Home / Markets / Live Blog /  Late rally helps Sensex end 110 pts higher, Nifty up 65; Adani Enterp shines

Late rally helps Sensex end 110 pts higher, Nifty up 65; Adani Enterp shines

Stock market today: Central bankers continue to target inflation (iStock)Premium
Stock market today: Central bankers continue to target inflation (iStock)

  • Share Market Close: Indian stock markets rallied towards the end and ended comfortably in the green. Adani Enterprises jumped 6.5% and Bajaj Finserv 5%. Hero MotoCorp and Dr Reddy's dragged. The Pharma index shed in today's trading, while Metal gained more than 4%.

Markets got a slight boost in an otherwise dull day with rumour mill circulating that China might ease its Covid restrictions. Japan ended in the red, but Hong Kong gained 5% and Shanghai 2%. The European market is also trading in the green in today's session.  

04 Nov 2022, 03:44:07 PM IST

Indices rally towards the end; Sensex ends at 60,950 and Nifty at 18,117

Indian benchmark indices traded relatively flat throughout the day but made a late run to end in the green. Sensex closed at 60,950, a jump of 113 points. Nifty ended at 18,117, a gain of 65 points.

Adani Enterprises zoomed in today's trading and jumped 6.5%, followed by Bajaj Finserve and Hindalco which soared more than 4%. Hero MotoCorp, Dr Reddy and Cipla ended in the red.

Among sectoral indices, Metal gained more than 4% and had an impressive day. Media and Oil & Gas also made decent gains. Pharma, Healthcare, IT and FMCG dragged in today's session.

Asian market had a mixed day on Friday with investors still concerned about the central bankers' hawkish stance but found some hope with the news that China might be easing its Covid restrictions.

Japan's Nikkei share average ended lower on Friday as a hawkish U.S. Federal Reserve led investors to a selloff on their return from a national holiday. Local corporate earnings reports also sharply divided winners and losers. The Nikkei sank 1.68% booking its worst day since October 11.

Hong Kong stocks jumped more than 5% on Friday fuelled by speculation that China will begin winding back some of its strict zero-Covid policies. Reports of progress in the US auditing of Chinese firms listed in New York also provided support to traders easing concerns over a possible delisting of giants such as Alibaba and Tencent.

The Hang Seng Index Soared 5.36% giving it a gain of nearly 9% over the week. The Shanghai Composite Index climbed 2.43%

European shares opened higher on Friday with luxury stocks and mining stocks leading the advance. The STOXX 600 rose in the morning session.

Sensex at Close
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Sensex at Close
04 Nov 2022, 03:18:35 PM IST

GAIL net profit falls 46 pc as Russian gas supply snag hurts petchem business

State-owned gas utility GAIL (India) Ltd on Thursday reported a 46 per cent drop in its September quarter net profit as it slashed petrochemical output after a former unit of Russian energy giant Gazprom stopped gas supplies.

Net profit stood at 1,537.07 crore in July-September compared with 2,862.95 crore profit in the same period a year back, according to a stock exchange filing of the company.

The profit for the firm that transports and sells natural gas to users like fertiliser plants and CNG retailers was sequentially down 47.2 per cent from 2,915.19 crore profit in the April-June quarter.

GAIL's mainstay natural gas marketing business saw revenues doubled but profitability declined 66 per cent as higher gas prices, resulting from a global surge in energy rates following Russia's invasion of Ukraine, hurt margins. (PTI)

04 Nov 2022, 03:18:00 PM IST

India says Xiaomi misled Deutsche Bank on 'illegal' royalty payments

Indian investigators have alleged Chinese smartphone maker Xiaomi Corp's India unit misled its banker Deutsche Bank AG for years by claiming it had an agreement for payment of royalties when it had none, legal documents showed.

Xiaomi has locked horns with India's financial crime fighting agency, the Enforcement Directorate, since it froze $670 million of the company's bank assets saying a probe found the smartphone seller made "illegal remittances" to U.S. chip firm Qualcomm and others in the "guise" of royalties.

Xiaomi denies wrongdoing and approached an Indian court arguing its payments were legitimate and that the assets freeze - later confirmed by an appeals authority - had "effectively halted" its operations in a key market. The court in October declined any relief and the case will next be heard on Nov. 7. (Reuters)

04 Nov 2022, 03:05:22 PM IST

Cipla beats estimates in Q2, records 11% yoy rise in PAT to ₹789 cr

Pharma giant, Cipla posted a nearly 11% growth in consolidated net profit to 788.90 crore for the quarter ending September 30, 2022 (Q2FY23) period compared to a profit of 711.36 crore in the same quarter a year ago. Q2 PAT also climbed by 14.9% from 686.40 crore in Q1FY23. EBITDA soared by 6.3% year-on-year to 1,303 crore in the quarter under review. Overall, Cipla surpassed estimates in Q2FY23.

Meanwhile, revenue from operations jumped by 5.6% to 5,828.54 crore in Q2FY23 against 5,519.80 crore witnessed in Q2 of the previous fiscal. The company posted a revenue of 5,375.19 crore in June 2022 quarter. (Read More)

04 Nov 2022, 03:04:40 PM IST

Gold rises ₹604; silver jumps ₹2,061

Gold price in the national capital rose 604 to 50,869 per 10 grams on Friday, amid strong global trends, according to HDFC Securities.

In the previous trade, the precious metal had touched 50,265 per 10 grams.

Silver also jumped 2,061 to 59,477 per kilogram.

"Gold and silver prices posted some gains after yesterday's fall, amidst a steady Dollar and as market participants await US jobs market data," said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services. (PTI)

04 Nov 2022, 02:53:44 PM IST

Hong Kong stocks surge on China zero-Covid hopes

Hong Kong stocks jumped more than five percent Friday, building on a rally this week fuelled by speculation China will begin winding back some of its strict zero-Covid policies.

Reports of progress in US auditing of Chinese firms listed in New York also provided support to traders, easing concerns over a possible delisting of giants such as Alibaba and Tencent.

The Hang Seng Index Soared 5.36 percent, or 821.65 points, to 16,161.14 -- giving it a gain of nearly nine percent over the week.

The Shanghai Composite Index climbed 2.43 percent, or 72.99 points, to 3,070.80, while the Shenzhen Composite Index on China's second exchange gained 2.68 percent, or 52.78 points, to 2,020.16.

The gains come after an unverified statement earlier this week suggested officials in Beijing had formed a committee to discuss changes to the Covid policy. (AFP)

04 Nov 2022, 02:29:25 PM IST

Hero MotoCorp share drags in today's session, sheds 2%

Hero MotoCorp on Thursday posted a 9.86% drop in net profit to 716.07 crore in the quarter ending September 30, 2022 (Q2FY23) period compared to a PAT of 794.40 crore in the same quarter a year ago.

Hero MotoCorp
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Hero MotoCorp
04 Nov 2022, 02:07:06 PM IST

Mangalore Chemicals announces implementation of ammonia energy improvement project

Mangalore Chemicals and Fertilizers Limited (MCF) on Friday said it has successfully implemented its ammonia energy improvement project which involved a cost of over 400 crore.

“MCF, with a history of over 50 years has attained energy efficiency at par with modern plants. The project was implemented at a capital cost of over Rs.400 Crore and is expected to deliver significant improvement to the bottom line," the company said in a press release. (Read More)

04 Nov 2022, 02:05:35 PM IST

Indigo Paints Q2 brighter than larger peers but not enough to prop up stock

Indigo Paints Ltd reported better-than-expected performance in the September quarter on key parameters. Revenue at 240 crore, rose nearly 24% year-on-year, 2% ahead of consensus estimates. Hurt by inflationary pressures though, Ebitda fell 9% short of the Street's estimates in Q2FY23.

This improved performance can be attributed to the company's Strategy 2.0, which aims to focus on 750 towns and grow twice the industry growth rate.

On Friday, shares of company fell 4.15% on the National Stock Exchange, despite its relatively better earnings. Sustainability is crucial here, especially given the changing dynamics of the sector. (Read More)

04 Nov 2022, 01:37:15 PM IST

Adani Enterprises shines in today's session, jumps 4%

Adani Enterprises
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Adani Enterprises
04 Nov 2022, 01:08:51 PM IST

Nestlé Seeks to Avoid Price Hikes as Consumer Demand Eases

Nestlé, one of the top consumer goods suppliers in Indonesia, will avoid raising prices further after a 5% hike this year began to hurt demand.

Faltering sales volume amid higher product prices is happening throughout the consumer goods industry, said PT Nestlé Indonesia President Director Ganesan Ampalavanar. He expects commodity costs to fall in the second half of 2023, which would help the company maintain its product prices.

“The trend is: consumers are cutting their expenses, that’s why if we keep taking price increase, they’re going to cut more and more," he said in an interview in Jakarta. Inflation and commodity prices could make it hard to keep prices stable. “Through efficiency, we try to avoid price increases as much as we can. However, if the efforts are ineffective, then we would be forced to take price increases." (Bloomberg)

04 Nov 2022, 12:47:22 PM IST

Gillette India's Q1 profit rises on demand for grooming products

Gillette India Ltd reported a 5.9% rise in first-quarter profit on Friday, helped by strong demand for its grooming products ahead of the festive season.

Gillette India, which is 75% owned by Procter & Gamble, said its net profit rose to 867.8 million rupees ($10.52 million) for the three months ended Sept. 30, from 819.3 million rupees a year earlier.

Demand for branded personal care products from high-income consumers has held up. With prices of certain commodities softening, profits for fast-moving consumer goods companies are expected to improve, according to analysts.

Gillette, which makes shaving system and cartridges as well as Oral B toothbrushes, said its quarterly revenue from operations rose 8.2% to 6.2 billion rupees. (Reuters)

04 Nov 2022, 12:36:17 PM IST

Japan's Nikkei drops on hawkish Fed; China gains limit losses

Japan's Nikkei share average ended lower on Friday, as a hawkish U.S. Federal Reserve led investors to a selloff on their return from a national holiday, although strong gains in Chinese stocks limited losses.

Local corporate earnings reports also sharply divided winners and losers.

The Nikkei sank 1.68% to 27,199.74, booking its worst day since Oct. 11, after hitting an early low of 27,032.02 shortly before Chinese markets opened.

The broader Topix sagged 1.29% to 1,915.40.

For the week, the Nikkei rose 0.35%, while the Topix gained about 0.9%. (Reuters)

04 Nov 2022, 12:36:00 PM IST

Amara Raja Batteries stock is charged up as Q2 Ebitda beats estimates

Battery manufacturer Amara Raja Batteries Ltd’s shares jumped by nearly 11% in Friday’s morning trade on the NSE thanks to better-than-expected September quarter (Q2FY23) results. Ebitda (earnings before interest, tax, depreciation and amortization) rose by as much as 34% year-on-year (y-o-y) to 360 crore. This was 21% above Emkay Global Financial Services estimates. (Read More)

04 Nov 2022, 12:17:09 PM IST

Servotech Power Systems bags ₹46 cr order from BPCL

Servotech Power Systems has bagged a 46.2 crore order from Bharat Petroleum Corporation Ltd (BPCL) for supplying and installing a series of EV Chargers at different locations across the country in the next four months.

The project to supply and install 800 units of DC fast EV Chargers has already been initiated from Delhi and is expected to be completed by March 31, 2023, a company statement said.

The project will span across the country, equipping petrol pumps in major Indian cities with EV Charging capabilities on its course. (PTI)

04 Nov 2022, 12:16:20 PM IST

Saurabh Mukherjea adding this multibagger stock. Brokerages bullish too

Relaxo Footwears Ltd reported a decline of over 67% in its net profit at 22.4 crore for the second quarter ended September 2022 on account of volume decline and high raw material prices. The company's margin was under pressure due to high raw material prices.

“The near-term margin pressures persist on account of subdued demand environment and raw material inflation in the system as prices remained volatile. However, management’s focus on premiumisation, increasing share of fast growing sports and athleisure category, and doubling the capacity of Sparx from 50,000 pairs/day currently is step in the right direction. Nonetheless, we adopt a wait-and-watch approach to the stock with a Hold rating and a revised target price of 950 per share," said Axis Securities. (Read More)

04 Nov 2022, 12:15:23 PM IST

Archean Chemical IPO opens next week. GMP, review, other details

The initial public offering (IPO) of Archean Chemical Industries Limited is going to hit primary markets on 9th November 2022 i.e. on Wednesday next week. The public issue worth 1,462.31 will open for bidding on 9th November 2022 and it will remain open for subscribers till 11th November 2022. The chemical company aims to raise 1,462.31 crore from its public offer out of which 657.31 crore is reserved via offer for sale (OFS) route. Ahead of subscription opening, shares of Archean Chemical are available for trade in grey market as well. According to market observers, Archean Chemical shares are trading at a premium of 70 in grey market today. (Read More)

04 Nov 2022, 12:02:02 PM IST

Noon Update: Indices drag as Sensex sheds 100 points and around 15 points

Bajaj Finserv and Ultratech Cement gain in today's session, while Hero MotoCorp drags

Sensex at Noon
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Sensex at Noon
04 Nov 2022, 11:45:31 AM IST

Pharma index under pressure, sheds 1% with most stocks in red

Pharma Index
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Pharma Index
04 Nov 2022, 11:40:35 AM IST

Elon Musk faces new trouble: Twitter sued for mass layoffs

Twitter Inc. was sued over Elon Musk’s plan to eliminate about 3,700 jobs at the social-media platform -- half of its workforce -- which workers say the company is doing without enough notice in violation of federal and California law. A class-action lawsuit was filed Thursday in San Francisco federal court.

Twitter plans to start cutting staff Friday, the company said in an email to employees. Musk has vowed to slash costs at the platform he acquired for $44 billion last month, people with knowledge of the matter have said.

The federal Worker Adjustment and Retraining Notification Act restricts large companies from mounting mass layoffs without at least 60 days of advance notice.

Twitter didn’t immediately respond to a request for comment. (Read More)

04 Nov 2022, 11:29:10 AM IST

Japan to issue Y22.9 trln in extra new bonds to fund stimulus - sources

Japan is set to issue additional new bonds worth 22.9 trillion yen ($154.8 billion) in the current fiscal year to fund its stimulus package unveiled last week, three government sources with direct knowledge of the matter told Reuters on Friday.

The government has also revised up its national tax revenue estimates to 68.4 trillion yen, a record amount, reflecting brisk corporate and household income tax, they said. (Reuters)

04 Nov 2022, 11:28:28 AM IST

Kalpataru Power Transmission bags orders worth ₹1,200 crore

Kalpataru Power Transmission on Friday said it has bagged orders worth 1,200 crore.

"Kalpataru Power Transmission Limited (KPTL) and its international subsidiaries has secured new orders/notification of awards of 1,290 crore," the company said in a statement.

Manish Mohnot, Managing Director & CEO, KPTL, said in the statement, "We are delighted with the new order wins across our business verticals. The T&D (transmission and distribution) orders will help us to consolidate our presence in key T&D markets like Middle East and Latin America. The new orders in the oil & gas and railways business has further strengthen our order book." (PTI)

04 Nov 2022, 11:11:44 AM IST

Hong Kong shares soar on hopes China COVID rules may ease

Shares soared more than 7% in Hong Kong on Friday after a Communist Party newspaper reported that local officials were being urged not to impose overly burdensome controls to curb coronavirus infections.

The Shanghai Composite index jumped 2.6% as sentiment also was buoyed by an article in the party newspaper People’s Daily by China’s former top trade envoy, Liu He, who said the country would continue its market reforms. He appeared to be seeking to allay concerns after Liu and some other prominent reformers were dropped from the top ranks of leadership at a party congress last month.

Hong Kong's market has gyrated in the past few days as investors speculated over signs that Beijing might ease stringent “zero-COVID" policies that have led to entire cities being kept in lockdown for weeks. The policies also require frequent mass testing and lengthy quarantines for travelers. (AP)

04 Nov 2022, 11:10:21 AM IST

FMCG stock trades ex-dividend today after declaring ₹65 per share final dividend

Shares of Procter & Gamble Hygiene and Health Care Ltd started trading ex-dividend in Friday's trading session, ahead of the record date for its final dividend of 65 per share that it had announced in August this year for the financial year ended June 2022. The stock was trading nearly a per cent lower at 13,917 apiece on the BSE in early deals.

04 Nov 2022, 10:52:30 AM IST

Axis Securities recommendation on Dalmia Bharat and Relaxo Footwear after second-quarter result

Axis Securities says:

Dalmia Bharat: BUY with a target price of 1900 - Cost Headwinds Set to Moderate; Outlook Positive

Dalmia Bharat Limited (DBL)reported Volume/Revenue growth of 15%/14% YoY (in line with expectation) on account of better demand and a low base of the last year in its key markets. The company registered a volume of 5.8 Mn tonnes per annum (mntpa) against 5.1mntpa YoY. It reported an EBITDA margin of 13% (our expectation: 14%) on account of elevated costs. The blended realization/tonne came in at 5,122,up 1% YoY. The Cost/tonne was up 17% and reached a level of 4,461/tonne led by higher power/fuel cost which was up 55% YoY. The company reported a Blended EBITDA/tonne of 655 for the quarter, which was lower by 46%YoY owing to the elevated costs. It reported an APAT of 46Cr (below expectation),down 77% YoY owing to the elevated costs and higher depreciation during the quarter. We expect the company to register Revenue/EBITDA/APATCAGR of16%18/%/10%respectively over FY22-FY24E,driven by volume CAGR of13% and consistent realization improvement of 2% each year over the same period. We value the company at 11x FY24E EV/EBITDA. This gives a target price of 1,900/share ( 1,850 earlier), implying an upside of 15% from the current levels. We maintain our BUY rating on the stock.

Relaxo Footwear: HOLD at TP at 950

Near Term Pain Persist; Downgrade to HOLD

Relaxo Footwear’s (RLF) performance in Q2FY23 was a miss on all three fronts of Revenue, EBITDA and PAT vis-a- vis ours and consensus estimates. This was on account of 1) Weak demand in mass open footwear and 2) High cost RM inventory. Revenue for Q2FY23 stood at 670 Cr, down 6% YoY (volume down 15% to 3.9 Cr pairs). The management commented that high inflation in rural India impacted the demand. However, premium and closed footwear (20% of volume) continued to remain strong. Volatility in key raw material prices – (EVA, rubber), high cost RM inventory and price reduction (15-20%) in sept’22 led to gross margin decline of ~590bps YoY to 48.9%. The company’s EBITDA Margins stood at 8.9%, down ~750bps YoY owing to subdued gross margins and negative operating leverage. It reported PAT of 22 cr (down 58% YoY). The near-term margin pressures persist on account of subdued demand environment and raw material inflation in the system as prices remained volatile. However, management’s focus on premiumisation, increasing share of fast growing sports and athleisure category, and doubling the capacity of Sparx from 50,000 pairs/day currently is step in the right direction. Nonetheless, we adopt a wait-and-watch approach to the stock and downgrade it to HOLD from BUY with a revised TP of 950/ share (57x sep-24 EPS) vs. 1,120/ share (57x its FY24E EPS).

04 Nov 2022, 10:42:31 AM IST

₹31 to ₹169 in 5 years: SME stock makes IPO investors more than happy

The initial public offering (IPO) of Servotech Power Systems Ltd is one of the multibagger IPOs that Dalal Street has produced in recent years. Servotech Power Systems IPO was launched in August 2017 at fixed price band of 31 apiece and the public issue was proposed for listing on NSE SME exchange.

The SME stock has a par listing on SME exchange but after listing, the stock has delivered stellar return to its investors. If an IPO investor had remained invested in this SME stock till date after allotment of shares, its 1.24 lakh would have turned to 6.76 lakh today, delivering around 450 per cent return to IPO investors in last five years. (Read More)

04 Nov 2022, 10:27:55 AM IST

Metal shines in today's session, gains more than 1.5%

Metal Index
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Metal Index
04 Nov 2022, 10:15:06 AM IST

Ashika Stock Broking on today's market: Lower levels of 17900-17940 should provide some cushion for the market.

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking: On the technical front, Nifty extended losses for the second consecutive day in a row following a bearish candle and a Doji candle the preceding day, suggesting of a possible selling pressure might develop near 18,150-18,200 levels. However temporary breather from here on can be expected though such price structure should not be construed as negative. Instead, dips should be used as buying opportunity as it seems unlikely that Index might breach the support level of 17500. Overall positive structure in Index remains with an expectation that it would head towards 18600. Positive outlook in the Index is based on the observation that recent Nifty has provided a breakout from past three week’s consolidation (17500-16900) along with broader participation and relative outperformance against global peers. Elevated support base for the market is at 17500 as it happens to be the 50 days EMA. The momentum indicator RSI (relative strength index) is above the 60 level mark, which further reaffirms that positive momentum of the index for the short to medium term is likely to remain. During the day index is likely to open on a subdued note. Hence lower levels of 17900-17940 should provide some cushion for the market.

04 Nov 2022, 10:12:53 AM IST

Bandhan Bank shares near 52-week low while Nifty Bank close to 52-week high. Should you buy?

Shares of Bandhan Bank have been an underperformer as the stock is trading around its 52-week level of 229 apiece that it had hit in December last year as compared to its benchmark index Nifty Bank which has been hovering around its 52-week high level.

Bandhan Bank reported a muted second quarter (Q2 FY23) with net profit at just 209 crore for the September quarter, owing to a sharp decline in net interest margins and higher provisioning. While it reported a net loss of 3,008 crore in the year ago, profit was down sequentially from 886.5 crore. Its net interest income rose 13.3% from the year earlier to 2,193 crore, while net interest margin (NIM) fell to 7% in from 8% in the June quarter. (Read More)

04 Nov 2022, 10:07:03 AM IST

Ratan Tata-promoted startup Electra EV raises USD 25 million for product expansion

Electrodrive Powertrain Solution or Electra EV, an electric mobility startup owned and promoted by industrialist Ratan Tata, has raised about USD 25 million in investment from GEF Capital Partners.

Set up in 2017, Electra EV designs and develops, integrates, manufactures, and supplies EV powertrains systems across passenger and commercial vehicle segments.

Its offerings are end-to-end powertrain solutions - supplying full systems including battery packs, e-traction systems, and integrated electronics, sub-systems, and components across multiple segments like two and three-wheelers, four-wheelers and EV applications in agriculture and off-highway segments. (ANI)

04 Nov 2022, 10:06:07 AM IST

Lionel Messi becomes global brand ambassador of BYJU's 'Education For All'

Edtech major BYJU's on Friday announced that the company has roped in football star Lionel "Leo" Messi as the first global brand ambassador of its social impact arm 'Education For All', according to the news agency PTI.

In an official statement, BYJU's said that Messi played for Paris Saint-Germain and captains the Argentinian football team. He has signed an agreement with BYJU's to promote the cause of equitable education. (Read More)

04 Nov 2022, 09:46:16 AM IST

Bajaj Finserv shines in early trading, gains 2%

Bajaj Finserv
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Bajaj Finserv
04 Nov 2022, 09:40:29 AM IST

SBI Mutual Fund raises stake in this IT stock despite heavy sell-off in Q2

In Q2FY23, IT stocks received heavy beating but smart5 investors and fund manages looked at this sell-off as an opportunity to accumulate. SBI Mutual Fund is one of those smart investors that did the same. During July to September 2022 quarter, they have raised their shareholding in Infosys Ltd from 3.49% to 4.33%.

As per the shareholding pattern of Infosys Ltd for Q2FY23, SBI Mutual Fund holds 15,75,06,368 shares or 4.33 per cent stake in the IT company. However, in the shareholding pattern of Infosys for the April to June 2022 quarter, SBI Mutual Fund was found holding 14,67,96,112 shares or 3.49 per cent stake in Infosys. This means SBI Mutual Fund raised their stake in IT scrip during Q2FY23 despite a dip in Infosys share price during July to September 2022 quarter. (Read More)

04 Nov 2022, 09:37:03 AM IST

India's Reliance to enter salon business, in talks with Naturals chain -Reports

Reliance Retail, a unit of Indian oil-to-chemicals conglomerate Reliance Industries, plans to enter the salon business and is in final stages to buy a roughly 49% stake in Naturals Salon & Spa, the Economic Times newspaper reported on Friday.

However, Naturals' Chief Executive CK Kumaravel said "the talks are at a nascent stage," according to the report, which cited executives aware of the development.

The existing promoters of Groom India Salons & Spa, which runs over 700 Naturals salons across the country, could continue running its operations and Reliance's funding would help extend its network, the ET report said.

No potential deal value was mentioned. Naturals and Reliance did not immediately respond to requests for comment from Reuters.

Chennai-based Naturals, founded in the early 2000s, aims to run 3,000 salons by 2025, according to its website. (Reuters)

04 Nov 2022, 09:30:00 AM IST

IT Index sheds a per cent in early trading, all stocks in the index in red

IT Index
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IT Index
04 Nov 2022, 09:29:16 AM IST

Medanta operator Global Health IPO: GMP, subscription status on day 2 of issue

Medanta operator Global Health IPO has a fresh issue of up to 500 crore and an offer for sale of up to 5,07,61,000 equity shares. Its price range is at 319-336 a share. Global Health on Wednesday said it has mobilised 662 crore from anchor investors. At the upper end of the price band, the company is expected to fetch 2,206 crore through the IPO. Proceeds from the fresh issue will be used to pay debt and general corporate purposes.

As per market observers, Global Health shares are available at a premium (GMP) of 15 in the grey market today. The company's shares are expected to list on leading stock exchanges BSE and NSE on Wednesday, November 16, 2022. (Read More)

04 Nov 2022, 09:20:45 AM IST

Indices opened in the flat-to-green territory with Sensex up 130 points and Nifty up around 40 points

Sensex at Open
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Sensex at Open
04 Nov 2022, 09:05:11 AM IST

Multibagger stock hits 52-week high after 51% stake buy in Sri Lankan company

Filatex Fashions shares are one of the multibagger stocks that Indian stock market has produced in recent years. In year-to-date (YTD) time, this fashion stock has risen from around 7.20 to 17.30 apiece levels, delivering to the tune of 140 per cent to its positional investors. The Indian fashion brand has recently announced to acquire 51 per cent stake in Sri Lankan fashion company Isabella (Pvt.) Limited. The Indian small-cap fashion brand informed about the acquisition of equity in Sri Lankan brand in its latest exchange filing. This stock market news worked as a catalyst for the stock leading to heavy buying interest among the market bulls. This spurt in volume led to rise in the multibagger stock to its new 52-week high of 17.30 apiece on BSE. (Read More)

04 Nov 2022, 09:04:30 AM IST

Geojit Financial Services on today's market: Negative and positive factors will keep the Nifty in a range with no breakouts or breakdowns.

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: There are two broad trends, one negative and the other positive, in the market now. The negative trend is the rising interest rates globally. The Fed’s message that the terminal rate in this rate hiking cycle would be higher than expected earlier is a negative for equity markets. Bond yields (10-year US bond yield is at 4.15%) and the dollar index (112.8) are moving up dragging equity markets down. But even in this unfavourable environment FII flows into India are rising. FIIs have been buyers in the cash market for the sixth straight trading day. This vote of confidence in India is a clear positive. For the near-term the influence of these negative and positive factors will keep the Nifty in a range with no breakouts or breakdowns. However, individual stocks will witness sharp movements responding to the Q2 results. In the present context of high valuations for growth stocks there is value in certain pockets like PSU banks.

04 Nov 2022, 09:03:13 AM IST

Sensex sheds at propen on Friday; Adani Enterprises, Hero MotoCorp in focus today

Sensex at Preopen
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Sensex at Preopen
04 Nov 2022, 08:58:44 AM IST

Reliance Securities Stock in Focus for today: BUY rating on KPP, with a SOTP-based Target Price of ₹535

STOCK IN FOCUS

We have a BUY rating on KPP, with a SOTP-based Target Price of Rs535.

 

Intraday Picks

BIOCON (PREVIOUS CLOSE: 280) BUY

For today’s trade, long position can be initiated in the range of Rs277- 275 for the target of Rs284 with a strict stop loss of Rs272.

TRENT (PREVIOUS CLOSE: 1,545) BUY

For today’s trade, long position can be initiated in the range of Rs1,530- 1,520 for the target of Rs1,595 with a strict stop loss of Rs1,490.

SRTRANSFIN (PREVIOUS CLOSE: 1,240) BUY

For today’s trade, long position can be initiated in the range of Rs1,228- 1,220 for the target of Rs1,282 with a strict stop loss of Rs1,2,04.

04 Nov 2022, 08:54:30 AM IST

China Stocks Head for Best Week in Two Years on Reopening Bets

Chinese stocks headed for their best week in two years on speculation that Beijing will make plans to gradually exit Covid Zero, the biggest bugbear for investors.

A gauge of the nation’s shares listed in Hong Kong has climbed 6.4% so far this week, after unverified social media posts circulated earlier that a committee was being formed to assess scenarios on how to exit Covid Zero. On the mainland, the benchmark CSI 300 Index has jumped more than 4%, on track for the largest weekly gain since early 2021.

Rumor mills have brought a sense of enthusiasm among embattled China investors who have been seeking reasons to scoop up stocks in one of the world’s worst-performing major markets, even as authorities have given no indication of a change in their stance. (Bloomberg)

04 Nov 2022, 08:51:41 AM IST

INDIA BONDS-Bond yields seen rising ahead of debt sale; higher U.S. yields to weigh

Indian government bond yields are expected to trend higher in early trades on Friday, ahead of fresh supply through debt auction, while elevated U.S. yields will continue to weigh on investor appetite.

The benchmark 10-year yield is likely to be in a 7.47%-7.53% band, a trader with a private bank said. The yield ended eight basis points higher at 7.4829% on Thursday and also posted its biggest single-session rise since Oct. 6.

"After the Federal Reserve policy meeting, sentiment has turned cautious, and we may see continuation of yesterday's selling pressure at least till the auction bidding today," the trader said. (Reuters)

04 Nov 2022, 08:45:48 AM IST

DCX Systems IPO: What GMP signals as all eyes set on share allocation date?

Three days bidding for the initial public offering (IPO) of DCX Systems is over and bidders are eagerly waiting for DCX Systems IPO allotment date, which is most likely on 7th November 2022. In three days of bidding, the public issue worth 500 crore got strong response from the investors. As per the DCX Systems IPO subscription status, the public issue got subscribed 69.79 times whereas its retail portion was subscribed 61.77 times. Meanwhile, grey market is also giving strong vibes in regard to the public issue. According to market observers, shares of DCX Systems are available at a premium of 80 in grey market today. (Read More)

04 Nov 2022, 08:33:24 AM IST

Oil Edges Higher as Tight Supply Vies with Slowdown Concerns

Oil edged higher as investors weighed a tightening outlook for energy supply against persistent concerns over a global economic slowdown.

West Texas Intermediate futures rose toward $89 a barrel after falling 2% on Thursday. The OPEC+ alliance will make sizable cuts to output from this month, which will be followed by European Union sanctions on Russian crude flows from December. A global diesel shortage is also adding to supply woes.

Oil is on track for a second weekly gain, but futures have lost almost a third of their value since June as slowdown concerns weighed on demand. Crude has swung in recent sessions along with broader market trends and shifts in the dollar. Lackluster trading volumes have also had an impact. (Bloomberg)

04 Nov 2022, 08:25:00 AM IST

Stocks to Watch: Adani Enterprises, Hero MotoCorp, Indian Bank, UCO Bank, Vodafone India, Suven Pharma, Raymond, Devyani International, Wipro, Adani Total Gas 

Cipla, Titan, Britannia Industries, Cummins India, Interglobe Aviation, Gail India, Jubilant Industries and TVS will be among the stocks in focus as they declare their September quarter earnings today. (Read More)

04 Nov 2022, 08:23:30 AM IST

PNB, LIC Housing Finance stocks under F&O ban on NSE today

A total of two stocks have been put under the ban for trade on Friday, November 4, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). These securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Read More)

04 Nov 2022, 08:21:24 AM IST

Retail loans hit a festive high in September

Retail loan growth surged 20% in September, the fastest since the covid-19 outbreak in 2020, unfazed by higher borrowing costs, signalling a robust revival in consumer demand during the festive season.

Loan demand was seen across categories for purchases of vehicles, consumer durables and homes, the mainstay of retail credit.

Home loans, which account for nearly half of all retail loans, grew 16% to 18.05 trillion between 24 September 2021 and 23 September 2022, data released by the Reserve Bank of India showed. (Read More)

04 Nov 2022, 08:20:02 AM IST

Cryptocurrency prices today: Bitcoin, ether, dogecoin plunge while Polygon, Cardano surge

In cryptocurrencies, the world's largest and most popular digital token Bitcoin's price today was trading almost flat with a negative bias at $20,533 as the crypto market traded sideways after the Federal Reserve decided to increase the interest rate. After surging to an all-time high of almost $69,000 in November last year, Bitcoin's price has been trading in a narrow range of around $20,000 since June this year.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also dipped by nearly a per cent to $1,542. Meanwhile, dogecoin price today was trading more than 10% lower at $0.11 whereas Shiba Inu was also about 4% lower to $0.000011. (Read More)

04 Nov 2022, 07:58:53 AM IST

Bikaji Foods IPO subscribed 67% on Day 1 of offer

The initial share-sale of Bikaji Foods International was subscribed 67 per cent on the first day of offer on Thursday.

The initial public offering (IPO) of the manufacturer of snacks and sweets got bids for 1,38,43,650 shares against 2,06,36,790 shares on offer, as per details available with the NSE.

Retail Individual Investors (RIIs) portion received 1.09 times subscription, non-institutional investors was subscribed 58 per cent and Qualified Institutional Buyers (QIBs) 1 per cent.

The IPO is a pure Offer-For-Sale (OFS) of up to 29,373,984 equity shares and has a price range of 285-300 a share.

Bikaji Foods International Ltd has mobilised 262 crore from anchor investors. (PTI)

04 Nov 2022, 07:57:58 AM IST

AI chief says significant investments will be made to grow AI Express fleet, network

As Air India looks to have 30 per cent share in both domestic and international markets, the airlines' chief Campbell Wilson has said that significant investments will be made to grow the fleet of Air India Express after the AirAsia India merger.

The Tata group is working on streamlining its airline business and will be having a single low-cost carrier under the Air India Express brand after merging AirAsia India with it. The merger is expected to be completed by the end of 2023.

"We will also be investing significantly to grow the new Air India Express's fleet, network and market share dramatically in the coming months and years. This growth, and that of the full-service Air India, will accord many new and exciting opportunities for the Group and staff alike," Campbell said in a communication to the employees on Wednesday. (PTI)

04 Nov 2022, 07:57:03 AM IST

iPhone  maker  Wistron  turns biggest investor under PLI

Wistron InfoComm, the Indian unit of one of the world’s largest iPhone contract makers, emerged as the single biggest investor under the government’s production-linked incentives (PLI) scheme for large-scale electronics manufacturing, bringing in 1,250 crore.

Wistron was followed by the local units of Samsung and Foxconn, investing 900 crore and 650 crore, respectively.

In all, the scheme managed to attract a total of 4,200 crore in investments, an official aware of the matter said on condition of anonymity. The government launched the scheme in March 2020 to encourage manufacturing and create jobs.

“The government has enabled a procedure to give visas to foreign nationals involved in Indian companies under the scheme to boost investment. Moreover, a monitoring group has been set up to expedite the resolution of issues faced by the industry," the official cited above said on the condition of anonymity. (Read More)

04 Nov 2022, 07:41:44 AM IST

Adani Total Gas registers 16% sequential growth in Q2 PAT to ₹160 crore

Adani Total Gas reported a marginal upside of 1.20% in consolidated net profit to 160.02 crore for the quarter ending September 30, 2022 (Q2FY23) period. The PAT stood at 158.12 crore in the same quarter last year. Meanwhile, Q2 PAT rose by a whopping 15.65% from 138.37 crore in the quarter ending June 30, 2022 period.

Consolidated revenue from operations, however, rose by a whopping 73.32% to 1,190.37 crore in Q2FY23 versus 686.80 crore in Q2FY22. Sequentially, the revenue climbed by 7.22% compared to 1,110.21 crore in Q1FY23. (Read More)

04 Nov 2022, 07:40:44 AM IST

Meta India head Ajit Mohan quits; to join Snap

Social media giant Meta India head Ajit Mohan resigned from the company on Thursday and will be joining rival Snap from February.

Both Meta and Snap confirmed the development.

"Ajit has decided to step down from his role at Meta to pursue another opportunity outside of the company.

"Over the last four years, he has played an important role in shaping and scaling our India operations so they can serve many millions of Indian businesses, partners and people," Meta's Global Business Group Vice President Nicola Mendelsohn said in a statement.

Sources said Mohan has resigned with immediate effect.

He had joined Meta, which was earlier known as Facebook, in January 2019 from Hotstar. (PTI)

04 Nov 2022, 07:39:53 AM IST

KKR, Temasek vie for Care Hospitals; deal likely at $1 bn

Private equity giants KKR and Temasek, as well as Max Healthcare Institute Ltd, are competing to acquire Care Hospitals in a potential deal valued at more than $1 billion (about 8,200 crore), said a person aware of the matter, requesting anonymity. Max Healthcare, Blackstone, CVC Capital Partners also in race for TPG-backed hospital chain. (Read More)

04 Nov 2022, 07:37:43 AM IST

Hero MotoCorp Q2 net dips 9% to ₹682 crore

Hero MotoCorp on Thursday reported a 9 per cent decline in its consolidated net profit to 682 crore for the second quarter ended September 30, mainly due to enhanced expenses and a slight dip in sales during the period.

The country's largest two-wheeler maker had reported a net profit of 748 crore in the July-September period of the previous fiscal.

The revenue from operations rose to 9,158 crore in the September quarter compared to 8,539 crore in the year-ago period, Hero MotoCorp said in a regulatory filing.

The company's total expenses during the September quarter rose 9 per cent to 8,292 crore from 7,641 crore a year ago.

On a standalone basis, the company reported a PAT of 716 crore compared to 794 crore in the same period of the last fiscal. (PTI)

04 Nov 2022, 07:35:59 AM IST

Rupee falls 8 paise to 82.88 against US dollar

The rupee depreciated by 8 paise to close at 82.88 against the US dollar on Thursday, after the US Federal Reserve raised interest rates and maintained a hawkish stance.

At the interbank foreign exchange market, the local unit opened at 82.87 and witnessed a high of 82.74 and a low of 82.92.

It finally settled at 82.88 against the American currency, registering a fall of 8 paise over its last close of 82.80.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 1.39 per cent to 112.89. (PTI)

04 Nov 2022, 07:35:22 AM IST

RBI may take cue from BoE, US Fed rate hikes

Interest rate hikes by global central banks, including the US Federal Reserve and Bank of England, have increased the possibility of an extended rate hike cycle by the Reserve Bank of India and, consequently, a higher terminal repo rate, economists and market participants said.

On Wednesday, the US Fed hiked the policy rate by 75 basis points to 3.75-4% while hinting at a lowering of the quantum of rate hikes by the next or the following meeting. However, it also said that the terminal rate, or the peak benchmark interest rate, is likely to be higher than earlier expected. Bank of England, too, hiked the benchmark interest rate by 75 basis points and hinted at increasing rates further to bring inflation down to the target level. (Read More)

04 Nov 2022, 07:34:36 AM IST

Adani Enterprises posts 117% yoy growth in Q2 PAT to ₹461 cr, revenue up 3-folds

Adani Group's flagship company, Adani Enterprises garnered a consolidated net profit of 460.94 crore for the quarter ending September 30, 2022 (Q2FY23) period. The current Q2 PAT witnessed a massive 117% growth compared to a profit of 212.41 crore in Q2 of FY22. The profitability is in line with EBITDA. However, sequentially, the latest profit dipped by 1.81% from 469.46 crore in Q1FY23.

During the quarter, EBITDA came in at 2,136 crore up by a whopping 69% on account of strong performance by IRM and Airport business.

Meanwhile, total income skyrocketed by a huge 183% to 38,441.46 crore in Q2FY23 compared to the same period a year ago, primarily due to strong performance by IRM and Airport business. Revenue from operations stood at 38,175.23 crore --- rising by 188.8% from 13,218.02 crore in Q2 of the previous fiscal. (Read More)

04 Nov 2022, 07:33:20 AM IST

Demand for gold jewellery soars to pre-pandemic level

Gold jewellery consumption has hit pre-pandemic levels, and demand could persist amid revenge buying by households during the upcoming wedding season after two years of postponing large celebrations because of the pandemic.

In the January-September period, gold jewellery demand was at 381 tonnes, aided by a strong third quarter, said World Gold Council (WGC), the gold miners’ lobby founded in 1987.

In the nine-month period of 2021, gold sales stood at 346 tonnes and were at 179 tonnes in 2020 due to a demand slump during the covid-led lockdowns. In 2019, demand for gold jewellery was at 396 tonnes from January-September. (Read More)

04 Nov 2022, 07:32:10 AM IST

US stock markets decline as markets await jobs data

Wall Street stocks retreated on Thursday as markets awaited key US jobs data, while taking in hawkish moves by major central banks.

The latest decline came a day after the US Federal Reserve announced another sharp interest rate increase and said it was premature to think about pausing, which was followed shortly by a similar big move by the Bank of England as part of the fight against inflation.

The Dow Jones Industrial Average lost 0.5% to close at 32,001.25.

The broad-based S&P 500 dropped 1.1% to 3,719.89, while the tech-rich Nasdaq Composite Index fell 1.7% to 10,342.94.

Investors will be watching the US employment report due out Friday for any signs of cooling in the economy, while inflation figures due next week will be "a wild card," Ablin added. (AFP)

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