Market Highlights Bank, Finance lift Sensex, Nifty to green; Hero Moto, M&M shed

Indian shares rallied in the final hour to make decent gains. The indices remained flat to negative for most of the session tracking a drop in global stocks, after Federal Reserve Chair Jerome Powell said the U.S. central bank is not confident that interest rates are high enough to tame inflation.

The NSE Nifty 50 index ended 30 pts higher at 19,425, while the S&P BSE Sensex climbed 72 pts to end at 64,904. Both the indices ended marginally higher this week compared to the previous week's close.

NTPC, Tata Consumer, ONGC and Tech Mahindra jumped in today's session, while M&M, HCL Tech and Hero MotoCorp dragged.

Auto and IT were among the sectors which shed. Media also shed more than a per cent. All the remaining sectors gained with Metal, Finance and Energy leading the indices.

Japan's Nikkei share average edged lower on Friday, tracking overnight Wall Street losses following a hawkish tilt by U.S. Federal Reserve Chair Jerome Powell, while some heavyweight stocks including SoftBank Group slumped after disappointing earnings. The Nikkei ended the day down 0.24%. The broader Topix reversed early losses to finish 0.07% higher. Both benchmarks gained for the week, with the Nikkei up 1.94% and the Topix rising 0.62%.

China stocks dropped weighed down by liquor and auto manufacturers, as analysts await more stimulus measures to help revive the uneven economy and lift risk appetite. Hong Kong stocks tracked their U.S. peers lower.

China's blue-chip CSI300 Index closed 0.7% lower, while the Shanghai Composite Index lost 0.5%. Hong Kong's benchmark Hang Seng Index dropped 1.8%, down 2.6% for the week.

European equities fell, tracking a global retreat after Federal Reserve Chair Jerome Powell warned interest rates may have to climb further. The pound swung between gains and losses as UK data showed the economy stagnating.

The UK's FTSE 100 slipped on Friday, as prices of most metals slipped, sparking a sell-off in metal mining shares, while data showed the UK economy failed to grow in the third quarter.

Q2 result: Apollo Hospitals Enterprise that reported performance for the quarter ending September, also announced its expansion plans. Apollo Hospitals Enterprise announced a 250-bed new hospital in Pune (expandable to 425 beds in 2 years) at an overall cost of ₹675 crores. The Hospital is expected to be commissioned by Ql FY25.

The commissioning capacity in a few quarters from now is positive as will start contributing to business, said analysts. Apollo is already undergoing expansion of around 2200 hospital beds. (Read More)

Aditya Birla Group's metal flagship Hindalco Industries said its consolidated profit was almost flat at ₹2,196 crore in the quarter ended September 2023.

The company had posted a consolidated profit of ₹2,205 crore in the July-September period of the previous fiscal, Hindalco Industries said in a filing to BSE.

In a statement, the company said its net profit at ₹2,196 crore was in line with the previous-year quarter, and down 11 per cent quarter on quarter, mainly due to accounting adjustments arising out of conversion from US GAAP to Indian accounting standard Ind AS.

The consolidated total income of the company during July-September period dropped to ₹54,632 crore from ₹56,504 crore in the year-ago period, Hindalco Industries said. (PTI)

Britain's sluggish economy failed to grow in the July-to-September period but at least managed to avoid the start of a recession, figures from the Office for National Statistics showed on Friday.

The 0% change in gross domestic product in the third quarter compared with a forecast for a 0.1% fall in a Reuters poll of economists, which many analysts said was likely to represent the start of a recession.

In the month of September on its own, the economy grew by 0.2% from August when growth was revised down to 0.1% from 0.2%. (Read More)

BSE Ltd. has emerged as the world’s best-performing exchange operator this year, and analysts are predicting more gains on expectations of its expanding derivatives business.

Shares of the Indian bourse have rallied 270% this year, trouncing global platforms such as cryptocurrency major Coinbase Global Inc. and Cboe Global Markets Inc., as well as the country’s Multi Commodity Exchange of India Ltd. The rally was partly driven by BSE relaunching derivative contracts on the benchmark Sensex and the banking sector gauge in May this year, attracting investors with reduced lot sizes and a new expiry cycle.

Rising derivatives business may help Asia’s oldest exchange to increase its profit by 40% annually for the next three years, delivering more stock gains, according to Mumbai-based brokerage Sharekhan Ltd. (Bloomberg)

Thanks to easing food inflation, India's October retail inflation, or consumer price index (CPI)-based inflation, is expected to come in the range of 4.6-4.9 per cent. This continued descent in inflation rates will provide the Reserve Bank of India (RBI) with a sense of assurance, enabling them to maintain interest rates at a stable level over the coming months, as suggested by experts.

According to a Mint poll of 17 economists, India’s retail inflation likely cooled to 4.8 per cent in October from 5 per cent in September. However, economists warned that vegetable prices still pose an upside risk to their forecasts. (Read More)

Jefferies, a global brokerage, has initiated a 'high conviction buy' recommendation on Honasa Consumer stock today, setting a target price of ₹520. This target suggests a substantial upside of 73.85% from the current levels, which stand at ₹299.10 as of 13:07 IST on Friday.

The brokerage's analysis highlights Honasa Consumer, renowned for its flagship brand "Mamaearth," as a scaled-up internet-first franchise with a significant moat. The report notes that the company, which now generates 33% of its revenue from newer brands, has successfully evolved into a diversified house of brands. (Read More)

Achieving a market capitalisation of over ₹one lakh crore is a significant milestone for the listed companies. Since last Diwali nine companies have successfully achieved this, demonstrating their resilience in a volatile market.

Bharat Electronics crossed the ₹one lakh crore market capitalisation on September 01. After hitting a one-year low of ₹87 apiece in March, the shares bounced back strongly to the current level of ₹137.95 apiece, reflecting an increase of 52%. (Read More)

The UK's FTSE 100 slipped on Friday, as prices of most metals slipped, sparking a sell-off in metal mining shares, while data showed the UK economy failed to grow in the third quarter.

The exporter-focused FTSE 100 was down 0.6% at 0814 GMT and the mid-cap FTSE 250 dropped 2.2%.

Precious metal miners lost 1.2%, while the industrial metal miners index dropped 0.9%. Prices of most nonferrous metals fell after hawkish comments by U.S. Federal Reserve officials signalled further rate hikes could be required to fight inflation. (Reuters)

Homegrown Welspun Corp on Friday said its associate company East Pipes Integrated Company for Industry (EPIC) has signed a contract with Saudi Aramco worth about ₹1,000 crore for manufacturing and supply of large diameter steel pipes.

The total value of the order exceeds Saudi Riyal 440 million (about ₹1,000 crore) inclusive of value added tax, Welspun Corp said in a statement.

"Associate company EPIC in the Kingdom of Saudi Arabia (KSA) has signed a contract for the manufacturing and supply of large diameter steel pipes with Saudi Aramco.

"The financial impact of this contract is expected to be reflected in the second and third quarter of the financial year 2024-2025," it said.

The duration of the contract is 13 months. (PTI)

Global crude oil prices inched higher on Friday even as investors remain worried about weakening global demand and a rising interest rate regime.

At 1239 pm, the January contract of Brent on the Intercontinental Exchange traded at $80.43 per barrel, up 0.52% from previous close. The December contract of West Texas Intermediate (WTI) on the NYMEX rose 0.44% to $76.07 per barrel. (Read More)

Share allocation for the initial public offering (IPO) of Protean eGov Technologies Limited has been finalised. Those who have applied for the public offer worth ₹490.33 crore, can check Protean IPO allotment status online by logging in at the BSE website — bseindia.com or at the website of official registrar of the public offer. In the wake of T+3 schedule after closure of public issue, Protean eGov Technologies Lmited IPO listing date is most likely on 13th November 2023 i.e. on Monday next week. (Read More)

Union Commerce Minister Piyush Goyal is set to visit San Francisco in the US from November 13-16 to attend various official engagements of the Indo-Pacific Economic Framework (IPEF) and the Asia-Pacific Economic Cooperation (APEC).

As per a release from his Ministry of Commerce and Industry on Friday, Goyal will also interact with eminent businesspeople, prominent academics, US officials and industry leaders during the visit to further strengthen the economic and commercial relations partnership between the two nations.

The Commerce and Industry Minister will participate in the third in-person IPEF Ministerial meeting from November 13-14, 2023, which is likely to see significant updates on the progress of negotiations. (ANI)

ED on Friday seized a few properties worth ₹24.95 crore of Pawan Munjal, CMD of Hero MotoCorp, in Delhi. The probe agency attached three immovable properties located in the national capital under the provisions of the Prevention of Money Laundering Act, 2002 belonging to Munjal.

According to a press statement by the anti-money laundering agency, ED officials initiated the investigation on the basis of a "Prosecution Complaint filed by Directorate of Revenue Intelligence (DRI) u/s 135 of the Customs Act, 1962 against P K Munjal, Chairman and CMD of M/s Hero Motocorp and others for taking foreign exchange/currency out of India illegally". (Read More)

eClerx Services recorded a healthy 11.0% Y-o-Y growth despite significant headwinds in key international markets. The company achieved 6.2% increase in this key performance metric which stood at USD 82.5 million in the corresponding period last year. Total revenue including other income for Q2FY24 grew to INR 735.9 crore, registering a 9.7% Y-o-Y growth as compared with INR 671.2 crore in Q2FY23.

⦁ Earnings before interest and taxes (EBIT) for the period stood at INR 188.6 crore, compared with INR 174.9 crore in Q2FY23 and growing by 7.8% on a Y-o-Y basis.

⦁ Net Profit came in at INR 136.0 crore for the quarter ended September 30, 2023, a 8.0% Y-o-Y growth compared with INR 125.9 crore for the corresponding period in the previous financial year.

⦁ Basic earnings per share (EPS) for Q2FY24 increased to INR 28.2 from INR 25.3 (adjusted for bonus) in Q2FY23, a 11.5% jump in the company’s profitability and value accrued for its shareholders.

CarTrade Tech, a multi-channel auto platform provider, experienced a significant surge in its share price, climbing over 14% to reach a new 52-week high in today's trade following the announcement of the company's Q2FY24 earnings.

In the Q2FY24 earnings report released after market hours on Thursday, CarTrade Tech reported a net profit of ₹12.97 crore, reflecting a remarkable 130% increase from the net profit of ₹5.58 crore posted in the same period of the previous year. The company's net revenue for the quarter reached ₹147 crore, marking a substantial 44% growth compared to the ₹102.49 crore generated in Q2 FY23. (Read More)

Mahindra & Mahindra Ltd reported a standalone net profit of ₹3,451.88 crore in the second quarter of FY24, registering a sharp growth of 66.9% from ₹2,068 crore in the corresponding quarter of last fiscal.

The automobile major’s standalone revenue from operations in Q2FY24 rose 15.7% to ₹24,309.89 crore from ₹21,010.13 crore, YoY. (Read More)

Jinesh Joshi - Research Analyst, Prabhudas Lilladher Pvt Ltd. views on Nazara Technologies (NAZARA IN)

Rating: HOLD | CMP: Rs820 | TP: Rs840

Q2FY24 Result Update – Capital allocation key to re-rating

Quick Pointers:

§ Post recent fund infusion, cash on books stands at Rs13.3bn (22% of market cap).

We cut our FY24E-FY26E EBITDA estimates by ~3-4%, amid persistent weakness in Kiddopia and Ad-Tech business. Despite downgrade at operating level, our FY24/25E EPS estimates have witnessed an upgrade of 14%/6% as we raise our other income assumptions and re-align our tax rate for FY24E given write back during the quarter. Nazara’s operational performance was broadly in-line with our estimate with EBITDA margin of 9.4% (PLe 8.3%) while PAT beat was driven by tax credit of Rs13mn (PLe tax outgo of Rs47mn) arising from demerging of the fantasy sports business of Halaplay into OpenPlay. Despite ongoing challenges in Ad-Tech (loss of a large client), Kiddopia (stagnant subscriber base) and Real Money Gaming (GST levy of 28% on full bet value), return of BGMI and strong traction in SportsKeeda is likely to drive Sales/EBITDA CAGR of 17%/34% over FY23-FY26E. Retain ‘HOLD’ rating on the stock with a DCF based TP of Rs840 (earlier Rs836). Post recent fund raise, Nazara has cash balance of Rs13.3bn (cash per share of Rs183 on diluted equity base) and we believe capital allocation decisions from hereon will be a key to re-rating.

The Society of Indian Automobile Manufacturers (SIAM) released performance figures for the auto industry in October 2023 on November 10.

According to SIAM data, the total production of Passenger Vehicles, Three-wheelers, Two-wheelers, and Quadricycles in October 2023 reached 2,621,248 units. Notably, the Passenger Vehicles segment demonstrated a remarkable year-on-year (YoY) growth of 15.9%, achieving a record milestone for the sector. (Read More)

The United States and China have reached "understandings and agreements" on climate issues that will help ensure progress is made at the COP28 talks starting late this month in Dubai, U.S. climate envoy John Kerry said on Friday.

Kerry met with his Chinese counterpart Xie Zhenhua at Sunnylands, California, this week for four days of talks he described as tough and serious.

"We had a few moments where, as in any negotiation, you think it's all despair," Kerry said at the Bloomberg New Economy Forum in Singapore. "We did come up with some very solid understandings and agreements which will help the COP and will also put us both in a place where we can help the world by focusing on more renewables and other kinds of things," he said. (Reuters)

Shrey Jain, Founder and CEO SAS Online: The Indian stock market began Friday on a downward trajectory, impacted by negative global signals. Both the Sensex and Nifty saw losses, with a decline of 100 and 30 points, respectively. Almost all sectors opened broadly in red.

At present, the Nifty is trading well below the critical 19500 level, which acts as a strong resistance point. The highest Open Interest (OI) is concentrated at this level, while support is noticeable at 19300 and 19250. Talking about Bank Nifty, it's currently moving in the range of 43,550-43,900, signaling a possible sideways trend.

Despite the market fluctuations, the Indian economy remains robust, suggesting a probable timely correction. Let's wait and see how global issues play out.

Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox Banknifty Outlook for today: Despite the market opening on a negative note, Bank Nifty is emphasizing a positive recovery with 43600 PE and 43500 PE witnessing robust writing post early hour session.

A sustained move over 43600 shall see more short covering, resulting index to rally in the direction of 43800. PCR stands at 1.03 implying volatile activity in the derivatives trading.

Technically, 43,200 acts as a major support mark, with 44200 staying as a barrier for upcoming sessions.

Pre-Diwali Dhanteras buying of gold and silver in India, the world's largest gold consumer, kick-started on a positive note on Friday on the recovery of consumer demand with the softening of gold prices.

Gold prices have fallen by ₹800-1,500 per 10 gram (24 carat) from the peak ₹63,000 level on October 28 and this has evoked buying on Dhanteras, considered the most auspicious day in the Hindu calendar for buying items ranging from precious metals to utensils, with traders expecting gold sales to surpass last year's level.

On Thursday, Gold prices plunged ₹400 to ₹60,950 per 10 grams in the national capital.

Gold prices in Delhi were ruling at ₹50,139 per ten grams, excluding taxes, on 2022 Dhanteras day. In normal years, about 20-30 tonnes of gold are sold on a Dhanteras day. (PTI)

Adani Ports and Special Economic Zone (APSEZ) witnessed a rise of over 1% in its share price on Friday as analysts maintained a bullish outlook on the stock following the decent earnings growth reported for the second quarter of FY24.

In Q2FY24, APSEZ reported a 4.2% increase in net profit, reaching ₹1,747.8 crore compared to ₹1,677.5 crore in the same period the previous year. The company's revenue from operations for the quarter ending September 2023 amounted to ₹6,646.6 crore, marking a robust growth of 27.6% from ₹5,210.8 crore in the corresponding period last year. (Read More)

Japan’s Economy Ministry is preparing a total ¥2 trillion ($13 billion) in subsidies to drive investment in its chip industry in a bid to regain its status as a major semiconductor power.

The Ministry of Economy, Trade and Industry is seeking ¥1.85 trillion in an extra budget, on top of as-yet-unspent money for chip-related subsidies. Bloomberg earlier reported that Japan’s plans to allocate money to boost capacity to make and secure chips at home.

As part of a broader blueprint to revive the economy, Tokyo is trying to entice investment in the production of cutting-edge semiconductors critical to future technologies from AI to self-driving cars. That includes billions of dollars to support Taiwan Semiconductor Manufacturing Co., the industry leader in advanced chip production, and for Rapidus Corp., a local startup that aims to compete in high-end chip production. (Bloomberg)

United Spirits witnessed a nearly 7% decline in its share price during morning trade on BSE on Friday, November 10. Investors were observed selling off shares of the company following the release of its September quarter earnings, which indicated a substantial year-on-year (YoY) decrease in both standalone revenue and profit.

According to an exchange filing on Wednesday, November 8, United Spirits reported that its standalone revenue from operations experienced an almost 19% YoY decline, amounting to ₹6,733.8 crore. In the same quarter the previous year, the company's revenue from operations stood at ₹8,275.9 crore. (Read More)

Shares of ESAF Small Finance Bank on Friday listed with a premium of nearly 20 per cent against the issue price of ₹60.

The stock made its debut at ₹71.90, rallying 19.83 per cent from the issue price on the BSE. It later jumped 24.5 per cent to ₹74.70.

At the NSE, shares of the company began the trade at ₹71, up 18.33 per cent.

The company commanded a market valuation of ₹3,685.82 crore during the morning trade.

The Initial Public Offering (IPO) of ESAF Small Finance Bank was subscribed 73.15 times on the last day of subscription on Tuesday. (PTI)

The Indian rupee traded flat against the US dollar in early trade on Friday amid a weak American currency and softening crude oil prices. The local currency opened flat at 83.28 a dollar, similar to its previous close.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.04% at 105.86.

On Thursday, the rupee closed 1 paise lower at 83.28 against the American currency. (Read More)

Vivek Kumar of JM Financial views on Samvardhana Motherson International (MOTHERSO IN) | WIP Qtr; Growth momentum is expected to remain strong

Result Update BUY INR 130 

In 2QFY24, SAMIL reported consol. EBITDA margin of 8.0%, 90bps below JMFe. Lower automotive production in EU (owing to summer holidays) and US (labour strike) led to negative operating leverage and unfavourable mix. With the recovery in automotive volumes in 2H, we expect growth momentum to continue going ahead. Order book continues to grow with share of EVs forming ~22% of booked business (USD 77+bn). Acquisitions have started coming through and the company indicated of strong pipeline. Increase in debt is a temporary phenomenon owing to acqs. and increase in capex and is expected to normalise going ahead. We believe the company with its global presence, an expanding product portfolio and a wide customer base presents a multi-year growth opportunity. We expect revenue/EPS CAGR of 18%/48% over FY23-26E. We maintain BUY rating with a Sept’24 TP of INR 130 (18x FY25e EPS). Slowdown in global demand remains a key risk.

Mark Zuckerberg is facing a lawsuit filed by the US state of Massachusetts, over allegations that his company Meta "dismissed concerns" around Instagram's negative effects on users' mental health, ABC News reported.

The lawsuit was filed in the Suffolk Superior Court on November 5. It found that Meta's leadership had in 2019 suggested that filters for plastic surgery be disabled on Facebook and Instagram due to the negative impact on young users - especially women, it added. (Read More)

Force Motors, the flagship company of the Abhay Firodia group, witnessed its shares surge to the 5% upper circuit limit, reaching ₹4,053.25 per share during early trading on Friday. This significant increase was driven by positive investor response to the company's Q2FY24 performance, which was disclosed after market hours on Thursday.

During the July-September quarter of FY24, the company declared a net profit of ₹94 crore, showcasing a notable improvement from the ₹19 crore net profit reported in the corresponding period last year, representing a substantial 395% year-on-year growth. (Read More)

Muthoot Finance Q2 FY24 Performance highlights for half year ended September 30, 2023

Increase in Consolidated Loan Portfolio: 24% YoY at ₹79,493 Crores

Highest Ever Gross Gold Loan Advance in any 1st Half of a Year: ₹84,742 Crores

Highest Ever Gold Loan Advance to New Customers in any 1st Half of a Year: ₹8,109 Crores

Highest Ever Gold Loan Portfolio Growth in 1st Half of a Year: ₹5,642 Crores

Increase in Gold Loan Portfolio: 20% YoY at ₹11,016 Crores

All-Time High Interest Collection in any Half Year: ₹5,447 Crores

Increase in Consolidated Profit After Tax: 24% YoY at ₹2,140 Crores

Increase in Standalone Profit After Tax: 18% YoY at ₹1,966 Cro

Pidilite, the makers of Fevicol, Dr Fixit, Fevikwik, and M-Seal, is entering into the NBFC sector by acquiring a promoter group firm Pargro Investments. Managing Director Bharat Puri said the new venture will not be a "big bang initiative" where Pidilite wants to be a large-scale business. The MD said they will provide small-value retail loans to the people related to its ecosystem, PTI news agency reported.

"It will remain restricted to the Pidilite ecosystem and service, where it believes to have a competitive advantage", Pidilite MD said in a virtual round table. (Read More)

Among the slew of companies announcing their Q2 results, investors would focus on Coal India Ltd, Eicher Motors Ltd, Hindalco Industries Ltd, Oil And Natural Gas Corporation Ltd (ONGC), and Mahindra & Mahindra Ltd (M&M). (Read More)

Mandar Bhojane, Research Analyst, Choice Broking: On November 10, the Sensex and Nifty indices are anticipated to commence trading marginally lower, as per indications from the GIFT Nifty. The expected opening reflects a potential downturn for the broader index, projecting a loss of approximately 90 points.

In the U.S. market, stocks concluded lower on Thursday, terminating the Nasdaq and S&P 500's lengthiest winning streaks in two years. This decline was attributed to escalating Treasury yields subsequent to a disappointing auction of 30-year bonds and remarks from Federal Reserve Chair Jerome Powell. U.S. indices experienced a decline ranging from 0.6% to 0.9%, with the S&P 500 and Nasdaq concluding 8 and 9-session win streaks, respectively.

Foreign institutional investors (FIIs) were net sellers in stocks, index futures, and stock futures, amounting to ₹1712 cr, 15 cr, and 976 cr, respectively. Conversely, domestic institutional investors (DIIs) were net buyers, with a total of ₹1512 cr.

The Nifty is presently trading below the critical 19500 level, which serves as robust resistance. Notably, the highest Open Interest (OI) is observed at this level, while support is identified at 19300 and 19250. The market is expected to maintain a range-bound trajectory.

As for Bank Nifty, it is trading within the range of 43,900-43,550, indicating a potential sideways trend. Noteworthy is the support provided by the 20 and 200-day Exponential Moving Averages (EMA). Support levels for the Bank Nifty are identified at 43,500-43,400, while resistance is anticipated at 43,800-44,000 levels. This analysis suggests the likelihood of a consolidation phase in the Bank Nifty.

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The 8-day winning streak in S&P 500 was halted by a slightly hawkish statement from the Fed chief Jerome Powell that “the Fed will not hesitate to tighten policy if needed.” The lingering concern that ‘the rates may remain higher for longer’ will continue as a headwind for stock markets for some time, but is unlikely to drag it down meaningfully. The Indian market texture indicates that the ‘buy on dips’ strategy will continue to work. In Samvat 2080, Financials are likely to do well supported by attractive valuations and impressive growth. Sustained FII selling in financials, which is impacting the sector, will be only temporary. For investors with a 2-year time horizon, the leading private banks and 3 or 4 PSU banks are good buys with good return potential.

The mid and small-cap rally is partly driven by retail exuberance and since the valuations in this broader market is high, investors have to exercise some caution.

SJVN Ltd, a state-owned company, announced a slight decrease in its consolidated net profit to ₹439.64 crore. In the corresponding period last year, the company had reported a consolidated net profit of ₹445.44 crore. According to a regulatory filing, total expenses for the quarter increased to ₹398.22 crore from ₹387.75 crore in the same period last year. (Read More)

The Federal Reserve said Thursday that it’s keeping close tabs on potential losses at banks stemming from commercial real estate and elevated interest rates.

The central bank laid out the areas of concern in its semiannual report on supervision, adding that it has bolstered oversight following this year’s collapse of multiple midsize lenders. Thursday’s report is just the latest to highlight how last year’s rapid rate hikes affected banks.

“The Federal Reserve is committed to taking additional steps to strengthen its supervisory efforts,” the central bank said. The Fed said it’s also stepping up training for examiners.

The collapses of Silicon Valley Bank and Signature Bank in March exposed gaps in federal oversight. Michael Barr, the Fed’s vice chair for supervision, has pledged changes. In addition to new regulations, he has said the regulator will reevaluate how it scrutinizes a bank’s management of interest-rate liquidity risks. (Bloomberg)

• ESAF Small Finance Bank: The shares are set to be listed on November 10 at ₹60 per share. ESAG Small Finance Bank shares are trading at a premium of ₹21 in the grey market. The public issue was open for subscription from November 3 to November 7, 2023.
• ICICI Bank/ICICI Securities: ICICI Bank has received approval from the Reserve Bank of India to convert ICICI Securities into a wholly-owned subsidiary and delist its equity shares.
• Zee Entertainment: Talks on the merger between Zee Entertainment Enterprises Ltd and Sony Pictures Networks India have stalled due to disagreement over the leadership of the merged entity.
• Apollo Hospitals: Reported a 14% year-on-year rise in net profit to ₹2.33 billion in the September quarter due to an increase in patients. The company plans to expand its operations.
• Religare Enterprises: The Burman family alleged insider trading by Religare Enterprises Ltd's executive chairperson, which the company denied, citing pre-planned sales.
• Ashok Leyland: Second-largest commercial vehicle manufacturer in India, reported a smaller-than-expected second-quarter profit due to rising costs despite strong demand.
• Jindal Steel and Power: Plans to make itself self-reliant in thermal coal with mines in Odisha by early next year, expecting improved operating margins.
• REC/RailTel: REC Ltd. agreed to provide ₹30,000 crore in funding to RailTel Corp. for railway communication and IT infrastructure projects over the next five years.
• Adani Enterprises: Plans to invest $1.5 billion in its data center business over the next three years, aiming for growth after a challenging period.
• SJVN Ltd: Reported a marginal decline in consolidated net profit to ₹439.64 crore in the September quarter, with increased total expenses and income. (Read More)

Apple Inc. will pay $25 million to settle claims by the U.S. Department of Justice that the company illegally favored immigrant workers over U.S. citizens and green card holders for certain jobs, the agency said on Thursday.

The Justice Department in a statement said Apple did not recruit U.S. citizens or permanent residents for jobs that were eligible for a federal program allowing employers to sponsor immigrant workers for green cards, in violation of a federal law that bars discrimination based on citizenship. (Read More)

The Indian rupee on Friday will have to deal with a surge in U.S. Treasury yields and a rally on the dollar following hawkish commentary from U.S. Federal Reserve officials, including Chair Jerome Powell.

Non-deliverable forwards indicate the rupee will open at around 83.27-83.29 to the U.S. dollar compared with 83.28 in the previous session and near its 83.2950 lifetime low.

The move up in U.S. yields "will bother the rupee", but then "it never reacted to the move lower on U.S. yields and it will not react to the reversal", a forex trader said.

"At the current level, you can't expect anything to happen." (Reuters)

Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher recommends these stocks for day trading:

1] Coal India: Buy at ₹323.55, target ₹340, stop loss ₹317;

2] APL Apollo Tubes: Buy at ₹1646.35, target ₹1725, stop loss ₹1617; and

3] NOCIL: Buy at ₹224.95, target ₹236, stop loss ₹2221. (Read More)

Adani Enterprises Ltd., the flagship of billionaire Gautam Adani, will spend around $1.5 billion on its fledgling data centre business in the next three years, as growth focus returns at the Indian conglomerate after a short seller attack sent it into months of damage control.

The annual capital expenditure on the data centre business, called AdaniConnex Pvt. — a joint venture with the global data centre provider EdgeConnex Inc. — is expected to be about $500 million this year as well as the next two years, Jugeshinder Singh, Adani Enterprises chief financial officer, told analysts according to a filing late Wednesday. (Read More)

State-owned REC on Thursday said it has inked a pact with RailTel to finance up to ₹30,000 crore for infrastructure projects in telecom, IT and railway signalling.

"REC Limited signed an MoU with RailTel on 9th November 2023 to extend financial assistance up to ₹30,000 crore for infrastructure projects to be executed by RailTel in next 5 years," an REC statement said.

According to the statement, these projects encompass a wide range of areas, including data centre products and services, telecom & IT products and services, railways & metro projects, and the KAVACH train collision prevention system.

Additionally, the agreement extends to the possibility of financing overseas ventures related to high-speed rail, metro, IT network, and the upgradation of railway network, as part of bilateral country discussions and infrastructure projects in Southeast Asia and Eastern Africa where RailTel is currently focusing. (PTI)

Dividend stocks 2023: Shares of Dabur India Ltd, Indian Oil Corporation Ltd, 360 One Wam Ltd, ADF Foods Ltd, Allsec Technologies Ltd, Amara Raja Energy & Mobility Ltd, Avance Technologies Ltd, CARE Ratings Ltd, Indian Metals & Ferro Alloys Ltd, Insecticides (India) Ltd, Indian Railway Finance Corporation Ltd, LKP Finance Limited, M. K. Proteins Ltd, Navin Fluorine International Limited, NIIT Ltd, NIIT Learning Systems Ltd, Petronet LNG Ltd, QGO Finance Ltd, Safari Industries (India) Ltd, and Surya Roshni Ltd will be in focus when stock market opens today. (Read More)