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Sensex ends 235 pts higher, Nifty up 80; PSU Bank soars; Pharma lags

Stock Market Today: Investors keep an eye on central bankers' future course of action (Hemant Mishra/Mint)Premium
Stock Market Today: Investors keep an eye on central bankers' future course of action (Hemant Mishra/Mint)

  • Share Market Close: Indian markets had a late run and ended in green on Monday. Britannia, Adani Enterprise and SBI gained in today's trading, while Divi's Lab, Asian Paints and Cipla dragged. PSU Bank and Metal indices jumped. Pharma closed in the red.

Asian 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.

07 Nov 2022, 03:42:42 PM IST

Indices end in green with Sensex closing at 61,185 and Nifty at 18,200 

In a day marked with volatility, benchmark indices made a late run and ended with decent gains. Investors were motivated by earnings data and scooped up shares of companies that performed better than expected while selling shares that disappointed.

Sensex ended with a gain of 235 points and closed at 61,185. Meanwhile, Nifty jumped 85 points to close just above 18,200, at 18,202.

Britannia with 8% and SBI with a 3% gain were among the chart toppers after better-than-expected quarterly results declared over the weekend. Adani Enteprises and BPCL also soared. Divi's Lab dropped 9% after a disappointing quarterly result. Asian Paints also shed more than 2%.

PSU Bank index rallied almost 4% led by the Bank of Baroda and SBI. Metal, Realty, Oil & Gas and Auto also had a decent run. Pharma and Healthcare indices dragged in today's session.

Asian market mostly had a positive day with Japanese shares ending higher tracking a strong performance on Wall Street as investors scooped up some stocks following the release of positive annual outlook. The Nikkei rose 1.21% in its biggest intraday gain in a week.

Chinese traders overlooked the reiteration of the Covid Zero strategy focusing instead on an eventual reopening and continuing to scoop up the nation’s battered shares.

Hong Kong's Hang Seng index ended 2.6% higher, while the Shanghai Composite index gained 0.2% in today's session.

European shares opened lower on Monday as mining and luxury stocks fell after hopes of an easing in China's strict COVID-19 measures were quashed over the weekend. The benchmark STOXX 600 index slid in the morning session.

Sensex at Close
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Sensex at Close
07 Nov 2022, 03:21:32 PM IST

Auto index races towards the end of the session, gains more than a per cent

Auto Index
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Auto Index
07 Nov 2022, 03:11:36 PM IST

L&T Realty, CapitaLand India Trust to set up platform to develop 6mn sq ft office space

L&T Realty and Singapore-listed CapitaLand India Trust Management Pte Ltd have agreed to set up a commercial platform for the development of 6 million square feet of premium office space across Mumbai, Bengaluru and Chennai.

Both the companies have entered into a non-binding term sheet for setting up of this commercial platform. The definitive agreements have not been signed.

L&T Realty is the real estate development arm of L&T, while CapitaLand India Trust Management Pte Ltd is trustee-manager of CapitaLand India Trust (CLINT).

Under this platform, L&T will build and develop office spaces, while CLINT will market the office spaces. (PTI)

07 Nov 2022, 03:01:07 PM IST

Ujjivan SFB Q2: PAT at ₹294 cr on strong growth; stock hits new 52-week high

Bangalore-based Ujjivan Small Finance Bank recorded strong growth in profitability during the quarter ending September 30, 2022 (Q2FY23). It garnered a PAT of 294.29 crore in Q2FY23, registering a growth of 45.01% as against a PAT of 202.94 crore in Q1FY23. The SFB witnessed a net loss of 273.79 crore in Q2 of the previous fiscal. Overall, Ujjivan saw strong growth across parameters in Q2FY23. On the back of impressive Q2, Ujjivan SFB shares soared to touch a new 1-year high. (Read More)

07 Nov 2022, 03:00:48 PM IST

Global Inflation May Be Nearing Its Peak, IMF’s Georgieva Says

The global surge in consumer prices may be close to the high point of the current cycle but might yet prove stubborn, International Monetary Fund Managing Director Kristalina Georgieva said.

In the week that US inflation for October is likely show another outcome close to 8%, she spoke to Francine Lacqua on Bloomberg Television at the UN’s annual climate change summit in the Egyptian resort of Sharm el-Sheikh.

“I’m not going to jump ahead of data, but it is very possible that we are peaking," Georgieva said. “We now see central banks very united on fighting inflation as a top priority and rightly so. If we don’t succeed, it would de-anchor and then the foundation for growth which is price stability is dented."

07 Nov 2022, 02:38:06 PM IST

India's forex reserves jump likely fuelled by revaluation, forward book changes

The big jump in India's foreign exchange reserves in the last week of October was likely fuelled by the softer dollar and changes in the central bank's forward book, economists said on Monday.

India's forex reserves rose by $6.5 billion to $531.1 billion in the week through Oct. 28, marking their biggest weekly increase since September 2021, data released by the Reserve Bank of India on Friday showed.

"This is predominantly due to revaluation changes on the back of the decline in the dollar," Vivek Kumar, an economist at QuantEco Research, said.

"Another thing that could have led to this is the changes in RBI's forward reserves."

He estimates revaluation changes can "at best" account for $3 billion of the total change in reserves. (Reuters)

07 Nov 2022, 02:37:33 PM IST

Apple says iPhone supplies hurt by anti-virus curbs in China

Apple Inc. is warning customers they'll have to wait longer to get its latest iPhone models after anti-virus restrictions were imposed on a contractor's factory in central China.

The company announcement Sunday gave no details but said the factory operated by Foxconn in the central city of Zhengzhou is “operating at significantly reduced capacity."

“We now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated," the company said.

“Customers will experience longer wait times to receive their new products."

Foxconn Technology Group said earlier it imposed anti-virus measures on the factory in Zhengzhou following virus outbreaks. (AP)

07 Nov 2022, 02:36:08 PM IST

India need $300 billion investment to meet 500 GW green capacity by 2030: Report

To complete the 500-gigawatt renewable energy capacity target by 2030, India will need additional investment of around $300 billion, the Arthur D Little (ADL) report said on 7 November

The report, titled 'Powering India's Energy Vision 2030', added that the country is on the right trajectory to meet its goal of having 50 per cent of energy needs through the renewable portfolio as 165 gigawatts (GW) generation capacity already in place. (Read More)

07 Nov 2022, 02:02:04 PM IST

Prabhudas Lilladher recommendations for Bank of Baroda, Safari Industries, Crompton Greaves, Ramco Cement, Marico Industries,

State Bank of India (SBIN IN) – Gaurav Jani – Research Analyst: Rating: BUY | CMP: Rs594 | TP: Rs700

Q2FY23 Result Update - Earnings growth momentum continues

 

Marico (MRCO IN) – Amnish Aggarwal – Head of Research: Rating: HOLD | CMP: Rs539 | TP: Rs543

Q2FY23 Result Update - Expect volumes to inch up in 2H23

 

Ramco Cement:- Rating: BUY | CMP: 740 | TP: 740

The RSI is on the rise from the oversold zone and is on the rise to show strength signaling a buy in this stock.

 

Crompton Greaves:- Rating: BUY | CMP: 366 | TP: 422

The RSI also has indicated a trend reversal from the highly oversold zone and is on the rise to show strength signaling a buy in this stock .

 

Safari Industries (India) (SII IN) – Jinesh Joshi – Research Analyst: Rating: BUY | CMP: Rs1,811 | TP: Rs2,457

Q2FY23 Result Update - Growth cylinder on fire!

 

Bank of Baroda (BOB IN) – Gaurav Jani – Research Analyst: Rating: BUY | CMP: Rs145 | TP: Rs190

Q2FY23 Result Update - Better earnings quality warrants a re-rating

 

 

07 Nov 2022, 01:45:53 PM IST

Two Saurabh Mukherjea portfolio stocks - Divis Labs, Tarsons Products - fall sharply after Q2 results

Divi's Labs' net profit for the second quarter fell about 18% to 493.6 crore as compared to 606.5 crore in the year-ago quarter. Meanwhile, its revenue from operations also declined to 1,854 crore, down over 7% from 1,987 crore year-on-year (YoY).

Meanwhile, Tarsons Products shares were also trading more than 7% lower to 719 apiece on the BSE after reporting a weak set of results for the quarter ended September 2022.

The revenue from operations of the supplier of plastic labware products fell 6% on a year-on-year basis to 71 crore while its net profit during the quarter under review slipped 14% to 21.5 crore. (Read More)

07 Nov 2022, 01:44:07 PM IST

Big test for Nykaa, Paytm, PolicyBazaar, Delhivery shares: Lock-in period to expire soon

India’s fledgling technology sector faces a key test this month as lock-up periods on $14 billion worth of shares sold in initial public offerings expire, allowing billionaire backers including Warren Buffett and Masayoshi Son to sell.

Lock-ups end in November for four consumer-focused tech stocks, which have all slumped in the past month. Included are One 97 Communications Ltd., operator of payments service Paytm, and FSN E-Commerce Ventures Ltd., owner of beauty e-retailer Nykaa. (Read More)

07 Nov 2022, 01:31:06 PM IST

Divi's Lab stock crashes in the past hour, drops 6%

Divi's Lab
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Divi's Lab
07 Nov 2022, 01:29:40 PM IST

Oil Retreats After China Pledges to Stick With Covid Zero Policy

Oil fell after China signaled no relaxation of its Covid Zero stance as cases hit a six-month high, setting back the outlook for demand in the world’s biggest importer.

West Texas Intermediate sank toward $91 a barrel, after surging more than 5% last week as speculation about a potential pivot in China’s health strategy and a weaker dollar supported gains. Those hopes were dashed at the weekend, when officials at the National Health Commission’s disease prevention and control bureau said China will “unswervingly" adhere to current virus controls. (Bloomberg)

07 Nov 2022, 01:29:12 PM IST

India Cements Q2 net loss at ₹113.26 cr, Revenue up 7.46 pc to ₹1,327 cr

India Cements Ltd on Monday reported a consolidated net loss of 113.26 crore for the second quarter ended September 2022.

The company had posted a net profit of 29.75 crore during the July-September quarter of the previous fiscal, India Cements said in a regulatory filing.

Its revenue from operations was up 7.46 per cent to 1,327.06 crore in the second quarter of this fiscal. The same stood at 1,234.85 crore a year ago.

The company's total expenses were at 1,528.01 crore, up 27.16 per cent in the September quarter of FY23, as against 1,201.61 crore a year ago. (PTI)

07 Nov 2022, 01:01:31 PM IST

Cipla tanks in today's trading, sheds 2% of its value

Cipla
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Cipla
07 Nov 2022, 12:53:44 PM IST

Upcoming IPO: Kaynes Technology's issue opens this week. Key things to know

Kaynes Technology India Limited (KTIL), an IoT solutions-enabled integrated electronics manufacturing company, will kick off its initial public offering (IPO) for public subscription this week on Thursday, November 10, 2022. The will conclude on November 14 and the bidding for anchor investors will open on November 9. The company has fixed a price band of 559 to 587 per share.

The company has cut the fresh issue size to 530 crore from 650 crore planned earlier. Besides, there would be an Offer For Sale (OFS) of up to 55.85 lakh equity shares by a promoter and an existing shareholder. The OFS comprises sale of 20.84 lakh equity shares by promoter Ramesh Kunhikannan and 35 lakh equity shares by existing shareholder Freny Firoze Irani. (Read More)

07 Nov 2022, 12:52:48 PM IST

Manufacturing sector growth to sustain in months to come: FICCI survey

The growth momentum picked up by the manufacturing sector in the last few months is likely to be sustained for the next six-to-nine months, Quarterly Survey on Manufacturing conducted by industry body FICCI revealed.

The latest Survey reveals that after experiencing a revival of the Indian economy in the FY 2021-22, the momentum of growth continued in subsequent quarters of Q1 (April-June 2022-23) and Q2 July-Sept (2022-23) with over 61 per cent of respondents reported higher production levels in Q2 (July-September 2022-23).

This is significantly more than the percentage of respondents experiencing higher growth in Q2 of the last few years including pre-Covid years too. This assessment is also reflected in order books as 54 per cent of the respondents in Q2 (July-September 2022-23) that had a higher number of orders. (ANI)

07 Nov 2022, 12:51:24 PM IST

Adani Group continues to seek equity partners: Report

Adani Group continues to seek strategic equity partners aligned with its long-term investment strategy, debt research firm CreditSights said in a report, flagging concern over the Group's elevated leverage.

The Group which is led by Asia's richest person Gautam Adani, is looking to expand its presence in power generation and infrastructure and ventured into cement-making operations earlier this year. (Read More)

07 Nov 2022, 12:26:45 PM IST

Global Health IPO: What GMP reflects on last day of subscription

The public issue worth 2,205.57 crore opened for subscription on 3rd November 2022 and it will remain open for bidders till 7th November 2022. This means today is the last date for applying to the initial public offering (IPO). On third day of subscription by 11:52 AM, the public issue has been subscribed to 1.10 times whereas its retail portion has been subscribed 0.42 times. The QIB portion of the public issue has been subscribed 1.64 times while the NII portion has been subscribed 1.94 times. As the subscription of the issue is going to close today, the grey market is also signaling about the IPO. According to market observers, shears of Global Health is available at a premium of 16, which is 3 higher than yesterday's grey market premium (GMP) of 13. (Read More)

07 Nov 2022, 12:09:21 PM IST

Adani Enterprises shines in today's trading, adds more than 3%

Adani Enterprises
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Adani Enterprises
07 Nov 2022, 12:08:09 PM IST

Large scale layoffs coming at Facebook's parent company Meta: report

After job cuts at Twitter, Facebook’s parent company Meta is planning to begin “large-scale layoffs" this week in what could be the largest reduction to date at a "major technology corporation in a year that has seen a tech-industry retrenchment," a media report said.

The Wall Street Journal reported that the layoffs at Meta, which has more than 87,000 employees, are expected to affect "many thousands of employees" and could come as soon as Wednesday.

The WSJ report said that company officials have told employees to cancel nonessential travel beginning this week.

“The planned layoffs would be the first broad head-count reductions to occur in the company’s 18-year history. While smaller on a percentage basis than the cuts at Twitter Inc. this past week, which hit about half of that company’s staff, the number of Meta employees expected to lose their jobs could be the largest to date at a major technology corporation in a year that has seen a tech-industry retrenchment," it said. (PTI)

07 Nov 2022, 12:02:09 PM IST

Noon Update: Indices trading flat now after starting the day on a positive note; Sensex up 10 points and Nifty around 25 points at noon

Britannia Industries jumps 10% and Adani Enterprises around 4% in the first half of trading on Monday

Sensex at Noon
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Sensex at Noon
07 Nov 2022, 11:57:17 AM IST

Auto sales during 2022 festive season rise 28 per cent year-on-year

Total vehicle retail sales were 28 per cent higher year-on-year during this year's over the month-long festival season.

Sales of vehicles in all categories were in the green with 2 Wheelers, 3 Wheelers, Passenger Cars, Tractors, and Commercial Vehicles growing by 26 per cent, 66 per cent, 28 per cent, 33 per cent and 28 per cent, respectively, the Federation of Automobile Dealers Associations (FADA) data released on Monday showed.

On a year-on-year basis, total vehicle retail for the month of October 2022 saw a growth of 48 per cent. All the categories closed in green with 2W, 3W, passenger vehicles, tractor, and commercial vehicles recording 51 per cent, 66 per cent, 41 per cent, 17 per cent and 25 per cent upside, respectively. (ANI)

07 Nov 2022, 11:35:19 AM IST

Metal Index gains more than a per cent in an otherwise flat trading

Metal Index
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Metal Index
07 Nov 2022, 11:33:27 AM IST

Multibagger SME IPO gives 190% return to allottees within a month of listing

The initial public offering (IPO) of Phantom Digital Effects Limited was launched in October 2022. the public issue was proposed for listing on NSE SME exchange and the issue listed on the SME platform on 21st October 2022. The public issue was offered at a price band of 91 to 95 per equity share.

The SME stock had a dream debut on Dalal Street as the stock listed at 300 per share but soon profit booking triggered but finally the stock closed at 312.70 apiece after making its intraday high of 315 per share. Hence, the SME IPO turned out as one of the multibagger IPOs of the year as it gave more than 200 per cent return to its bidders on its listing day. (Read More)

07 Nov 2022, 11:28:23 AM IST

Bank of Baroda's stellar Q2 drives re-rating; stock gains 10%

Public sector lender Bank of Baroda surprised the Street with a slew of positives in its September quarter earnings performance. Improvement in asset quality and net interest income aided the bank's profit, which exceeded analysts' expectations. Also, its loan growth increased by 20.6% year-on-year in Q2FY23. In reaction, shares of the bank jumped 10% on the NSE in Monday's opening trade. (Read More)

07 Nov 2022, 11:12:55 AM IST

Gold prices today jump to highest in one month. Here is why

Gold prices in India rose to near one-month high in India when futures on MCX rose 0.2% about 51,000 per 10 gram. Silver futures however edged lower by 0.3% to 60350 per kg. In global markets, gold had surged nearly 3% on Friday after a sharp pullback in dollar index. However, bullion was down 0.4% at $1,672.99 per ounce in global markets today as the dollar index rose again. Spot silver was today down 1.3% at $20.56, platinum fell 1% to $951.46 and palladium lost 0.5% to $1,871.00.

"Fridays fall in US Dollar after mixed mix payrolls report that indicated slowing pace in job additions supported the yellow metal that rose to three weeks high of $1686.4/oz," said Ravindra V.Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd. (Read More)

07 Nov 2022, 11:08:04 AM IST

Axis Securities recommendations on DCB Bank, Hero MotoCorp, Minda Corp, and TVS Motors

Hero Motocorp: Weak Numbers with EBITDA Miss; Downgrade to HOLD with TP at 2700

Minda Corporation: Strong Operational Performance; Growth Momentum to Continue - BUY with TP at 255

TVS Motors: Decent Q2; Market Share Gain and Margin Improvement to Continue - BUY with TP at 1230

DCB Bank: On Track to Deliver RoA of 1%, Maintain BUY with TP of 145

07 Nov 2022, 10:58:43 AM IST

Rupee begins week on positive note, U.S. inflation data next trigger

The Indian rupee rose against the U.S. currency on Monday, on the back of an upbeat risk tone in Asia and the dollar's struggles.

The rupee was trading at 82.14 by 0454 GMT, compared with 82.44 in the previous session. The local unit has traded in an about 82.11 to 82.25 range.

Asian shares were higher, while currencies, except for the Chinese yuan, rose.

The U.S. jobs report supported demand for Asian assets in that the unemployment rate ticked higher. But negative for Asian currencies was the headline job additions which trumped estimates and the higher-than-expected increase in wages. (Reuters)

07 Nov 2022, 10:51:36 AM IST

Asian Paints one of the biggest laggards in today's session, sheds more than 1.5%

Asian Paints
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Asian Paints
07 Nov 2022, 10:49:42 AM IST

Archean Chemical IPO: GMP steady ahead of subscription opening

The initial public offering (IPO) of specialty chemical manufacturer Archean Chemical Industries Ltd will open for public subscription this week on Wednesday, November 9, 2022 and the three-day issue will conclude on Friday, November 11, 2022.

The bidding for anchor investors will open on Monday, November 7. The company has fixed a price band of 386 to 407 per share for its initial share sale. (Read More)

07 Nov 2022, 10:31:03 AM IST

YES SECURITES on Apar Ind - SELL; BUY for GAIL, SBI, Sterlite Tech, BOB, SRF TTK Prestige, Indian Bank, Ajanta Pharma

Apar Industries - SELL with TP at 1172

Gail India - BUY with TP at 140

State Bank of India - BUY with TP at 760

Sterlite Technologies - BUY with TP at 210

Bank of Baroda - BUY with TP at 180

SRF Ltd- BUY with TP at 3195

TTK Prestige - BUY with TP at 1096

Indian Bank - BUY with TP at 300

Ajanta Pharma - BUY with TP at 1575

 

07 Nov 2022, 10:24:18 AM IST

Pharma index drags in today's session with Dr Reddy's and Cipla pulling the index down

Pharma Index
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Pharma Index
07 Nov 2022, 10:16:13 AM IST

India detects 937 fresh Covid-19 cases, 9 deaths

India's Covid-19 case tally rose by 937 in a day to reach 4,46,61,516, while active cases declined to 14,515, according to Union Health Ministry data updated on Monday. The death toll has climbed to 5,30,509 with nine more fatalities, including seven deaths reconciled by Kerala, the data updated at 8 am stated. (Read More)

07 Nov 2022, 10:02:36 AM IST

SBI shares rally to record high on upbeat Q2; strong upside seen further

Shares of State Bank of India (SBI) surged nearly 4% to record high of 622 apiece on the BSE in Monday's opening deals after the lender reported a strong earnings by witnessing the highest-ever quarterly profit at 13,265 crore, up 74 % year-on-year (YoY), for the September quarter of FY23, buoyed by robust loan sales, higher interest income and lower provisions.

The country's biggest bank has revised its credit growth outlook to 14-16% for the current financial year driven by strong revival in capex cycle and corporates replacing overseas credit with rupee loans, chairman Dinesh Khara said, as it is seeing demand from infrastructure, renewable power, oil and marketing companies, and services sectors.. The bank had earlier projected FY23 credit growth at 11-12%.

07 Nov 2022, 09:47:43 AM IST

REC shares trade ex-dividend today; stock surges

Shares of REC Ltd started trading ex-dividend on Monday, ahead of the record date for its interim dividend of 5 per share for the financial year 2022-23 that it had announced last month along with its second-quarter results of the current fiscal or Q2 FY23. REC shares rose more than a per cent to 100 apiece on the BSE in opening deals.

07 Nov 2022, 09:34:02 AM IST

PSU Bank index jump 5% in early trading, all stock in green

PSU Bank
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PSU Bank
07 Nov 2022, 09:33:01 AM IST

China exports fall in October, first decline since 2020: customs

China's exports fell 0.3% year-on-year in October, customs authorities said on Monday, the first such decline since mid-2020 and a steep drop from September's 5.7% increase.

Year-on-year imports were down 0.7% in October, negative for the first time since March this year, as a domestic slowdown and the threat of global recession hit international trade. (AFP)

07 Nov 2022, 09:28:21 AM IST

Britannia stock ascends in early trading, gains almost 10%

Britannia Industries
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Britannia Industries
07 Nov 2022, 09:25:01 AM IST

Mauritius-based FPI trims stake in this Saurabh Mukherjea portfolio stock in Q2

Foreign Portfolio Investor (FPI) Indus India Fund (Mauritius) Limited has offloaded its shareholding in chemical stock GMM Pfaudler in recently ended September 2022 quarter. During July to September 2022 quarter, the Mauritius-based FPI cut down its shareholding in this Saurabh Mukherjea's little champ stock from 2.33% to 2.18%.

According to GMM Pfaudler shareholding pattern for July to September 2022 quarter, Indus India Fund (Mauritius) Limited holds 2.18% stake in this chemical company. However, in the shareholding pattern of the company for the April to June 2022 quarter, Indus India Fund (Mauritius) Limited was holding a 2.33% stake in this chemical company. (Read More)

07 Nov 2022, 09:23:34 AM IST

Indices gain at open with Sensex climbing 400 points and Nifty 100 points

Sensex at Open
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Sensex at Open
07 Nov 2022, 09:13:08 AM IST

Reliance Securities Stocks in Focus for today: GPIL

STOCK IN FOCUS

GPIL (CMP 275)

We have BUY rating on GPIL, with a 12-month SOTP-based Target Price of Rs440.

Intraday Picks

DRREDDY (PREVIOUS CLOSE: 4,525) BUY

For today’s trade, short position can be initiated in the range of Rs4,570- 4,595 for the target of Rs4,410 with a strict stop loss of Rs4,645.

PVR (PREVIOUS CLOSE: 1,830) BUY

For today’s trade, long position can be initiated in the range of Rs1,829- 1,816 for the target of Rs1,885 with a strict stop loss of Rs1,794.

SBICARDS (PREVIOUS CLOSE: 811) BUY

For today’s trade, short position can be initiated in the range of Rs822- 827 for the target of Rs792 with a strict stop loss of Rs842.

07 Nov 2022, 09:06:49 AM IST

Inox Green Energy IPO to open for subscription this week. GMP, price band, other details inside

Inox Green Energy Services, a subsidiary of Inox Wind, will launch its initial public offering (IPO) this week on Friday, November 11, 2022 and the three-day long issue will conclude on Tuesday, November 15, 2022. The company has fixed a price band of 61 to 65 per share for its initial share sale.

The 740-crore IPO of Inox Green Energy will comprise a fresh issuance of equity shares worth 370 crore and an offer-for-sale (OFS) of equity stocks aggregating to 370 crore by promoter Inox Wind. (Read More)

07 Nov 2022, 09:06:12 AM IST

Sensex is flat at preopen; Reliance, SBI, Dr Reddy's, Indigo in focus today

Sensex at Preopen
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Sensex at Preopen
07 Nov 2022, 09:00:03 AM IST

Dr Reddy's Labs lines up ₹1,500 cr capex with focus on biosimilars, injectables

Dr Reddy's Laboratories has earmarked a capex of around 1,500 crore for FY23 with major part of it slated to go into building capacities for its biosimilar and injectable businesses, according to CFO Parag Agarwal.

The Hyderabad-based drug major also plans to utilise the capital for adding capacities to existing plants, firm up R&D activities and further invest in digitisation projects.

"The capex for the full year is likely to be around 1,500 crore in that range, and a lot of this capex is towards building capacity for our biosimilar business and for our injectable business," the chief financial officer said in an analyst call.

He was replying to a query about the company's capex plans for ongoing financial year. (PTI)

07 Nov 2022, 08:57:16 AM IST

Geojit Financial Services on today's market: Money is likely to move away from China to strong emerging markets like Taiwan and India

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: "The stellar Q2 numbers from the PSU banking majors SBI and BoB reinforce the ongoing bullish story in banking. Rising credit growth, improving asset quality and margins bode well for the banking sector and this has the potential to take the Bank Nifty and Nifty to new highs, driven by the bulls, who are in command now. FIIs turning buyers for the seventh consecutive day is another strong positive. In the context of problems in China, money is likely to move away from China to strong emerging markets like Taiwan and India. Concerns of high valuations have been temporarily eclipsed by positive factors. In this pricey market there is value in PSU banking stocks. Q2 results indicate that a 12% earnings growth is achievable in FY23."

07 Nov 2022, 08:47:42 AM IST

BankBazaar.com to turn profitable in FY23; to go for IPO by next calendar: Founder CEO Adhil Shetty

BankBazaar.com, which eyes to become the most profitable co-branded credit card platform, expects to turn profitable this fiscal and plans to file for an IPO by the end of next year, founder and CEO Adhil Shetty said.

The company which started off as a loan comparing platform in 2008 is now majorly into co-branded credit card space, issuing two such cards in association with Yes Bank and RBL Bank.

In the second quarter of FY23, the company registered 85 per cent year-on-year growth in its top line, clocking a revenue of 170 crore. Company's credit card sales were up by 115 per cent in Q2.

"We are happy that we are growing profitably and we have delivered 85 per cent year-on-year top line growth in Q2FY23. We had annualised revenue of 170 crore (up by 85 per cent from a year ago) in Q2 and in August and September, both the months, we were EBITDA positive. (PTI)

07 Nov 2022, 08:47:04 AM IST

Axis Securities recommendation on SIS: BUY with TP of ₹475

Axis Securities says, “International Business Struggles; Strong Market Penetration to Provide Growth"

SIS reported strong growth in Q2FY23 with revenue at 2,767 Cr, registering a growth of 3.3% QoQ. Consolidated EBITDA for the quarter de-grew by 9.1% QoQ to 110 Cr, owing to the tepid international business. The company reported a net income of 66 Cr, declining 18% QoQ. Security Services in India exhibited a robust growth of 8.7% QoQ, driven by the rising demand for security guards and mandatory checkups. The company’s International Security Services declined by 3.6% QoQ and stood at 1,161 Cr, primarily owing to the decline from Covid-related contracts which were temporary in nature, and were only partially offset by the increase in revenues from existing customers and segments that had been hit by the pandemic. On a brighter note, the Facility Management business grew by 10.7% QoQ and stood at 471 Cr. Cash conversion remained high during Q2FY23 with OCF/EBITDA at 4.8%. We recommend a BUY rating on the stock and assign an 18x P/E multiple to its FY24E earnings of 28.4/share which gives a TP of 475/share, implying an upside of 15% from the CMP.

07 Nov 2022, 08:37:43 AM IST

Rekha Jhunjhunwala adds this smallcap stock to portfolio, increases stake in 5 others in Q2FY23

As per the shareholding pattern on BSE, Rekha Jhunjhunwala has bought 42,50,000 equity shares or 7.91% in Singer India as of September 30, 2022. This would be a new addition to Jhunjhunwalas' portfolio.

On BSE, Singer India shares are around 69.80 apiece, down by 0.36% on Friday last week. The company's market cap is around 374.94 crore.

Established in 1851, Singer India has two major businesses namely sewing products and home appliances. The products are marketed under the brand name 'Singer' and 'Merritt' with a network across PAN India. (Read More)

07 Nov 2022, 08:31:54 AM IST

Stocks to Watch: SBI, Reliance, Indigo, Maruti, Dr Reddy's, Powergrid, Triveni Engineering, Sona BLW Precision, Bank of Baroda, Titan, Supreme Industries and Supreme Petrochem

Coal India, BPCL, India Cements, Paytm, PB Fintech, and Aditya Birla Capital will be among the stocks in focus as they declare their September quarter earnings today. (Read More)

07 Nov 2022, 08:30:10 AM IST

More sugar export could be allowed after assessing domestic production: Food Ministry

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)

07 Nov 2022, 08:19:54 AM IST

Jio proposes to deposit ₹3,720 crore in escrow account to acquire RCom's tower, fibre assets

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)

07 Nov 2022, 08:18:43 AM IST

Fusion Microfinance IPO: GMP, share allotment, listing date details here

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)

07 Nov 2022, 08:09:49 AM IST

Bikaji Foods IPO subscribed 1.48 times on Day 2

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)

07 Nov 2022, 08:05:00 AM IST

Buy or sell: Vaishali Parekh of Prabhudas Lilladher recommends 2 stocks to buy today

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)

07 Nov 2022, 08:03:36 AM IST

Stock market holiday: NSE, BSE to remain closed tomorrow on Gurunanak Jayanti

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)

07 Nov 2022, 08:02:19 AM IST

Leap India plans IPO to raise ₹1,000 crore

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)

07 Nov 2022, 07:45:13 AM IST

DCX Systems IPO share allotment likely today. GMP, how to check status online

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)

07 Nov 2022, 07:34:37 AM IST

Triveni Engineering Q2 profit jumps manifold to ₹1,388 cr; board okays up to ₹800 cr share buyback

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)

07 Nov 2022, 07:34:01 AM IST

IndiGo Q2 loss widens to ₹1,583.34 cr on higher expenses; eyes international expansion

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)

07 Nov 2022, 07:33:21 AM IST

With ₹14,752 cr net, SBI beats RIL to become most profitable company in Q2

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)

07 Nov 2022, 07:31:17 AM IST

Attero to expand recycling capacity, plans IPO in 2025

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.

07 Nov 2022, 07:30:33 AM IST

Reliance to buy Metro AG’s India biz for €500 million

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.

07 Nov 2022, 07:29:26 AM IST

Wall Street rallies on Friday, in fits and starts, after jobs report

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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