. At the aggregate, Nifty 50 companies managed to exceed Street estimates. However, margins of most manufacturing sectors remained under pressure due to elevated input costs and subdued realizations which adversely impacted operating cash flows of private companies. While the recent decline in input costs provided relief, much also depends on consumer demand. We expect a recovery starting 3QFY23 led by softening of commodity prices and monetary easing by central banks which is likely to boost demand. The Federal Reserve is unlikely to slow the pace of its interest-rate hikes in the near term which can impact the market in the coming weeks. However, India is likely to see a multi-year economic up-cycle led by strong macros, and various government initiatives.
The markets are likely to see gap up opening; SGX nifty is up 40 points compared to previous spot Nifty closing. Asian Markets are trading mixed; Nikkei is up 0.8% while Heng Seng is down 0.8%.”
Air India plans to hire expat pilots for wide-body planes
Tata group-owned Air India plans to hire expat pilots for its Boeing 777 planes as the airline is facing a shortage of pilots amid plans to expand its fleet as well as international operations, according to sources.
The carrier is looking to rope in around 100 pilots for the wide-body Boeing 777 fleet and has approached various agencies that provide expat flight crew to airlines, the sources told PTI.
The loss-making Air India, which was under government ownership for nearly seven decades till the Tata group took over in January 2022, had stopped hiring expat pilots many years ago to save costs.
Expat pilots come at a higher cost compared to those pilots working in India. (PTI)
Elon Musk holds off Twitter blue verification badge relaunch, may use different color check for organizations
Elon Musk said on Monday that Twitter’ is holding off the relaunch of its blue check subscription service, a delay from his initial tentative timeline to bring back the service on the platform.
“Holding off relaunch of Blue Verified until there is high confidence of stopping impersonation,” Musk said in a tweet.
Twitter had paused its recently announced $8 blue check subscription service, as fake accounts mushroomed and had said Twitter’s sought-after blue check subscription service will be relaunched on November 29. (Read More)
Asset monetisation of ₹33,422 cr in FY23 so far, Coal Min leads with ₹17K cr
The government has monetised assets worth ₹33,422 crore under the National Monetisation Pipeline (NMP) in 2022-23 so far, with the Coal Ministry leading the list by raising ₹17,000 crore, and the Ports and Shipping Ministry surpassing its overall fiscal target, according to sources.
In 2021-22, the government surpassed the programme’s first-year target of ₹88,000 crore by completing transactions worth ₹1 lakh crore.
Finance Minister Nirmala Sitharaman in a meeting with Niti Aayog CEO Parameswaran Iyer on November 14 reviewed the progress of NMP implementation.
Sources told PTI that according to the government’s latest estimate, there is likely to be a shortfall of ₹38,243 crore in realising the overall asset monetisation target of ₹1,62,422 crore in 2022-23. (PTI)
Bitcoin’s Slide Pauses in Wait for Next Domino to Fall After FTX
Cryptocurrency prices steadied in a lull from the selloff sparked by the demise of Sam Bankman-Fried’s FTX empire, but investors are braced for more ructions as further digital-asset sector bankruptcies loom.
The largest token Bitcoin added about 1.5% on Tuesday while remaining below $16,000 and in sight of the weakest levels since November 2020. Coins such as Ether, Solana and meme token Dogecoin also posted modest gains.
The latest sign of contagion from the fall of the FTX exchange came from Genesis, a digital-asset brokerage that warned of possible bankruptcy unless it can raise cash. Crypto lender BlockFi Inc. is also struggling to stay afloat.
FTX’s unraveling “resembles Enron’s collapse much more than Lehman’s,” Peter Berezin, chief global strategist at BCA Research Inc., wrote in a note. He added that much of the crypto sector “is built on a rickety foundation of fraud and greed, which no amount of technobabble can disguise.” (Bloomberg)
Stocks to Watch: Kaynes Technologies, Nykaa, NDTV, JSPL, Reliance Industries, JK Paper, HDFC Bank, Canara Bank, Sadbhav Engineering, and Bharti Airtel
Siemens, PTC India and Nitco will be among the stocks in focus as they will be declaring their September quarter earnings today. (Read More)
Iger back on top in a Disney plot twist that few saw coming
Bob Iger, the enterprising entertainment executive who brought Star Wars, Pixar and Marvel under the Disney marquee and challenged the streaming dominance of Netflix, will replace his handpicked successor, CEO Bob Chapek, whose two-year tenure has been marked by clashes, missteps and a weakening financial performance.
The stunning development comes two weeks after Disney’s quarterly financial performance fell well short of Wall Street expectations on both profit and revenue, a rarity, sending shares tumbling 12%.
The company’s stock jumped more than 6% Monday, with the appointment of Iger effective immediately. The stock is still down 37% this year.
“It is with an incredible sense of gratitude and humility — and, I must admit, a bit of amazement — that I write to you this evening with the news that I am returning to The Walt Disney Company as Chief Executive Officer,” Iger, 71, wrote in an email to employees. (AP)
Tablet PC market grows 22 pc in Jul-Sep quarter; Samsung leads: CyberMedia Research
The tablet PC market in India grew 22 per cent quarter-on-quarter in July-September with demand for 5G capable devices picking up the steam, CyberMedia Research said on Monday.
CMR anticipates the tablet PC shipments to record a healthy 10-15 per cent growth in 2022.
Samsung led the market with a 28 per cent market share, followed by Lenovo and Apple with 26 and 19 per cent share, respectively, during the quarter.
“The India Tablet market grew 22 per cent quarter-on-quarter, with 5G-capable tablet shipments picking up steam in the run-up to the festive season,” CMR’s Tablet PC Market Report Review for Q3, 2022, said. (PTI)
Jio gets NCLT approval to acquire Reliance Infratel
The National Company Law Tribunal (NCLT) on Monday gave its approval to Jio for the acquisition of Reliance Infratel (RITL).
The tribunal asked Jio to deposit ₹3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM’s tower and fibre assets.
On November 6, Jio had proposed to deposit ₹3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing an insolvency resolution process.
Billionaire Mukesh Dhirubhai Ambani-led Jio placed a bid of ₹3,720 crore in November 2019 to acquire tower and fibre asset of debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications. (PTI)
Buy or sell: Vaishali Parekh of Prabhudas Lilladher recommends 2 stocks to buy today
Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are Gujarat Narmada Valley Fertilizers & Chemicals (GNFC and Torrent Power.
GNFC: Buy GNFC, stop loss ₹567, target ₹600
Torrent Power: Buy TORRENT POWER, stop loss ₹517, target ₹544 (Read More)
Adani group’s ₹493-crore open offer for NDTV to open on Tuesday
Adani group’s open offer to acquire an additional 26 per cent stake in the media firm New Delhi Television (NDTV) from the market will start from Tuesday.
The offer with a price band of ₹294 per share will open on November 22 and close on December 5, said a notice by JM Financial, the firm managing the offer on behalf of Adani Group firms.
The offer price is 23.07 per cent lower than NDTV’s Monday closing price of ₹382.20 on BSE.
In the last three months, NDTV’s share prices reached a high of ₹540.85 on September 5, 2022. (PTI)
Nazara Technologies on Monday posted a surge of 11 per cent
Nazara Technologies on Monday posted a surge of 11% in its profit after tax to ₹169 crore for the quarter ended September 2022, against ₹153 crore in the year-ago period.
The company said its revenues went up 104% to ₹2,638 in the reviewed quarter, against ₹1,296 crore in the corresponding quarter the previous year, according to a statement shared with stock exchanges.
Ebitda or operating profit went up 9% to ₹213 crore, against ₹195 in the year-ago period. The company’s revenues during the first half of the financial year 2022-23 rose 87 per cent to ₹4,869 crore, against ₹2,608 crore in the year-ago period. While profit after tax during the first half of fiscal 2022-23 grew 16 per cent to ₹334 crore, against ₹288 crore in the year-ago period. Ebitda or operating profit went up 4 per cent to ₹514 crore, against ₹496 crore in the year-ago period.
The shares of the company were trading 1.11% down at ₹6.75 apiece at 2.24 pm on BSE on Monday. (ANI)
Oil bounces in volatile session as OPEC headlines cause turmoil
Oil pared losses and climbed from January lows after Saudi Arabia denied a Wall Street Journal report that it is discussing oil-production increases.
Brent futures traded near $87 a barrel, swinging in over a $5 range on Monday, with volatility jumping the most since late June when the Group of Seven nations started to consider an price cap on Russian crude. Brent plunged and its prompt spread briefly dipped into contango after the WSJ reported that OPEC+ is considering an output hike of 500,000 barrels a day. Saudi Arabia denied the report, adding the “current cut of 2 million barrels per day by OPEC+ continues until the end of 2023.” (Read More)
Rupee falls 5 paise to close at 81.79 against US dollar
The rupee depreciated by 5 paise to close at 81.79 against the US dollar on Monday, tracking the strength of the American currency in the overseas markets and a muted trend in domestic equities.
The greenback rallied in the overseas markets on safe-haven demand as the investor sentiment hit by rising Covid-19 cases and subsequent restrictions in China.
At the interbank foreign exchange market, the local unit opened at 81.84 and later witnessed an intraday high of 81.74 and a low of 81.91 during the session.
The domestic unit finally settled at 81.79 against the American currency, registering a fall of 7 paise over its last close. (PTI)
India, EU ink pact on climate, quantum tech
India and the European Union (EU) on Monday signed an agreement on cooperation in areas such as climate modelling and quantum technologies, building on the Trade and Technology Council launched by the two sides earlier this year.
The “Intent of Cooperation on High-Performance Computing (HPC), Weather Extremes and Climate Modelling and Quantum Technologies” was signed by India’s ministry of electronics and IT (MeitY) and the European Commission’s Directorate-General for Communications Networks, Content and Technology (DG CONNECT) during a virtual ceremony. (Read More)
Kaynes Technology to debut today. How experts see the listing
End-to-end and IoT solutions-enabled integrated electronics…