Global markets had a mixed day after US jobs report showed accelerating wage. However, news of further relaxation of China’s Covid restrictions lifted the mood. Tokyo market remained flat, while China and Hong Kong made sharp gains. Europe was trading lower in the morning session.
Amidst volatility, indices closed flat with Sensex shedding 35 points and Nifty adding 5 points
Indian indices had a volatile day and ended the day flat. While investors are keeping an on RBI’s MPC meeting, the news of India’s services activity growing at its quickest pace in three months might have arrested a steep fall in the market.
Sensex shed 35 points to close at 62,834. Nifty ended the day at 18,701, a minor gain of 5 points.
Metal continued its forward streak. Bank and Realty also had a decent day. IT, Oil & Gas and Pharma ended in the red in today’s session.
Hindalco, Tata Steel and UPL were among the biggest gainers. Apollo Hospitals, Tata Motors and Reliance dragged the market the most.
Global markets lacked a clear sense of direction after a mixed close on Wall Street on Friday, and ahead of the release of US inflation data and a Federal Reserve meeting next week.
Tokyo’s Nikkei index ended higher on Monday as investors assessed the implications of a solid jobs report for US monetary policy. The benchmark Nikkei 225 index fluctuated through the day before ending up 0.15%, while the broader Topix index slipped 0.31%.
Mainland China and Hong Kong stocks extended their recent rally as traders cheered further moves by Chinese authorities to roll back strict Covid containment measures. The Hang Seng Index jumped 4.51%, while the Shanghai Composite Index climbed 1.76%.
European shares slipped in cautious trading ahead of data on business activity amid concerns over an economic downturn in the bloc. The region-wide STOXX 600 was down in the morning session.
Industry body, startups meet IT minister to discuss data protection bill
All proposals in the Digital Data Protection Bill 2022 will be put up for public consultation and rules for cross-border data flows will be finalized in a manner that it ensures data flow is not disrupted, IT and electronics minister Ashwini Vaishnaw said in a meeting with industry body Nasscom and heads of startups and SMEs.
Vaishnaw also told the industry that the bill has been simplified not only to make it easily understandable but also to ensure that it can be implemented across use cases and sectors. (Read More)
Dhanlaxmi Bank board okays fundraising of ₹300 cr via NCDs; stock rises 9%
Kerala-based Dhanlaxmi Bank on Monday received the board of directors’ approval for fundraising to the tune of ₹300 crore through non-convertible debentures (NCDs) issuance in one or more tranches. On exchanges, there has been a strong buying in Dhanlaxmi Bank shares as they touched a new 52-week high. Overall, the stock has climbed by nearly 9% so far in the day.
As per the regulatory filing, the board of directors in a meeting held on December 5 has inter alia considered and approved the raising of funds by the bank by way of issuance of non-convertible debentures (NCDs) in the form of Basel III Tier 2 bonds. (Read More)
LivFin’s view on RBI Monetary Policy: The MPC will have to keep in mind the impact of rate increases on GDP growth
Rahul Chander, MD & CEO of LivFin (Fintech NBFC): Since inflation continues to slowly ease off across the world, interest rate hikes have also started to ease off. We are now hopefully in the last possible 75-100 bps hike of the cycle. The MPC will have to keep in mind the impact of rate increases on GDP growth, the expectation for which for FY2023 has moderated sharply. While part of this could be attributed to unforeseen events like the Russia- Ukraine conflict which has played havoc with the commodity markets, the previous rate hikes have also partially contributed to the falling GDP growth. The INR exchange rate vis-à-vis the USD especially has also been a matter of concern, though the trend seems to have been reversed over the last few weeks. However, with the MPC meeting in December coming a few weeks before the next US Fed meeting, the MPC will have its task cut out, as a significant increase in US Fed rate will have its bearing on the exchange rate. Hence a delicate balance is now needed in determining additional rate increases. The US Fed eased off the interest rate hike from about 75 bps to 50 bps and has indicated a further reduction. Similarly, the Reserve Bank of India is also expected to ease it off from a 50 bps hike to 25-35 basis points (possibly towards the lower end of that band).
SBI’s personal banking advances cross ₹5 lakh-cr mark; stock nears 1-year high
Largest lender in India, SBI has touched a new milestone in personal banking advances by crossing the ₹5 trillion mark by end of November 2022. This would be a significant achievement considering the bank completed this last ₹1 trillion growth in just 12 months. Also, the trajectory indicated the bank’s progression at an accelerated pace. On Monday, SBI shares were moving closer to their 52-week high. Broadly, the shares were on a bull run. (Read More)
L&T bags order to construct Sabarmati Depot for Mumbai-Ahmedabad bullet train project
The construction arm of Larsen and Tourbo has secured an order from the National High-Speed Rail Corp. Ltd. (NHSRCL) to construct the Sabarmati Depot (MAHSR – D-2) in Gujarat for the Mumbai-Ahmedabad High Speed Rail (MAHSR) project through a consortium led by Sojitz Corporation, Japan.
In May 2022, the railways business of L&T Construction was awarded the contract from NHSRCL to construct 116 route km of High-Speed Ballastless Trackworks (Package No: T3) for the Mumbai-Ahmedabad High-Speed Rail (MAHSR) Project, popularly referred to as the Bullet Train Project. (Read More)
Govt received ₹6,138 cr from Coal India, MSTC as dividend tranches: DIPAM
The Department of Investment and Public Asset Management (DIPAM) on 5 December announced that it has received about ₹6113 crore and ₹25 crore from Coal India Ltd and MSTC as dividend tranches.
Earlier on 28 November, the DIPAM had informed that the central government had received around ₹5,001 crore as dividend tranche from ONGC taking the total dividend receipt from Central Public Sector Enterprises to ₹23,797 crore till date so far this fiscal. (Read More)
Pharma index struggles with most stocks trading in red
This sugar stock jumps for second straight session, rallies 45% in 2 days
Shares of Bajaj Hindusthan Sugar Ltd continued to surge for the second straight session with the stock rallying more than 19% to ₹16 apiece on the BSE in Monday’s trading session. The counter has rallied more than 45% in just two sessions after the company informed the payment of overdues to its lenders.
“..on our letter dated October 31, 2022 on disclosure on default on payment of interests/repayment of principal amount on loans from banks/ debt securities pursuant to SEBI. In this regard, we would like to inform that we have paid entire overdues towards term loan installments (till September 2022), term loan interests (till November 2022) and Optionally Convertible Debentures (OCD) coupon (payable for FY 2022) to all the lenders,” the company said in an exchange filing on Friday, December 2, 2022. (Read More)
Total electricity volume trade on IEX grows 9 pc to 7,392 million units in Nov
The total electricity trade volume on Indian Energy Exchange (IEX) has registered a 9 per cent year-on-year growth to 7,392 million units (MU) in November 2022.
The overall consumption of energy has grown 13 per cent year-on-year (y-o-y) to 113 billion units (BU) during November 2022, IEX said in a report on Monday.
” The total electricity volume traded in November was 7,392 MU, an increase of 9 per cent on YoY,” it said.
However, the overall electricity trade volume including the Green Power trade and RECs stood at 7,764 MU in November 2022, a fall of 16 per cent y-o-y, it said
The report attributed the fall to “exceptionally high REC volumes of 24.4 lakhs to fulfil the pent-up demand caused by a 16-month gap of trading.” (PTI)
Prabhudas Lilladher recommendations on ICICI Bank: BUY
ICICI Bank (ICICIBC IN): Rating: BUY | CMP: ₹931 | TP: Rs1,090
Analyst Meet Update – Customer centricity the mainstay
ICICI Bank at its Analyst Day reiterated its strategy of delivering an improved 360-degree customer journey through healthy internal culture, customer centricity, seamless processing and delivery, continuous tech investment and stronger brand reputation. While no explicit financial guidance was given, bank stated that focus would remain on risk-calibrated operating profit and in turn return on capital, while asset quality would remain a cornerstone. MD&CEO reiterated the bank’s stance of assessing employees based on overall bank performance as individual targets hinder offering a holistic experience. Our perception of commentary was that ICICIB would continue to profitably grow by focusing on superior customer experience.
Sustained client focus, digital capabilities coupled with a micro-market-based approach has resulted in strong retail/SMB growth of 25%/36% YoY in Sep’22 while on the liability side, retail average SA balances have grown by 50% over Mar’19 to Sep’22. Tech spends should remain elevated which contribute 9% to opex (6% in FY20) however as interest cost starts pressurizing NIM, opex intensity would reduce. While our estimates are unchanged for FY24/25E, we remain optimistic on ICICIB with visible RoA/RoE for FY25E at 1.9%/16.2%. Currently, stock is valued at 2.55x on Sep’24 core ABV and we maintain multiple at 3.0x and TP at Rs1090. Retain BUY.
UPL stock shines in today’s trading, gains around 1.5%
Tata Group’s Air India to lease 12 more aircraft
Tata group-owned carrier Air India said on Monday it will lease 12 more Airbus and Boeing aircraft, days after the Indian conglomerate announced the airline’s merger with Vistara.
The aircraft, expected to be inducted in the first half of 2023, are in addition to the thirty leased earlier this year as part of the airline’s expansion plans.
The Tata group is merging Air India with Vistara, its joint venture with Singapore Airlines (SIA), to create a bigger full-service carrier that will strengthen its presence in domestic and international markets. (Reuters)
Vodafone Group CEO Nick Read to step down
Britain’s Vodafone Group said on Monday that Chief Executive Nick Read would step down at the end of this year and be replaced on an interim basis by finance chief Margherita Della Valle.
During his four years in charge, Read led the mobile group through the pandemic, sold assets to increase its focus on Europe and Africa, and spun out its towers infrastructure into a separate unit. (Read More)
PSU Bank index going steady with most stocks in green
ICAO audit establishes SpiceJet’s credentials as a ‘safe airline’
SpiceJet on Monday stated that the carrier’s operations, safety processes and systems have been found to be in order following an exhaustive audit conducted by the International Civil Aviation Organisation (ICAO). The comprehensive audit by ICAO firmly establishes SpiceJet’s credentials which it said in the statement as a “safe airline”.
SpiceJet was the only scheduled Indian airline part of the audit conducted by ICAO under the Universal Safety Oversight Audit Programme (USOAP) Continuous Monitoring Approach. (Read More)
35 basis points repo rate hike looks imminent from RBI policy meet: SBI Research
The Reserve Bank of India is likely to hike rates in smaller magnitude in its December policy starting today attuned to other emerging market central banks, said SBI Research in its latest Ecowrap report, adding that it a 35 basis points repo rate hike looks “imminent” and is the “new normal”.
The SBI Research, in the report, said it believes 6.25 per cent could be the terminal rate in this monetary policy tightening cycle.
The RBI’s three-day monetary policy committee meeting has commenced today. Financial markets will be keenly watching the committee’s rate hike stance if any, as inflation is still above the 6 per cent target band. (ANI)
Noon Update: Indices struggle as Sensex sheds 200 points and Nifty 50 points
IT, FMCG and Oil & Gas drag the market, while Metal index gains
Edible oil company stock zooms 4% after receiving supply order from Reliance, OMCs
BCL Industries stock rallied on Monday after the company bagged an order for a supply of Ethanol to major oil marketing companies (OMCs) like Reliance Industries and others. The supply order totalled approximately ₹661 crore. On Dalal Street, BCL shares climbed more than 4% in the early hours as investors give thumbs up to the development. The stock traded near its day’s high.
At around 11.04 am, BCL shares traded at ₹388 apiece up by ₹10.75 or 2.85% on BSE. The shares climbed by at least 4.17% with an intraday high of ₹393 apiece. BCL is a smallcap and has a current market valuation of over ₹937 crore. (Read More)
Tata Steel jumps 2% and contributes to the Metal index rally
China Stocks Climb, Yuan Jumps Past Key Level on Reopening Shift
Chinese markets rallied with the yuan strengthening past a key level, as the authorities accelerated a shift toward reopening the economy and more investors get bullish.
The yuan breached the 7-per-dollar level, while a gauge of Chinese stocks in Hong Kong rallied as much as 4.1%. The dollar bonds of developers also rose as financial hub Shanghai and neighbouring Hangzhou joined other cities in easing Covid-Zero curbs.
Months of volatility in Chinese assets have given way to a buying spree as money managers, including Abrdn Plc, grow increasingly convinced that the tide has finally turned on a market that had suffered from Beijing’s regulatory crackdown and Covid policy. But even as the bullish calls pile up, analysts such as Grow Investment Group’s Hao Hong caution that rising infections may induce more price swings in the near term. (Bloomberg)
India’s Nov services activity growth hit 3-month high, high inflation a concern
India’s services activity grew at its quickest pace in three months in November on strong demand, lifting optimism to its highest in eight years, according to a business survey, which also showed prices rose at the fastest rate since July 2017.
The S&P Global India services purchasing managers’ index rose to 56.4 in November from 55.1 in October, beating the 55.4 estimate in a Reuters poll.
It remained above the 50-mark separating growth from contraction for a 16th straight month, its longest stretch of expansion since October 2016.
“Indian service providers continued to reap the benefits of strong domestic demand, with PMI data for the penultimate month of 2022 showing faster increases in new business and output,” noted Pollyanna De Lima, economics associate director at S&P Global. (Reuters)
IT index drags in today’s trading, with all stocks trading in red
Covid-19: India logs 226 infections; active cases down to 4,434
India has reported 226 Covid-19 infections, while active cases the country declined to 4,434, according to the Union health ministry data updated on Monday. The case tally stood at 4.46 crore, as per the ministry data The death toll climbed to 5,30,630 with two fatalities reconciled by Kerala, the data updated at 8 am said.
The active cases comprise 0.01 per cent of the total infections, while the national COVID-19 recovery rate increased to 98.80 per cent, according to the health ministry website. (Read More)
I am a skeptic and feel markets are overvalued currently: Nikhil Kamath
Investors should brace for volatility going ahead and usually IT, pharma and FMCG tend to do well when there is volatility, Nikhil Kamath of True Beacon told Mint. Talking about new-age tech stocks, he said he wouldn’t bet on them.
Here are edited excerpts from that interview
Adani Enterprises tumbles 2.5%
The Adani Group has increased the borrowing limit of its airport arm — Adani Airport Holdings (AAHL) — from ₹14,000 crore to ₹16,500 crore to fund the expansion of its eight airports across the country, according to a report. AAHL’s total borrowings stood at ₹8,319.89 crore as on March 31 this year, according to its annual financial statement. At least 90 per cent of these borrowings have been taken from other Adani Group companies.
Rupee gains 8 paise to 81.25 against US dollar
The rupee appreciated 8 paise to 81.25 against the US dollar in early trade on Monday supported by a weak dollar in the overseas market.
Forex traders said weak domestic equities weighed on the local unit and restricted the appreciation bias.
At the interbank foreign exchange, the domestic unit opened at 81.26 against the dollar, then gained further ground to touch 81.25, registering a rise of 8 paise over its previous close.
On Friday, the rupee had settled down by 7 paise at 81.33 against the dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.37 per cent to 104.15. (PTI)
Foxconn expects COVID-hit China plant back to full output in late Dec-early Jan -source
Apple supplier Foxconn expects its COVID-hit Zhengzhou plant in China to resume full production around late December to early January, a Foxconn source said on Monday, after worker unrest disrupted the world’s biggest iPhone factory.
The Zhengzhou plant has been grappling with strict COVID-19 restrictions that have fuelled discontent among workers over conditions at the factory. Production of the Apple device was disrupted ahead of Christmas and January’s Lunar New Year holidays, with many workers either having to isolate to combat the spread of the virus or fleeing the plant.
“The capacity is now being gradually resumed” with new staff hiring under way, said the person with direct knowledge of the matter. The person declined to the named as the information was private. (Reuters)
RBI’s 3-day MPC meet starts from today; all eyes on rate hike stance
The three-day Monetary Policy Committee (MPC) meeting of the Reserve Bank of India is set to commence from today. Financial markets will be keenly watching the committee’s rate hike stance if any, as inflation is still above the 6 per cent target band.
The Reserve Bank of India (RBI) will come out with its next bi-monthly policy review on December 7 at the end of the three-day meeting of the MPC. (Read More)
Oil & Gas index struggling in early trading, sheds half a per cent, with gas stocks dragging the index
Gold prices in India today jump to highest in 5 months
Gold prices in India continued their recent upward trend while silver also extended gains. On MCX, gold futures rose 0.3% to a five-month high of ₹54006 per 10 gram, buoyed by firm global rates. Silver futures jumped 0.8% to ₹66,970 per kg. In global markets, gold rose to a five-month high as Chinese cities relaxed COVID-19 restrictions over the weekend. Spot gold gained past $1,800 per ounce, also supported by a pullback in the US dollar. China is the biggest consumer of gold and scaling back restrictions means that gold demand will increase in the region, say analysts. (Read More)
Hindalco jumps in early trading, gains more than 2%
Bitcoin, ether, solana, other crypto prices today surge. Check latest rates
Cryptocurrency prices today rose with the world’s largest and most popular digital token Bitcoin trading more than a per cent higher at $17,207. The global cryptocurrency market cap today remained below the $1 trillion mark, even as it was up in the last 24 hours to $902 billion, as per the data by CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also gained by over 2% to $1,292. Meanwhile, dogecoin price today was trading more than 2% higher at $0.10 whereas Shiba Inu was up over a per cent at $0.000009. (Read More)
Indices open in red with Sensex and Nifty dropping 100 and 30 pts, respectively
Bank of Baroda expects 25-35 basis points rate hike from Dec 5-7 RBI policy meet
The Reserve Bank of India’s three-day monetary policy committee meeting commences today. Financial markets will be keenly watching the committee’s stance as consumer inflation is still above the 6 per cent target band.
“The RBI will be presenting the monetary policy against the backdrop of GDP growth slowing down as well as inflation being high above 6 per cent. We do believe that the MPC will continue with rate hikes this time though the magnitude will be lower – probably 25-35 bps,” said Madan Sabnavis, Chief Economist at Bank of Baroda.
More specifically, Sabnavis said it believes that the terminal repo rate for the financial year is expected to be 6.5 per cent, which essentially means there will be one more rate hike in February meeting. (ANI)
Sensex remains flat at preopen session; Adani Enterprises, ONGC, SBI, NDTV in focus
Geojit Financial Services on today’s market: The mid and small cap rally is likely to gather momentum
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: The better-than-expected US job numbers in November were surprisingly ignored by the market with the S&P 500 ending flat. This message from the market indicates that the Fed is unlikely to reverse its well-telegraphed slower pace of tightening. The market doesn’t see the terminal rate going above 5%. In India, there are signals that this is a market trending higher, in spite of the high valuations. The upcoming MPC decision and more importantly the RBI’s message will be keenly awaited by the market. The mid and small-cap rally is likely to gather momentum.
Uniparts India IPO: Latest GMP ahead of share allotment this week
The Initial Public Offer (IPO) of engineering systems and solutions provider Uniparts India was subscribed 25.32 times on the last day of subscription on Friday, December 2, 2022. The issue received bids for 25,66,29,175 shares against 1,01,37,360 shares on offer. As per market observers, Uniparts India shares are available at a premium (GMP) of ₹60 in the grey market today.
The shares of the company are expected to list on the stock exchanges BSE and NSE next week on Monday, December 12, 2022. Meanwhile, the finalisation of the basis of share allotment of Uniparts India IPO is expected to take place this week on Wednesday, December 7, 2022. Link Intime India Private Ltd is the registrar of the issue. (Read More)
Reliance Research Stock in Focus for today: Price Pipes
STOCK IN FOCUS
Prince Pipes (CMP 600)
We expect Prince to expand its leadership with the manufacturing expertise, leveraged distribution and competitive agility in the pipes sector. In view of the expected pick-up in demand, cost optimization measures and series of strategies for the next level of growth, we have our BUY rating on the stock with Target Price at Rs700.
BANKBARODA (PREVIOUS CLOSE: 171) SELL
For today’s trade, short position can be initiated in the range of ₹172-
174 for the target of Rs.166 with a strict stop loss of ₹176.
CHOLAFIN (PREVIOUS CLOSE: 732) BUY
For today’s trade, long position can be initiated in the range of ₹718-76
for the target of Rs.745 with a strict stop loss of ₹712.
TATAPOWER (PREVIOUS CLOSE: 225) BUY
For today’s trade, long position can be initiated in the range of ₹221-
223 for the target of Rs.230 with a strict stop loss of ₹219.
Stock to Watch: Maruti Suzuki, Adani Enterprises, NDTV, ONGC, SJVN, NTPC, GMR Airports, Zydus, SpiceJet, SBI
NSE continues to keep Delta Corp, Punjab National Bank and Indiabulls Housing Finance stocks on the list of banned securities under the F&O segment for Monday trading as they have crossed 95% of the market-wide position limit. (Read More)
RR Kabel seeks to file IPO papers with Sebi in May next year
RR Kabel plans to file draft prospectus papers with market regulator Sebi in May next year to launch their initial public offering (IPO). The wires, cables, and Fast Moving Electrical Goods (FMEG) manufacturer plans to go public between October to November of 2024. RR Kabel expects to record a 25% growth in revenue to ₹6,000 crore by the end of the current financial year FY23.
RR Kabel is part of RR Global, a conglomerate in the electrical sector with a presence in over 90+ countries globally. The company offers the widest range of premium wires and cables for various residential, commercial, industrial, and infrastructure purposes. (Read More)
INDIA BONDS-Bond yields seen inching up tracking oil move; MPC meet key
Indian government bond yields are expected to open marginally higher on Monday, as oil prices recover further, while broad market awaits domestic monetary policy decision due later in the week.
The benchmark 10-year yield is likely to move in a 7.20%-7.25% band, a trader with a private bank said. The yield ended at 7.2215% on Friday, with an eight basis points decline last week.
As it was evident from Friday’s moves, traders showed their discomfort below 7.20% for the benchmark, and we may see some more uptick as oil has corrected since last week’s levels, the trader said. (Reuters)
Maruti Suzuki may fall short of 20-lakh-units production target this fiscal: Shashank Srivastava
Maruti Suzuki India’s challenge to produce 20 lakh units this fiscal may fall slightly short, according to company Senior Executive Officer, Marketing & Sales Shashank Srivastava.
He, however said, the company is still counting on an outside chance to meet the challenge through execution of its pending orders that stands at around 3.75 lakh units.
Earlier in August this year, Maruti Suzuki India Chairman RC Bhargava, in his address to shareholders in the company’s annual report for 2021-22 had stated that the company will increase its production and will challenge to produce 20 lakh units in the ongoing fiscal with semiconductor availability improving.
He has said that the new midsize SUV, Grand Vitara, was expected to play a key role in the challenge to touch 20 lakh units. (PTI)
Dharmaj Crop Guard IPO share allotment likely today. Here’s how to check application status
The Initial Public Offer (IPO) of Dharmaj Crop Guard was subscribed 35.49 times on the last day of subscription on Wednesday, November 30, 2022. The issue received bids for 28,43,51,820 shares against 80,12,990 shares on offer. The initial share sale had a fresh issue of up to ₹216 crore and an offer for sale (OFS) of 14,83,000 equity shares. Its price range was ₹216-237 a share.
The finalisation of the basis of share allotment of Dharmaj Crop Guard IPO is expected to take place on Monday, December 5, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Wednesday, December 7. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar’s website here or on the BSE website here. (Read More)
SpiceJet expecting restructuring benefits to improve in Dec quarter: Ajay Singh
Commercial aviator SpiceJet is expecting to see improvement in operations and restructuring benefits in the current quarter of FY 2022-23, reported news agency PTI. The budget carrier – looking to raise $200 million – witnessed its net loss widen to ₹789 crore in the June quarter. The firm cited high fuel prices and rupee depreciation as reason for the loss.
Apart from this, some of its aircraft having technical snags in recent times, and quite a few of its Boeing 737 planes were deregistered due to non-payment of dues to lessors. (Read More)
Rising loan rates dent India Inc.’s financial performance
India Inc. showed a mixed financial performance in the September quarter as they faced the brunt of rising input costs. This, coupled with increased working capital and capital expenditure needs in a rising loan rate scenario, severely impacted companies’ interest coverage ratio. The burden on mid-cap companies was steeper as any impact of rising interest rates gets passed on to them at a faster pace, said analysts. (Read More)
GMR Hyderabad Intl Airport plans to raise ₹1,250 crore via NCDs to prepay maturing USD bonds
GMR Hyderabad International Airport Ltd (GHIAL), which runs the aerodrome here, plans to raise ₹1,250 crore through non-convertible debentures to be used for prepaying the USD bonds maturing in April 2024 or February 2026, rating agency India Ratings & Research has said. GHIAL (excluding subsidiaries) had a debt of ₹7,050 crore as on September 30, 2022 which consisted of bonds of USD 950 million. The USD bonds have bullet maturities in April 2024, February 2026 and October 2027, the rating agency said. (PTI)
SJVN bags Maharasthra discom’s 200-MW solar project worth ₹1,200 crore
State-owned SJVN Ltd on Saturday said that its arm SJVN Green Energy has bagged a 200 MW solar project worth ₹1,200 crore from Maharashtra State Electricity Distribution Company Ltd.
“Company through its wholly-owned subsidiary SJVN Green Energy Limited has bagged 200 MW solar power project on Build Own and Operate (BOO) basis from Maharashtra State Electricity Distribution Company Limited (MSEDCL) through e-RA (Reverse Auction) conducted on December 2, 2022,” a BSE filing said.
The tentative cost of this project is around ₹1,200 crore and the project is expected to generate 455.52 Million Units (MUs) in the 1st Year and the cumulative energy generation over a period of 25 years would be about 10,480.82 MUs, it said. (PTI)
FPI buying in small cap stocks attracts analysts’ attention
Technology services provider Onward Technologies saw Mauritius-based Infinity Direct Holdings buying a 24.38% stake in the company during the September quarter, increasing the FPI holding from near zero levels in the preceding quarter when a single FPI held just 173 shares. The stock price surged 31% from September end through 2 December to ₹333.6. The promoters own 45.52%.
The other company is Salasar Techno, a telecom tower manufacturer, which saw FPI holding jump 11.25% sequentially from 0.93% to 12.18% in the September quarter. The Street gave a thumbs-up to the stock, which jumped 31.6% to ₹41 apiece post the rise in FPI holding from Q2FY23 end through 2 December. (Read More)
Buy or sell: Vaishali Parekh recommends 2 stocks to buy today
Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are Apollo Hospitals and Tech Mahindra.
1) Apollo Hospitals: BUY Apollo Hospitals, stop loss ₹4,780, target ₹5,000
2) Tech Mahindra: Buy TECH MAH, stop loss ₹1,095 , target ₹1,150 (Read More)
Crypto exchange Bybit plans to reduce workforce due to deepening bear market
Ben Zhou, co-founder, and CEO of crypto exchange Bybit on Sunday announced plans to reduce the company’s workforce by at least 30% due to a deepening bear market. The announcement comes two days after Zhou on Bybit’s 4-year milestone said, they are ‘bullish’. Bybit’s layoff will be across the board. According to Zhou, it is important to ensure that Bybit has the right structure and resources in place to navigate the market slowdown.
Through his Twitter handler, Zhou said, “difficult decision made today, but tough times demand tough decisions.” He added, “I have just announced plans to reduce our workforce as part of an ongoing re-organisation of the business as we move to refocus our efforts for the deepening bear market.” (Read More)
Multibagger IPO: NSE SME stock turns ₹1.35 lakh to ₹9.45 lakh in 6 years
Shares of Focus Lighting and Fixtures Ltd are one of the multibagger stocks that the Indian stock market has delivered in the last one year. This NSE SME stock has risen from around ₹75 apiece levels to ₹313.70 apiece levels in the last one year, delivering more than a 300% return to its shareholders in this time horizon. However, this SME stock is one of the multibagger IPOs (initial public offerings) as well.
This NSE SME IPO was launched at a price band of ₹45 in March 2017 and Focus Lighting’s share price today is ₹313.70 apiece, which means the small-cap stock has delivered nearly 600% in the last six years. (Read More)
SBI raises ₹10,000 cr through its maiden infra bond
State Bank of India (SBI) has raised ₹10,000 crore through its maiden infrastructure bond issuance at a coupon rate of 7.51 per cent.
In a regulatory filing to the stock exchanges on Friday late evening, the banking major said this was the largest single infrastructure bond issued by any Bank in the country.
“The amount raised through bonds will be utilized in enhancing long-term resources for funding infrastructure and affordable housing segment,” said SBI.
Infrastructure offers primary facilities that serve various economic activities which helps in the facilitation of the growth of the country and development of the economy through sectors such as healthcare, education, communication, transport, and others. (ANI)
Adani group’s NDTV open offer subscribed 32%; poised to be largest shareholder
Billionaire Gautam Adani’s group has found investors willing to sell over 53 lakh shares of NDTV despite the deep discount to the stock’s current trading price, giving it the rights – which it may or may not exercise – to nominate a chairman of the broadcaster.
The open offer, made after Adani group acquired a little known firm that gave it an indirect holding over 29.18 per cent stake in New Delhi Television (NDTV), closes on December 5, according to a stock exchange notification.
Against the offer to buy 1.67 crore shares, or 26 per cent of equity – from NDTV’s minority investors at a price of ₹294 apiece, Adani group has received offers for 53.27 lakh shares, according to data available on the National Stock Exchange (NSE) website. (PTI)
RBI likely to moderate rate tightening with lower rate increase
Amid retail inflation showing signs of moderation and the need to push growth, the Reserve Bank of India (RBI) may signal a slower pace of tightening at its upcoming monetary policy review on Wednesday.
The RBI may opt for a lower rate increase of 25-35 basis points in lending rates after three back-to-back 50 basis points hike in interest rates, experts believe.
RBI Governor Shaktikanta Das headed a six-member rate-setting panel is scheduled to meet for three days beginning Monday to take a call on the next set of monetary policy. (Read More)
Oil rises after OPEC+ holds oil output targets, China eases COVID curbs
Oil prices inched up in early trade after OPEC+ nations reaffirmed their oil output targets ahead of a European Union ban and price caps on Russian crude, which kick off on Monday. At the same time, in a positive sign for fuel demand, more Chinese cities eased COVID-19 curbs over the weekend.
Brent crude futures climbed 39 cents, or 0.5%, to $85.96 a barrel at 2309 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.5%, to $80.35 a barrel. (Read More)
Wall Street ends mixed on Friday following strong data on wages, jobs
Worries about inflation weighed on Wall Street Friday, leaving major indexes mixed after a report showed wages for U.S. workers are accelerating, which is good news for them but could feed into even higher inflation for the nation.
The S&P 500 ended 0.1% lower after having been down as much as 1.2% earlier in the day. The Nasdaq composite also trimmed its deficit, falling 0.2%, while the Dow Jones Industrial Average eked out a 0.1% gain. The indexes all notched gains for the week.
Stocks had been on the upswing for the last month on hopes the worst of the nation’s high inflation may have passed already. That fed expectations for the Federal Reserve to dial down the intensity of its big interest-rate hikes. Such hikes aim to undercut inflation by slowing the economy and dragging down prices for stocks and other investments.
But Friday’s labour market report showed that wages for workers rose 5.1% last month from a year earlier. That’s an acceleration from October’s 4.9% gain and easily topped economists’ expectations for a slowdown. (AP)
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