Investors expect a 50-basis point interest rate hike by the U.S. Federal Reserve at its policy meeting this week. A steep interest rate hike might push the economy into recession as inflation continues to remain a priority for central bankers.
Infosys drags in today’s session, sheds 1.5%
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Governments across world, forums lag behind in rulemaking for Big Tech: MoS IT
Governments across the world and internet forums have lagged behind in rulemaking for big technology players for their innovations that can cause harm to society, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Sunday.
Speaking at the India Internet Governance Forum (IGF) hosted by FICCI, Chandrasekhar further said the internet, which has been a force for good, has also increasingly begun to represent risk, user harm and criminality.
“For too long governments of the world and indeed, IGF and most forums have lagged behind these big private platforms, big tech platforms in terms of the do’s and don’ts and the rulemaking that are required.
“We treated them for very long as innovators and innovations rather than deal with them as innovations as well as those innovations potentially being able to cause harm and create other disruptions to society and people,” Chandrasekhar said. (PTI)
Why Yes Bank shares are up 20% in two days
Yes Bank shares are in uptrend over past few says despite weakness on Dalal Street. After logging near 11 per cent rise on Friday deals, Yes Bank share price today opened with an upside gap and went on to hit 2-year high of ₹21.15 apiece levels, ascending near 20 per cent in last two trade sessions.
According to stock market experts, Yes Bank shares are rising after the private lender’s disclosure on Friday where it informed Indian bourses about the positive developments in regard to fresh investments by Carlyle Group and Verventa Holdings Limited. They said that Yes Bank share price has given sideways trend breakout on chart pattern and it may go up to ₹28 apiece levels in short to medium term. They advised positional investors to maintain buy-on dips-strategy in the scrip till it is above ₹18 apiece levels. (Read More)
Noon Update: Indices trading flat now after opening in red; Sensex down 50 pts and Nifty 5 points
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Delhi airport congestion: Scindia visits T3; holds discussions with stakeholders
Civil Aviation Minister Jyotiraditya Scindia on Monday visited Delhi airport and held discussions with all stakeholders on ways to address the congestion at the airport.
Scindia, along with senior ministry officials, visited Terminal 3 of the airport amid complaints from passengers about long queues and waiting hours in recent days.
Officials said the minister inspected in the morning the arrangements made to address the congestion, and key directions were issued with specific timelines.
The measures will be implemented soon, and the changes are expected to take effect in the next six to seven days, the officials said. (PTI)
Gold rates today fall from 9-month highs, silver prices drop
Gold rates in India fell today after rising to near 9-month highs in the previous week. On MCX, gold futures slipped 0.3% to ₹54,121 per 10 gram while silver fell 0.4% to ₹67,781 per kg tracking softer global rates. The yellow metal had hit a 9-month high of ₹54,400 on Friday.
In global markets, gold today slipped 0.5% to $1,787.80 per ounce as the dollar index rose 0.3%. A stronger greenback makes dollar-priced bullion more expensive for overseas buyers. US inflation data and Fed policy are due this week and traders are likely to remain wary ahead of the announcements. In addition, the European Central Bank (ECB) and the Bank of England (BoE) are also set to announce their rate decisions this week. (Read More)
Uniparts India share price dips further after muted listing
Uniparts India shares made a muted debut on Dalal Street today and the engineered systems and solutions company’s stock dipped further making an intraday low of ₹539 apiece on BSE. According to stock market experts, those who got Uniparts India shares through the allotment process can hold the stock maintaining a stop loss at ₹535 for a short to medium-term target of ₹660 whereas fresh buyers can play safe and buy the stock above ₹580 apiece levels for long term target of ₹750 per share mark. (Read More)
Coal India adds 1.5% in today’s trading; among biggest gainers
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Coal India adds 1.5% in today’s trading; among biggest gainers
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Axis Securities – Weekly Technical Picks: L&T, Godrej Consumer, TII, JK Lakshmi
· Nifty started the week on a flat note and witnessed selling pressure throughout the week dragged index to close on negative notes. Nifty closed at 18497 with a loss of 200 points on a weekly basis.
· Bank Nifty started the week on a positive note and traded with extreme volatility on either side throughout the week. Bank Nifty closed at 43633 with a gain of 530 points on a weekly basis.
· Larsen & Toubro Limited has a buy at range 2130 – 2087. Holding period is 3 to 4 weeks.
· Godrej Consumer Products Limited has a buy at range 912 – 894. Holding period is 3 to 4 weeks.
· Tube Investments of India Limited has a buy at range 3000 – 2994. Holding period is 3 to 4 weeks.
· JK Lakshmi Cement Limited has a buy at range 830 – 813. Holding period is 3 to 4 weeks.
PSU Bank index gains in today’s trading with most stocks in green
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Paytm’s loan disbursals rise 374% yoy in first two months of Q3
Vijay Shekhar Sharma-backed Paytm touched a new milestone in offline payment leadership by recording more than 5.5 million merchants by end of November month. The fintech sustained growth in payments and loan distributions. Its loan disbursals came in at an annualised run rate of ₹39,000 crore ($4.8 billion) in November. The Noida-based digital payments giant continued to witness accelerated growth with disbursements through its platform.
As per the regulatory filing, in the two months of Q3FY23 that ended November 2022, the company’s value of loans disbursed jumped by 374% y-o-y to ₹6,292 crore, while the number of loans disbursed grew 150% y-o-y to 6.8 million cumulative loans. (Read More)
Asian Paints drags in today’s trading; sheds 1.5%
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Geojit Financial Services views on today’s market: The continuing rally in PSU bank stocks indicates interest in large scale buying in the segment
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: This week is crucial for equity markets globally since markets will be keenly waiting for the commentary of the Fed on the 14th and that of ECB and BoE on the 15th. However, the tone for the commentary of the central banks will be set by the US CPI data due on the 13th. If the CPI data confirms a declining trend, the Fed can reaffirm its earlier comment of slowing down rate hikes, which will be interpreted by the market as a departure from the hawkish stance. On the contrary, if the CPI data reflects stubborn inflation, the Fed will have no alternative but to remain hawkish. This will be negative for equity markets. The continuing rally in PSU bank stocks indicates interest in large-scale buying in the segment. This segment which was under-owned for almost a decade is now coming back on improving fundamentals and attractive valuations even after the recent run-up in prices.
Landmark Cars IPO: Check latest GMP, other details ahead of the public offer
Automobile services provider, Landmark Cars traded at a premium of ₹56 per equity share in the grey market on Monday ahead of its initial public offer (IPO). The company is set to launch its ₹552 crore IPO on December 13. Subscriptions to the IPO will be allowed till December 15. However, anchor investors will be able to bid for the IPO on December 12.
With a GMP of ₹56, Landmark Cars have the potential to list at ₹562 per share ( ₹56 plus ₹506 per equity share). Typically, a grey market is where a company’s shares are offered unofficially to traders and hence they are not Sebi-regulated. (Read More)
IT Index continues to tank, sheds 1.5% in early trading
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₹1.3 to ₹78.75: Multibagger stock turns ₹1 lakh to ₹60 lakh in 4 years
Sanmit Infra shares are one of the multibagger stocks on the Indian stock market. The small-cap stock with a market cap of around ₹1240 crore is a glaring example of how a long-term investor can benefit and expect a whopping return on one’s investment. In nearly four years, this small-cap multibagger stock has risen from ₹1.31 apiece to ₹78.75 apiece levels, logging near a 5,900 per cent rise in this period.
In the last month, this small-cap stock has delivered around 8 per cent return whereas, in the last six months, this small-cap multibagger stock has risen from around ₹42 to ₹78.75 levels, logging around 90 per cent rise in this time. (Read More)
Sensex sheds 400 points at open and Nifty 100 points with Infosys tanking 2%
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Rupee likely to slip as U.S. data stokes higher rates worry
The Indian rupee was expected to weaken at the open on Monday as the U.S. dollar and Treasury yields ticked higher as U.S. data late last week affirmed the need for higher interest rates.
The rupee is seen around 82.45 per dollar in early trades, against its previous close of 82.27.
The currency was quite volatile last week, swiftly going from trading near 81.30 per dollar to 82.50 – despite several positive factors – due to likely equity position adjustments. (Reuters)
Droneacharya Aerial Innovations: Bidding opens for these investors on 12 Dec ahead of SME IPO. Check latest GMP
The high-end ecosystem of Drone solutions provider, Droneacharya Aerial Innovations is set to launch its initial public offering (IPO) on December 13 in the SME category. That being said, anchor investors will be allowed to bid for the company on Monday. The company plans to raise nearly ₹34 crore through the public offer. In the grey market, the company was trading at a premium of ₹65 per equity share.
Droneacharya’s IPO is a purely fresh issue of 62.90 lakh equity shares at a price band of ₹52 per share and ₹54 per share. At the upper price band, the IPO has valued around ₹33.97 crore. The issue will close on December 15. Meanwhile, anchor investors will be able to bid on December 12 for the IPO.
On Monday, the IPO’s GMP price was at ₹65 per equity share which suggests a possible listing of ₹119 per share ( ₹65 per equity share plus an upper price band of ₹54 per equity share) as of now. (Read More)
Sensex preopens in red; Uniparts to debut at the bourses today
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Reliance Securities Stock in Focus for Today: Engineers India
STOCK IN FOCUS
Engineers India (CMP 80)
Considering its asset-light business model, strong clientele base, foray into newer segments and healthy execution track record, we have our BUY rating on ENGR, with a SOTP-based Target Price of Rs100
EQUITY INDICES
Intraday Picks
DRREDDY (PREVIOUS CLOSE: 4,407) BUY
For today’s trade, long position can be initiated in the range of Rs4,406-
4,380 for the target of Rs4,530 with a strict stop loss of Rs4,330.
TITAN (PREVIOUS CLOSE: 2,615) BUY
For today’s trade, long position can be initiated in the range of Rs2,605-
2,585 for the target of Rs2,705 with a strict stop loss of Rs2,545.
BHARTIARTL (PREVIOUS CLOSE: 835) BUY
For today’s trade, long position can be initiated in the range of Rs831-
827 for the target of Rs852 with a strict stop loss of Rs821.
V-Guard to acquire Sunflame Enterprises for ₹660 crore in all-cash deal
Electricals and home appliances player V-Guard Industries on Friday said it will acquire Sunflame Enterprises for ₹660 crore in an all-cash deal.
The acquisition of the Delhi-based Sunflame will help V-Guard scale up its kitchen appliances business while also unlocking synergy benefits.
“We have entered into a definitive agreement to acquire 100 per cent stake of Sunflame Enterprises for ₹660 crore in an all cash deal,” the Kochi-based company said in a statement.
Sunflame is a debt-free company and has around ₹50 crore cash in-hand which does not include in the deal — implying the promoter of the selling company will take out that money before the deal is concluded. It had a topline of ₹350 crore in FY22. (PTI)
Marico to acquire Vietnamese personal care brands ‘Purité de Prôvence’, ‘Ôliv’ in ₹172 crore deal
Marico on Friday said it will acquire Vietnam-based Beauty X Corporation, which owns female personal care brands Purité de Prôvence’ and ‘Ôliv’, in an all-cash deal for 493 Billion Vietnamese Dong (about ₹172 crore).
The move will help the homegrown FMCG major to expand its presence in Vietnam.
Its wholly owned subsidiary, Marico South-East Asia Corporation (MSEA) has entered into a definitive agreement to acquire 100 per cent of Beauty X Corporation, a firm which operates in the beauty and personal care space offering products such as shower gels, shampoos, conditioners, face wash and lotions among others.
“The transaction will expand Marico’s presence in the female personal care segment in Vietnam, with an offering of a range of premium and differentiated hair care and skin care products, while also realising various operational synergies,” the company said. (PTI)
Abans Holdings IPO opens today. GMP, price other details you should know
Subscription for the initial public offer (IPO) of Abans Holdings Ltd has opened today and it will remain open for bidders till 15th December 2022. The company promoters have fixed price band of the public issue at ₹256 to ₹270 per equity share. From this public offer, Abans Holdings aims to raise ₹345.60 crore out of which ₹243 crore is expected via OFS (offer for sale) route.
Meanwhile, grey market is also giving positive signals in regard to Abans Holdings IPO. As per the market observers, shares of Abans Holdings are available at a premium of ₹15 in grey market today, which means Abans Holdings IPO GMP (grey market premium) is ₹15 today. (Read More)
Stocks to Watch: Uniparts, Glenmark, SBI, Airtel, Marico, Hero MotoCorp, Vodafone Idea, Mahindra Holidays, V Guard, NTPC, PTC India
NSE lists Delta Corp, Bhel, Gujarat Narmada Valley Fertilizers & Chemicals, and Punjab National Bank stocks on the list of banned securities under the F&O segment for Monday trading as they have crossed 95% of the market-wide position limit. (Read More)
Glenmark’s drugs are adulterated: USFDA
The US Food and Drug Administration (USFDA) identified a number of failures at the Glenmark Pharmaceuticals’ Bardez-based facility in Goa, creating drug formulations, in a warning letter sent to Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha. The warning notice lists serious infractions of Current Good Manufacturing Practice (CGMP) rules for finished pharmaceuticals, according to the US Health Authority.
The USFDA conducted an inspection of the manufacturing plant from May 12 to 20. According to the agency, the company’s manufacturing, processing, packing or holding procedures, facilities or controls do not follow CGMP standards, and as a result, its drug products are adulterated. (Read More)
Vodafone Idea, ATC agree to extend ₹1,600 cr debentures date till Feb 28
Debt-ridden Vodafone Idea and its vendor ATC Telecom Infrastructure have agreed to extend the last date for subscription of ₹1,600 crore optionally convertible debentures to February 28, the telecom operator said in a regulatory filing.
Vodafone Idea’s proposal to issue ₹1,600 crore debentures to mobile tower vendor ATC Telecom Infrastructure has lapsed in the absence of any response from the government on the conversion of interest dues into equity.
“…the Company and ATC have mutually extended the last date for subscription of the OCDs to 28th February 2023 or such later date as may be mutually agreed, subject to fulfilment of certain conditions precedent,” Vodafone Idea (VIL) said in a filing. (PTI)
Yellen says US inflation will be much lower by end of 2023
U.S. Treasury Secretary Janet Yellen on Sunday forecast a substantial reduction in U.S. inflation in 2023, barring an unexpected shock. “I believe by the end of next year you will see much lower inflation if there’s not … an unanticipated shock,” she told CBS’ ’60 Minutes’ in an interview released Sunday.
Asked about the likelihood of recession, the former Federal Reserve chair said, “There’s a risk of a recession. But … it…
Read More: Stock Market LIVE: Indices trading flat; Cons Durable, IT drag; Energy stable