A Fed official on Thursday said that the interest rates may have to rise further in order to quash stubbornly hot inflation. This was contrary to what the markets had expected and thus will have an effect on the mood of investors.
India wheat area so far rises 15% y/y on record prices
Indian farmers have planted wheat on 10.1 million hectares since Oct. 1, when the current sowing season began, up nearly 15% from a year ago, the latest data from the farm ministry showed on Friday.
Farmers have also increased area under rapeseed, the key winter-sown oilseed, to 6.3 million hectares as of Nov. 18, up from last year’s 5.5 million hectares, the Ministry of Agriculture & Farmers’ Welfare said in a statement. (Reuters)
LIC trims stake in large-cap pharma stock despite 20% YTD return
Despite mutual funds raising their shareholding in Sun Pharmaceutical Industries during July to September 2022 quarter, Life Insurance Corporation (LIC) of India has cut down its stake in the large-cap pharma stock during the second quarter of the current financial year. As per the shareholding pattern of Sun Pharmaceutical Industries Ltd for July to September 2022 quarter, LIC has trimmed its stake in the company from 5.49 per cent to 4.38 per cent. Mutual funds raised their stake in Sun Pharmaceutical Industries from 11.84 per cent to 12.22 per cent during Q2FY23. (Read More)
Realty index under pressure; sheds more than 0.5% in the session
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Govt raises maximum tenure of PSU banks’ CEO to 10 years
The maximum tenure of CEO and MD of public sector banks has been increased to 10 years, a move that will help the government retain the best talent in the banking sector.
As per a government notification dated November 17, 2022, the term for the appointment has been extended to 10 years, from the earlier 5 years, subject to superannuation age of 60 years.
Earlier, the MD or executive director of a public sector undertaking (PSU) bank was eligible for a maximum tenure of 5 years or 60 years whichever was earlier. This is also applicable for whole-time directors of all Central Public Sector Enterprises (CPSEs).
“A whole-time director, including the managing director, shall devote his whole time to the affairs of the nationalised bank and shall hold office for such initial term not exceeding five years and extendable up to a total period, including the initial term, not exceeding 10 years, as the central government may, after consultation with the Reserve Bank, specify and shall be eligible for re-appointment,” it said. (PTI)
India launches first privately made rocket into space
India launched its first privately developed rocket, the Vikram-S, on Friday, a milestone in the country’s effort to create a commercial space industry.
The 545-kg rocket developed by space startup Skyroot took off from the Indian space agency’s launch site near Chennai.
The rocket has the capability of reaching Mach 5 – five times the speed of sound – and carrying a payload of 83 kg to 100 kilometers.
Video footage showed the rocket taking off from the space centre, leaving a plume of smoke and fire in its trail. (Reuters)
ONGC stock drags; sheds 1.5%
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Multibagger stock rallies 17% to hit record high, up 115% in 6 months
Shares of TCPL Packaging Ltd rose more than 17% to hit a record high of ₹1,696 apiece on the BSE in Friday’s early trading session. The stock has been in an upward momentum since the last few sessions as it has rallied more than 32% in a month.
Commenting on the performance for Q2 & H1 FY2023 Saket Kanoria, Managing Director, TCPL Packaging Limited said “TCPL has shown solid resilience and achieved yet another quarter of strong performance amidst a challenging operating environment. Our consolidated revenues grew by 43% Y-o-Y on the back of higher volumes and better realizations. In addition, we witnessed stability in our key raw materials, which enabled us to register robust profitability during the quarter. EBITDA improved by 60% Y-o-Y to Rs. 57.5 crore in Q2, translating into healthy margins of 16%.” (Read More)
Noon Update: Indices drag with Sensex dropping 300 points and Nifty around 100 points
Most indices are trading in the red with only PSU Bank trading in the green
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Five Star Business Finance IPO: Check GMP ahead of shares listing
The finalisation of the basis of share allotment of Five Star Business Finance’s initial public offering (IPO) has been done this week and now all eyes are on the listing of the company’s shares which is expected to happen next week.
As per market observers, Five Star Business Finance shares are commanding a premium (GMP) of minus 2 in the grey market today. The shares of the company are expected to list on the leading stock exchanges BSE and NSE next week on Monday, November 21, 2022. (Read More)
Axis Securities recommendation on Star Cement: Encouraging Volume Growth; Outlook Remains Positive
Axis Securities recommendation on Star Cement after quarterly results: BUY with Target Price at ₹115
Encouraging Volume Growth; Outlook Remains Positive
Cement demand is expected to be robust both in North-East and East regions driving the volume growth for the company. It is setting up a 2 Mn tonne grinding unit each in Assam, its largest market in terms of cement consumption, which will enable the company to capture incremental demand coming out of various infra and housing projects from this region. Its Siliguri grinding unit is ramping up well and higher capacity utilization of the unit will help the company in improving its fixed cost absorption and will also aid in its volume growth moving ahead. With better cement demand, higher pricing and stabilization of the Siliguri Grinding unit, and cost optimization measures(12mw WHRS plant) undertaken by the company, we foresee Star Cement reporting decent performance moving forward. The stock is currently trading at 9x FY23E and 8x FY24E EV/EBITDA. We retain our BUY rating on the stock and value the company at 9x FY24E EV/EBITDA to arrive at a TP of ₹115/share, implying an upside of 13% from the CMP (taking into consideration the impact of higher tax)
Consumer Durable index puts the most drag on the market; almost all stocks in red
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INDIA RUPEE-Rupee flat as dollar demand offsets boost from oil plunge
The Indian rupee was little changed on Friday as the benefit from a plunge in oil prices was countered by continued corporate demand for the dollar.
The rupee was at 81.6650 per dollar, against its previous close of 81.65. The currency has declined 1% in volatile trade so far this week, giving back half its gains from last week in the wake of slightly soft U.S. inflation data.
There is persistent demand for dollars from oil importers and other corporates, said foreign exchange traders.
“Any dips in USD/INR are being bought out this week,” said Ritesh Agarwal, head of treasury at CTBC Bank. (Reuters)
As pre-IPO investors sell Paytm shares, who is buying them?
Paytm shares are oscillating around its life-time lows that has attracted bottom-finishing interest by some foreign institutional investors. Bank of America (BofA) Securities and Morgan Stanley Asia Singapore and Societe Generale are one of them. As per the NSE bulk deals, Morgan Stanley Asia Singapore has bought 60,03,468 Paytm shares whereas BofA Securities and Societe Generale bought 50,26,428 and 70,85,227 Paytm shares respectively. However, SVF India Holdings (Cayman) sold out its 2,93,50,000 Paytm shares. All these buying and selling of Paytm shares were executed through bulk deal on 17th November 2022. (Read More)
Mutual Funds: New rules on dividend, redemption proceeds notified by SEBI
Securities and Exchange Board of India (SEBI) on Thursday notified new rules for asset management companies (AMCs) pertaining to transfer of dividend and redemption proceeds to mutual fund unitholders, in which, every mutual fund and asset management company would be required to transfer to the unitholders the dividend payments and the redemption or repurchase proceeds within a period specified by the regulator.
“Notwithstanding payment of such interest to the unit-holders…the asset management company may be liable for action for failure to transfer the redemption or repurchase proceeds or dividend payments within the stipulated time,” Sebi said in the circular notified on Thursday. (Read More)
Medanta shares: Nomura buys stake in Global Health. Experts upgrade target
Medanta shares have attracted a good response from FIIs and DIIs after a decent listing on 16th November 2022. After listing at around 19 per cent premium, global investment agency Nomura India Investment Fund and domestic institutional investor Motilal Oswal Mutual Fund have bought a stake in Global Health shares. As per the NSE bulk deals, Nomura India Investment Fund bought 15 lakh Medanta shares on 16th November through a bulk deal paying ₹414.57 apiece. This means the global investment agency invested ₹62,18,55,000 or over ₹62 crore in this recently listed stock.
After the strong response from FIIs and DIIs, stock market experts have upgraded Medanta’s share price target to ₹550 in the next two years. (Read More)
Ashika Stock Broking: The elevated support level for the market now stands at 17950
Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed yet another indecisive candle resembling closer to a Doji kind of pattern on the daily charts. Two back-to-back Doji candle implies of an upcoming consolidation/weakness in the market which seems rational considering the sharp rally of almost 1700 points in last one month. Nifty since the past few days of trading session has led the Index to breach past the falling trend line which confirms that the primary trend is up and is well placed to accelerate the upward momentum hereon. Now the elevated support level for the market now stands 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 presently at 68 slightly closer to overbought situation which further reinstates of an upcoming consolidation in the market, however present setup signifies that Nifty is on the path to challenge the all-time high of 18600 in coming sessions followed by 18900 in near term. During the day, Nifty is likely to open on a negative note amid negative global cues though the positive momentum in the Index is likely to withstand thus lower levels of 18300-18340 need to be utilized for initiating long position for an upside target of 18600.
Kotak Bank shines; gains 2%
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Adani, World’s Third-Richest Person, Considering Opening Family Office in Dubai or New York
Asia’s richest person, Gautam Adani, is considering setting up a family office overseas to manage his ballooning wealth, according to people familiar with the discussions.
The chairman of the ports-to-power Adani Group conglomerate is looking at Dubai or New York as the base for the office, which will invest the Adani family’s personal funds, the people said, asking not to be identified because the matter is private. The group’s founders are in the process of hiring a full suite of specialized family office managers, one of the people said.
The move comes amid a $58 billion surge in Adani’s personal wealth this year — the most among the world’s richest people, according to the Bloomberg Billionaires Index. It also reflects the tycoon and his family’s increasingly global ambitions, as the Adani Group makes significant overseas acquisitions beyond its traditional stronghold in India. (Bloomberg)
Mahindra and Mahindra sheds in early trading, drops 1.5%
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Geojit Financial Services: No trigger to push the market decisively into sharp correction territory
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: “There are no major global or domestic triggers that can move the markets decisively as of now. Therefore, the market is likely to meander around the current levels. 18400 Nifty is acting as a resistance level. For the Nifty to move up to and beyond record highs some strong triggers are necessary and that is not happening. Also, there is no trigger to push the market decisively into sharp correction territory. The texture of the market continues to be Buy on Dips.
A significant trend in the market now is the bloodbath in the new-age digital companies triggered by the end of the lock-in period for initial institutional investors. Some of these stocks may turn out to be big wealth creators in the long run. Long-term investors with high risk appetite may consider nibbling at some of these stocks now available at huge discounts to their IPO price.”
Auto Index under pressure in early trading; most stocks in red
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India’s overall oilmeal exports up 38 pc in 2022-23, rapeseed doubled
India’s overall oilmeal exports so far during the current financial year – April to October – were 38% higher year-on-year at around 1.97 million tonnes, data compiled by vegetable oil industry body The Solvent Extractors’ Association of India (SEA) showed.
During the same period last fiscal, the export of oil meals was at 1.43 million tonnes.
Oilmeals are basically the residue left over after the extraction of oil from oilseeds, and they are widely used as livestock feed.
In the month of October, exports of the commodity were provisionally reported to be at 213,154 tonnes compared to 157,590 tonnes the same month last year, up by 35%. (ANI)
Indices open with marginal gains with Sensex and Nifty adding 100 and 30 point
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Archean Chemical IPO: GMP as all eyes on shares listing after allotment
The finalisation of the basis of share allotment for Archean Chemical’s initial public offering (IPO) has been done this week and all eyes are now on the company’s shares listing which is expected to be next week. The public issue was subscribed 32.23 times by the close of the subscription period last week on Friday, November 11, 2022. (Read More)
Domestic jewellery industry to witness 12% growth in FY23: Report
The domestic jewellery industry, which recorded healthy sales during the festival period, is expected to witness 12 per cent growth during this financial year compared to the previous fiscal, according to a report.
The domestic jewellery industry is estimated to have registered a healthy growth of 60 per cent in the second quarter of FY23 as against pre-Covid levels (Q2 FY20), which exceeded Icra’s expectations of an 8 per cent YoY contraction and was driven by urban demand recovery following range-bound prices.
However, on a Year-on-Year (YoY) basis, the demand recorded a contraction of 2 per cent in the quarter owing to a high base in the second quarter of FY22, which had grown by 70 per cent YoY, due to pent-up demand after the lifting of the pandemic-induced restrictions last year, the Icra report said. (PTI)
Sensex remains flat at preopen on Friday; Nykaa, Vedanta, Bajaj Auto in focus
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India-UK FTA lands in row over patent evergreening
A clause allowing patent evergreening in the India-UK free trade agreement will harm India’s generics industry and the UK’s healthcare service that is dependent on Indian drugs, The Lancet warned, prompting the UK to declare the future of its health service is “not on the table”.
Controversy ballooned after a leaked draft intellectual property chapter of the FTA was said to include a clause that would allow British pharma companies to ‘evergreen’ their drug patents. Evergreening is the practice of companies filing for patent extensions by making minor changes to their drugs just before the patent expires at 20 years. (Read More)
Bitcoin, ether, dogecoin gain while Solana, Unsiwap fall. Check cryptocurrency prices today
Cryptocurrency prices today rose as the world’s largest and most popular digital token Bitcoin’s was trading nearly 2% higher at $16,947. The global crypto market cap today remained below the $1 trillion mark, even as it was almost flat in the last 24 hours to $873 billion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also plunged by more than a per cent to $1,227. (Read More)
Reliance Securities Stock in Focus today: ABB India
STOCK IN FOCUS
ABB India (CMP 3,122)
In view of strong capex uptick, high earnings growth and backing by ABB global, we have our BUY rating with a…
Read More: Stock Market LIVE: Sensex sub-61,500, Nifty down 100 pts; M&M, Coal India drag