Share Market Highlights 15 November 2023: Sensex gains 742 pts; Nifty ends above 19,650; Eicher, TechM among top gainers

The rupee appreciated 21 paise to close at 83.12 (provisional) against the US dollar on Wednesday as the American currency retreated from its elevated levels after the US inflation came lower than expected.

A firm trend in domestic equity markets and risk-on sentiment also supported the local unit, forex traders said.

The rupee gained as the American currency weakened after US Inflation eased to its lowest level since September 2021, they added.

At the interbank foreign exchange, the rupee opened at 83.03 and finally settled at 83.12 against the greenback, registering a gain of 21 paise from its previous close.

Benchmark equity indices Sensex and Nifty jumped more than 1 per cent on Wednesday amid a rally in global markets on favourable US inflation data.

An encouraging US inflation report has raised hopes for an end to interest rate hikes by the Federal Reserve.

The 30-share BSE Sensex jumped 742.06 points or 1.14 per cent to settle at 65,675.93. During the day, it zoomed 813.78 points or 1.25 per cent to 65,747.65.

The Nifty50 of National Stock Exchange climbed 231.90 points or 1.19 per cent to 19,675.45.

One97 Communications Limited (OCL) that owns the brand Paytm, has announced a partnership with global travel technology company Amadeus. Under this collaboration, for the next three years, the company will integrate Amadeus’s expansive travel platform, enhancing the travellers’ experience from search to booking, and payments.

Aditya Birla Fashion and Retail reported its standalone net loss for the quarter ended September 2023 at ₹74.90 crore as against profit of ₹80.13 crore in the same quarter previous year.

Cipla has announced that Cipla Quality Chemical Industries Limited (CQCIL) ceases to be its subsidiary, following the completion of its stake sale in the Ugandan company.

In a statement to the stock exchanges, Cipla said that its wholly-owned subsidiaries Cipla (EU) Limited (UK) and Meditab Holdings Limited (Mauritius) completed the sale of their 51.18 percent stake in CQCIL (Uganda) for a consideration amount of $25 million (estimated ₹200 crore).

“Accordingly, CQCIL has now ceased to be a subsidiary of the company with effect from 14th November, 2023,” it added.

Kennametal India has announced the launch of new product under “WIDMA Brand” (VT850). The stock surged by 5.27% on the BSE, trading at ₹2,245.95.

Equity benchmarks ​gained over 1 per cent on Wednesday. NSE Nifty was up by 1.14 per cent or 220.70 points to 19,664.25, while the BSE Sensex was at 65,658.06, up by 1.12 per cent or 724.19 points at 3.08 pm​.

The October US inflation data is a game changer for the stock market. The 3.2 per cent October inflation print is lower than expected. More importantly, the mere 0.2 per cent MoM increase in core inflation is hugely positive. The takeaway from these numbers is that the Fed is done with rate hikes and the timeline for rate cuts in 2024 is likely to be advanced. The sharp recovery in US markets will be reflected in India, too. Short covering can add to the rally. FIIs are likely to turn buyers, lest they miss out on the rally in the best performing large economy in the world. Leading financials which were weighed down by FII selling will bounce back, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Decline in CPI inflation in India is also a favorable factor. Across sectors, a rally is likely. Financials, automobiles, real estate, cement and platform digital companies will attract investment from DIIs, HNIs and retail investors. The tug of war between FIIs and DIIs is clearly in favor of DIIs, he added.

SJVN has Synchronized the First Unit of the 60 MW Naitwar Mori Hydro Electric Project (NMHEP) with the National Grid. The stock is down by 0.65% on the NSE, trading at ₹75.95.

Mangalam Organics informed that there was an occurrence of fire incident at the Camphor plant of the Company located at Kumbhivali Village, Savroli Kharpada Road, Khopoli, on November 14, 2023, at night. The said fire, due to a short circuit, was successfully contained. However, the company is in the process of ascertaining the actual loss caused by the fire.

The stock declines by 1.83% on the BSE, trading at ₹381.70.

Major gainers on the NSE at 3:

Eicher Motors (5.73%); Tech Mahindra (3.77%); Hindalco (3.58%); HDFC Life (2.56%); Wipro (2.55%)

Major losers:

Bajaj Finance (-1.78%); IndusInd (-1.06%); Power Grid (-0.92%); Cipla (-0.02%)

Stocks advanced on BSE at 3 pm on November 15, 2023, were 2,265 against 1,451 stocks that declined; 146 stocks remain unchanged. Total stocks traded were 3,862. The number of stocks that recorded a 52-week high was 357, and those that hit a 52-week low was 23.

Phoenix Mills (5.84%)

Oberoi Realty (5.45%)

Brigade (4.40%)

Prestige (3.17%)

Sobha (3.12%)

TTK Prestige Ltd informed the exchange that its promoter director Dr. Mukund Thattai - Professor, Biochemistry, Biophysics and Bioinformatics, National Centre for Biological Sciences, has been awarded The Infosys Prize 2023 in Physical Sciences.

TTK Prestige stock rises by 1.07% on the NSE, trading at ₹792.10.

Whirlpool of India has said effective January 1, 2024, Debopriyo Sengupta, who is currently VP, Global Organisation Effectiveness, will take over the role of Vice-President- Human Resources, following the resignation of Rachna Rahul Kumar. The stock trades at ₹1,575.40 on the BSE, down by 0.94%.

Bajaj Auto-backed Yulu, a shared electric two-wheeler mobility company, has named Anuj Tewari, its Chief Financial Officer (CFO), as one of its co-founders. He formally joined the current founding team, which consists of President Ecosystem Partnerships RK Misra, CEO Amit Gupta, and CTO Naveen Dachuri, after the announcement. Read more

Aluminium futures (November series) on the Multi Commodity Exchange (MCX) marked a high of ₹209.85 last Monday. But the rally could not lift the contract beyond that, and the price fell. On Tuesday, it closed at ₹205.1. Read more

Knowledge Dredging Co. W.L.L., Bahrain, subsidiary company of Knowledge Marine & Engineering Works Ltd, has received a Letter of Intent from Nass Corporation B.S.C. for the supply and sale of Dredged Marine Sand for 3.01 Million Bahraini Dinar (approx. equivalent to ₹66.38 crore, using an exchange rate of 1 BD = ₹220.44) for a period of 5 years. The work shall commence from Q3 of FY 2023-2024.

The Knowledge Marine stock has declined by 4.45% on the BSE, trading at ₹1,258.

Elegant Marbles & Grani Industries board has approved buyback of up to 6,97,000 fully paid-up equity shares of face value of ₹10 each at ₹385 per share payable in cash for an aggregate buyback consideration not exceeding ₹26 crore, which is 24.88% of the paid-up share capital and free reserves of the company. The stock trades at ₹330 on the BSE, up by 0.11%.

Dabur India has appointed Abhinav Dhall as Executive Director-Group Corporate Strategy w.e.f. November 20, 2023. The stock has declined by 0.78% on the NSE, trading at ₹525.95.

Veranda Learning Solutions stock jumps 20 per cent on the NSE, trading at ₹258.60. The company recently reported financial results for the period ended September 30, 2023.

Mphasis (4.54%)

Coforge (4.12%)

Tech Mahindra (3.73%)

Wipro (2.45%)

Newgen Software Technologies has been identified as a ‘Strong Performer’ in The Forrester Wave: Digital Process Automation Software (DPA), Q4 2023. The stock inches up by 0.38% on the NSE, trading at ₹1.184

ICICI Lombard General Insurance Company Limited has informed the exchange regarding allotment of 16,650 shares under ESOP scheme. The stock rises by 2.57% on the NSE, trading at ₹1,394.05.

Goodluck India board has approved raising of funds through issuance of equity shares of the Company by way of Qualified Institutions Placement in one or more of the tranches for an aggregate amount up to ₹200 crore. The stock trades at ₹916 on the NSE, up by 0.36%.

Cipla (EU) Limited, UK and Meditab Holdings Limited, Mauritius, wholly owned subsidiaries of the Company have completed the sale of entire 51.18% stake held in Cipla Quality Chemical Industries Limited (CQCIL), Uganda for final consideration amount of $25 million.

Cipla stock inches up by 0.15% on the NSE, trading at ₹1,242.45.

Rajesh Exports (-7.24%)

Atam Valves (-4.57%)

Intellect Design Arena informed the exchange that its consumer banking arm Intellect Global Consumer Banking has been named a winner in the ‘The Asian Banker Global Middle East and Africa Awards 2023’ along with its client co-operative Bank of Kenya. The stock rises by 3.38% on the NSE, trading at ₹690.10.

In the upcoming round, a total of 35 coal mines will be offered, comprising of 11 under the Coal Mines (Special Provisions) Act, and 24 under the Mines and Minerals (Development and Regulation) Act.

Among these, 14 coal mines are fully explored, while 21 are partially explored. Additionally, 4 coal mines are being offered under the second Attempt of round seven of commercial coal including one CMSP coal mine and three MMDR coal mines. Of these, one is fully explored, and three are partially explored.

Marine Electricals has received an order amounting to ₹5.05 crore (excluding taxes) from Princeton Digital Group. The stock rises by 2.05% on the NSE, trading at ₹84.80.

Ethos reported its financial results for the quarter ended September 2023: Revenue of ₹235.2 crore with 32.4% YoY growth and EBITDA of ₹41.5 crore with EBITDA margin of 17.3%

The stock surges by 6.29% on the NSE, trading at ₹2,048.75.

Axis Bank Limited has informed the exchange regarding allotment of 1,64,645 shares under ESOP scheme. The stock rises by 1.19% on the NSE, trading at ₹1,037.60.

Natco Pharma informed the exchange about resignation of Suresh Babu K from the position of Vice President – Quality Assurance for Chemical Division, Mekaguda of the Company. The stock is down by 4.18% on the NSE, trading at ₹761.05.

Coastal Corporation reported its standalone net profit for the quarter ended September 2023 at ₹4.96 crore as against ₹6.92 crore in the same quarter previous year. The stock tumbles by 5.98% on the NSE, trading at ₹251.50.

ESAB India Ltd has declared interim dividend of ₹32 per equity share, having face value of ₹10 each for the financial year ending March 2024. The stock trades at ₹5,957.55 on the NSE, down by 0.47%.

International Conveyors stock jumps 17.08% on the NSE, trading at ₹91.15 after the company reported its financial results for the period ended September 30, 2023.

Union Bank (1.25%); Bank of India (1.12%); Canara Bank (1.10%); Bank of Baroda (1.02%)

AIA Engineering informed the exchange about acquisition of shares i.e. 100% stake in Vega Industries Peru Limited, Peru by the Company alongwith its Wholly Owned Subsidiary i.e. Vega Industries (Middle East) FZC. The company has subscribed additional 3,65,328 shares alongwith Vega ME in the ratio of 1% by the· Company and 99% by Vega ME.

The stock inches up by 0.77% on the NSE, trading at ₹3,625.

Quant Large & Midcap Fund can be considered by investors for their long-term goals

Healthy earnings print but slowing momentum marked the performance of the quarter with the following key highlights: (1) NIM declined for most led by re-pricing of cost of deposits/bank loans; loan growth was comfortable at ~15% yoy for banks/20% for private non-banks, and (2) earnings growth of 33% yoy for banks was led by reduction in credit costs. We are entering a period of low revenue growth for 2HFY24 of banks as the cost of funds is yet to peak for all players. Diversifying book may sustain high loan growth for non-banks, even as asset quality in select pockets may be under watch.

Broadly, keep a negative outlook on NIM but a positive outlook on credit costs as it is likely to be below long-term averages.

At midday, the BSE Sensex surged by 568.74 points, or 0.88%, reaching 65,502.61, while the broader NSE index climbed 180.15 points, or 0.93%, hitting 19,623.70, echoing a global equity upswing driven by U.S. inflation data.

During noon trade on November 15, 2023, advancing stocks on BSE totaled 2,313, with 1,264 stocks declining, and 172 stocks remaining unchanged, out of a total of 3,749 stocks traded. Notably, 324 stocks achieved a 52-week high, while 20 stocks reached a 52-week low.

Top gainers on the NSE by midday were Hindalco (3.44%), Eicher Motors (3.36%), Tech Mahindra (3.34%), ONGC (2.78%), and LTIMindtree (2.26%). Conversely, major losers included Power Grid (-0.92%), IndusInd (-0.43%), Sun Pharma (-0.20%), M&M (-0.15%), and Britannia (-0.06%).

Major gainers on the NSE at 12:

Hindalco (3.44%); Eicher Motors (3.36%); Tech Mahindra (3.34%); ONGC (2.78%); LTIMindtree (2.26%)

Major losers:

Power Grid (-0.92%); IndusInd (-0.43%); Sun Pharma (-0.20%); M&M (-0.15%); Britannia (-0.06%)

Stocks advanced on BSE at 12 noon on November 15, 2023, were 2,313 against 1,264 stocks that declined; 172 stocks remain unchanged. Total stocks traded were 3,749. The number of stocks that recorded a 52-week high was 324, and those that hit a 52-week low was 20.

Bank Nifty index opened with a wide gap-up today and is trading higher. The index is trading at 44,250, up 0.8 per cent. The advance-decline ratio at 10:2 indicates strength in the index. Axis Bank, HDFC Bank and Bandhan Bank share prices are up over a per cent each.

Gland Pharma has received tentative approval from the USFDA for Angiotensin II for Injection, 2.5 mg/ ml Single-Dose Vial. The stock trades at ₹1,623.70 on the NSE, down by 0.13%.

Siemens AG has taken measures to support the stability of Siemens Energy AG and accelerate separation in India – in the best possible interests of all parties. Specifically, Siemens intends to enter into a share purchase agreement with Siemens Energy to acquire an 18% stake in Siemens Ltd. India from Siemens Energy for a purchase price of 2.1 billion euro in cash. This would increase Siemens’ stake in the publicly listed Siemens Ltd. India from 51% to 69%, while Siemens Energy’s stake would decrease from 24% to 6%.

Siemens Ltd shares were up over 3% at Rs 3532.70 on the NSE at 11.46 am

“For our shareholders, the accelerated demerger of Siemens Ltd. India’s energy activities will further sharpen the portfolio focus of Siemens. It also simplifies and strengthens our corporate structure in India, a fast-growing and strategically important market,” Siemens AG said.

Railtel Corporation Of India informed the exchange regarding cancellation of Letter of Intent for work awarded by Bihar State Electronics Development Corporation Ltd. The stock trades at ₹253.70 on the NSE, down by 0.16%.

Shares of ASK Automotive Ltd listed with a premium of more than 8 per cent on Wednesday against the issue price of Rs 282.

The stock made its debut at Rs 304.90, registering a gain of 8.12 per cent from the issue price on the BSE. It further rallied 10.54 per cent to Rs 311.75. On the NSE, it listed at Rs 303.30, a jump of 7.55 per cent. The company’s market valuation stood at Rs 6,022.71 crore.

The Initial Public Offering (IPO) of ASK Automotive was subscribed 51.14 times on the last day of subscription on Thursday, with heavy participation coming in from institutional buyers. The Rs 833.91 crore initial share sale had a price band of Rs 268-282 per equity share.

Gurugram-based ASK Automotive is one of the largest manufacturers of brake-shoe and advanced braking systems for two-wheelers in India with a market share of about 50 per cent in the 2022 fiscal. - PTI

Infosys Science Foundation has announced Infosys Prize 2023 in Six Categories.

Infosys stock rises by 1.96% on the NSE, trading at ₹1,400.45.

Gabriel (13.66%); Manappuram (7.65%); Nesco (7.38%); LIC Mf (6.90%); Jain Irrigation (6.45%)

Major losers:

Rajesh Expo (-6.02%); La Opala (-5.46%); Marksans (-3.84%); Carysil (-3.25%); Supreme Industries (-2.97%)

Puravankara Ltd recorded sales of ₹1,600 crore, an increase of 102% Y-o-Y, and its sales volume for the quarter stood at 2.01 msft, up by 89% Y-o-Y with a collection of ₹879 crore (+70% Y-o-Y).

The stock trades at ₹154.70 on the NSE, up by 0.39%.

Major stocks that hit 52-week high:

Gabriel India (15.18%)

Sreeleathers (13.43%)

Windsor Machines (10.22%)

Ethos (10.13%)

EMS (10%)

Fitch Ratings has said that Oravel Stays’ proposed $195 million buyback of high-cost $645 million term loan, using existing cash and free cash generation, will improve its EBITDA leverage and interest coverage metrics. “We expect the buyback will reduce debt by 30% and the company will realise annual savings in interest costs of around $26 million at current rates. We believe that the potential transaction along with sustained EBITDA growth could improve OYO’s EBITDA leverage to below 5.0x, the threshold below which we may take positive rating action,” it said.

OYO is seeking lenders’ consent to remove the covenant requiring maintenance of $100 million in cash in collateral account and amend the minimum liquidity covenant to include an undrawn committed revolving credit facility of $25 million. Under the existing term loan facility, OYO is required to maintain $100 million in cash if EBITDA is below $50 million and $50 million if EBITDA improves to above $50 million.

Nifty 50 (19,635) began today’s session with a significant gap-up, taking cues from the bullish Asian market. It opened at 19,651 versus Monday’s close of 19,444. It is up 1 per cent after the initial hour of trade.

Substantiating the positive inclination, the advances/declines ratio of the index stands at 44/6. All mid- and small-cap indices have followed suit and are up so far today. Moreover, all the sectors are in the green, indicating broad-based buying.

Natco Pharma stock declined 1.91% on the NSE, trading at ₹779.10. The company posted ₹1060.8 crore consolidated revenue and ₹369 crore of profit after tax for the second quarter, FY2024.

The rupee appreciated 32 paise to 83.01 against the US dollar in morning trade on Wednesday as the American currency retreated from its elevated levels after US inflation came lower than expected.

Forex traders said the rupee opened on a bullish note as the American currency weakened after US Inflation eased to its lowest level since September 2021.

MSCI Global Standard Index will add 9 Indian stocks including IndusInd Bank, Tata Motors DVR, Suzlon Energy and One 97 Communications.

Tata Communications, APL Apollo Tubes, Macrotech Developers, Persistent Systems and Polycab India have also been added. No stocks have been taken out from the India index.

Computer Age Management Services Limited, a mutual fund transfer agency, saw a 5 per cent jump today at ₹2821. The closing price of the stock yesterday was ₹2685. The company also released it’s Q2 results recently where it reported at 17 per cent surge in net profit to ₹84.51 crore.

India’s unemployment rate is at a record low and the country’s labour market is undergoing a structural transformation, a report said on Tuesday.

In the news report, economists at the country’s largest lender SBI also pitched for a “reinterpretation of old fashioned rhetoric” while looking at a subject like employment.

PTC Industries stock surges by 5% on the NSE, trading at ₹5,178.60, after the company signed contract with Safran to provide casting parts for the LEAP engine powering single-aisle jet.

Among the 3,160 stocks traded on BSE, 2,178 moved upwards, 857 saw a decline, and 125 remained unchanged. Approximately 150 stocks reached their upper circuit, while 47 dipped to the lower circuit. A total of 212 stocks touched their 52-week high, whereas only 11 reached their 52-week low.

RVNL stock rises by 2.45% on the NSE, trading at ₹160.75 after receipt of LOA for “Construction of 4 Nos. Tunnels (total Length 1.6km) with ballast less track, Earthwork in formation, Construction of Important Bridges (2nos), Major Bridges (1no), Minor Bridges (25nos), Supply of Stone ballast, Track linking, side drain retaining wall etc. from Km 831.8 to Km 841.9 in Dharakoh Maramjhiri section in connection with third line.”

Grasim Industries stock rises by 1.36% on the NSE, trading at ₹1,955 after the company reported its financial statement for the quarter ended September 2023.

Major gainers on the NSE at 9:30 am:

Hindalco (4.72%); LTIMindtree (3.17%); Tech Mahindra (2.60%); Tata Steel (2.19%); JSW Steel (2%)

Major losers: Power Grid (-0.14%); Britannia (-0.07%); Sun Pharma (-0.04%)

Sprayking Agro Equipment Limited’s shares were up by 4.98 per cent after the company reported it won a legal battle at the Customs, Excise and Service Tax Appellate Tribunal. The tribunal has absolved the company of a contingent liability of Rs 11.55 crore from prior years, which had been in dispute since the Central Excise Department issued a notice for the fiscal year 2011-12.

Kaya Middle East DMCC, material subsidiary of Kaya Ltd, has entered into definitive agreements to sell its entire holding in Minal Medical Centre LLC and M M C Skin Clinic LLC , to Dr. Minal Patwardhan.

Aster DM Healthcare announced its financial results for Q2 FY24:

Operational revenue grew 18% YoY to ₹3,317 crore against ₹2,816 crore in Q2 FY23.

EBITDA grew 21% YoY to ₹393 crore Vs. ₹324 crore in Q2 FY23.

Tata Steel has announced appointment of Ashish Anupam as the Vice President – Long Products of the Company, effective November 15, 2023.

Crude oil futures traded higher on Wednesday morning as inflation related data from the US and the industrial production numbers from China boosted the market sentiments. At 9.15 am on Wednesday, January Brent oil futures were at $82.72, up by 0.30 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $78.38, up by 0.33 per cent. November crude oil futures were trading at ₹6522 on Multi Commodity Exchange (MCX) in the initial trading hour of Wednesday morning against the previous close of ₹6508, up by 0.22 per cent; and December futures were trading at ₹6540 as against the previous close of ₹6525, up by 0.23 per cent.

Indian markets opened firmly higher on Wednesday, taking cues from a global surge in stocks propelled by softer U.S. inflation figures, hinting at a potential halt in the world’s largest economy’s cycle of interest rate hikes.

At 9.16 a.m., the 30-share BSE Sensex climbed 454.63 points to 65,388.50. The NSE Nifty gained 159.30 points to 19,602.85.

From the Nifty pack, Hindalco, Infosys, JSW Steel, LTIMindtree and Adani Enterprises were among the gainers. Dr Reddy’s, PowerGrid, Divis Lab and Sun Pharma were among the laggards.

Following a robust climb in Wall Street equities, led by the Nasdaq Composite index with its strongest performance in over six months, optimism reverberated in global markets.

This surge follows data revealing unchanged U.S. consumer price inflation (CPI) in October, a notable shift from September’s 0.4% rise.

The prospect of a potential cessation in interest rate hikes by the U.S. Federal Reserve spurred a market rally, subsequently reducing U.S. Treasury yields. Asian markets followed suit, showcasing gains, with the MSCI Asia ex-Japan index climbing by 2%.

Meanwhile, India’s annual retail inflation eased to a four-month low of 4.87% in October, remaining below the Reserve Bank of India’s upper tolerance band of 6% for the second consecutive month.

Goldman Sachs upgraded Indian shares from “marketweight” to “overweight” on Monday, citing robust economic fundamentals, consistent earnings momentum, and sustained inflows from domestic mutual funds as the driving factors behind the upgrade.

In contrast, foreign institutional investors (FIIs) continued their selling spree in Indian equities throughout November, with sales amounting to Rs 1,244 crore on Monday, extending their selling streak for the 15th session.

On the flip side, domestic institutional investors extended their buying spree for the 19th consecutive session, adding a net worth of Rs 830 crore in shares.

Pulses and cereals have a 15.30 per cent and 3.46 per cent weightage respectively in retail inflation based on the Consumer Price Index and producers’ inflation based on the Wholesale Price Index

1 CHAMBLFERT

2 DELTACORP

3 HINDCOPPER

4 IBULHSGFIN

5 MANAPPURAM

6 SAIL

7 ZEEL

Price band revised from 5% to 2%: Usha Martin

Ex/record date Interim dividend: Emami, PDS, SAT industries, Steelcast, Chambal Fertilizers and Chemicals, Indraprastha Gas.

Move into short-term ASM framework: Antony Waste handling cell, BMW Industries, Carysil, Swan Energy.

Move out of short-term ASM framework: Vodafone Idea.

Inox wind: Promoter Inox Wind Energy released a pledge of 79.5 lakh shares on Nov. 9.

*Bajaj Finserve:*Promoters Rishab Family Trust Rajivnayan Bajaj and Rajivnayan Bajaj sold 13 lakh and 2.55 lakh shares, respectively, while promoters Madhur Securities, Rupa Equities, Rahul Securities, and Shekhar Holdings bought 3.89 lakh shares each on Nov. 8

Swan Energy: Jainam Broking bought 23.7 lakh shares (0.89%) at Rs 430.21 apiece, while 2I Capital PCC sold 20 lakh shares (0.75%) at Rs 427.81 apiece, Montego Realty sold 23.38 lakh shares (0.88%) at Rs 432.06 apiece, and Kasturi Vintage sold 32.84 lakh shares (1.24%) at Rs 428.21 apiece.

MSPL: SBI sold 19.29 lakh shares (0.5%) at Rs 18.53 apiece.

Nuvama: The Pabrai Investment Fund sold 1.8 lakh shares (0.51%) at Rs 2,785.17 apiece.

The shares will debut on the stock exchanges on Wednesday at an issue price of Rs 282. The Rs 834-crore-IPO was subscribed 51.14 times on the final day. Bids were led by institutional investors (142.41 times), non-institutional investors (35.47 times) and retail investors (5.70 times).

Asian Paints: The company’s original installed production capacity of the Khandala plant has been increased to 4,00,000 KL per annum from 3,00,000 KL per annum in order to meet the medium-term capacity requirements of the company for Rs 385 crore.

Wipro: Designit Tokyo Co., a step-down subsidiary of Wipro Limited, has been voluntarily liquidated with effect from Nov. 13, 2023. The revenue contribution from such units is 0.004% as of March 2023

Adani Energy Solutions: The distribution arm of Adani Energy Solutions Ltd., Adani Electricity Mumbai Ltd., announced a tender offer to buyback up to $120 million of its outstanding 3.949% $1,000 million senior secured notes due 2030. The tender offer is being fully funded through its cash surplus and internal accruals

RVNL: The company received a Rs 311 crore LoA from Central Railways for the construction of tunnels and bridges in Madhya Pradesh. The time period by which the order is to be executed is 18 months

PTC Industries: India-based PTC Industries and Safran Aircraft Engines, the French global leader in aero engine design, development, and manufacturing, announced a multi-year contract to develop industrial cooperation for LEAP engine casting parts. Under the terms of the contract, PTC Industries will produce titanium-casting parts for Safran aircraft engines.

Biocon: Biocon Biologics, a subsidiary of Biocon, has announced that MHRA, the Medicines and Healthcare Products Regulatory Agency in the U.K., has granted marketing authorization for YESAFILI, a biosimilar of Aflibercept. In September, YESAFILI received marketing authorization approval from the European Commission for the European Union

Indian Overseas Bank: The bank decided to increase the base rate by 35 bps w.e.f. Nov. 15, 2023. The effective base rate will be 9.45%

IDFC First Bank: The company received a PFRDA nod for the merger of IDFC and IDFC Financial Holding Co. with IDFC First Bank. The company also received BSE and NSE’s nods for the merger of IDFC and IDFC Financial Holding Co. with itself.

GMM Pfaudler: Promoters to buy 4.5 lakh shares, or a 1% stake, from Pfaudler Inc. at Rs 1,700 per share. Acquisition costs are at a premium of 1.4% to the stock’s previous close of Rs 1,676.05 on the NSE

Knowledge Marine & Engineering Works: The company bagged a project from the Mumbai Port Authority for the hiring of two dock tugs for a period of 7 years for an amount of Rs. 34.49 crore.

Electronics Mart India: Commercial operations of the company’s one of the stores in Hyderabad were temporarily disrupted due to a fire accident during the intervening nights of Nov. 12 and 13, 2023. The estimated amount of loss suffered by the company is yet to be ascertained.

Pfizer: Milind Patil has resigned as a Director on the Board of Directors of the company with effect from the close of business on Nov. 13, 2023, consequent to the expiry of his five-year term as Executive Director.

Grasim Industries Q2 FY24 (Consolidated, YoY)

Revenue up 10% at Rs 30,221 crore vs Rs 27,486 crore.

Ebitda up 31.8% at Rs 6,053 crore vs Rs 4,591 crore.

Margin at 20.02% vs 16.7%.

Net profit up 34.1% at Rs 2,024 crore vs Rs 1,509 crore.

Manappuram Finance Q2 FY24 (Standalone, YoY)

Total income up 17% at Rs 1,456 crore vs Rs 1,245 crore.

Interest income up 13.4% at Rs 1,405 crore.

Net profit up 20.3% at Rs 420 crore vs Rs 349 crore (Bloomberg estimate: Rs 386.9 crore).

NRB Bearings Q2 FY24 (Consolidated, YoY

Revenue up 8.3% at Rs 2,790 crore vs Rs 2,575 crore.

Ebitda up 48.4% at Rs 455.2 crore vs Rs 306.7 crore.

Margin at 16.31% vs 11.9%.

Net profit up 85.6% at Rs 246.3 crore vs Rs 132.7 crore.

Narayana Hrudayalaya Q2 FY24 (Consolidated, YoY)

Revenue up 14.3% at Rs 1,305.2 crore vs Rs 1,141.6 crore (Bloomberg estimate: Rs 1,293.1 crore).

Ebitda up 26.4% at Rs 308.1 crore vs Rs 243.7 crore (Bloomberg estimate: Rs 288.5 crore).

Margin at 23.6% vs 21.34% (Bloomberg estimate: 22.30%).

Net profit up 34.2% at Rs 226.7 crore vs Rs 168.9 crore (Bloomberg estimate: Rs 178.8 crore).

Zinc futures (November expiry) on the Multi Commodity Exchange (MCX) bounced off the support at ₹219 early this month. The rally lifted the contract above both 20- and 50-day moving average, a bullish signal.

However, over the past few sessions, zinc futures has been facing a resistance at ₹230. On Monday, it closed at ₹227.

Driven by strong growth in formulations exports, Natco Pharma has posted a manifold increase in its consolidated net profit at Rs 369 crore in the second quarter ended September 30, 2023, compared to Rs 57 crore in the corresponding quarter of the previous year.

BL Interview: Real estate developer Prestige Estates Projects will focus on bolstering its presence in the Delhi-NCR market over the next year.

In an interview with businessline, Venkat K Narayana, CEO, Prestige Group, revealed that they are actively engaged in various projects spanning diverse segments to drive expansion in the region. Notably, Prestige achieved 56.6 per cent year-on-year growth, reaching ₹2,236 crore in revenue for the quarter ending September.

JSW Steel’s bid to acquire a majority stake in Teck Resources Ltd’s coal business has fallen through with the Canadian company picking the offer from Swiss mining major Glencore Plc.

Glencore will pay $6.93 billion for a 77 per cent stake in Teck’s business, while steelmakers Nippon Steel Corp and Posco, which currently own minority stakes in Teck coal mines, will hold the rest.

The Chennai-based Sanmar Group has opened a new subsidiary in Singapore—Sanmar Shipping SG Pte Ltd, to expand its global operations. This is the first subsidiary by the group for the shipping division.

A prominent player in the international tanker market, the company hopes to leverage its presence in Singapore both for operational and strategic efficiency, says a social media post by the company.

The Burman Family, promoters of Dabur Group, on Tuesday dismissed an FIR pertaining to the alleged betting app probe and added they have received no formal communication on the same. The official statement added that the FIR was provoked by vested interests in a bid to block the acquisition of Religare Enterprises Ltd (REL) by the Burman Family.

Mines Ministry is in the process of auctioning 20 critical mineral blocks, Secretary, VL Kantha Rao, said. The blocks on auction will include lithium and graphite in next two weeks.

Speaking to media while inaugurating the mining pavilion “Connecting Beyond Mining” at the India International Trade Fair 2023 (IITF), Rao said for mining and processing of critical minerals indigenous technology will be explored.

Orchid Pharma Ltd, a vertically integrated pharmaceutical company, which is into research, manufacturing, and marketing, said it has been selected through a global tender for the manufacture of Cefidorocol. Cefidorocol is employed in the treatment of complex urinary tract infections (including pyelonephritis) in patients with restricted or no alternative treatment alternatives.

Index provider MSCI said on Tuesday that 46 securities will be added to and 69 deleted from its widely-followed MSCI ACWI stock index, while 14 will be added and two deleted from its frontier markets stock index.

Changes will be implemented as of the market close on Nov. 30, MSCI announced in its quarterly index review.

The three largest additions to the MSCI ACWI from developed markets will be Vertiv Holdings and Celsius Holdings from the United States, and Italy’s Leonardo.

The three largest additions from emerging markets will be India’s Tata Motors, Indonesia’s Amman Mineral International and CGN Power Co from China.

The three largest additions to the Frontier Markets Index will be Vietnam Prosperity Joint Stock Commercial Bank , Oman International Development & Investment Company and Banque Marocaine pour le Commerce et l’Industrie .

MSCI said it will add 10 and delete 45 securities to its China A Onshore indexes, with CGN Power Co, Shanghai United Imaging Healthcare and Empyrean Technology Co the largest by market capitalization. It will also add 16 and delete 25 securities from the MSCI China All Shares Index. The largest additions will be these same companies. - Reuters

Grasim Industries: Company posts drop in second-quarter profit on weak prices in chemicals and textiles business.

Rail Vikas Nigam: Company gets a letter of acceptance from Central Railway for a project worth Rs 311 crore.

Lender gets in-principle approval from the Pension Fund Regulatory and Development Authority (PFRDA) for the proposed scheme of amalgamation of IDFC and IDFC Financial Holding Company into and with IDFC First Bank.

Japan’s economy contracted in July-September, snapping two straight quarters of expansion on soft consumption and exports, complicating the central bank’s efforts to gradually phase out its massive monetary stimulus amid rising inflation.

The data suggests stubbornly high inflation is taking a toll on household spending, and adding to the pain for manufacturers from slowing global demand including in China.

Gross domestic product (GDP) in the world’s third-largest economy contracted 2.1% in the third quarter, government data showed on Wednesday, a much larger decline that a median market forecast for an annualised 0.6% fall. It followed an expansion of 4.5% in the previous quarter.

The weak reading reflects lacklustre consumption and capital expenditure, dashing policymakers’ hopes for a post-pandemic rebound in domestic activity to offset weaker external demand from China and elsewhere.

Consumption was flat in July-September after sliding 0.9% in the previous quarter, falling short of economists’ median estimate for 0.2% growth.

Capital expenditure fell 0.6% in the third quarter after declining 1.0% in April-June, confounding market forecasts for a 0.3% gain and casting doubt on the BOJ’s view that robust corporate investment will underpin growth.

External demand shaved 0.1 of a percentage point off GDP in July-September, in line with expectations, as an increase in service imports offset rises in auto exports. -- Reuters

Gold prices held firm on Wednesday following a sharp rise in the last session, as data showing slowing inflation in the U.S. bolstered the view that the Federal Reserve might be done with raising interest rates.

Spot gold held its ground at $1,962.97 per ounce, after rising 0.9% overnight. U.S. gold futures were steady at $1,966.80.

Spot silver rose 0.2% to $23.12 per ounce, while platinum eased 0.1% to $884.49. Palladium was flat at $1,016.40 per ounce. - Reuters

Oil prices rose in early Asian trade on Wednesday on Middle East tensions and a weaker dollar, while investors focused on inventory data after a two week delay in reporting.

Brent futures rose 8 cents to $82.55 a barrel by 0013 GMT, while U.S. West Texas Intermediate (WTI) crude rose 2 cents to $78.28.

The U.S. Energy Information Administration (EIA) will release its first oil inventory report in two weeks on Wednesday. EIA did not release a storage report last week due to a systems upgrade. - Reuters

As the EV (electric vehicle) momentum gathers pace, Tata Power continues to ramp up its charging infrastructure across the country and in the September 2023 quarter, the company expanded its number of charging stations by 22 per cent when compared with the June 2023 quarter.

Va Tech Wabag, a leading global player in the water technology space, is exploring strategic partnership opportunities in the green hydrogen segment. The Chennai-headquartered company believes that its in-house capabilities and experience will come in handy as it plans to emerge as a water partner to companies focusing on the production of green hydrogen.

The rupee (INR) closed almost flat at 83.33 against the dollar (USD) on Monday. The dollar index remained flat over the last week, indicating that it has largely been stable versus most of the currencies.

Although there was an intraday decline in the rupee to 84.47 last Friday, it pared the losses and closed within the 83-83.30 range at the end of the session. It has been moving within this price band for about two months.

Life Insurance Corporation of India (LIC) reported broadly in-line numbers in H1-FY24, owing to weaker growth, strong boost in embedded value led by equity-market performance, and part provision on account of increased family pension liabilities.

We continue to perceive that structural challenges—such as slower growth-led market-share loss, sticky operating expenses, and higher sensitivity to equity market-led EV volatility—are likely to cloud LIC’s outlook. However, LIC is currently trading at about 0.50x Sep-25E P/EV, with the structural challenges and a possible share sale by the government already in the price.

Mahindra & Mahindra’s Q2-FY24 operating performance was lower as EBITDA came in at ₹3,070 crore (vs est. ₹3,200 crore). Adjusted PAT surpassed expectations at ₹3,450 crore (vs est. ₹2,800 crore), primarily driven by better-than-expected other income, attributable to higher dividends. Revenue growth during the quarter was driven by volumes growth of about 11 per cent y-o-y, while ASPs grew 5 per cent y-oy to ₹804.6k/unit (est. ₹823.8k/unit).

Market-beating returns may have made investors excited about small-cap stocks, one should bear in mind that big returns come with big risks

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Short-term traders can buy the stock of Indian Bank at current levels. The stock has been consolidating sideways since the last week of September. The recent rise indicates that this consolidation could be coming to an end.

Devaluing of currency in developing countries, making exports expensive, and inflationary pressures are said to be the main reasons for the fall in exports.

The Initial Public Offering (IPO) of Tata Technologies Ltd will open for subscription for the public investors on November 22 and close on November 24, 2023. This will be the first Tata Group IPO in nearly two decades.

The IPO is an offer for sale of upto 60,850,278 equity shares for cash comprising of offer for upto 46,275,00 equity shares by Tata Motors, upto 9,716,853 equity shares by Alpha TC Holdings Pte. Ltd and upto 4,858,425 equity shares by Tata Capital Growth Fund I, each representing 11.41 per cent, 2.40 per cent and 1.20 per cent respectively of the paid up equity share capital of Tata Technologies Limited.

Asian markets kicked off Wednesday on a positive note after Wall Street’s robust surge driven by optimistic sentiments over US inflation data potentially halting interest rate hikes.

Early trading witnessed Japan’s Nikkei 225 soaring by 2.02%, or 660.98 points, reaching 33,356.91, while the broader Topix index gained 1.19%, or 27.87 points, touching 2,373.16. South Korea’s Kospi climbed by 1.89%, or 45.96 points, reaching 2,479.21, and Australia’s S&P ASX 200 surged by 1.63%, or 114.10 points, reaching 7,120.80.

U.S. Consumer inflation stood at 3.2% over the 12 months until October, a decline from the 3.7% recorded the previous month as reported by the Labour Department.

The lower-than-expected core and headline inflation figures fostered market optimism that the Federal Reserve might halt its interest rate hikes.

U.S. stock indexes rallied on Tuesday as cooler-than-expected inflation data boosted expectations that the Federal Reserve was done raising interest rates and could start cutting them next year.

The benchmark S&P 500 briefly crossed the 4,500 mark for the first time in two months and the tech-heavy Nasdaq was trading at a fresh two-month high after data showed that growth in U.S. consumer prices eased in October, in part due to lower gasoline prices.

The S&P 500 index leapt 1.9%, the Dow Jones Industrial Average jumped 1.4%, and the Nasdaq Composite Index advanced 2.4%, its best day since April 27.

In the 12 months through October, the CPI climbed 3.2% after rising 3.7% in September, while economists polled by Reuters had forecast a 3.3% gain on a year-on-year basis.

Following the data, traders erased bets the Fed will raise borrowing costs any further and piled into bets on rate cuts starting by May. They are currently pricing in a 100% chance the Fed will hold rates next month, as per CME Group’s Fedwatch tool.

U.S. Treasury yields dropped, with the two-year yield , which best reflects short-term interest rate expectations, sliding to two-week lows. - Reuters