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PremiumAsian markets mostly gained on Monday following the Wall Street rally on Friday. Toky, Hong Kong and Shanghai all gained despite Chinese authorities denying any relaxation in Covid-19 restrictions. European markets were trading lower though.
The government, which has allowed export of 6 million tonne of sugar till May 31 of the ongoing 2022-23 season, on Sunday said it could consider allowing more export after periodic assessment of the domestic production.
A food ministry notification issued on November 5 said export quota of 6 million tonne has been permitted from November 1 till May 31, 2023 with an option for millers to export on their own or through exporters or swap with domestic sale quota.
In a statement issued on Sunday, the ministry said the export quota has been fixed based on the available initial estimates of sugarcane production in the country. (PTI)
Telecom operator Jio has proposed to deposit ₹3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing a liquidation process.
Billionaire Mukesh Dhirubhai Ambani-run Jio placed the bid of ₹3,720 crore in November 2019 to acquire tower and fibre asset of a debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications.
Jio's subsidiary Reliance Projects and Property Management Services in an application before NCLT last month said that the company is committed to and is willing to implement the resolution plan of Reliance Infratel, which was approved by the committee of creditors earlier.
Jio said the delay in the acquisition of RITL (Reliance Infratel Ltd) assets due to inter-creditor disputes will deteriorate the value of assets. (PTI)
The Initial Public Offering (IPO) of Fusion Micro Finance was subscribed 2.95 times on Friday, the last day of subscription. The ₹1,104-crore IPO received bids for 6,30,36,040 shares against 2,13,75,525 shares on offer, as per data available with the NSE.
The quota meant for Qualified Institutional Buyers (QIBs) received 8.59 times subscription, while the non-institutional investors category was subscribed 1.38 times and Retail Individual Investors (RIIs) 51 per cent. (Read More)
The initial share-sale of Bikaji Foods International was subscribed 1.48 times on the second day of offer on Friday.
The ₹881.22-crore IPO received bids for 3,04,44,000 shares against 2,06,36,790 shares on offer, according to NSE data.
The category meant for Retail Individual Investors (RIIs) was subscribed 2.33 times, non-institutional investors received 1.42 times subscription and Qualified Institutional Buyers (QIBs) quota got subscribed 3 per cent.
The Initial Public Offering (IPO) is a pure Offer-For-Sale (OFS) of up to 2,93,73,984 equity shares.
The price range for the offer is at ₹285-300 a share.
Bikaji Foods International Ltd has mobilised ₹262 crore from anchor investors.
The company's initial share-sale will conclude on November 7. (PTI)
Asked about intraday trading stocks for today, Vaishali Parekh of Prabhudas Lilladher two stocks to buy today. Here we list out details in regard to those Vaishali Parekh recommendations:
1] Tata Motors: Buy at ₹425, target ₹444, stop loss ₹418; and
2] Tata Steel: Buy at ₹104, target ₹109, stop loss ₹102.
Prabhudas Lilladher experts went on to add that Bank Nifty once again witnessed a stagnant rangebound move slightly underperforming the Nifty index moving within a tight range for quite some time with support also maintained near 40,800 levels. The support for the day is seen at 18,000 while the resistance is seen at 18,250 mark. Bank Nifty would have the daily range of 40,800 to 41,800 levels. (Read More)
On account of the Gurunanak Jayanti festival falling on 8th November 2022, there will be no action on Dalal Street on Tuesday. Trading at the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will remain suspended for the entire session on Tuesday, 8th November 2022.
As per the list of stock market holidays 2022, which is available on the official BSE website — bseindia.com — there will be no action in the Equity Segment, Equity Derivative Segment and SLB Segment on Tuesday. (Read More)
Logistics firm Leap India Pvt Ltd aims to raise nearly ₹1,000 crore through an initial public offering (IPO).
The public offer will comprise a fresh issue of equity shares and an offer for sale, people aware of the matter said requesting anonymity.
The company will use the net proceeds from the IPO for capital expenditure.
“There are various private equity players that plan to partially exit through the IPO," said one of the persons mentioned above. “The company is yet to appoint bankers," this person said. (Read More)
Share allocation of DCX Systems Limited's initial public offering (IPO) can be announced any time today as the tentative DCX Systems IPO allotment date is 7th November 2022 i.e. today. After a strong response by investors during three days of bidding from 31st October to 2nd November 2022, the grey market has remained highly bullish on the public issue worth ₹500 crore. According to market observers DCX Systems IPO GMP (grey market premium) today is ₹75. So, DCX Systems' share price has remained unchanged in the grey market for the last two days. (Read More)
Sugar firm Triveni Engineering & Industries Ltd on Saturday reported a multi-fold jump in its consolidated profit to ₹1,387.76 crore for the quarter ended September on one-off gains.
Its net profit stood at ₹92.47 crore in the year-ago period.
Total income rose to ₹1,483.33 crore in the second quarter of this fiscal from ₹1,163.66 crore in the corresponding period of the previous year, according to a regulatory filing.
"The company has divested its entire stake of 21.85 per cent in the associate company, Triveni Turbine Ltd, and accordingly exceptional income of ₹1,401.20 crore has been recognized," the filing said. (PTI)
InterGlobe Aviation, the parent of the country's largest airline IndiGo, on Friday reported a widening of loss to ₹1,583.34 crore for the September quarter due to higher fuel costs and foreign exchange loss.
The airline, also the world's seventh largest in terms of daily departures, reported a loss of ₹381.8 crore, excluding the foreign exchange loss of ₹1,201.5 crore, in the latest quarter under review.
With increasing competition and Air India being revived under the ownership of Tatas, IndiGo is also looking at expanding its international operations.
There is a strong recovery in all segments and IndiGo is expected to be operationally profitable in the third quarter but there are supply chain issues that have resulted in the grounding of planes, according to senior executives at the airline. (PTI)
The country's largest lender State Bank of India has become country's most profitable firm with a consolidated net income of ₹14,752 crore in the September quarter of FY23, thus surpassing Mukesh Ambani's Reliance Industries, which reported net earnings of ₹13,656 crore.
State Bank of India's (SBI) reported net profit ₹13,265 crore on a standalone basis, beating Reliance Industries which remained the most profitable corporate for decades, by a wider margin as Reliance took a hit of ₹4,039 crore in windfall tax on its exports during the quarter. (Read More)
Electronic waste recycling company Attero Recycling is planning an initial public offering in 2025, chief executive officer and co-founder Nitin Gupta said.
The company is still discussing whether to list shares in India or abroad as it also has major international plans, Gupta said in an interview.
“2025 is when we are planning to go public. The fact is that we are an extremely high-growth company, profit-generating and cashflow-generating, and even from the ESG perspective, the firm has great credentials for an IPO, and we are on track to do that in 2025," he said.
Reliance Industries is set to acquire German retailer Metro AG’s Cash & Carry business in India in a deal estimated at around €500 million ( ₹4,060 crore), industry sources said.
The deal includes 31 wholesale distribution centres, land banks and other assets owned by Metro Cash & Carry, they said.
This is going to help Reliance Retail, the country’s largest retailer, expand its presence in the B2B segment.
Discussion between billionaire Mukesh Ambani-led Reliance Industries and Metro was going on for the past few months and last week the German parent firm agreed to the offer from Reliance Retail, they added.
Stocks rallied Friday, but only after yo-yoing several times, as Wall Street struggled with what to make of the latest reading on the U.S. jobs market and what it means for interest rates and the odds of a recession.
The S&P 500 climbed 1.4% after seeing an even bigger rally from the morning disappear completely, only to recover at the end of the day. The Dow Jones Industrial Average rose 1.3% after veering from a gain of 610 points to a loss of 62, while the Nasdaq composite added 1.3%.
The latest set of gyrations in what's already been a wild year for markets followed a U.S. government report showing the unemployment rate ticked higher in October, employers added fewer jobs than they had a month earlier and gains for workers' wages slowed a touch. (AP)
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