Investors wait for the future course of action from the Fed as it is scheduled to meet next week and is expected to raise its benchmark interest rate by a half-percentage point. Inflation continues to remain on its radar which has made traders nervous
Greenko places lowest bid for energy storage tender by NTPC
GIC Holdings Pte Ltd, Abu Dhabi Investment Authority and Japan’s ORIX Corp. backed Greenko Group said it has placed the lowest bid for the world’s first and largest technology-agnostic energy storage tender floated by power producer NTPC Ltd.
Greenko was the lowest bidder for 3,000 mega watt hours (MWh) tender called by state-run firm’s unit NTPC Renewable Energy Ltd, with Italy’s Enel Group Indian arm Enel Green Power (EGP), JSW Neo Energy Ltd, Hinduja Renewables Energy Private Ltd, HES Infra Pvt Ltd, and India Grid Trust (IndiGrid) also in the fray. Greenko’s lowest bid was for ₹5 per kWh on a single cycle per day basis, with effective storage charges to be far lower than ₹2.5 per kWh. (Read More)
Top performing smallcap mutual fund doubles holding of this PSU bank stock
Quant Small Cap Mutual Fund has significantly increased its holding of Punjab National Bank (PNB), according to November monthly portfolio statement. The smallcap fund, one of the top performing mutual funds in its category, held 23,179,000 shares of PNB as of November 30, roughly the double the number of shares it held in October. PNB shares accounted for 4.6% of the overall ₹2,580 crore AUM of the fund.
Even though PSU banking stocks have run-up sharply this year, some analysts still find them attractive. (Read More)
FMCG index gains in today’s trading with most stocks in green; HUL and Nestle climb
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India’s retail vehicle sales jumps 26% in November – FADA
The festive and wedding season in India helped boost the country’s total retail vehicles sales by 26% in November from a year ago, according to data from industry body Federation of Automobile Dealers Associations (FADA).
Three-wheelers sales notched the biggest jump in November, FADA data showed, with sales surging 80%, followed by tractor sales, which grew 56.8%.
Sales of commercial vehicles rose 32.8%, while the smallest gains were in two-wheelers and passenger vehicles, at 23.6% and 21.3%, respectively.
Auto sales are among the key indicators to assess India’s private consumption as it has a weightage of more than 50% in calculating economic growth. (Reuters)
Twitter, Musk Accused of Systemic Gender Bias Against Women
The mass layoffs and constructive discharges that have hit Twitter Inc. since Elon Musk bought the company have impacted female employees to a significantly greater degree than male workers, a new class lawsuit charges.
That women were more affected by Musk’s immediately laying off more than half of Twitter’s workforce and his “quickly implemented new policies” is no surprise given his history of misogynistic comments, the suit filed Wednesday by Carolina Bernal Strifling and Willow Wren Turkal said.
They pointed to his “posted tweets on Twitter” that joked about naming a school using the acronym “TITS” and about women’s breasts. Musk tweeted just this week that testosterone rocks, and he “has been vocal about promoting women having a lot of babies,” the suit said. (Bloomberg)
StocX.in launches India’s first private market index
StocX.in, an online unlisted securities portal, has launched India’s first private market index known as StocX Private Market Index (SPMI). The index will track prices of more than 30 companies actively traded in the unlisted market and provide analysis and trends through data analytics. (Read More)
Noon Update: Indices shed as IT stocks tumble; Sensex down around 200 pts and Nifty 50 pts
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Landmark Cars IPO: GMP, key things to know ahead of subscription opening
Amid IPOs rush, automobile dealership chain Landmark Cars Ltd’s ₹552 crore initial public offering will open for public subscription next week on Tuesday, December 13, 2022. The company has fixed a price band of ₹481-506 per share for its initial share sale which will conclude on Thursday, December 15, 2022.
Landmark Cars IPO consists of a fresh issue of equity shares aggregating to ₹150 crore and an Offer-For-Sale (OFS) of up to ₹402 crore. Those selling shares through the OFS route are TPG Growth II SF PTE Ltd, Sanjay Karsandas Thakker HUF, Aastha Limited and Garima Misra. Proceeds from its fresh issuance worth ₹120 crore will be utilised for payment of debt and general corporate purposes. (Read More)
India to extend deadline to submit interest for IDBI Bank to early Jan – source
The Indian government will extend the deadline to submit expressions of interest for its stake sale in IDBI Bank to early January from Dec. 16 previously, a government source familiar with the talks told reporters on Friday.
India has invited bids for a 60.72% stake in the bank and the government said last week it would allow a consortium of foreign funds and investment firms to own more than 51% of the lender. (Reuters)
Sun Pharma gains in today’s session after issuing clarification with regard to US FDA import alert for its Halol facility
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Yes Bank shares rally 14% today, trade around 2 year highs
Shares of Yes Bank surged more than 14% to ₹20 apiece on the BSE in Friday’s opening deals, trading near 2 year highs. Its benchmark index Nifty Bank surged to record high. The banking stock has outperformed by gaining more than 52% in the last six months.
Yes Bank has moved the National Company Law Tribunal (NCLT) to initiate corporate insolvency resolution process (CIRP) against Digital Ventures Pvt. Ltd, a wholly-owned unit of Zee Learn Ltd. The private lender has filed the petition under Section 7 of the Insolvency and Bankruptcy Code, which allows a financial creditor to file an application for initiating the process. (Read More)
IT index tumbles 1.5% with all the stocks in red
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India’s Snapdeal to shelve $152 million IPO amid tech stocks rout
SoftBank-backed Indian e-commerce firm Snapdeal has decided to pull the plug on its $152 million IPO, the company told Reuters, making it the latest casualty of a meltdown in tech stocks that has soured investor sentiment.
Snapdeal filed its initial public offering (IPO) regulatory papers for approval in December 2021, a year that saw many stock market debuts and record fund raising by Indian startups. But many are delaying IPOs amid a stock market rout that has raised concerns over frothy tech valuations.
Snapdeal, which competes with larger rivals Amazon and Walmart’s Flipkart in India’s booming e-commerce space, filed a request this week with the country’s market regulator SEBI to withdraw its IPO prospectus, said one source with direct knowledge of the matter. (Reuters)
Google Ad Manager outage costs big websites ad sales
A Google service relied upon by many large websites to sell and display ads was down for about three hours Thursday, denying major news publishers revenue during the crucial holiday period, two sources familiar with the matter said.
“The issue with Google Ad Manager has been resolved and ad serving has now been restored for the affected users,” Google said in a tweet on Thursday evening. “We apologize for the inconvenience.”
News websites such as the New York Times, Washington Post, Wall Street Journal and Los Angeles Times were being affected by the issue, one of the sources said. (Reuters)
IndusInd Bank shines in early trade with a jump of around 2%
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Rupee gains 19 paise to 82.19 against US dollar in early trade
The rupee appreciated 19 paise to 82.19 against the US dollar in early trade on Friday on broad dollar weakness and a firm trend in domestic equities.
Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias.
At the interbank foreign exchange, the domestic unit opened at 82.30 against the dollar, then gained further ground to touch 82.19, registering a rise of 19 paise over its previous close.
On Thursday, the rupee settled 9 paise higher at 82.38 against the US dollar. (PTI)
Sushmita Shukla appointed First Vice President, Chief Operating Officer of Federal Reserve Bank of New York
Sushmita Shukla, an Indian-origin veteran of the insurance industry, has been appointed as First Vice President and Chief Operating Officer at the Federal Reserve Bank of New York, making her the second-ranking officer at the prominent institution.
The appointment was approved by the Board of Governors of the Federal Reserve System, the New York Fed said in a statement Thursday.
Shukla, 54, has been appointed by the Board of Directors of the Federal Reserve Bank of New York as First Vice President and Chief Operating Officer, effective March 2023. (PTI)
PSU Bank index continues to remain strong, jumps 1.5% in early trading
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Geojit Financial Services on today’s market: Price action in PSU banking stocks indicate interested buying in this segment
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: Equity markets will be looking forward to next week’s crucial meeting of the Fed. Since the ECB and Bank of England meetings also are due next week it would be important to know the leading central banks’ view on the emerging economic scenario and their policy response. A decisive turn in the market is likely to happen only after that. In India, the market is now responding to clear trends in sectors. The better-than-expected credit growth in the economy, now running at 17.2% as per the latest RBI data, is driving the rally in the Bank Nifty. Price action in PSU banking stocks indicates interested buying in this segment whose valuations are, even after the recent run-up, attractive.
HCL Tech tumbles 5% in early trading and drags the IT index into red
Shares of HCL Tech today slumped 5% to ₹1044 on BSE after its management indicated FY23 growth to be at the lower end of the 13.5% to 14.5% band. It was the biggest loser among the 30 Sensex stocks. In comparison, Sensex was flat.
Chief executive officer C Vijayakumar at company’s investor day said: “In October, we had increased our guidance from 13.5 to 14.5. we had certain assumptions which helped us to devise 16-17% services growth. we had assumed certain furloughs. But we are seeing a bit higher. BFSI is the segment which is little bit impacted by furloughs followed by tech companies,” he said. (Read More)
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Paytm Shares Jump in Mumbai as Board to Consider Buyback
Shares of One 97 Communications Ltd. surged in Mumbai, with the operator of India’s largest digital payments provider set to explore a buyback.
The company, which operates Paytm, on Thursday said its board is scheduled to meet on Dec. 13 to consider the proposal to repurchase fully paid-up equity shares. The stock climbed as much as 7%, the most in a week.
“The management believes that given the Company’s prevailing liquidity/ financial position, a buyback may be beneficial for our shareholders,” it wrote in an exchange filing. (Bloomberg)
Indices open in green with Sensex gaining 100 and Nifty adding 30 points
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China Factory-Gate Prices Remain in Deflation on Weak Demand
China’s factory-gate prices contracted again in November while consumer inflation eased as disruptions from Covid outbreaks and restrictions hurt manufacturing activity and reduced demand.
The producer price index fell 1.3% in November from a year earlier after declining by the same magnitude in October, the National Bureau of Statistics said Friday. Economists surveyed by Bloomberg had expected a 1.5% drop in prices.
Consumer inflation eased to 1.6% from 2.1% in October, in line with economists’ projections. Core inflation, which excludes volatile food and energy prices, was unchanged at 0.6%. (Bloomberg)
Sensex flat at the preopen session; Paytm, PTC India, HGS, HUL in focus
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Uniparts India IPO’s shares listing next week. Latest GMP
The Initial Public Offer (IPO) of engineering systems and solutions provider Uniparts India was subscribed 25.32 times on the last day of subscription on Friday, December 2, 2022. The shares of the company are expected to list on the stock exchanges BSE and NSE next week on Monday, December 12, 2022. As per market observers, Uniparts India shares are available at a premium (GMP) of ₹45 in the grey market today.
Uniparts India IPO of up to 1,44,81,942 equity shares had a price range of ₹548-577 a share. Since the IPO was entirely an Offer for Sale (OFS), the company will not receive any proceeds from the public issue. (Read More)
Reliance Securities Stock in Focus for Today: IndiGo
STOCK IN FOCUS
IndiGo (INDIGO) (CMP 2,019): We have a positive stance on Indigo considering the strong market share position, undisputed leadership, best cost structure, potential in the fastest-growing aviation sector and lower crude prices bringing early turnaround, we reiterate our BUY rating on INDIGO with a revised Target Price of Rs2,350, valuing the stock at an unrevised EV/EBITDAR multiple of 7.5x FY24E.
Intraday Picks
AMBUJACEM (PREVIOUS CLOSE: 588) BUY
For today’s trade, long position can be initiated in the range of Rs586-
582 for the target of Rs603 with a strict stop loss of Rs574.
DIVISLAB (PREVIOUS CLOSE: 3,287) SELL
For today’s trade, short position can be initiated in the range of Rs3,310-
3,325 for the target of Rs3,210 with a strict stop loss of Rs3,350.
PIDILITIND (PREVIOUS CLOSE: 2,762) SELL
For today’s trade, short position can be initiated in the range of Rs2,773-
2,788 for the target of Rs2,710 with a strict stop loss of Rs2,807.
Chemicals sector outlook brightens as risks recede
India’s speciality chemicals sector appears upbeat about its prospects, as companies aim to expand capacity to capitalize on growth opportunities after a period of sluggish earnings growth because of rising input costs.
Global uncertainties may still be cause for concern for the sector, but analysts have not yet seen any evidence of weakened demand and management commentaries are consistent with this view.
The capital spending plans of these companies suggest they are positioning themselves to tap robust growth opportunities.
The chemical industry continues to be attractive despite global uncertainties, analysts at HDFC Securities said. They believe that Indian companies could see new opportunities, including collaborations with technologically advanced global firms. (Read More)
Cryptocurrency prices today surge: Bitcoin, ether gain over 2%. Check latest rates
In cryptocurrencies, the world’s largest and most popular digital token Bitcoin trading more than 2% higher at $17,230. The biggest token is down by three-quarters from its record high of $69,000. The global cryptocurrency market cap today remained below the $1 trillion mark, even as it was up over 2% in the last 24 hours to $896 billion, as per the data by CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also gained by over 3% to $1,281. Meanwhile, dogecoin price today was trading more than a per cent higher at $0.09 whereas Shiba Inu was up at $0.000009. (Read More)
India inflation likely softened to nine-month low in November: Reuters poll
India consumer price inflation likely cooled to a nine-month low of 6.40% in November mainly due to a moderation in food prices, according to a Reuters poll of economists.
Inflation has stayed above the upper end of the Reserve Bank of India’s 2%-6% tolerance band all year and this has triggered 225 basis points of interest rate rises to the repo rate so far, taking it to 6.25%.
If the inflation forecast is correct, the decline would take it to where it was just before Russia invaded Ukraine in February, which sent global food and commodity prices soaring. (Reuters)
INDIA BONDS-Bond yields may rise ahead of weekly debt supply
Indian government bond yields are expected to open higher on Friday, ahead of a fresh supply of debt through the weekly auction.
The benchmark 10-year yield was likely to move in a 7.26%-7.31% band until the auction later in the day, a trader with a private bank said.
The yield ended higher for a fifth straight session to close at 7.2890% on Thursday.
This is the first auction since the central bank’s monetary policy decision earlier this week…
Read More: Stock Market LIVE: Sensex gains 100 pts at open; FMCG climbs