With US Markets closed for Thanksgiving, investors will have fewer global cues to anchor to. The Indian unemployment rate for persons aged 15 years and above in urban areas declined to 7.2% during July-September 2022 from 9.8% a year ago,
SafeGold partners DMCC to use gold-backed digital assets
SafeGold, a digital gold platform, has signed an MoU with Dubai Multi Commodities Centre (DMCC), to advance SafeGold’s vision of digitising gold investment and enabling a digital ecosystem to flourish in the Middle East and North Africa region’s $20 billion gold market. (Read More)
Dollar set for weekly loss as investors brace for slower Fed rises
The U.S. dollar stood close to a three-month low and was headed for a weekly loss on Friday, as the prospect of the Federal Reserve slowing monetary policy tightening as soon as December preoccupied investors and kept the mood buoyant.
Trading was thin overnight due to the Thanksgiving holiday in the United States, though a softer dollar remained in focus.
Sterling rose more than 0.5% overnight and last stood at $1.2103, close to its over three-month high of $1.2153 hit in the previous session and on track for a nearly 2% weekly gain.
The Aussie firmed to $0.6765 and was on track for a weekly gain of more than 1%. (Reuters)
Noon Update: Indices are trading marginally lower at Thursday noon; Sensex sheds 150 pts and Nifty 30
Multibagger stock gives over 103% return in 6 months since IPO. Brokerage raises target price
Venus Pipes and Tubes Ltd reported higher‐than‐expected EBITDA primarily due to higher volume and realisation. With new capacities Venus Pipes is set to become 2nd largest stainless steel manufacturer in India, as per brokerage Centrum which expects the company’s volume to grow by 32% CAGR over FY22‐FY25E.
“The growth triggers like volume expansion, higher exports, import substitution, margin expansion etc will enable EBITDA/PAT increase by 46%/48% CAGR over FY22‐FY25E. Besides, the proposal to bring anti‐ dumping duty on imports of stainless steel products is being evaluated by DGTR, if imposed, could turn to be big positive for Venus Pipes,” the brokerage said in a note. (Read More)
Coal India among biggest gainers; adds 2%
Amazon refuses ‘unethical firings’ allegation, calls resignations ‘voluntary’
E-commerce giant Amazon, which was summoned by the Labour Ministry on Tuesday in relation to its voluntary separation program (VSP), has reportedly said that the company has not sacked any employee, rather allowed those to go who opted for its recently introduced massive global layoff plan, according to a report quoted by The Economic Times.
This came after the Labour Ministry issued a notice to the online retailer on the complaint of Nascent Information Technology Employees Senate (NITES), which in a letter dated 19 November alleged that firings at Amazon India are unethical and illegal, and requested interference. (Read More)
FMCG among the biggest laggards today; sheds more than 0.5% with most stocks in red
India Rate Setters Blame Global Factors in Inflation Letter
India’s interest-rate setters have mainly blamed global factors for failing to meet their inflation target, according to people with knowledge of a letter the monetary policy panel was obliged to write to the government.
The war in Ukraine and resultant spurts in energy and food costs, and supply disruptions caused by the pandemic are among main reasons cited, the people said, asking to stay unidentified as the correspondence is private. The detailed narrative doesn’t dwell much on the path forward, only stating that the worst of inflationary pressures are probably behind us, the people added.
Little is known about the contents of the letter sent earlier this month, after India’s consumer inflation topped the upper range of the 2%-6% band for three straight quarters. While the panel led by Reserve Bank of India Governor Shaktikanta Das was mandated by law to explain its failure in capping prices, the government isn’t required to make the information public. (Bloomberg)
HDFC Bank elevates Kaizad Bharucha as Deputy MD, appoints Bhavesh Zaveri as ED
HDFC Bank has appointed Kaizad Bharucha as deputy managing director (MD), and Bhavesh Zaveri as its executive director (ED, the lender informed in an exchange filing on Thursday. HDFC Bank had sought the approval of the Reserve Bank of India’s on these appointments, it further said in the regulatory filing. (Read More)
Dharmaj Crop Guard IPO: GMP rises further ahead of issue opening on Monday
Amid the IPOs season, the three-day initial public offering of agrochemical company Dharmaj Crop Guard will open for public subscription on Monday, November 28, 2022 and conclude on Wednesday, November 30. The price band has been fixed in the range of ₹216–237 a share.
As per market observers, Dharmaj Crop Guard shares are available at a premium (GMP) of ₹58 in the grey market today, up from ₹45 in the previous session. The shares of the company are expected to list on the stock exchanges BSE and NSE on Thursday, December 8, 2022. (Read More)
Punjab National Bank (PNB) reaches a 52-week high
Ashika Stock Broking on today’s market: Wiser to hunt for lower level at 18380-18400 for initiating long positions
Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking: On the technical front, Nifty formed a long bull candle on the daily time frame and with the presence on higher high-low formation, a bullish overtone in the market is likely to remain. It is at that phase where a prolonged consolidation might be in the making and forming a higher base, setting itself equipped to eye the sought-after level of 18900 in the near term. After yesterday’s rally it can be established that the market has halted its slide taking support from its 20dma and the lower area of the gap-up region and 18050-18100 might be the elevated bottom for the market followed by 17950 which coincides with 23.6% retracement of the entire rally since Oct’22. However, the psychological level of 18000 would be the trend-deciding level for the market. A positive stance in the market would remain due to sharp reversals in the Dollar index, US yields have helped to taper down anxiety around further aggressive rate hike and drop in crude oil prices which is supportive for Indian Equities. Against that backdrop, the Index has also cooled off from its overbought price reading presently trading above the 60-level mark (14-period RSI). During the day, Nifty is likely to open on a flat to slightly positive note and from that perspective, it would be wiser to hunt for a lower level at 18380-18400 for initiating long positions for an upside target of 18900 followed by 19200.
PSU Bank continues its stellar run on Friday; gains 2% with all stocks in green
Multibagger IPO: Mauritius-based FII buys stake in SME company after stock split in 1:5 ratio
Mauritius-based foreign institutional investor (FII) Vikasa India EIF Fund – Incub Global Opportunities has picked up a stake in Kshitij Polyline Ltd., a National Stock Exchange (NSE) listed entity. As per NSE data, it has purchased 6 lakh shares at a price of ₹41.43 per share via a bulk deal. This means the FII has invested ₹2,48,58,000 or ₹2.48 crore in this circuit-to-circuit SME stock. (Read More)
L&T shines in early trade, gains more than 1.5%
Binance’s Crypto Rescue Plan Fails to Quell All the Fears of Post-FTX Contagion
Crypto mogul Changpeng “CZ” Zhao’s vow to set up a recovery fund of up to $2 billion to help cash-strapped startups failed to dispel all the sector’s contagion fears following the collapse of the FTX exchange.
In an interview Thursday with Bloomberg Television’s Haslinda Amin, Zhao gave more details on the deals his Binance Holdings Ltd. is examining in the wake of rival FTX’s bankruptcy. Key to Zhao’s plan is a fund with co-investors aimed at backing promising crypto projects facing a liquidity squeeze.
“We’re going with a loose approach where different industry players will contribute as they wish,” he said, flagging a possible $1 billion for the fund. A later blog post explained the commitment could rise to $2 billion if needed. (Bloomberg)
After leading the Thursday’s rally, IT index comes under pressure early in the day
China’s Daily Covid Tally Tops 30,000 for First Time as Curbs Spread
China’s daily Covid infections broke through 30,000 for the first time ever as officials struggle to contain outbreaks that have triggered a growing number of restrictions across the country’s most important cities.
There were 31,987 new infections reported for Thursday, up from Wednesday’s record of 29,754. The southern city of Guangzhou reported more than 7,500, while cases in the metropolis of Chongqing topped 6,000. The capital, Beijing, saw daily infections exceed 1,800 with the record tally and lockdown-like restrictions sparking panic buying in parts of the capital.
The persistently high caseloads have weighed on equity markets. Key Chinese stock gauges in Hong Kong and on the mainland headed for a weekly decline, set to snap a three-week rally. (Bloomberg)
Powergrid Corporation sheds at the start; drops a per cent
INDIA BONDS- Bond yields seen steady ahead of weekly debt sale
Indian government bond yields are expected to open steady on Friday as traders exercise caution and avoid taking large positions ahead of the weekly debt auction.
India’s benchmark 10-year bond yield is likely to trade in a 7.25%-7.29% band after having ended one basis point (bps) lower at 7.2548% on Thursday.
U.S. markets were closed on Thursday for the Thanksgiving holiday and there hasn’t been much overnight movement in oil prices, so the domestic markets will mostly look forward to government bond auctions for further cues, said a trader at a primary dealership.
New Delhi aims to raise 280 billion rupees ($3.43 billion) through the sale of bonds, including the benchmark 10-year paper, later in the day. (Reuters)
Indices start the day flat with PGCL and BPCL dragging
Japan’s Nikkei slips from 2-month high on selloff in chip stocks
Japan’s Nikkei edged lower on Friday, as investors sold heavyweight chip-related stocks after the share average hit a more-than-two-month high in the last session, although hopes for slower interest rate hikes globally capped declines.
The Nikkei lost 0.34% to 28,286.94 by the midday break but it was set to rise 1.39% for the week. The broader Topix fell 0.13% to 2,016.23 and on course to post a 2.49% weekly gain.
“Investors sold shares for profit-taking today. That was seen in chip-related stocks, which were strong in the past few sessions,” said Shuji Hosoi, senior strategist at Daiwa Securities.
“Overall the market was supported by hopes for slower hikes of the ECB, which sent Germany’s 10-year bond yields lower.” (PTI)
Geojit Financial Services views on today’s market: Market is unlikely to surge from the record highs since the valuation headwind will act as a restraint
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: “Many favourable factors have come together to push the markets to record levels: the FOMC minutes indicating smaller rate increases, the sharp correction in crude, FIIs turning buyers, reports of impressive credit growth and capex revival and even the bad news of record Covid spread in China is turning out to be good news for India since it will accelerate the China Plus One policy. Nifty breaking the previous record high of 18,604 is only a question of time. The significant feature of this rally is that it is driven by heavyweights like HDFC Bank, ICICI Bank, HDFC, Infy, TCS, HCL Tech and RIL which have strong fundamentals and this makes the rally healthy. But the market is unlikely to surge from the record highs since the valuation headwind will act as a restraint.
Vast majority of retail investors, particularly the newbies, have missed out on this rally since their portfolios are largely mid-and small-cap oriented. As of now, the possibility of the rally spreading to the broader market is limited.”
Sensex is flat at the preopen session; SBI, PNB, Biocon will be in focus in today’s session
Reliance Securities Stock in Focus for today: Wipro
STOCK IN FOCUS:
WIPRO (CMP 398) – Wipro (WPRO) closed ~2.4% higher as against Nifty rising by ~1% yesterday: f In view of strong deal wins and attractive valuation, we have a BUY recommendation with a target price of Rs455, valuing the stock at a P/E multiple of 18.5x FY24E earnings.
ASIANPAINT (PREVIOUS CLOSE: 3115) BUY
For today’s trade, long position can be initiated in the range of ₹3080-3100 for the target of Rs.3150 with a strict stop loss of ₹3060.
BALKRISIND (PREVIOUS CLOSE: 1975) BUY
For today’s trade, long position can be initiated in the range of ₹1950-1960 for the target of Rs.2010 with a strict stop loss of ₹1940.
LICHSGFIN (PREVIOUS CLOSE: 371) BUY
For today’s trade, long position can be initiated in the range of ₹366-370 for the target of Rs.377 with a strict stop loss of ₹364.
IEX share buyback decision to be taken in board meet today
Indian Energy Exchange’s (IEX) board of directors is scheduled to meet today i.e., on Friday to consider the proposal for buyback of equity shares of the company. IEX shares are down more than 43% in 2022 (YTD) so far.
“A meeting of the Board of Directors of the Company is scheduled to be held on Friday, November 25, 2022, inter-alia, to consider a proposal for buyback of fully paid-up equity shares of the Company,” the energy exchange had informed in an exchange filing earlier this month. (Read More)
PTC India net profit more than trebles to ₹157 cr in Jan-Mar quarter
Power trading solution provider PTC India’s consolidated net profit more than trebled to ₹157.11 crore in the March 2022 quarter, mainly due to lower expenses.
The consolidated net profit of the company was ₹49.77 crore in the quarter ended March 31, 2021, a BSE filing showed.
Its total expenses dipped to ₹2,890.57 in the quarter from ₹3,792.56 crore a year ago.
The total income also declined to ₹3,107.04 crore in the quarter from ₹3,925.99 crore in the year-ago period.
Its consolidated net profit stood at ₹551.67 crore in 2021-22 compared to ₹457.62 crore in 2020-21. (PTI)
Adani open offer: Nearly 28 lakh NDTV shares tendered by Day 3
Nearly 28 lakh shares were tendered by shareholders of NDTV under the Adani group’s open offer at the end of the third day on Thursday.
Adani group’s open offer to acquire an additional 26 per cent stake in the media firm New Delhi Television (NDTV) started on Tuesday.
According to the data from BSE, a total of 27,72,159 NDTV shares amounting to 16.54 per cent of the offer size were tendered by the shareholders by 1600hrs on Thursday.
Adani’s offer price is ₹294 per share, while NDTV shares settled at ₹368.40 on Thursday, which is 25.3 per cent higher compared to the offer price.
In the last three months, NDTV shares reached a high of ₹540.85 on September 5, 2022. (PTI)
Stocks to Watch: SBI, Biocon, PNB, NDTV, PTC India, ZIM Lab, Manaksia, PVR, PTC India, Laurus Lab
Commercial Syn Bags, Dev Information Technology, Mafatlal Industries, and Maharashtra Seamless stocks will be in focus on November 25 as they will turn ex-split and ex-bonus on this day. These stocks are multi-baggers and have given hefty returns between 100% to 450% to their investors in the last 2 years. 3 of the stocks are small-caps, while one is midcap. (Read More)
Bitcoin, ether, dogecoin, polygon other crypto prices today under pressure. Latest rates
In cryptocurrencies, the world’s largest and most popular digital token Bitcoin’s price today was trading over a per cent lower at $16,499. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also fell by more than a per cent to $1,185.
The global cryptocurrency market cap today remained below the $1 trillion mark, as it was down in the last 24 hours to $864 billion, as per the data by CoinGecko. (Read More)
Maharaja makeover: How Air India plans to groom its cabin crew
Tata group-owned Air India has issued new grooming rules for its cabin crew. Air India issued a circular of over 40 pages regarding the revised image and uniform guidelines, which clearly mentions criterions for both male and female crew members. The airline has directed all crew members to implement the uniform rules immediately.
“Air India is the only airline in the country which has been serving the world for many decades. Representations and images of its crew members are not as per international standards. The new management wants to change the perception of flyers,” several crew members of the airline told ANI. (Read More)
2 bonus issues, 2 stock splits: These multibaggers to be in focus today
Four stocks namely Commercial Syn Bags, Dev Information Technology, Mafatlal Industries, and Maharashtra Seamless will be in focus on November 25 as they will turn ex-split and ex-bonus on this day. These stocks are multi-baggers and have given hefty returns between 100% to 450% to their investors in the last 2 years. 3 of the stocks are small-caps, while one is midcap. On Thursday, these four stocks witnessed huge buying sentiments which led to gains between 2% to 7% during the day. Ex-date is one day prior to the record date of a company’s corporate actions such as dividends, bonus issues, stock splits, and rights issues among others. (Read More)
Buy or sell: Vaishali Parekh recommends 2 stocks to buy today
Vaishali Parekh of Prabhudas Lilladher has recommended 2 stocks to buy today. Here we list out details in regard to those shares:
1] Tata Consumer: Buy at ₹792, target ₹830, stop loss ₹777; and
2] M&M: Buy at ₹1254, target ₹1280, stop loss ₹1238. (Read More)
Rupee likely to remain under pressure in 2023, say economists
The rupee is likely to remain under pressure next year and could even touch 85 against the US dollar, according to economists.
Since Russia invaded Ukraine in late February and the resultant spike in crude prices and supply chain disruptions, the rupee has been under tremendous pressure. The domestic currency had touched an all-time low of 83 against the dollar on October 19.
On Thursday, rupee gained 23 paise to close at 81.70 against the dollar.
During a panel discussion at the SBI Banking & Economic Conclave here on Thursday, various economists said the rupee will continue to be under pressure given the widening current account deficit which is seen close to 4 per cent of the GDP this fiscal.
There is also pressure on forex earning as exports began to fall since last month, they said and expect the rupee to trade between a high of 82 and a low of 85 to the dollar in 2023. (PTI)
Adani Enterprises to mull fundraising today. What you need to know
Billionaire Gautam Adani-led conglomerate Adani Group’s flagship firm Adani Enterprises’ board of directors will meet today i.e., on Friday, November 25, 2022 to consider and approve the proposal of raising funds.
“A meeting of the board of directors of Adani Enterprises Limited will be held on Friday, 25th November at Ahmedabad, inter alia, to consider and approve the proposal of raising of funds by way of further public offering, preferential allotment (including a qualified institutions placement or through any other permissible mode) and/or combination thereof as may be considered appropriate, by way of issue of equity shares or any other eligible securities, subject to all such regulatory / statutory approvals as may be required including the approval of shareholders of the company,” Adani Enterprises informed in an exchange filing earlier this week. (Read More)
Multibagger stock hits record high after warrants issue at 10% discount
Shares of Hi-Tech Pipes Ltd are one of the multibagger stocks on Dalal Street that have given a strong upside bounce in a post-Covid rally in the last two and half years. This small-cap stock witnessed strong buying interest in previous session and climbed to a new lifetime high of ₹789 apiece on the NSE. Hi-Tech Pipes share price shot up on Thursday after the company’s board nodded for issuance of fully convertible equity warrants at ₹692 apiece, a new 10 per cent below its current share price. (Read More)
PE, VC industry wants govt to allow perpetual funds in India
The private equity and venture capital industry has urged the government to allow perpetual funds to operate in line with global standards in India. During a meeting with finance minister Nirmala Sitharaman, representatives of the Indian Venture and Alternate Capital Association (IVCA) said the Centre should announce some measures during the budget announcement for 2023-24 to bring in parity in taxation and allow blended finance models to operate with multiple funds of funds. (Read More)
Oil inches up amid wrangling over Russian oil price cap
Oil rose in early trade on Friday, trimming some of the week’s losses which have been driven by worries about Chinese demand and expectations a high price cap planned by the Group of Seven (G7) nations on Russian oil will keep supply flowing.
Brent crude futures inched up 13 cents, or 0.2%, to trade at $85.47 a barrel at 0121 GMT.
U.S. West Texas Intermediate (WTI) crude futures jumped 35 cents, or 0.5%, from Wednesday’s close to $78.32 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday.
Both contracts were headed for their third consecutive weekly decline, on track to fall about 2% with worries about tight supply easing. (Reuters)
India’s unemployment rate dips to 7.2% in July-Sept 2022: NSO survey
The unemployment rate for persons aged 15 years and above in urban areas declined to 7.2 per cent during July-September 2022 from 9.8 per cent a year ago, the National Statistical Office (NSO) said on Thursday. The unemployment rate was high in July-September 2021 mainly due to the staggering impact of Covid-related restrictions in the country.
The unemployment rate or joblessness is defined as the percentage of unemployed persons in the labour force.
The latest data is based on a periodic labour force survey, underlining a decline in the unemployment rate amid an improved labour force participation ratio. (Read More)
Monetary policy can only hope to address future inflation, not today’s: RBI Deputy Governor
RBI Deputy Governor Michael Debabrata Patra has said monetary policy can only hope to address future inflation, not today’s inflation. Speaking at the 9th SBI Banking and Economics Conclave in Mumbai on Thursday, he said monetary policy is by its nature a technical area of economic policy-making and it has to be forward-looking.
The RBI Dy Governor said that preparing monetary policy is a challenging task, especially in a volatile market like the current one where there are lagged data that are also reviewed frequently. (Read More)
What triggered the Sensex, Nifty close at record highs on Thursday
In the three-day rally, Nifty rose by over 2% or 324 points while Sensex advanced 1,167 points or close to 2%.
“Two triggers assisted the Sensex rally to record highs. One, in the mother market US, the market construct turned favourable with rising equities, declining bond yields and falling dollar. Two, macro developments in India show steady rise in credit growth and capex indicating strong economic recovery.
“Along with this, sharp correction in crude is a big positive. This has facilitated this Sensex rally led by large-caps, mainly the HDFC twins, Infosys, TCS and RIL,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
From the Sensex pack, Infosys was the lead gainer with a 2.93 per cent rise. HCL Technologies jumped 2.59 per cent, Power Grid by 2.56 per cent, Wipro by 2.43 per cent, Tech Mahindra by 2.39 per cent and TCS by 2 per cent.
Hindustan Unilever, Reliance, ICICI Bank, HDFC, HDFC Bank and Mahindra & Mahindra were among the major winners.
Bajaj Finserv, Tata Steel, Bajaj Finance and Kotak Mahindra Bank were the laggards. (PTI)
the App to get 14 days of unlimited access to Mint Premium absolutely free!
Credit: Source link