China will be in focus on key indicators due including retail sales and industrial production, as well as the medium-term lending facility rate. Fed’s statement on the continued fight against inflation will also keep investors’ spirits low.
ONGC Sept qtr profit drops 30% to ₹12,826 cr as govt levies windfall tax
Oil and Natural Gas Corporation (ONGC) reported 30% fall in net profit for the September quarter after the government levied a windfall tax to take away gains arising from a spurt in international oil and gas prices.
Net profit of ₹12,825.99 crore, or ₹10.20 a share, in July-September 2022-23 is compared with ₹18,347.73 crore, or ₹14.58 per share net profit in the same period a year back, the company said in a statement.
Profit fell 15.6 per cent over the preceding June quarter when it had reported ₹15,205.85 crore net profit.
The company’s gross billing for crude oil it produced soared 37.7 per cent to USD 95.49 per barrel in the quarter from USD 69.36 a barrel last year. (PTI)
Bikaji Foods IPO: Shares listing likely tomorrow. Check GMP
The initial public offering of Bikaji Foods International was subscribed 26.67 times on Monday, November 7, 2022 the last day of subscription. The ₹881-crore IPO received bids for 55,04,00,900 shares against 2,06,36,790 shares on offer, as per data available with the NSE.
As per market observers, Bikaji Foods shares are commanding a premium (GMP) of ₹23 in the grey market today. The finalisation of the share allotment has been done and now all eyes are on the company’s stock market debut. The shares of the company are expected to list on leading stock exchanges BSE and NSE tomorrow i.e., Wednesday, November 16, 2022. (Read More)
ITC stock sheds 1% in early trading, dragging the FMCG index
Geojit Financial Services on today’s market: Some profit booking may be considered in mid and small-caps
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The strongest tailwind for equity markets globally is the peaking of inflation in the US and the possibility of a slower pace of rate hikes. In tune with this trend, CPI inflation in India, too, has declined to 6.7 % in October from 7.4 % in September. The decline in crude to $92 dollars is another positive. All these can take the Nifty to a new record, but in typical market characteristics, it may not happen when the consensus expects it to happen. A healthy trend in the market now is the slow accumulation in high quality large-caps. Sustained buying by the FIIs is supporting this trend. Some profit booking may be considered in mid and small-caps which have run up on good results.
FMCG index sheds in early trading with most stocks in the index trading in the red
Japan’s economy shrinks as consumers hold back on spending
The Japanese economy contracted at an annual rate of 1.2% in the July-September quarter, as consumption declined amid rising prices.
Seasonally adjusted real gross domestic product for the world’s third-largest economy shrank 0.3% on-quarter, according to government Cabinet Office data released Tuesday.
The annual rate shows how the economy would have grown if the quarterly rate were to continue for a year.
Japan’s GDP, or the sum of the value of a nation’s products and services, was weaker than analysts had expected, coming after three quarters of moderate growth. (PTI)
Indices open marginally higher on Tuesday with Sensex gaining 100 points and Nifty 35 points
Godrej Properties booking in Pune project launch crosses ₹500 crore in 2 months
Godrej Properties today announced that it’s has achieved sales of ₹500 crore in a Pune, Hinjewadi, project launch in just two months. Its Godrej Woodsville project in Hinjewadi, Pune, recorded sales of over 675 homes with an area of over 6.90 lakh square feet for the project launched in September 2022.
Godrej Woodsville is a residential project, located at Hinjewadi and is in close proximity to Mula Mutha River. The project offers a range of luxurious 2 and 3 BHK apartments. Godrej Properties says the project is located to provide easy connectivity to the IT and lifestyle hubs in Hinjewadi along with access to schools, hospitals, malls, restaurants and premium hotels. (Read More)
Sensex preopens in red on Tuesday; IRCTC and NDTV in focus and Fusion Microfinance to debut in bourses today
Zomato’s head of new businesses Rahul Ganjoo resigns
Zomato’s new initiatives head and former food delivery chief Rahul Ganjoo has resigned from the company, BSE filings obtained by Mint showed.
Ganjoo is leaving Zomato after a five-year stint. He joined the company in 2017 as the head of product development. In 2020, he was appointed co-CEO of the food delivery vertical. In August of this year, he was elevated as head of new businesses.
Before joining Zomato in 2017, Ganjoo had worked in companies like Snapdeal, Twitter, and Symantec in product management roles, as per his LinkedIn profile.
His exit follows the departure of Siddhart Jhawar, who was the head of Zomato’s Intercity Legends service.
The high-profile exits have been announced after Zomato’s second-quarter results. Its fiscal second-quarter loss narrowed from a year ago due to a sharp rise in its income from food delivery and its wholesale Hyperpure unit. (Read More)
Kaynes Technology IPO: GMP, share allotment, listing date details inside
The Initial Public Offer (IPO) of Kaynes Technology India received 34.16 times subscription on the last day of offer on Monday. The IPO got bids for 35.76 crore shares against 1.04 crore shares on offer, according to NSE data.
As per market observers, Kaynes Tech shares are available at a premium (GMP) of ₹138 in the grey market today. The company’s shares are expected to list stock exchanges BSE and NSE on November 22, 2022. Meanwhile, the finalisation of the share allotment is expected to take place this week on Thursday, November 17, 2022. Link Intime India Private Ltd is the registrar of the offer. (Read More)
INDIA-MARKETS-BONDS: Bond yields seen tad lower tracking oil move, inflation data may cap fall
Indian government bond yields are expected to open marginally lower on Tuesday as oil prices declined, though any major move is likely to be capped as domestic inflation eased and came roughly in line with estimates.
The benchmark 10-year yield is likely to be in a 7.26%-7.32% band for the session, a trader with a private bank said.
The yield ended lower for a sixth straight session at 7.2866% on Monday and has declined 19 basis points in six sessions.
“The move in oil prices could lead to some bullish bias at the open, but we may not see a runaway rally,” the trader said. (Reuters)
Stocks to Watch: Fusion Microfinance, IRCTC, Biocon, LTI, Mindtree, NDTV, Adani Ports, Apollo Tyres, Aditya Birla Capital, Zomato, SpiceJet
Milton Industries, AVG Logistics, and Rajesh Exports will be the stocks in focus as they declare their September quarter earnings today. (Read More)
Inox Green Energy IPO: Latest GMP on the last day of subscription
The initial public offering (IPO) of Inox Green Energy Services, a subsidiary of Inox Wind, was subscribed 85% on the second day of offer on Monday. The three-day issue opened on Friday, November 11, 2022 and will conclude on Tuesday, November 15, 2022. The price band has been fixed at ₹61 to ₹65 per share.
The company on Thursday said that it collected ₹333 crore from anchor investors ahead of its public issue. The company decided to allocate 5.12 crore shares to anchor investors at ₹65 apiece.
As per market observers, Inox Green Energy shares are commanding a premium (GMP) of ₹4 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE next week on Wednesday, November 23, 2022. (Read More)
Biocon Q2 results: Revenue was recorded at 2384 crore grew by 26%
Bengaluru-based bio-pharma company Biocon Biologics on Monday announced its consolidated financial results for the second quarter which ended on September 30. While Q2FY23 revenue was seen at ₹2,384 crore recording growth of 26%, the core EBITDA was up by 34% at ₹816 crore.
According to the company, the generics formulations recorded revenue of ₹623 Crore up by 18% and 34% growth was recorded in Biosimilars along with 26% in the research service sector.
“We reported a strong consolidated revenue growth of 23% YoY for Q2FY23 at ₹2,384 Crore driven by 34% growth in Biosimilars, 26% in research services and 18% in the generics business. Our Gross R&D spends increased by 52% YoY this quarter to ₹252 crore reflecting our advancing pipeline that will drive our future growth. Core EBITDA was up by 34% at ₹816 Crore, representing healthy core operating margins of 35% versus 33% in the same quarter last year,” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics. (Read More)
China industrial output, retail sales miss expectations in October
China’s industrial output rose 5.0% in October from a year earlier, slowing from the 6.3% pace seen in September, official data showed on Tuesday, as COVID-19 restrictions weighed on factory activity.
It came below expectations for a 5.2% increase in a Reuters poll of analysts.
Retail sales fell 0.5%, the first drop since May when Shanghai was under a city-wide lockdown. Analysts had expected retail sales to rise 1.0%, slowing from a 2.5% gain in September.
Fixed asset investment expanded 5.8% in the first 10 months of 2022 from the same period a year earlier, versus expectations for a 5.9% rise. It grew 5.9% in the January-September period. (Reuters)
Govt reworks plan to monetize BSNL’s surplus property
The government has redrawn its plan for monetising the surplus properties and land assets of Bharat Sanchar Nigam Limited—those valued over ₹100 crore are to be handled by the department of investment and public asset management (DIPAM) and the rest by the department of telecommunications (DoT).
The decision was taken after the sale of non-core assets of BSNL and Mahanagar Telecom Nigam Limited received a poor response in the first-ever sale of non-core assets through auctions in November 2021. (Read More)
Oil prices slip on OPEC cut in demand forecast, China COVID cases
Oil prices extended losses in early Asian trade on Tuesday after OPEC cut its 2022 global demand forecast, while rising COVID-19 case numbers in China clouded the outlook for fuel consumption in the world’s top crude importing nation.
Brent crude futures fell 39 cents, or 0.4%, to $92.75 a barrel by 0133 GMT after settling down 3% on Monday. U.S. West Texas Intermediate crude was at $85.31 a barrel, down 56 cents, or 0.7%, after tumbling 3.5% in the previous session.
The Organization of the Petroleum Exporting Countries (OPEC) cut its 2022 global oil demand growth forecast for a fifth time since April, citing mounting economic challenges including high inflation and rising interest rates. (Reuters)
Aditya Birla Capital, Nippon Life talks fail on merger
Talks between Aditya Birla Capital and Japan-based Nippon Life for merger have failed as later did not agree to a reduced stake in the life insurance venture of debt-ridden Reliance Capital Ltd (RCL) post-resolution, sources said.
Nippon Life, who is a 49 per cent partner in Reliance Nippon Life Insurance Company (RNLIC), was considering a merger between Reliance Nippon Life and Birla Sun Life Insurance, a part of Aditya Birla Capital.
RNLIC is a subsidiary of debt-ridden Reliance Capital which is undergoing the insolvency resolution process.
Sources said Nippon Life stake would have been diluted to below 10 per cent following the merger and the Japanese firm is believed to be not comfortable with the idea of losing all the shareholder and the governance rights. (PTI)
Grasim’s Q2 performance gets support from chlor-alkali biz
Grasim Industries Ltd posted a decent performance during the September quarter amid challenges with the company’s net profits at the standalone level for the core operations at ₹964 crore growing 1.8% year-on-year and 19.26% sequentially.
Excluding exceptional items, net profit at ₹1,052 crore would have grown 11.08 % year-on-year and as much as 30% sequentially.
Global market conditions remained challenging during Q2 and the sharp increase in energy costs added to woes. (Read More)
Gold gains ₹255; silver climbs ₹561
Gold price in the national capital rose ₹255 to ₹52,850 per 10 grams on Monday, according to HDFC Securities.
In the previous trade, the precious metal had settled at ₹52,595 per 10 grams.
Silver also climbed ₹561 to ₹62,440 per kilogram.
“Gold prices witnessed profit booking from a three-month peak hit in the previous session, US bond yields rose after a top US central banker warned that the Federal Reserve is not ‘softening’ fight against inflation yet,” said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services. (PTI)
Fusion Micro Finance to debut on 15 Nov: Experts view on listing of the NBFC
New Delhi-based Fusion Micro Finance is set to get listed on stock exchanges on Tuesday. The company which launched an initial public offering (IPO) worth over ₹1,100 crore in the first week of November, received an oversubscription of 2.95 times on exchanges. On BSE, Fusion will be listed for trading under the ‘B’ group of securities. Fusion provides financial services to unserved and underserved women in rural and peri-rural areas across India.
As per BSE notice, it said, “trading members of the exchange are hereby informed that effective from Tuesday, November 15, 2022, the equity shares of Fusion Micro Finance shall be listed and admitted to dealings on the Exchange in the list of ‘B’ group of securities.” (Read More)
Amazon to lay off thousands of employees -source
Amazon.com Inc is planning to lay off around 10,000 employees in corporate and technology roles beginning this week, a person familiar with the matter said on Monday, in what would amount to its biggest such reduction to date.
The cuts, earlier reported by the New York Times, would represent about 3% of Amazon’s corporate staff. The exact number may vary as businesses within Amazon review their priorities, the source told Reuters.
The online retailer plans to eliminate jobs in its devices organization, which makes voice-controlled “Alexa” gadgets and home-security cameras, as well as in its human resources and retail divisions, the person said. Amazon’s time frame for informing staff remained unclear.
The source attributed the reduction to the uncertain macroeconomic environment faced by Amazon and other companies. (Read More)
SEBI approves Adani Group’s open offer for 26% shares of NDTV
Markets regulator Sebi on Monday approved Adani Group’s open offer to buy an additional 26% stake in broadcaster New Delhi Television Ltd, a takeover attempt that has raised concerns over eroding press freedom in the world’s largest democracy.
The Securities & Exchange Board of India approved Adani Group’s open offer, as per a statement on SEBI’s website, allowing Adani to buy more equity from the media company’s minority shareholders. (Read More)
IRCTC Q2 results: Net profit up 42.5% to ₹226 cr; revenue soars nearly 100%
For the quarter ended September 2022, Indian Railway Catering and Tourism Corporation’s net profit after tax from continuing operations surged to ₹226 crore, up 42.5%. The company had reported a profit of ₹158.5 crore in the same quarter last year.
However, on a sequential basis, the company’s profit dropped 7.7% from ₹245.5 crore recorded in the previous quarter (Q1FY23).
The company’s revenue from operations soared 99% on-year to ₹805.8 crore in the quarter under review as against ₹404.9 crore in Q2FY22.
During the quarter, the PSU’s total expenses soared to ₹524 crore, as compared to ₹207.4 crore in the year-ago period. (Read More)
LTI, Mindtree merger gets approval; set to be fifth largest IT services firm
L&T Infotech and Mindtree have received approval for the merger from NCLT and will start operating as a merged entity from November 14, 2022.
The combined entity called LTIMindtree, will thus become the fifth largest IT services company in India in terms of current market capitalization.
The two companies had announced their merger in May 2022. L&T Group Chairman AM Naik said the merger has been approved by both the Mumbai and Bengaluru benches of the National Company Law Tribunal in two separate orders.
The merger will help L&T achieve its goal of expanding the IT services to 25 percent of the group’s total business by 2026, he said. (Read More)
Wall Street stocks end down, U.S. yields up as investors assess Fed path
A gauge of global stocks ended lower on Monday in choppy trade and U.S. bond yields rose as investors assessed comments from Federal Reserve officials to try and determine the central bank’s path of rate hikes.
Equities rallied last week and U.S. Treasury yields tumbled after consumer price data indicated stubbornly high inflation may finally be starting to slow and give the Fed room to dial back its tightening policies, pushing MSCI’s gauge of stocks across the globe to its biggest weekly percentage gain in two years.
On Wall Street, the S&P 500 fell after recording its biggest weekly percentage gain since June last week, led by declines in real estate and consumer discretionary shares. Amazon.com fell 2.28% after reports the online retailer is planning to cut around 10,000 jobs in corporate and technology roles.
The Dow Jones Industrial Average fell 211.16 points, or 0.63%, to 33,536.7, while the S&P 500 lost 35.68 points, or 0.89%, to 3,957.25 and the Nasdaq Composite dropped 127.11 points, or 1.12%, to 11,196.22. (Reuters)
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