Indices shed some gains, Nifty ends above 18,600; FMCG, Metal shine

News from China that the government may relax the Covid restrictions gave the required impetus to the market. Nikkei though shed in today’s session, other markets registered an impressive day with sharp gains in Asia. Europe is also trading in green in the morning session.

29 Nov 2022, 03:44:52 PM IST

Indices continue their upward run with Sensex and Nifty gaining 175 and 55 points, respectively

Indian benchmark indices continued their strong run for the sixth day in a row scaling new highs. Besides a general optimistic domestic outlook, global cues also helped the trend on Tuesday for the indices to reach new peaks.

Sensex crossed 62,800 intraday but settled at 62,681, a jump of 177 points. Meanwhile, Nifty closed above 18,600, at 18,618, a gain of 55 points.

FMCG index climbed the most in today’s session followed by the Metal index. Auto and Realty indices remained under pressure in today’s session.

Among stocks, Hindustan Unilever gained more than 4% and led the FMCG rally. JSW Steel and Cipla were other prominent gainers. Bajaj Finserv, Coal India and IndusInd Bank shed more than 1% each and dragged the market today.

Asian stocks rose for the most part following news that Covid restrictions in China will be lifted sooner than expected amidst widespread protests in the country that had kept investors on their toes over the weekend and Monday.

Japan’s Nikkei closed at a one-week low on Tuesday with Eisai stocks slumping after a report that a woman died in a trial of the company’s Alzheimer’s disease treatment. The Nikkei share average slipped 0.48%.

Hong Kong and China stocks surged on Tuesday as zero-Covid policy rollback news spread. The Hang Seng Index jumped 5.24% and the Shanghai Composite Index rose 2.31%.

Energy and healthcare stocks led European shares higher following a strong handover from Asia. The pan-European STOXX 600 index rose in the morning session.

Sensex at Close

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Sensex at Close
29 Nov 2022, 03:27:01 PM IST

As FMCG stocks see uptick, BNP Paribas suggests these shares to buy, hold

The brokerage is Underweight on the Indian FMCG sector due to its rich valuation and elevated consensus earnings forecasts as the sector has seen a sharp increase in valuations over the last decade amid low interest rates.

The brokerage has Buy tags on Emami shares with a target price of 580, Jubilant Foodworks (TP: 690), ITC Ltd (TP: 400), and Britannia (TP: 4,550).

Meanwhile, it has Hold ratings on Marico (TP: 535), Titan Co (TP: 2,870), Dabur India (TP: 560), Godrej Consumer Products (TP: 870), Hindustan Unilever (TP: 2,570), and Nestle India (TP: 17,700). (Read More)

29 Nov 2022, 03:11:43 PM IST

Britannia enters into JV with Bel, to sell 49% stake in Britannia Diary

Britannia Industries Limited on Tuesday announced that it has entered into a joint venture agreement with French company Bel SA, and Britannia Dairy Private Limited (BDPL) to develop, manufacturing, marketing, distribution, trading and selling, of cheese products in India and certain territories.

As a part of the joint venture, Britannia shall sell 49 per cent of its equity stake in Britannia Dairy Pvt Ltd to Bel SA for 262 crore in accordance with the terms of Share Purchase Agreement entered between them. (Read More)

29 Nov 2022, 02:58:54 PM IST

Ashok Leyland appoints Sanjay V Jorapur as President, Head HR

Hinduja group flagship Ashok Leyland has appointed Sanjay V Jorapur as its president and head-human resources, the city-headquartered company said on Tuesday.

Jorapur succeeds Amanpreet Singh, who would now move on to a senior role at Hinduja Group in Mumbai.

“Sanjay joins a strong leadership team and brings close to three decades of rich experience to Ashok Leyland. People are foundational pillars for us to achieve our vision.” Ashok Leyland executive chairman Dheeraj G Hinduja said. Sanjay will drive the ‘People’ agenda in line with contemporary global practices and steer the company’s human resources strategy in the current transformational context, Hinduja said. (PTI)

29 Nov 2022, 02:47:25 PM IST

LKP Securities on demand and outlook for Consumer Durable Q3FY23

Avinash Pathak, Research Analyst at LKP Securities: Demand in the current quarter generally remains soft for ACs due to seasonality, however stocking for the same to happen in Q3FY23. However, in the longer run housing/ home improvement led demand for appliances/ consumer durables to continue. The demand being led by commodity softening, soft channel inventory, pick up in B-B and infra activities. The primary demand for Fans might be impacted in Q3FY23 due to the imposition of BEE rating from Jan ’23; however, this demand should get shifted to Q4FY23. The medium to long-term macro continues to be strong, with B-C sustaining multiple growth drivers along with recovery in industrial Capex driving B-B/B-G demand. With RM pressure easing, margin expected to improve ahead.

29 Nov 2022, 02:36:58 PM IST

Coal ministry to hold investor conclave to boost bidder participation in mines auction

The coal ministry on Tuesday said it will hold an investors’ conclave in Mumbai on 1 December to boost bidder participation in the commercial auction of coal mines.

“Under commercial auctions, there is no technical or financial eligibility criteria and hence, several bidders who were not into coal mining earlier, became successful bidders and were awarded the coal mines,” the Ministry of Coal said. (Read More)

29 Nov 2022, 02:16:53 PM IST

Auto remains the only index to be in the red; most stocks have shed in today’s session

Auto Index

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Auto Index
29 Nov 2022, 02:14:28 PM IST

Adani Fundraise Targets Retail Buyers, Allows Discount Pricing

Adani Enterprises Ltd., the flagship firm owned by Asia’s richest person Gautam Adani, chose a fundraising route for its $2.5 billion share sale that allows the group to woo retail investors through potentially discounted prices.

The 200 billion rupee ($2.5 billion) equity sale via the further public offer mechanism, approved Friday, gives the company maximum flexibility, including pricing at a discount to target more investors, Chief Financial Officer Jugeshinder Singh said in an interview. After tapping strategic investors in recent years, Singh said the conglomerate was looking for a broader investor base that doesn’t mind a company investing in long-term projects which can take time to show returns.

“We have done strategic capital. The next capital is patient capital,” Singh said. “Indian mom and pop investors invest for their children and grand children.” (Bloomberg)

29 Nov 2022, 01:58:06 PM IST

Nureca share price hits 52-week low on bulk deal by promoter Payal Goyal

Shares of healthcare and wellness company Nureca hit a 52-week low after the promoter Payal Goyal sold 55,863 shares through bulk deal in open market at 546 a piece on November 29. The company’s stock opened at 536 on BSE, but saw selling pressure during the day and hit 52-week low of 525 on the bulk deal news. At 12 noon, Nureca shares were trading 0.62% lower at 535.0 on BSE. (Read More)

29 Nov 2022, 01:35:20 PM IST

India’s finished steel imports from Russia hit 4-year high in April-October

India’s finished steel imports from Russia during April-October rose to their highest in at least four years, government data compiled by Reuters showed, underscoring Moscow’s bid to divert shipments in the wake of Western sanctions.

Russia’s steel exports to India reached 149,000 tonnes in the first seven months of the current fiscal year that began in April, up from around 34,000 tonnes shipped a year earlier.

Russia accounted for just about 5% of India’s total steel imports but was among the top five exporters.

India’s total steel imports between April and October stood at 3.2 million tonnes, up 14.5% from a year earlier. South Korea exported 1.3 million tonnes to India, accounting for a 41% share of the country’s total purchase. (Reuters)

29 Nov 2022, 01:16:32 PM IST

Bajaj Finserv among biggest draggers in today’s session, sheds 1%

Bajaj Finserv

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Bajaj Finserv
29 Nov 2022, 01:11:03 PM IST

Global shipping growth at risk from economic gloom, UNCTAD says

The pace of global shipping activity is set to lose steam next year as economic turmoil, conflict in Ukraine and the impact of the pandemic weaken the outlook for trade, U.N. agency UNCTAD said on Tuesday.

The world’s largest investment banks expect global economic growth to slow further in 2023 following a year roiled by Russia’s invasion of Ukraine and soaring inflation.

The slowdown is expected to impact shipping, which transports more than 80% of global trade, although tanker freight rates could stay high.

In its Review of Maritime Transport for 2022, the United Nations Conference on Trade and Development (UNCTAD) projected global maritime trade growth would moderate to 1.4% this year and stay at that level in 2023. (Reuters)

29 Nov 2022, 01:09:40 PM IST

Month-end flows, bets on Indian rupee’s gain lift cash dollar demand -traders

Month-end flows and speculative positions betting on a rise in the Indian rupee are likely responsible for the increase in demand for cash dollars this week, traders said on Tuesday.

This demand has pushed the USD/INR cash swap rate to levels below those implied by the rupee and dollar overnight rates.

For instance, the USD/INR cash swap on Monday declined to 0.36 paisa, implying an overnight rupee funding rate of 5.40%. That compares to the call rate of near to 6%. On Tuesday, the swap rate was at 0.42 paisa.

The cash dollar crunch this week is likely to be temporary and should improve once the month is over, a swap trader at a state-run bank said. (Reuters)

29 Nov 2022, 12:45:25 PM IST

RCF declares interim dividend. Check record date

Rashtriya Chemicals and Fertilizers Limited on Tuesday informed that its board of directors has approved the payment of an interim dividend of 1.60 per equity share for the financial year 2022-23 and has also fixed a record date for the same. The PSU stock was trading about 0.4% lower at 122 apiece on the BSE in afternoon deals.

“The Board of Directors of the Company has approved payment of Interim Dividend for the financial year 2022-23 @ 16.00% (i.e.Rs.1.60 per Equity Share) on the paid up equity share capital of the Company,” RCF said. (Read More)

29 Nov 2022, 12:33:18 PM IST

Japan’s Nikkei ends at one-week low on China concerns

Japan’s Nikkei closed at a one-week low on Tuesday, as COVID-19 protests in several Chinese cities raised concerns about economic growth, while Eisai slumped after a report that a woman died in a trial of the company’s Alzheimer’s disease treatment.

The Nikkei share average slipped 0.48% to close at 28,027.84, its lowest since Nov. 21, while the broader Topix lost 0.57% to 1,992.97.

U.S. stocks closed sharply lower overnight after protests in major Chinese cities against strict COVID-19 policies sparked concerns about economic growth.

“The Japanese market’s decline is all due to the China issue. The ongoing protests could trigger a slowdown in global economic growth,” said Shuji Hosoi, a senior strategist at Daiwa Securities. (Reuters)

29 Nov 2022, 12:23:50 PM IST

FMCG major Britannia shares hit fresh 52-week high. Do you own them?

Wadia Group-backed Britannia Industries hit a new 52-week high on Tuesday tracking broad-based buying in FMCG stocks. Britannia climbed more than 2% on Dala Street and even crossed the 4,300 mark. Overall, FMCG stocks witnessed strong buying with the index on BSE and NSE soaring by around 2% each. Britannia is among dividend king stocks and has held a good track record of paying hefty dividend equity shares to its investors. Year-to-date, Britannia shares have jumped by nearly 19%.

29 Nov 2022, 12:12:11 PM IST

Go First gets ₹400 cr under govt scheme, here’s what it expects further

Domestic airline Go First has received an additional 400 crore under a government scheme, the official said, adding that it further expects to operate more planes once it gets 16 new P&W engines in the coming weeks, according to the news agency PTI.

The airline is also grappling with flight delays and rescheduling of departure timings as many aircraft remain non-operational. The no-frills carrier has at least 25 planes on the ground, mainly due to the non-availability of Pratt & Whitney (P&W) engines that power its A320 fleet. (Read More)

29 Nov 2022, 12:09:52 PM IST

Gland Pharma’s Chinese owner mulls sale of drugmaker, shares jump

Billionaire Guo Guangchang’s Shanghai Fosun Pharmaceutical Group Co. is considering a sale of Indian drugmaker Gland Pharma Ltd. after receiving interest from potential buyers, people familiar with the matter said. Fosun Pharma, a listed arm of Chinese conglomerate Fosun International Ltd., has been working with an adviser as it informally gauges interest in its controlling stake in Gland, the people said. Companies in the industry and buyout firms are in the early stages of studying the business, the people said, asking not to be identified because the matter is private. (Read More)

29 Nov 2022, 12:02:46 PM IST

Noon Update: Indices continues to remain strong with Sensex just shy of 62,800 and Nifty above 18,600

FMCG index leads the rally with HUL gaining the most

Sensex at Noon

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Sensex at Noon
29 Nov 2022, 11:57:39 AM IST

Crypto exchange Bitfront shuts down

Bitfront, a U.S. crypto exchange backed by Japanese social media firm Line Corp, said it has suspended new sign-ups and credit card payments and will cease operations in a few months despite efforts to overcome challenges in the rapidly evolving industry.

“However, despite our efforts … we have regretfully determined that we need to shut down BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy,” the California-based company said in a statement on its website on Sunday.

Bitfront said the move is unrelated to recent issues among certain crypto exchanges that have been accused of “misconduct”.

FTX, which was among the world’s largest cryptocurrency exchanges, is now the subject of investigations by authorities for “criminal misconduct”. (Reuters)

29 Nov 2022, 11:42:42 AM IST

Oil & Gas index under pressure, sheds in today’s session with most stocks in red

Oil & Gas

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Oil & Gas
29 Nov 2022, 11:31:00 AM IST

Multibagger chemical stock trading near 52-week high. Should you buy?

PI Industries’ management is aiming at a 2-year timeline to integrate and scale up returns post takeover of a Pharma/CDMO asset through M&A with the company also having two targets in sight, but admitted that such assets are scarce and entail premium valuations, said brokerage and research firm Nirmal Bang.

The brokerage house hosted a group investor meeting on Friday (25th Nov’22) at a virtual investor conference with PI Industries Ltd (PI Ind) management, led by Rajnish Sarna, Joint Managing Director and Manikantan Viswanathan, Chief Financial Officer. (Read More)

29 Nov 2022, 11:21:54 AM IST

After gaining 5% on Monday, BPCL sheds some of the gains; down 1% in today’s session


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29 Nov 2022, 11:08:17 AM IST

Strong headwinds to slowdown global trade growth next year: WTO

Global trade growth is likely to slow down in the closing months of 2022 and in 2023 as the world economy countries are engulfed by strong headwinds, according to the latest World Trade Organization Goods Trade Barometer. The downturn in the index could be attributed to the Ukraine-Russia war, high energy prices, and monetary tightening in major economies, the WTO said on Monday. (Read More)

29 Nov 2022, 11:02:53 AM IST

SBI board meeting today, to consider raising ₹10K cr via infrastructure bonds

The country’s largest lender, State Bank of India (SBI), will be under focus today as its board will conduct a meeting for consideration of fundraising by issuing infrastructure bonds.

“…we inform that a meeting of the Executive Committee of the Central Board of State Bank of India is scheduled to be held on Tuesday, 29th November, 2022 to consider inter alia, the following: To seek approval for raising of Infrastructure Bonds up to an amount of 10,000 crores (including a green shoe option of 5,000 crores) through a public issue or private placement, during FY23,” the bank had informed in a regulatory filing on 24 November. (Read More)

29 Nov 2022, 10:51:22 AM IST

FMCG index displays a strong showing in today’s session, almost all stocks in green

FMCG index

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FMCG index
29 Nov 2022, 10:48:08 AM IST

Indian chemical shares jump after Norwegian govt fund invests in company

Ami Organics, an R&D-driven manufacturer of speciality chemicals, rose by nearly 7% on Tuesday after the Norwegian Government Pension Fund Global picked up stakes worth more than 100 crore in the company. The smallcap stock was a couple of rupees away from crossing the 1,000 mark on NSE. On the back of a strong presence in high-growing and niche markets, Ami Organics is expected to continue to record better growth in a mid to long-term basis. (Read More)

29 Nov 2022, 10:34:14 AM IST

Bitcoin, other crypto prices today gain; dogecoin surges 9%

Cryptocurrency prices today rose with the world’s largest and most popular digital token Bitcoin’s price today was trading more than a per cent higher at $16,425. On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency, also rose by more than 2% to $1,197.

The global cryptocurrency market cap today remained below the $1 trillion mark, even as it was up in the last 24 hours to $864 billion, as per the data by CoinGecko. (Read More)

29 Nov 2022, 10:15:34 AM IST

Hindustan Unilever shines in today’s trading, gains 2% 


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29 Nov 2022, 10:11:14 AM IST

Gautam Adani leading India’s post-pandemic growth to become world’s fifth-largest economy

After the epidemic, India’s economy grew significantly, surpassing the UK to become the fifth-largest in the world, thanks in large part to Gautam Adani. For the first time since 2008, he altered the hierarchy at the top. Adani, who almost tripled his wealth in 2021, increased it to $150 billion in 2022 to become the world’s second richest person.

In the coming ten years, Adani said he would invest $100 billion, with 70% of that amount going toward renewable energy. The head of the Adani Group, who has a net worth of 1,211,460.11 crore, owns the largest port in India in Gujarat’s Mundra. (Read More)

29 Nov 2022, 10:01:24 AM IST

Dailyhunt parent sacks 150; to cut salaries for staff earning over ₹10 lakh per annum

VerSe Innovation Pvt. Ltd, the parent of news aggregator Dailyhunt and short-video platform Josh, has laid off 5% of its employees at its mid-year performance review to cut costs and streamline operations.

“Considering the economic climate we have evaluated our strategic priorities. For long-term viability of our business and our people, we have taken steps to implement our regular bi-annual performance management cycle and made performance and business considerations to streamline our costs and teams,” said Umang Bedi, co-founder, VerSe. (Read More)

29 Nov 2022, 09:51:42 AM IST

Uniparts India IPO opens tomorrow. Check latest GMP, key details

Engineering systems and solutions provider Uniparts India’s 836-crore initial public offering (IPO) will open for public subscription on Wednesday, November 30, 2022 and conclude on Friday, December 2, 2022. The bidding for anchor investors will open on Tuesday, November 29. The price band has been fixed in the range of 548-577 a share for its three-day initial share sale.

As per market observers, Uniparts India shares are available at a premium (GMP) of 80 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE on Monday, December 12, 2022. (Read More)

29 Nov 2022, 09:46:03 AM IST

Rupee gains 8 paise to 81.60 against US dollar

The rupee appreciated 8 paise to 81.60 against the US dollar in early trade on Tuesday as foreign capital inflows and a firm trend in the domestic equity market boosted investor sentiments.

Besides, a weak American currency in the overseas market helped the local unit, forex dealers said.

At the interbank foreign exchange, the domestic unit opened strong at 81.58 against the dollar, then inched lower to quote at 81.60, registering a rise of 8 paise over its previous close.

In the previous session on Monday, the rupee rose 3 paise to end at 81.68 against the dollar. (PTI)

29 Nov 2022, 09:45:43 AM IST

Metal index jumps a per cent with most stocks in green

Metal Index

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Metal Index
29 Nov 2022, 09:35:21 AM IST

After paying interim dividend of 200% for FY23, this IT stock is seen to cross ₹1,000-mark

IT-enabled services provider, Cyient is currently a little over 800 mark on stock exchanges. The company holds a good track record of paying dividends to its shareholders, and the latest one would be a 200% interim dividend for FY23. In Q2FY23, Cyient gained traction in the services business, while its margins picked up across different businesses. Going forward, Cyient is expected to cross the 1,000 mark as Anand Rathi expects the company’s wider services and sales investments to improve the next fiscal year FY24 growth. The stock brokerage has given a buy recommendation on Cyient. (Read More)

29 Nov 2022, 09:30:51 AM IST

Britannia shines in early trading, jumps 2% 


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29 Nov 2022, 09:27:05 AM IST

Yes Bank buys 9.9% stake in JC Flowers ARC, to acquire additional stake

Yes Bank has initially acquired 9.9% shareholding in JC Flowers ARC. The lender said that it plans to acquire a further 10% shareholding in the asset reconstruction company, subject to requisite regulator approvals. Yes Bank and JC Flowers ARC are each in the process of applying for the requisite approvals from RBI. (Read More)

29 Nov 2022, 09:21:37 AM IST

Indices make marginal gains at open with Sensex and Nifty adding 100 and 30 points, respectively

Sensex at Open

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Sensex at Open
29 Nov 2022, 09:07:44 AM IST

Small-ticket-sized loans grow rapidly in post-Covid. What to expect ahead?

While the Coronavirus pandemic did put the world at a standstill for a periodic time in 2020, however, it only led to impressive growth in small ticket-sized loans, personal loans, and consumer durables loans. Between FY19 to FY22, these unsecured retail loans have grown rapidly at around 25%, as per the data. The growth in these unsecured retail loans is likely to continue to pick up momentum going forward.

According to data from Bain & Company, credit cards showed resilience with a 19% CAGR between FY19 to FY20, while personal loans recorded a CAGR of 29%, and consumer durable loans recovered to pre-pandemic levels and grew at 13% CAGR. (Read More)

29 Nov 2022, 09:04:14 AM IST

Sensex sheds at the preopen session; NDTV, L&T, TCS, Lupin stocks are in focus 

Sensex at Preopen

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Sensex at Preopen
29 Nov 2022, 08:54:42 AM IST

Geojit Financial Services views on today’s market: The high valuation in India is becoming a matter of concern

Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: Nifty rising to a new record of 18,614 is indicative of the underlying bullishness in the market. But the global market construct is not very favourable for the rally to continue unabated. Also, the high valuation in India is becoming a matter of concern. The troubles in China are a matter of concern but it is too early to judge its impact on the global economy. This is an issue that has to be watched closely. Meanwhile, domestic economic cues continue to be positive. The September quarter credit growth has risen to an impressive 17.2 % and the employment by listed companies has crossed the 10m mark in 2021-22. Banking stocks can remain resilient in spite of record levels. Comments and indications on the trajectory of US interest rates are more likely to impact global equity markets more than anything else.

29 Nov 2022, 08:43:39 AM IST

Hong Kong stocks jump more than 3% in morning

Hong Kong stocks rallied more than three per cent in the morning session Tuesday, led by a surge in property and tech firms, while traders were also relieved that China avoided a repeat of the protests that erupted across the country at the weekend.

The Hang Seng Index jumped 3.66%, or 633.41 points, to 17,931.35.

The Shanghai Composite Index added 1.72%, or 52.98 points, to 3,131.53, while the Shenzhen Composite Index on China’s second exchange put on 1.50$% or 29.55 points, to 2,003.62.

Property firms were among the best performers after China said it would end a ban on firms raising cash by selling stocks, marking the latest measure to ease pressure on the sector, which has seen several companies collapse and threatens the wider economy. (AFP)

29 Nov 2022, 08:42:26 AM IST

India panel to favour linking local gas prices to Indian crude basket – sources

India’s natural gas price review panel is set to favour linking the price of most local output to an Indian crude basket with a cap of $6.50 per million British thermal units (mmBtu) to shield consumers from the volatility in global markets, sources said.

In September India set up a panel headed by energy expert Kirit Parikh to review India’s gas pricing formula to ensure fair prices to consumers after state-set prices of gas from old fields and a ceiling price for output from difficult blocks rose to a record high. (Reuters)

29 Nov 2022, 08:30:02 AM IST

Stocks to Watch: L&T, NDTV, TCS, HCL Tech, M&M, Kotak Bank, NBCC India, Lupin, Dhanlaxmi Bank, JK Cement 

NSE has put Bhel, Delta Corp, and Indiabulls Housing Finance stocks on the list of banned securities under the F&O segment for Tuesday trading as they have crossed 95% of the market-wide position limit. (Read More)

29 Nov 2022, 08:20:36 AM IST

Dharmaj Crop Guard IPO: GMP, subscription status on day 2 of the issue

The Initial Public Offer (IPO) of Dharmaj Crop Guard was fully subscribed on the first day of offer that opened on Monday, November 28, 2022. The three-day issue will conclude on Wednesday, November 30. The public issue received 1.79 times subscription on Monday. The 251-crore IPO received bids for 1,43,79,060 shares against 80,12,990 shares on offer, according to NSE data.

As per market observers, Dharmaj Crop Guard shares are available at a premium (GMP) of 46 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE next week on Thursday, December 8, 2022. (Read More)

29 Nov 2022, 08:16:22 AM IST

Govt launches scheme for procurement of 4,500 MW for 5 years under Shakti policy

The ministry of power on Monday kicked off a scheme for procurement of aggregate power of 4500 megawatt (mw) on a competitive basis or five years on finance, own and operate (FOO) basis under Shakti policy.

PFC Consulting, a wholly-owned subsidiary of PFC, has been designated as the nodal agency by the ministry of power. Under the scheme, PFC Consulting has invited bids for the supply of 4,500 MW, according to a statement from the ministry of power. Supply of electricity will commence from April 2023. The ministry of coal has been requested to allocate around 27 MTPA for this.

The utilities that have evinced interest for the scheme are Gujarat Urja Vikas Nigam, Maharashtra State Electricity Distribution Company, Madhya Pradesh Power Management Company, New Delhi Municipal Corporation and Tamil Nadu Generation and Distribution Corporation. According to the statement, the last date for the bid submission is December 21, 2022. (ANI)

29 Nov 2022, 08:15:20 AM IST

Kotak Bank arm to raise up to USD 1 billion for data centre fund

A Kotak Mahindra Bank arm plans to raise up to USD 1 billion to invest in data centre business.

Kotak Alternate Assets, a division of Kotak Investment Advisors (KIAL), on Friday announced the appointment of Subhamkar Das as the chief operating officer for the ‘Kotak Data Centre Funds platform, as per an official statement.

The statement did not mention about the fundraising plans, but market sources said the private sector lender’s arm is planning to raise between USD 500-USD 1 billion for the fund, which will be ploughed into the data centre businesses. (PTI)

29 Nov 2022, 08:10:25 AM IST

Oil prices slide on concerns over China’s demand

Oil prices dropped in early trade on Tuesday, weighed down by concerns about slowing fuel demand in top crude importer China amid strict COVID-19 curbs. Brent crude futures fell 45 cents, or 0.5%, to trade at $82.74 a barrel at 0113 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 51 cents, or 0.7%, to $76.73 a barrel. (Read More)

29 Nov 2022, 08:01:55 AM IST

‘Does Apple hate free speech?’ Elon Musk accuses Apple of threatening to ban Twitter

In a series of tweets, CEO Elon Musk has claimed that Apple threatened to ban Twitter from its app store without providing any explanation. He also claimed that the iPhone manufacturer had ceased running advertisements on the social networking site. The world’s richest man said Apple was putting pressure on Twitter over requirements for content control.

Apple has not confirmed the action, but the move would not be out of the ordinary – given that it regularly enforces its policies. It earlier deleted applications like Parler and Gab. in 2021, Apple reinstated Parler, a social networking service popular with American conservatives, after the app had changed its content and moderation procedures. (Read More)

29 Nov 2022, 07:51:58 AM IST

Dhanlaxmi Bank to raise ₹200 Cr via Tier 2 bonds

With a market valuation of 378.25 Cr, Dhanlaxmi Bank Ltd. is a small-cap company that operates in the financial services industry. Dhanlaxmi Bank Ltd. was founded in Thrissur, Kerala, in 1927, and it currently has 532 touchpoints around India. The company has informed stock exchanges that the Bank’s Board of Directors has fixed Monday, December 5, 2022, as the date on which they will consider or approve the Bank’s application to raise funds through the issuance of Non-Convertible Debentures (NCDs) in the form of Tier 2 Bonds that comply with Basel III and total Rs. 200 crores. (Read More)

29 Nov 2022, 07:50:31 AM IST

TCS starts virtual Quantum Computing lab on Amazon Web Services

Tata Consultancy Services has launched the TCS Quantum Computing Lab on Amazon Web Services to help enterprises explore, develop, and test business solutions and accelerate the adoption of quantum computing, the Indian IT major said on Monday.

While quantum computing is still in its nascent stages, it has the potential to help solve challenges too difficult for classical computers to solve in a timely manner at present, such as enhanced detection of surface anomalies or optimization problems.

The TCS Quantum Computing Lab on AWS enables customers to evaluate with agility, the true potential of what quantum technology can realize for their core business operations, it said.

It provides a collaborative ecosystem to ideate, incubate, and test new ideas on Amazon Braket. (PTI)

29 Nov 2022, 07:49:26 AM IST

China reports 38,645 new COVID cases for Nov 28 vs 40,347 a day earlier

China reported 38,645 new COVID-19 infections for Nov. 28, of which 3,624 were symptomatic and 35,021 were asymptomatic, the National Health Commission said on Tuesday.

That is compared with 40,347 new cases a day earlier – 3,822 symptomatic and 36,525 asymptomatic infections, which China counts separately.

Excluding imported infections, China reported 38,421 new local cases, of which 3,561 were symptomatic and 34,860 were asymptomatic, down from 40,052 a day earlier.

There were no deaths, compared with zero the previous day, keeping fatalities at 5,233. (Reuters)

29 Nov 2022, 07:44:55 AM IST

Rupee rises 3 paise to close at 81.68 against US dollar on lower crude prices

The rupee strengthened by 3 paise to close at 81.68 against the US dollar on Monday as lower crude prices in and a firm trend in domestic equities boosted investor sentiment.

Besides, a weak American currency and foreign fund inflows also supported the domestic unit, forex traders said.

At the interbank foreign exchange market, the local unit opened weak at 81.81 and touched an intra-day high of 81.61 and a low of 81.83 against the greenback.

The local unit finally settled at 81.68, registering a rise of 3 paise over its previous close of 81.71. (PTI)

29 Nov 2022, 07:44:25 AM IST

Adani closes in on NDTV takeover as founder entity transfers shares

New Delhi Television Ltd (NDTV) said on Monday an entity backed by its founders had issued shares to a unit of Adani Group, taking the billionaire Gautam Adani-led conglomerate a step closer to taking over the media firm.

The transfer of shares will give Adani control over a 29.18% stake in the news group. Adani is also conducting an open offer running between Nov. 22 and Dec. 5 for a 26% stake in NDTV. (Read More)

29 Nov 2022, 07:42:27 AM IST

BharatPe CTO resigns in slew of senior exits

Three senior executives of BharatPe—chief technology officer Vijay Aggarwal; head of PostPe Nehul Malhotra; and chief product officer for lending and consumer products Rajat Jain —have put in their papers, two people aware of the matter said.

Aggarwal joined BharatPe in March 2020 quit to start his own venture, the people cited above said on the condition of anonymity. Former Paytm executives Jain and Malhotra are “also moving out to pursue their own entrepreneurial journey”, the persons added. (Read More)

29 Nov 2022, 07:39:06 AM IST

India’s domestic air passenger traffic crosses 4 lakh-mark for 2 days straight

India’s domestic air traffic has shown recovery in air passenger traffic. The domestic carriers flew more than 4 lakh passengers for two consecutive days. After being severely hit by the Covid-19 pandemic, air traffic is picking up but is yet to reach the pre-COVID level when the daily average passenger number was more than 4 lakh.

Currently, the average passenger number is around 3.70 lakh and the same is expected to rise in the coming months as generally December and January witness higher air traffic, according to a senior civil aviation ministry official. (Read More)

29 Nov 2022, 07:31:33 AM IST

L&T bags ₹1,000-2,500 cr worth orders for its hydrocarbon business

The hydrocarbon business of L&T has secured two offshore orders with an estimated cost in the range of 1,000-2,500 crore, it said in a regulatory filing to the stock exchanges on Monday.

It has received India’s first contract for decommissioning of offshore facilities from British Gas Exploration and Production India (BGEPL, part of Shell Plc Group of Companies).

The contract involves engineering, preparation, removal and transportation of five offshore wellhead platforms and associated facilities at the Tapti field, off India’s west coast, which is being operated by the Joint Venture of BGEPL, ONGC, and RIL, the filing said. (ANI)

29 Nov 2022, 07:31:02 AM IST

Crypto lender BlockFi files for bankruptcy, cites FTX exposure

Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection, it said on Monday, the latest industry casualty after the firm was hurt by exposure to the spectacular collapse of the FTX exchange earlier this month. The filing in a New Jersey court comes as crypto prices have plummeted. The price of bitcoin, the most popular digital currency by far, is down more than 70% from a 2021 peak. (Read More)

29 Nov 2022, 07:30:15 AM IST

Financials, RIL, ITC among top Nifty contributors in 1 year

ICICI Bank, ITC, Reliance Industries, Adani Enterprises, Axis Bank, and State Bank of India (SBI) are the stocks that have fuelled Nifty’s rally to a high, with the banking sector expected to continue its outperformance even as market experts remained divided over the revival of the IT sector amid global headwinds. Earnings growth will determine the market’s course, the experts said.

Of the Nifty’s 1,509 point or 8.84% rally from a year ago, ICICI has topped with a 317-point contribution, followed by ITC (314 points), RIL (281), Adani Enterprises (153), Axis Bank (139.5) and SBI (114 points). Together, the top six companies accounted for 87% of the Nifty rally, according to Capitaline data. (Read More)

29 Nov 2022, 07:29:01 AM IST

US stock indices fall on Monday as lockdown protests spread in China

A broad slide on Wall Street left stocks lower Monday as global financial markets reacted to protests in China calling for President Xi Jinping to step down amid growing anger over severe COVID-19 restrictions.

The S&P 500 fell 1.5%, clawing back all of the benchmark index’s gains from last week. The Dow Jones Industrial Average finished 1.4% lower, while the Nasdaq composite slid 1.6%.

The world’s second-largest economy has been stifled by a “zero COVID” policy which includes lockdowns that continually threaten the global supply chain at a time when recession fears hang over economies worldwide. The recent demonstrations there are the greatest show of public dissent against the ruling Communist Party in decades.

The unrest stoked worries on Wall Street that if Xi cracks down even further on dissidents there or expands the lockdowns, it could slow the Chinese economy, which would hurt oil prices and global economic growth, said Sam Stovall, chief investment strategist at CFRA.

“A lot of people are worried about what the fallout will be, and basically are using that as an excuse to take some recent profits,” he said.

More than 90% of the stocks in the S&P 500 closed in the red, with technology companies the biggest weights on the broader market. Apple, which has seen iPhone production hit hard by lockdowns in China, fell 2.6%. (AP)

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