PremiumInvestors chose the wait-and-watch approach in Asia with China's strict lockdown policies making a comeback. Japan closed higher while Hong Kong shed in today's session. China remained flat while the European market was trading in green in the morning session.
Benchmark indices ended around 0.45% higher on Tuesday. Indices quickly moved to green in early trading and remained in that zone throughout the session to close with decent gains.
Sensex closed above 61,400, at 61,419, a gain of 275 points. Nifty also added 85 points to close at 18,244.
PSU Bank once again had a good day along with IT and Metal following. Almost all sectoral indices closed in the green. The Realty sector was under pressure and was the only index which shed in today's session.
IndusInd Bank was the major gainer in today's session and added 2% followed by JSW Steel and NTPC. Among laggards, BPCL dropped more than a per cent followed by Nestle India.
Asian markets had a mixed day with many markets with investors choosing to opt for caution ahead of the release of the Federal Reserve's minutes of the policy meeting.
Japanese shares ended higher on Tuesday, as the yen's weakness against the U.S. dollar raised prospects of a better outlook for domestic manufacturers. The Nikkei share average rose 0.61% at the close on Tuesday.
Mainland China and Hong Kong stocks were under pressure with Hong Kong stocks falling for the fifth straight day amidst a worsening COVID-19 situation in China, though China stocks were aided by fresh moves to aid a struggling property sector.
The Hang Seng index dropped 1.3%, while the Hong Kong China Enterprises Index lost 1.7%. Both the CSI300 index and the Shanghai Composite Index were roughly flat.
European markets are trading higher in the morning session. The FTSE 100 jumped to a two-month high on Tuesday, as oil stocks bounced back following a bullish brokerage recommendation and news that OPEC+ members were not discussing an oil output increase.
India is looking for takers for $2.4 billion in government aid it’s offering to stimulate domestic manufacturing of solar power equipment.
The state-run Solar Energy Corp. of India is seeking bids from solar manufacturers for 195 billion rupees of financial incentives, according to documents published on the agency’s website. The government is seeking to grow the country’s module-making capacity to as much as 90 gigawatts, enough to meet its own requirements and serve export markets.
Reliance Industries Ltd. and Adani Group, industrial giants run by billionaires Mukesh Ambani and Gautam Adani, were winners in a previous round of solar manufacturing incentives and are eligible to apply again for building additional capacity, the bid documents show. (Bloomberg)
Gold price in the national capital rose ₹30 to ₹52,731 per 10 grams on Tuesday amid appreciation in rupee, according to HDFC Securities.
In the previous trade, the yellow metal had touched ₹52,701 per 10 grams.
Silver also climbed ₹856 to ₹61,518 per kilogram.
The rupee appreciated 14 paise to 81.65 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels.
In the international market, gold was up at USD 1,741.95 per ounce while silver was trading higher at USD 21.05 per ounce. (PTI)
The Indian government will likely raise its allocation to the rural development ministry by 18% to 1.60 trillion Indian rupees ($14.19 billion) for the current fiscal year, partly to bolster its job scheme, a top government source told Reuters.
India had allocated 1.36 trillion rupees for 2022/23 for various schemes in the hinterland, but the stress in rural areas has led to increased demand for the Mahatma Gandhi National Rural Employment Guarantee Scheme, or MNREGA, the country's only minimum job guarantee scheme, which pays $2 to $3 a day.
The additional funds will be used to bulk up job and affordable housing schemes in the fiscal year ending March 2023, said the official, who did not want to be named as the information is yet to be made public.
India's finance and rural development ministry did not immediately respond to requests for comments. (Reuters)
Shares of One97 Communications, Paytm's parent firm, on Tuesday plunged to a record low after Macquarie Group analysts flagged risks from billionaire Mukesh Ambani's foray into the financial services business.
In a note, the Macquarie Group analysts led by Suresh Ganapathy said that Reliance Industries Ltd’s Jio Financial Services Ltd “can pose a significant growth and market-share risk" for players like Paytm and Bajaj Finance. (Read More)
Domestic automobile sales volumes grew 7% on a year-on-year (YoY) in October, driven by healthy demand, new model launches and easing of semiconductor chip, as well as increasing private and public infrastructure spending, CareEdge Research said in a report on Tuesday.
However, sales volume declined by 7.1% on a sequential basis due to the high base of September 2022 with wholesale dispatches for the festive season, it stated. (Read More)
The panel of state finance ministers is likely to recommend a uniform GST levy of 28 per cent on online gaming irrespective of whether it is a game of skill or game of chance, sources said. However, it is likely to suggest a revised formula for calculating the amount on which the Goods and Services Tax (GST) would be levied. (Read More)
Sriraam Rathi , analyst – pharma and healthcare, BNP Paribas India
Pharmaceuticals: 2QFY23 trends
· The domestic formulations business’ aggregate reported growth was 6.2% y-y and adjusted for growth of Covid-related sales, the aggregate growth was in double digits.
· The US generics business reported 8.7% growth q-q at the aggregate level, largely driven by the launch of Revlimid by DRRD, CIPLA and ZYDUSLIF
· We think product launches and revenue market share gains are key in this market for growth. SUNP reported q-q growth on a q-q rise in volumes
Healthcare: 2QFY23 trends
· Occupancy levels for hospital companies recovered and neared pre-Covid levels, led by an increase in footfalls as well as a pick-up in elective surgeries and international patients’ visits. We expect occupancy levels to remain steady or improve.
· Diagnostics companies’ three-year CAGR for non-Covid revenue (excluding acquisitions) was steady in high single digit, led by a pick-up in volumes and rising share of health packages
· EBITDA margin improved q-q for diagnostics companies as non-Covid revenue improved and costs were stable
The finalisation of the basis of share allotment of Keystone Realtors has been done and now all eyes are on the listing of the company's shares which is expected to happen this week. Keystone Realtors, which sells properties under the brand 'Rustomjee', saw its initial public offering (IPO) receive 2 times subscriptions on the last day of the offer that was open from Monday, November 14, 2022, to Wednesday, November 16, 2022.
The shares of the company are expected to make their market debut on the leading stock exchanges BSE and NSE this week on Thursday, November 24, 2022. (Read More)
Shares of FSN E-Commerce Ventures, parent of beauty-to-fashion e-tailer Nykaa, fell 3.6% on Tuesday after private equity firm Lighthouse India likely sold 1.8 crore shares of the company in a block deal.
Lighthouse India held a 2.04% stake, or a little over 5.81 crore shares, in Nykaa as of 12 November. It was reported that the PE firm will sell 0.65% of its stake worth ₹320 crore in Nykaa. Bank of America was the broker for the deal. (Read More)
Japanese shares ended higher on Tuesday, as the yen's weakness against the U.S. dollar raised prospects of a better outlook for domestic manufacturers, although caution ahead of the release of the Federal Reserve's minutes of policy meeting limited gains.
The Nikkei share average rose 0.61% to close at 28,115. 74, while the broader Topix climbed 1.12% 1,994.75.
"There were no specific market-moving cues but investors liked the yen's weakness. Investors probably bought back stocks to cover their short positions ahead of a market holiday tomorrow as the yen may weaken further after comments from the Federal Reserve," said Yutaka Miura, senior technical analyst at Mizuho Securities. (Reuters)
The Delhi High Court on Tuesday rejected Future Group’s plea challenging the Singapore International Arbitration Centre’s (SIAC) order that had dismissed the Indian retailer’s plea to stay the arbitration proceedings with Amazon Inc. This paves the way for Amazon to continue its arbitration proceedings with Future Group which will commence from 28 November.
On 17 November, the top court had made it clear that it will not allow stalling of arbitral proceedings pending before the Singapore International Arbitration Centre (SIAC) pertaining to the ongoing legal tussle between US e-commerce major Amazon and the Future Group, saying the sanctity of such proceedings needed to be maintained. (Read More)
The government’s decision to withdraw export duty on steel products and raw materials will improve sector sentiment but may not materially increase the near-term earnings of domestic primary steel manufacturers because of subdued global demand, said CRISIL Ratings in a note.
“However, in the long run, it should improve export competitiveness of the additional capacities being set up," said CRISIL. (Read More)
Shares of Kaynes Technology India Ltd on Tuesday were listed with a premium of 32.5% at ₹775 apiece against the issue price of ₹587, and later touched an intraday high of ₹787 on the BSE in the early trading session.
“Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The issue has been subscribed 34x , which can give it good listing gains. Syrma SGS, Dixon, and Amber Enterprise are its listed peers. Investors can hold it with mid-term to long-term perspective," said Manoj Kumar Dalmia, Founder and Director, Proficient equities Private limited. (Read More)
The panel of state finance ministers is likely to recommend a uniform GST levy of 28 per cent on online gaming irrespective of whether it is a game of skill or game of chance, sources said.
However, it is likely to suggest a revised formula for calculating the amount on which the Goods and Services Tax (GST) would be levied.
Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals.
Sources said that the GoM report is almost final and would be submitted to the GST Council soon for consideration. (PTI)
Shares of FSN E-Commerce Ventures Ltd., owner of beauty e-retailer Nykaa, fell as much as 5% today as pre-IPO investors continue to exit the stock after the expiry of lock-ins. Stocks often fall after lock-ups expire, as investor selling puts downward pressure on shares. At day's low, Nykaa shares were down at at ₹174.5, before paring some losses. At 11:30 am, the stock was down 3.5% at ₹177.20.
Nykaa shares had got listed last November and the mandatory lock-in period for pre-IPO investors came to an end on November 10. Apart from lock-in expiry, concerns over valuations and rising global rates have also taken their toll on some high-profile internet stocks, even as the broader Indian stock market has outperformed global peers and scaled new peaks. (Read More)
Shares of media company NDTV Ltd. fell over 3% on Tuesday in early deals as the Adani group launched an open offer to buy an additional 26% stake, or 1.67 crore shares, in the company. The offer price is 294 rupees, a discount of 23.07% from the last close.
Union Minister of Steel Jyotiraditya Scindia has stated that the removal of export duties on steel will herald a new era for the Indian steel sector and allow it to establish its position in the global market.
Delivering the keynote address at the third conclave of the Indian Steel Association (ISA) on Monday, Scindia said that the steel sector will not only restore its international footprint but will also reach newer heights in the domestic market.
Scindia stated that Prime Minister Narendra Modi has put forth the mandate to enhance capital infrastructure by nearly ₹17 lakh crore per year, thus increasing demand for steel by close to double digits (approximately 10 per cent per year). (ANI)
World's richest Elon Musk’s losses in his net worth for this year topped $100 billion as shares of Tesla Inc dropped to the lowest level in two years. The billionaire's wealth eroded the most as compared to anyone on the Bloomberg wealth index, after peaking at $340 billion a little more than a year ago.
According to the Bloomberg Billionaires Index, Tesla's chief executive officer (CEO) Elon Musk's wealth has declined over 37% or $101 billion in value in 2022, losing about ₹2,500 crore a day. His total wealth stands at $170 billion as of November 22, 2022. The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. The figures are updated at the close of every trading day in New York. (Read More)
Vaishali Parekh – VP - Technical Research, Prabhudas Lilladher Pvt. Ltd says:
BUY INDIA CEMENT
CMP: 236 TRGT: 270 SL: 225
The stock after the decent correction has bottomed out and consolidated near 224 levels and currently has picked up momentum with a positive bullish candle pattern to improve the bias. The RSI is also well placed and indicated a trend reversal from the oversold zone to signal a buy. We suggest to buy and accumulate this stock for an upside target of 270 keeping the stop loss of 225.
India's bond yields were steady early on Tuesday as traders avoided placing large bets ahead of a debt auction by states.
The benchmark 10-year govt bond yield was at 7.327% as of 0427 GMT, after closing at 7.320% on Monday.
Since there are no major domestic or global triggers, the market will take cues from state-debt auction cut-offs, said Debendra Kumar Dash, senior vice president, treasury, at AU Small Finance Bank. The auction will be well-bid with strong demand from pension funds and insurance companies for longer-tenure bonds, Dash said.
Indian states aim to raise an aggregate of 149.63 billion Indian rupees ($1.83 billion) later in the day through a sale of bonds maturing in four years to 25 years.
During the day, yields are seen moving in the range of 7.28%-7.34%, according to dealers. (Reuters)
The government is preparing a 'coking coal mission' to diversify the sources of key steel-making raw material, for which the country is heavily dependent on imports, according to Union minister Jyotiraditya Scindia.
The mission is part of the government's efforts to reduce dependence on imports for coking coal and increase the use of locally available coal in the steel making through the gasification process, the steel minister told PTI in an interview.
"We (the government) are in the process of making it (coking coal mission). It is the coal ministry's purview," Scindia said in response to a question on the government's initiative towards increasing the availability of raw material in the country.
India imports around 90 per cent of its coking coal requirement. The coal produced within the country has high ash content, the minister said.
Coal with high ash content is not suitable for steel making through the blast furnace route. (PTI)
Shares of Kaynes Techonology India Ltd made a strong market debut on Tuesday with the stock listing at ₹778 apiece on the NSE, a premium of more than 32% as compared to its IPO issue price of ₹587 per share. On the BSE, Kaynes Technology shares started trading at ₹775 apiece.
“The company has reported strong financial growth, especially in recent years, and its margins have also improved significantly. It has a diversified business and customer profile and robust expansion in the order book; So, allottees who applied for the public issue for listing premium are advised to maintain a stop loss at ₹710 and wait for further upside whereas those who have medium to long-term perspective can hold the stock maintaining a stop loss at ₹680," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd. (Read More)
The rupee appreciated 14 paise to 81.65 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels.
Forex traders said foreign fund outflows and a muted trend in domestic equities weighed on the local unit and restricted the appreciation bias.
At the interbank foreign exchange, the domestic unit opened at 81.72 against the dollar, then gained further ground to touch 81.65, registering a rise of 14 paise over its previous close.
On Monday, the rupee depreciated by 5 paise to close at 81.79 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.24 per cent to 107.57. (PTI)
The southern Chinese metropolis of Guangzhou locked down its largest district Monday as it tries to tamp down a major COVID-19 outbreak, suspending public transit and requiring residents to present a negative test if they want to leave their homes.
The outbreak is testing China's attempt to bring a more targeted approach to its zero-COVID policies while facing multiple outbreaks driven by fast-spreading omicron variants. China is the only major country in the world still trying to curb virus transmissions through strict lockdown measures and mass testing. (Read More)
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: "The weakness in the market is likely to continue in the near term. With the dollar index rebounding to above 108, FIIs may sell again or at least refrain from big buying. There are no positive triggers now that can take the market much higher from the current levels. The Covid spread in China is likely to impact Chinese growth and, therefore, further weakness in crude and metals is likely. Long-term investors can utilize the weakness in the market to buy high-quality stocks in banking, telecom, capital goods, IT and autos and blue chips across sectors."
Vedanta's board of directors will meet on Tuesday, November 22, 2022, and will consider and approve the third interim dividend on equity shares, if any, for the Financial Year 2022-23. A dividend means the distribution of surplus from the profits by a listed company to its shareholders.
“The Board of Directors of the Company (the “Board") on Tuesday, November 22, 2022, will consider and approve Third Interim Dividend on equity shares, if any, for the Financial Year 2022-23. Please note that the record date for the purpose of determining the entitlement of the equity shareholders for the said dividend, if declared, is being fixed as Wednesday, November 30, 2022," Vedanta had informed in an exchange filing earlier this month. (Read More)
Glenmark Pharmaceuticals Inc., USA (Glenmark) and Glenmark Pharmaceuticals Limited have reached a settlement agreement with Pfizer Inc., PF Prism C.V., and PF Prism IMB B.V. (Pfizer) for Axitinib Tablets, 1 mg and 5 mg, the generic version of their Inlyta®1 Tablets, 1 mg and 5 mg.
Glenmark had previously announced it received tentative approval by the United States Food & Drug Administration (U.S. FDA) for their generic Axitinib Tablets, 1 mg and 5 mg on November 30, 2020. (Read More)
The global crypto market cap today remained below the $1 trillion mark, as it over 2% lower in the last 24 hours to $820 billion, as per the data by CoinGecko, as cryptocurrency prices continued to be under pressure on concern about the spreading fallout from the FTX crisis.
The world's largest and most popular digital token Bitcoin's price today was trading nearly a per cent lower at $15,844, slipping below the $16,000 mark. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also plunged by about a per cent to $1,106. (Read More)
The United States and Europe could cut their dependence on China for electric vehicle batteries through more than $160 billion in new capital expenditure by 2030, the Financial Times reported on Monday, citing a Goldman Sachs forecast. (Reuters)
Reliance Securities says, "India has managed to perform well bolstered by its strong economic fundamentals. The 2QFY23 results season has largely concluded. At the aggregate, Nifty 50 companies managed to exceed Street estimates. However, margins of most manufacturing sectors remained under pressure due to elevated input costs and subdued realizations which adversely impacted operating cash flows of private companies. While the recent decline in input costs provided relief, much also depends on consumer demand. We expect a recovery starting 3QFY23 led by softening of commodity prices and monetary easing by central banks which is likely to boost demand. The Federal Reserve is unlikely to slow the pace of its interest-rate hikes in the near term which can impact the market in the coming weeks. However, India is likely to see a multi-year economic up-cycle led by strong macros, and various government initiatives.
The markets are likely to see gap up opening; SGX nifty is up 40 points compared to previous spot Nifty closing. Asian Markets are trading mixed; Nikkei is up 0.8% while Heng Seng is down 0.8%."
Tata group-owned Air India plans to hire expat pilots for its Boeing 777 planes as the airline is facing a shortage of pilots amid plans to expand its fleet as well as international operations, according to sources.
The carrier is looking to rope in around 100 pilots for the wide-body Boeing 777 fleet and has approached various agencies that provide expat flight crew to airlines, the sources told PTI.
The loss-making Air India, which was under government ownership for nearly seven decades till the Tata group took over in January 2022, had stopped hiring expat pilots many years ago to save costs.
Expat pilots come at a higher cost compared to those pilots working in India. (PTI)
Elon Musk said on Monday that Twitter' is holding off the relaunch of its blue check subscription service, a delay from his initial tentative timeline to bring back the service on the platform.
"Holding off relaunch of Blue Verified until there is high confidence of stopping impersonation," Musk said in a tweet.
Twitter had paused its recently announced $8 blue check subscription service, as fake accounts mushroomed and had said Twitter's sought-after blue check subscription service will be relaunched on November 29. (Read More)
The government has monetised assets worth ₹33,422 crore under the National Monetisation Pipeline (NMP) in 2022-23 so far, with the Coal Ministry leading the list by raising ₹17,000 crore, and the Ports and Shipping Ministry surpassing its overall fiscal target, according to sources.
In 2021-22, the government surpassed the programme's first-year target of ₹88,000 crore by completing transactions worth ₹1 lakh crore.
Finance Minister Nirmala Sitharaman in a meeting with Niti Aayog CEO Parameswaran Iyer on November 14 reviewed the progress of NMP implementation.
Sources told PTI that according to the government's latest estimate, there is likely to be a shortfall of ₹38,243 crore in realising the overall asset monetisation target of ₹1,62,422 crore in 2022-23. (PTI)
Cryptocurrency prices steadied in a lull from the selloff sparked by the demise of Sam Bankman-Fried’s FTX empire, but investors are braced for more ructions as further digital-asset sector bankruptcies loom.
The largest token Bitcoin added about 1.5% on Tuesday while remaining below $16,000 and in sight of the weakest levels since November 2020. Coins such as Ether, Solana and meme token Dogecoin also posted modest gains.
The latest sign of contagion from the fall of the FTX exchange came from Genesis, a digital-asset brokerage that warned of possible bankruptcy unless it can raise cash. Crypto lender BlockFi Inc. is also struggling to stay afloat.
FTX’s unraveling “resembles Enron’s collapse much more than Lehman’s," Peter Berezin, chief global strategist at BCA Research Inc., wrote in a note. He added that much of the crypto sector “is built on a rickety foundation of fraud and greed, which no amount of technobabble can disguise." (Bloomberg)
Siemens, PTC India and Nitco will be among the stocks in focus as they will be declaring their September quarter earnings today. (Read More)
Bob Iger, the enterprising entertainment executive who brought Star Wars, Pixar and Marvel under the Disney marquee and challenged the streaming dominance of Netflix, will replace his handpicked successor, CEO Bob Chapek, whose two-year tenure has been marked by clashes, missteps and a weakening financial performance.
The stunning development comes two weeks after Disney's quarterly financial performance fell well short of Wall Street expectations on both profit and revenue, a rarity, sending shares tumbling 12%.
The company's stock jumped more than 6% Monday, with the appointment of Iger effective immediately. The stock is still down 37% this year.
“It is with an incredible sense of gratitude and humility — and, I must admit, a bit of amazement — that I write to you this evening with the news that I am returning to The Walt Disney Company as Chief Executive Officer," Iger, 71, wrote in an email to employees. (AP)
The tablet PC market in India grew 22 per cent quarter-on-quarter in July-September with demand for 5G capable devices picking up the steam, CyberMedia Research said on Monday.
CMR anticipates the tablet PC shipments to record a healthy 10-15 per cent growth in 2022.
Samsung led the market with a 28 per cent market share, followed by Lenovo and Apple with 26 and 19 per cent share, respectively, during the quarter.
"The India Tablet market grew 22 per cent quarter-on-quarter, with 5G-capable tablet shipments picking up steam in the run-up to the festive season," CMR's Tablet PC Market Report Review for Q3, 2022, said. (PTI)
The National Company Law Tribunal (NCLT) on Monday gave its approval to Jio for the acquisition of Reliance Infratel (RITL).
The tribunal asked Jio to deposit ₹3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets.
On November 6, Jio had proposed to deposit ₹3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing an insolvency resolution process.
Billionaire Mukesh Dhirubhai Ambani-led Jio placed a bid of ₹3,720 crore in November 2019 to acquire tower and fibre asset of debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications. (PTI)
Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are Gujarat Narmada Valley Fertilizers & Chemicals (GNFC and Torrent Power.
GNFC: Buy GNFC, stop loss ₹567, target ₹600
Torrent Power: Buy TORRENT POWER, stop loss ₹517, target ₹544 (Read More)
Adani group's open offer to acquire an additional 26 per cent stake in the media firm New Delhi Television (NDTV) from the market will start from Tuesday.
The offer with a price band of ₹294 per share will open on November 22 and close on December 5, said a notice by JM Financial, the firm managing the offer on behalf of Adani Group firms.
The offer price is 23.07 per cent lower than NDTV’s Monday closing price of ₹382.20 on BSE.
In the last three months, NDTV’s share prices reached a high of ₹540.85 on September 5, 2022. (PTI)
Nazara Technologies on Monday posted a surge of 11% in its profit after tax to ₹169 crore for the quarter ended September 2022, against ₹153 crore in the year-ago period.
The company said its revenues went up 104% to ₹2,638 in the reviewed quarter, against ₹1,296 crore in the corresponding quarter the previous year, according to a statement shared with stock exchanges.
Ebitda or operating profit went up 9% to ₹213 crore, against ₹195 in the year-ago period. The company's revenues during the first half of the financial year 2022-23 rose 87 per cent to ₹4,869 crore, against ₹2,608 crore in the year-ago period. While profit after tax during the first half of fiscal 2022-23 grew 16 per cent to ₹334 crore, against ₹288 crore in the year-ago period. Ebitda or operating profit went up 4 per cent to ₹514 crore, against ₹496 crore in the year-ago period.
The shares of the company were trading 1.11% down at ₹6.75 apiece at 2.24 pm on BSE on Monday. (ANI)
Oil pared losses and climbed from January lows after Saudi Arabia denied a Wall Street Journal report that it is discussing oil-production increases.
Brent futures traded near $87 a barrel, swinging in over a $5 range on Monday, with volatility jumping the most since late June when the Group of Seven nations started to consider an price cap on Russian crude. Brent plunged and its prompt spread briefly dipped into contango after the WSJ reported that OPEC+ is considering an output hike of 500,000 barrels a day. Saudi Arabia denied the report, adding the “current cut of 2 million barrels per day by OPEC+ continues until the end of 2023." (Read More)
The rupee depreciated by 5 paise to close at 81.79 against the US dollar on Monday, tracking the strength of the American currency in the overseas markets and a muted trend in domestic equities.
The greenback rallied in the overseas markets on safe-haven demand as the investor sentiment hit by rising Covid-19 cases and subsequent restrictions in China.
At the interbank foreign exchange market, the local unit opened at 81.84 and later witnessed an intraday high of 81.74 and a low of 81.91 during the session.
The domestic unit finally settled at 81.79 against the American currency, registering a fall of 7 paise over its last close. (PTI)
India and the European Union (EU) on Monday signed an agreement on cooperation in areas such as climate modelling and quantum technologies, building on the Trade and Technology Council launched by the two sides earlier this year.
The “Intent of Cooperation on High-Performance Computing (HPC), Weather Extremes and Climate Modelling and Quantum Technologies" was signed by India’s ministry of electronics and IT (MeitY) and the European Commission’s Directorate-General for Communications Networks, Content and Technology (DG CONNECT) during a virtual ceremony. (Read More)
End-to-end and IoT solutions-enabled integrated electronics manufacturing player, Kaynes Technologies will be making its market debut on Tuesday after a successful initial public offering (IPO). On BSE, Kaynes will be listed for trading and dealings under the 'B' group of securities. NSE as well as notified the listing of the company. The ₹858 crore IPO had received an oversubscription of 34.16 times with a strong appetite across investor categories.
In its notice, BSE said, "trading members of the exchange are hereby informed that effective from Tuesday, November 22, 2022, the equity shares of Kaynes Technology India shall be listed and admitted to dealings on the Exchange in the list of 'B ' Group of Securities." (Read More)
India’s top business leaders asked finance minister Nirmala Sitharaman to boost capex to ₹10 trillion, rationalize personal tax rates, especially at the lower end of the income spectrum, and focus on job creation in the Modi government’s last full budget before the 2024 national elections.
Lobby groups and top industry executives said that the budget for the year starting 1 April would be crucial to address challenges related to consumer demand and job creation amid slowing world economic growth and geopolitical uncertainties. (Read More)
Stocks closed lower on Wall Street Monday, as a slide in technology companies offset gains elsewhere in the market.
The S&P 500 fell 0.4% and the tech-heavy Nasdaq composite dropped 1.1%. The Dow Jones Industrial Average held up better, ending down just 0.1%
The Dow benefited from a 6.3% gain in Disney, which soared following news late Sunday that the entertainment giant had replaced CEO Bob Chapek with his predecessor, Bob Iger.
Tesla tumbled 6.8% for the biggest drop among S&P 500 stocks and briefly slumped to an intraday low of $167.54, the lowest point in two years. The electric car maker's shares are down more than 50% this year on investor fear that CEO Elon Musk will be distracted by his $44 billion purchase of Twitter.
The market pullback adds to stock indexes’ losses from last week and followed news overnight from China, which announced its first new death from COVID-19 in nearly half a year as strict new measures are imposed in Beijing and across the country to ward against new outbreaks. China's ongoing strict lockdown policies have been crimping economic growth in the world's second-largest economy and stressing businesses. (AP)
Download the App to get 14 days of unlimited access to Mint Premium absolutely free!
