KEY HIGHLIGHTS
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Indian Rupee Records Lowest-Ever Close Of 83.35 Against The U.S. Dollar
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Sensex, Nifty End Volatile Day Lower; Mid & SmallCaps Outperform: Market Wrap
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Reversals In Trade: Nifty Realty, Nifty Metals Pare Gains
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European Markets Trade mixed
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YES Bank Appoints Tushar Patankar As Chief Risk Officer For Three Years Effective Dec. 1
FPIs Stay Net Sellers
Overseas investors stay net sellers for two consecutive sessions on Monday.
Foreign portfolio investors sold stocks worth Rs 645.72 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors who were sellers in the last session turned to buyers and purchased stocks worth Rs 77.77 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 97,032 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Higher
The yield on the 10-year bond closed 4 bps higher at 7.26% on Monday.
Source: Bloomberg
Indian Rupee Records Lowest-Ever Close Of 83.35 Against The U.S. Dollar
The local currency depreciated 8 paise to close at all time weakest level of 83.35 against the U.S. dollar on Monday.
It closed at 83.27 on Friday.
Source: Bloomberg
Sensex, Nifty End Volatile Day Lower; Mid & SmallCaps Outperform: Market Wrap
India's benchmark stock indices fell on Monday after swinging between gains and losses through the day. Auto sector dragged, whereas I.T. shares advanced in trade.
The S&P BSE Sensex closed down 140 points, or 0.21%, at 65,655.15 while the NSE Nifty 50 was 38 points or 0.19% lower at 19,694.00.
"The levels near 19,800-19,850 zone is a tough hurdle which needs to be breached to establish some conviction and proceed further for next higher targets of 20,000-20,200 levels. The further support is seen at 19,600 while the resistance is seen at 19,850," according to Vaishali Parekh, vice president - technical research, Prabhudas Lilladher Pvt.
"With October peak in the vicinity, expect sideways moves. Dips are likely to be limited to 19,600-570, keeping intact the prospects of an extended push towards record peak. Meanwhile, push above 19,765/40 could spark a few upswings, but they are likely to be challenged on approach to 19,800." said Anand James, chief market strategist at Geojit Financial Services.
Nifty Smallcap 250 Index rose 0.57% to hit an all-time high of 13,051.25 intraday, whereas Nifty Midcap 150 was volatile after scaling a record high at 15,654.40. Nifty Pharma also hit a life-high by rising 0.93% to 15,950.80, intraday.
Asian stocks were mixed fueled by the waning bet that the Federal Reserve would end its hiking cycle. Japanese shares declined after hitting a 33-year high, shares rose over 1.6% in Hong Kong and rose in Australian, South Korea and China.
On Friday, the S&P 500 inched above 4,500 to notch its third straight week of gains—the longest run since July.
Bharti Airtel Ltd., Tata Consultancy Services Ltd., HCL Technologies Ltd., Divi's Laboratories Ltd., and Kotak Mahindra Bank Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Bajaj Finance Ltd., Mahindra & Mahindra Ltd., Larsen & Toubro Ltd., ITC Ltd., and Reliance Industries Ltd. were negatively contributing to the change.
"The ongoing rally in the mother market U.S. triggered by declining bond yields makes the market construct slightly favourable for the continuation of the rally in India, too. Like in cricket, there will be occasional set backs, but it is the long-term trend that matters in the market," Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services.
The broader markets ended mixed; the S&P BSE MidCap Index was down 0.06%, whereas S&P BSE SmallCap Index was 0.39% higher.
Fourteen out of 20 sectors compiled by BSE declined, while six sectors advanced. S&P BSE Information Technology rose the most and S&P BSE Auto fell the most.
The market breadth was split between buyers and sellers. About 1,880 stocks rose, 1,934 declined, while 166 remained unchanged on the BSE.
Clearly, this is a buy on dips market. Retail investor exuberance is pushing up the broader market, he added. "Investors should not be blinded by the recency bias and chase small caps running away without fundamental support. In spite of recent underperformance, safety is now in large caps," said Vijayakumar.
Reversals In Trade: Nifty Realty, Nifty Metals Pare Gains
Nifty Realty pare gains, down 0.24% post hitting intraday high of 1.16%
Nifty Metal pare gains, down 0.3% post hitting intraday high of 0.7%
Dish TV pared gain of 3.8% to trade 2.8% in the red
Ircon International pared gain of 2.9% to trade 2.4% in the red
Nifty Midcap 150 down 0.1%, slips in the red post hitting fresh record high at 15,654
European Markets Trade mixed
YES Bank Appoints Tushar Patankar As Chief Risk Officer For Three Years Effective Dec. 1
Stocks Hitting 52-Week High Intraday
Nykaa Has 10.2 Lakh Shares Change Hands
10.2 lakh shares changed hands in a large trade
0.04% equity changed hands at Rs 171.95 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Oberoi Realty Shares At Record High After Foray Into NCR Market
Oberoi Realty Ltd. shares hit all time high on Monday after it acquired a 14.8-acre land parcel d at Rs 597 crore in Gurugram and announced its entry into the National Capital Region of Delhi real estate market.
The Mumbai-based real estate developer entered into a sale agreement with Ireo Residences Co. and others for the acquisition of 59,956.20 square metres of land in Sector 57, Gurugram, Haryana, according to an exchange filing.
The company plans to develop luxury residential group housing project on the acquired land. "The company’s entitlement from the project at full potential is presently estimated to be up to around 2.6 million square feet of FAR as per the extant rules, regulations and policies," Oberoi Realty said in the filing.
Shares of Oberoi Realty rose as much as 4.94%, before paring gains to trade 2.44% higher. This compares to a 0.07% advance in the NSE Nifty 50.
The stock has risen 57.98% on a year-to-date basis. Total traded volume so far in the day stood at 8.7 times its 30-day average. The relative strength index was at 77.
Of the 25 analysts tracking the company, 11 maintain a 'buy' rating, nine recommend a 'hold,' and five suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 54.7%.
Rajesh Exports Fall Over 8% To Eight-Year Low
Rajesh Exports Ltd. shares fall as much as 8.12% to 347.20 apiece the lowest since July 2015. It gained slightly to trade 7.79% lower at Rs 348.45 apiece, as of 10:52 a.m. This compares to a 0.072% advance in the NSE Nifty 50 Index.
It has fallen 52.39% on a year-to-date basis. Total traded volume so far in the day stood at 3.5 times its 30-day average. The relative strength index was at 20.
Citi View On India Inc's Q2 Performance
Motherson Sumi Has 15.2 Lakh Shares Change Hands
15.2 lakh shares changed hands in a large trade
0.03% equity changed hands at Rs 59.50 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Goldman Sachs Sees Nifty 50 At 21,800 Level By 2024-End
Goldman Sachs expects Nifty 50 to reach 21800 points by 2024-end
Releases 2024 equity outlook report
Growth in corporate profits to be broad-based
Expects corporate profit to grow 14% in 2025
Expects corporate profit to grow 15% in 2024
Source: Cogencis
Persistent Systems Launches Open-Source Maintenance Service
Wonderla Holidays Appoints Saji K Louiz As CFO W.E.F. Nov. 20
Sensex, Nifty Drop As RIL, Bajaj Finance Drag; Auto Stocks Decline: Midday Market Update
India's benchmark stock indices fell through midday on Monday after swinging between gains and losses since early trade. Auto sector dragged, whereas I.T. and pharma shares advanced in trade.
As of 12:05 p.m., the S&P BSE Sensex was down 200 points, or 0.30%, at 65,595.03 while the NSE Nifty 50 was 50 points or 0.25% lower at 19,681.70. Sensex was trading slightly below the 65,600 level, whereas Nifty 50 was below 19,700 mark.
"Below the level of 19,500, it could fall to 19,400 or 19,300 levels. Above 19,875, it would move towards 20,225 with a major hurdle at 20,050," said Shrikant Chouhan, head equity research, Kotak Securities Ltd.
"On the higher side crossover of 19,850 levels will give a sharp up move in broader markets while on the downside support is placed at 19,550-19,600 levels," said Vikas Jain, senior research analyst at Reliance Securities Ltd.
Nifty Smallcap 250 Index rose 0.57% to hit an all-time high of 13,051.25 inraday, whereas Nifty Midcap 150 was voaltile after scaling a record high at 15,654.40. Nifty Pharma also hit a life-high by rising 0.93% to 15,950.80, intraday.
Asian stocks were mixed fueled by the waning bet that the Federal Reserve would end its hiking cycle. Japanese shares declined after hitting a 33-year high, shares rose over 1.6% in Hong Kong and rose in Australian, South Korea and China.
On Friday, the S&P 500 inched above 4,500 to notch its third straight week of gains—the longest run since July.
Divi's Laboratories Ltd., Tata Consultancy Services Ltd., HCL Technologies Ltd., Bharti Airtel Ltd., and Hindalco Industries Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Reliance Industries Ltd., Bajaj Finance Ltd., Mahindra & Mahindra Ltd., Larsen & Toubro Ltd. and Hindustan Unilever Ltd. were negatively contributing to the change.
The broader markets outperformed; the S&P BSE MidCap Index was up 0.12%, whereas S&P BSE SmallCap Index was 0.34% higher.
Thirteen out of 20 sectors compiled by BSE declined, while seven sectors advanced. S&P BSE Healthcare rose the most. S&P BSE Auto fell the most, whereas S&P BSE Realty pares gains to trade flat.
The market breadth was skewed in the favour of the buyers. About 1,922 stocks rose, 1,726 declined, while 193 remained unchanged on the BSE.
Nifty Pharma Up 0.84% Led By GSK, Divis Laboratories, Gland Pharma
Mankind Pharma, Nexus Select Trust At Record High After Its Inclusion To FTSE Indices
Mankind Pharma Ltd rose to a record high on Monday after FTSE Global Index has included the company to its various indices. Similarly, shares of the Nexus Select Trust touched an all-time high on Monday following its inclusion to FTSE's All-Cap, Small-Cap, Total Cap Indices.
FTSE added Mankind Pharma Ltd to All-World, Large-Cap, Total Cap, All-Cap Indices post their latest quarterly review December 2023, the London based stock exchange said in a release.
Shares of Mankind Pharma Ltd. rose as much as 5.72% to Rs. 2,030.00 apiece, the highest level since its listing on the exchanges on May 9, 2023. It pared gains to trade 5.50% higher at Rs 2,025.70 apiece, as of 10:43 a.m. This compares to a 0.06% advance in the NSE Nifty 50 Index.
Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 77.15.
Out of 13 analysts tracking the company, 7 maintain a 'buy' rating, 4 recommend a 'hold,' and 2 suggest 'sell,' according to Bloomberg data.
Nexus Select Trust rose as much as 2.38% to Rs.133.50 apiece, the highest level since its listing on the exchanges on May 19, 2023. It pared gains to trade 1.78% higher at Rs. 132.72 apiece, as of 10:48 a.m. This compares to a 0.06 advance in the NSE Nifty 50 Index.
Total traded volume so far in the day stood at 6.7 times its 30-day average. The relative strength index was at 66.72.
Out of 10 analysts tracking the company, 9 maintain a 'buy' rating, 1 recommend a 'hold,' according to Bloomberg data.
Volume Buzzers As Of 11:00 A.M.
Tata Investment Corp at 13.35x of its 30 day avg
Olectra Greentech at 3.88x of it’s 30 day average
Optiemus Infracom at 3.7x of it’s 30 day average
Moil at 3.92x of it’s 30 day average
Honasa Consumer Jumps Nearly 7% As Jefferies Initiates Coverage With 'Buy'
Jefferies initiated a 'buy' rating on the Honasa Consumer Ltd. with a target price of Rs 520 per share, implying an upside return potential of 48.82%. The research firm expect it to deliver a sector-leading revenue growth over the coming years, coupled with improving profitability.
Shares of the company rose as much as 6.85% at Rs 354.95 to advance the most since listing. The scrip is trading 5.18% higher at 10:33 a.m. This compares to a 0.08% advance in the NSE Nifty 50.
Total traded volume so far in the day stood at 0.6 times its 30-day average.
Talbros Automative Hits Lifetime High On Securing Orders Worth Rs 580 Crore
Shares of Talbros Automative Components Ltd. jumped to its lifetime high level on Monday after it received multi-year orders worth Rs 580 crore from both domestic and overseas customers.
Commencing next fiscal onwards, the company said these orders are to be executed over next 5 years covering the company's product lines – gaskets, heat shields, forgings, chassis and rubber hoses.
Along with a market share gain in both domestic and the export market, the orders will also help the company in improving margins, the exchange filing said.
The stock rose as much as 19.23% to hit Rs 279.90, its all-time high level. It pared gains to trade 14.3% higher at Rs 268.35 apiece, as of 10:16 a.m. This compares to a 0.08% decline in the NSE Nifty 50 Index.
It has risen 136.43% on a year-to-date basis. Total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 68.9.
Nifty I.T., Realty Lead Advance
Nifty IT up 0.67% led by HCL tech, LTTS, LTI Mindtree
Nifty Realty up 0.54% led by Oberoi Realty, Prestige Estates projects
Nifty PSU Bank up 0.61% led by Punjab National Bank, Canara Bank, Union Bank of India
Nifty PSE up 0.56% led by SAIL, NHPC, Power Fincorp
Nifty Auto down 0.43% led by Balkrishna Industries, Mahindra &Mahindra, Ashok Leyland
L&T Receives A 'Mega' Orders From Middle-East
L&T Energy Hydrocarbon gets 'mega' order in middle east.
Alert: Company classifies orders worth Rs 10,000-15,000 crore as 'mega'.
Source: Exchange Filing
Exide Industries At All Time High After It Wins Right To Use Chloride Trademark
Shares of Exide Industries Ltd. rose to an all-time high on Monday after the company won the right to use the 'Chloride' trademark in India as the Delhi High Court passed a decree.
Vertiv Company Group Ltd U.K. and Vertiv Energy Pvt. agreed that the trade mark 'Chloride' and its variant in India are registered in the name Exide, the storage battery manufacturer said in an exchange filing on Sunday. The agreement had prohibited both the companies from using the trademark either directly or indirectly.
The settlement had no impact on the company's financials, as it was using the trademark for its electronic products during the litigation period since 2006, Exide Industries said.
Shares of the company rose 0.96% to hit an all-time high before paring gains to trade 0.76% higher at 09:56 a.m. This compares to a 0.12% decline in the NSE Nifty 50.
The stock has risen 57.67% on a year-to-date basis. Total traded volume so far in the day stood at 3.8 times its 30-day average. The relative strength index was at 73.08.
Out of 23 analysts tracking the company, 15 maintain a 'buy' rating, 5 recommend a 'hold,' and 3 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 54.3%.
GMR Power Shares Locked In 5% Lower-Circuit
Shares of GMR Power and Urban Infra Ltd. fell as much as 4.96% to be locked in a lower-circuit at Rs 40.20 apiece, the lowest level since Nov. 16, 2023. This compares to a 0.15% decline in the NSE Nifty 50, as of 10:10 a.m.
It has risen 74.4% on a year-to-date basis. The total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 64. Bloomberg covers no analyst tracking the company.
Newgen Software Locked In 5% Upper-Circuit As Board To Consider Issuing Bonus Shares
Shares of Newgen Software Technologies Ltd. was locked in 5% upper-circuit after it informed the exchanges about the intent to issue bonus shares to the equity shareholders of the company.
The board of directors will meet on Nov. 27, 2023 to consider the proposal of issuance of bonus shares.
The scrip was locked in 5% upper-circuit at Rs 1,312.55 apiece, the highest level since its listing in Jan. 26, 2018. NSE Nifty 50 was 0.05% lower, as of 9:53 a.m.
It has risen 264% on a year-to-date basis. The total traded volume so far in the day stood at 0.5 time its 30-day average. The relative strength index was at 73, implying that the stock maybe overbought.
Five out of the six analysts tracking the company maintain a 'buy' rating, one recommends a 'hold' and none suggest to 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 4.3%.
Jubilant FoodWorks CFO Ashish Goenka Resigns W.E.F. Dec. 15: Exchange Filing
Broader Markets Outperform
The broader markets outperformed; the S&P BSE MidCap Index was up 0.32%, whereas S&P BSE SmallCap Index was 0.51% higher.
Fourteen out of 20 sectors compiled by BSE advanced, while six sectors declined. S&P BSE Realty and S&P BSE Healthcare rose the most.
The market breadth was skewed in the favour of the buyers. About 1,913 stocks rose, 878 declined, while 153 remained unchanged on the BSE.
Nifty Realty, I.T. Lead, FMCG Drags
Nifty Small cap 150 up 0.46%, hits fresh high at 13023.70
Nifty Smallcap 150 led by ITI
Nifty Midcap 150 up 0.27%, hits fresh high at 15601.75
Nifty Midcap 150 led by Vodafone Idea
Nifty Next 50 up 0.04%, hits life high at 46870.75
Nifty Realty top gainer, up 0.88%
Nifty Realty gains led by Oberoi Realty, Macrotech Developers
Nifty Financial services top loser, downn 0.13%
Nifty Financial top laggards: ICICI Lombard General Insurance Company, Axis Bank
Nifty PSE hits fresh high of 6511
Nifty PSE up 0.47% led by NMDC, Steel Authority of India
Nifty Pharma hits fresh high at 15821.25
Nifty Pharma up 0.58% led by Aurobindo Pharma, Divis Laboratories
Top Movers On The Nifty 50 Index
Sensex, Nifty Open Marginally Lower: Opening Bell
India's benchmark stock indices opened marginally lower on Monday, after declining in trade on Friday.
At pre-open, the S&P BSE Sensex was down 5 points, or 0.01%, at 65,789.56 while the NSE Nifty 50 was 0.65 point or 0% lower at 19,731.15.
"Below the level of 19,500, it could fall to 19,400 or 19,300 levels. Above 19,875, it would move towards 20,225 with a major hurdle at 20,050," said Shrikant Chouhan, head equity research, Kotak Securities Ltd.
"On the higher side crossover of 19,850 levels will give a sharp up move in broader markets while on the downside support is placed at 19,550-19,600 levels," said Vikas Jain, senior research analyst at Reliance Securities Ltd.
Asian stocks were mixed after U.S. shares advanced, fueled by the waning bet that the Federal Reserve would end its hiking cycle.
Australian stocks rose and Japanese shares declined after hitting a 33-year high, while Hong Kong shares gained and mainland shares fell.
On Friday, the S&P 500 inched above 4,500 to notch its third straight week of gains—the longest run since July.
Sensex, Nifty Flat In Pre-Market Trade
At pre-open, the S&P BSE Sensex was down 5 points, or 0.01%, at 65,789.56 while the NSE Nifty 50 was 0.65 point or 0% lower at 19,731.15.
Source: Bloomberg
Yield On The 10-Year Flat
The yield on the 10-year bond opened flat at 7.23% on Monday.
Source: Bloomberg
Rupee Opens Flat Against The U.S. Dollar
The local currency opened flat at 83.27 against the U.S dollar on Monday.
Source: Bloomberg
Talbros Automotive Gets Multi-Year Orders Worth Nearly Rs 580 Crore
Orders includes export orders of nearly Rs 415 crore.
Orders includes multiple EV orders for nearly Rs 270 cr from leading OEMs.
Source: Exchange Filing
DreamFolks In Pact To Provide Services To Three Airports In Australia
DreamFolks
To provide technology as a service to partners of three airports in Malaysia.
Source: Exchange Filing
FTSE Includes Mankind Pharma In All-World, All-Cap, Large-Cap Indices
FTSE December Rejig
Nine IPO stocks added to Total Cap Index
Seven stocks added to Micro-Cap Index
Two stocks added to All-Cap Index
Mankind Pharma added to All-World, Large-Cap, Total Cap, All-Cap Indices
Nexus Select Trust added to All-Cap, Small-Cap, Total Cap Indices
No Indian stock excluded from any index
Source: FTSE release
Cipla Receives Warning Letter From U.S. FDA
Cipla Ltd. gets warning letter U.S .FDA for routine cGMP inspection at Pithampur facility from Feb 6-17.
Source: Exchange Filing
Asian Markets Trade Mixed
FTSE Global Equity Index Rejig
Includes Mankind Pharma to large cap category.
Includes Nexus Select Trust to small cap category.
Micro Cap Inclusions: Avalon Technologies, BEML Land Assets, GHCL Textiles.
Micro Cap Inclusions: HMA Agro Industries, Ideaforge Technology, IKIO Lighting, Netweb Technologies India.
Global Cues
U.S. Dollar Index at 103.8
U.S. 10-year bond yield at 4.45%
Brent crude up 0.51% at $81.02 per barrel
Nymex crude up 0.41% at $76.20 per barrel
GIFT Nifty was down 8.5 or 0.04% at 19,811 as of 8:15 a.m.
Bitcoin was up 0.72% at $37,273.85
Trading Tweaks
Price band revised from 10% to 20%: IFGL Refractories, Neuland Laboratories.
Price band revised from 20% to 10%: AGS Transact Technologies.
Price band revised from 5% to 20%: Jain Irrigation Systems.
Ex/record-date Interim Dividend: Anupam Rasayan India, Aurobindo Pharma, Balrampur Chini, Cochin Shipyard, Dolat Algotech, GMM Pfaudler, Kaveri Seed, Mazagon Dock Shipbuilders.
Ex/Record date Buyback: Atul.
Move into short-term ASM framework: AGS Transact Technologies, Wockhardt.
Move out of short-term ASM framework: Bliss GVS Pharma.
Insider Trades
Paisalo Digital: Promoter group Equilibrated Venture Cflow bought 29.80 lakh shares on Nov. 17.
Ion Exchange: Bimal Jain sold 67,813 shares between Nov. 1 and Nov. 8.
Block Deals
Jindal Stainless: JSL Overseas bought 17.5 lakh shares (0.2%) at Rs 477.25 apiece sold by Hypnos fund.
Bulk Deals
DB Realty: Vinod K Goenka HUF sold 26 lakh shares (0.5%) at Rs 210.97 apiece.
Orient Green Power: Mansi Shares and Stock Advisors sold 50.64 lakh shares (0.5%) at Rs 21.95 apiece.
MK Proteins: Sanjay Kumar Tikamchand Bucha bought 6.69 lakh shares (5.35%) at Rs 86.16 apiece.
Paisalo Digital: Equilibrated Venture Cflow bought 29.8 lakh shares (0.66%) at Rs 80.24 apiece, and Antara India Evergreen sold 32.12 lakh shares (0.71%) at Rs 80.25 apiece.
Delhivery: SVF Doorbell (Cayman) sold 1.83 crore shares (2.49%) at Rs 403.51 apiece.
Fiem Industries: SL Corp sold 98,275 shares (0.7%) at Rs 1,907.56 apiece.
Also Read: US Says No Israel-Hamas Hostage Deal Yet
Stocks To Watch: Bajaj Finance, Adani Power, L&T, IndusInd Bank, Exide, Delhivery, SBI Card, Kalyan Jewellers In Focus
Larsen & Toubro: Qatar's General Tax Authority has imposed a penalty of Rs 111.31 crore for 2016–2017 and Rs 127.64 crore for 2017–2018. An appeal has been filed against the levy of this penalty, as the company believes it is arbitrary and unjustified.
RITES: RITES emerged as the lowest bidder in two tenders from CFM Mozambique. Out of the two tenders, one is for the supply of 10 diesel electric locomotives with incidental service of Rs 3.7 crore, and the other is for the supply of 300 high-side wagons.
Bajaj Finance: The company stopped sanctioning and disbursing loans under its two lending products, namely, ‘eCOM’ and ‘Insta EMI Card’, until the deficiencies observed by the RBI were rectified to their satisfaction.
Sterling And Wilson: Disputes between Sterling and Wilson International FZE, Dubai and Jinko Solar have been amicably settled.
Dalmia Bharat Sugar: The company informed that there is disruption of operations at Kolhapur and Ninaidevi units in Maharashtra due to farmers' agitation. Consequentially, there could be a material impact. The company said it is taking all possible steps to restore normalcy.
SBI Cards and Payment Services: The capital adequacy is expected to decline by 400 basis points on account of the RBI's revised credit risk weights. The bank is well capitalised as of now and well above the regulatory guideline of 15%. It has enough sources and a diversified lender base to manage its impact, and it doesn't foresee a significant impact on the cost of funds during this fiscal
IndusInd Bank: The RBI has approved the appointment of Arun Khurana as whole-time executive director for a period of three years with effect from Nov. 16.
Remsons Industries: The company will consider and approve the proposal for raising funds by way of the issuance of equity shares or any other eligible securities or warrants convertible.
Aurobindo Pharma: A USFDA inspection at its facility in Telangana from Nov. 13 to 17 closed with zero observations and a classification of 'No Action Indicated'.
Exide Industries: The company settled the chloride trademark dispute with the UK's Vertiv Group and India's Vertiv Energy. VCGL and VEPL shall not use the said 'CHLORIDE' mark in India, either directly or indirectly, and shall withdraw all their claims over this mark in favour of Exide.
Kalyan Jewellers: Unit Kalyan Jewellers FZE acquired the remaining 30% stake in Kalyan Jewellers LLC, Oman, on Nov. 16. Kalyan Jewellers LLC, Oman, has become a wholly owned subsidiary of Kalyan Jewellers FZE.
Adani Power: Ardour Investment Holding acquired 1.93% between Sept. 26 and Nov. 16. Emerging market investment DMCC acquired 0.13% on Sept. 29. Promoters now hold 71.14% of the company.
Elecon Engineering: Elecon Middle East FZCO, Dubai, has incorporated its wholly owned subsidiary, 'Elecon Radicon Africa'.
Newgen Software: The board on Nov. 27 will consider and recommend a proposal for the issue of bonus shares.
Tamilnad Mercantile Bank: ED orders the bank to transfer the 3.31% stake held by MGM Maran in favour of the Director of Enforcement. The ED had attached assets worth Rs 205 crore to MGM Maran and his associates under PMLA in 2016.
Jio Financial Services: Sethuraman Kandasamy, Jagannatha Kumar Venkata Gollapalli, and Jayashri Rajesh resign as directors effective Nov. 17.
NBCC: Inks a MoU with ICAI for the planning, designing and execution of buildings and renovation work at various locations in India.
Kaynes Technology: IPO lock-in ends and 2.53 crore shares become eligible for trade.
Gland Pharma: IPO lock-in ends and 3.27 crore shares become eligible for trade.
Vedanta: Crisil Ratings has downgraded its ratings on the long-term bank facilities and debt instruments of the company to ‘CRISIL AA-’ from ‘CRISIL AA’. Crisil placed these ratings on ‘Rating Watch with Developing Implications’ from ‘Rating Watch with Negative Implications’. It also received a GST demand notice for Rs 1.39 crore along with applicable interest. Further, a penalty of 10% of the demand issued may be leviable if the original demand is not discharged by the company.
Maruti Suzuki: Shareholders approved the acquisition of the Suzuki Motor Gujarat manufacturing facility through preferential allotment of equity shares, with 98.91% of votes in favour.
Zen Technologies: The company won an export order worth $5.12 million (around Rs 42 crore), including simulators, from an unnamed friendly nation.
Sudarshan Chemical Industries: The company launched two complex inorganic coloured pigments for plastics—Sudatherm Cobalt Blue 6421K and Sudatherm Cobalt Green 6451K—for domestic and international markets.
Oberoi Realty: The company executed an agreement for sale with Ireo Residences Co. and others to acquire a 14.8-acre land parcel at Sector 58, Gurugram, Haryana, for Rs 597 crore.
I.T. Hardware Makers: The Ministry of Electronics and Information Technology granted approval to 27 companies under the PLI Scheme 2.0 for I.T. hardware manufacturing. I.T. hardware of well-known brands such as Acer, Asus, Dell, HP, Lenovo, etc will be manufactured in India.
GIFT Nifty Signals Cautious Open For Benchmarks
Asian stocks were mixed after U.S. shares advanced, fueled by the waning bet that the Federal Reserve would end its hiking cycle.
Australian stocks rose and Japanese shares declined after hitting a 33-year high, while Hong Kong shares gained and mainland shares fell.
On Friday, the S&P 500 inched above 4,500 to notch its third straight week of gains—the longest run since July.
Meanwhile, the yield on the 10-year U.S. bond was trading at 4.45%, and Bitcoin was above 37,000-level. Brent crude was above $81 a barrel, whereas WTI crude was above the $76 mark.
At 8:15 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 8.5 or 0.04% to 19,811.
India's benchmark stock indices swung between gains and losses through Friday, following a mixed U.S. close on Thursday.
Banks, NBFCs and energy sectors dragged, whereas fast-moving consumer goods and autos rose.
The Nifty Bank and Nifty Financial Services constituents took a hit on Friday after the RBI's action on rising consumer loans worried investors.
Overseas investors turned net sellers on Friday after being net buyers over the last two sessions. Foreign portfolio investors offloaded stocks worth Rs 477.8 crore, while domestic institutional investors—who have been net buyers since Oct. 14—also turned sellers and sold equities worth Rs 565.5 crore, the NSE data showed.
The Indian rupee weakened by 3 paise to close at 83.27 against the U.S. dollar on Friday.
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