Sensex ends just below 62k, Nifty closes flat; Metal drags; Bank shines | Mint – Mint

Geopolitical factors played a role in today’s session with Japan closing with minor gains, while China shedding.  European markets were also trading lower in the morning.

16 Nov 2022, 03:44:39 PM IST

Indices had a lukewarm day with Sensex adding around 100 points and Nifty closing flat.

In a day marred by volatility, Indian indices ended the day in the flat-to-positive territory. Sensex breached the 62,000 mark intraday but settled just below the mark which is a new closing high for the index.

Sensex added 107 points to close 20 points shy of 62,000, at 61,980. Nifty managed to add just 6 points to close at 18,409.

Most sectoral indices ended in the red on Wednesday with Metal, Media and Realty shedding the most, while Bank and IT indices remained strong.

Apollo Hospitals, Adani Ports, Hindalco, and Bajaj Finance dropped the most. Kotak Bank added 2.5%, while Coal India a little over 1%. HDFC and HUL also had decent gains.

Meanwhile, Bikaji Foods and Global Health (Medanta) had a strong debut at the bourses.

Investors across kept a close eye on the Ukraine-Russia war situation with Poland reportedly being hit by Russian missiles. Washington later said that the missiles were unlikely to be out of Russia.

Tokyo’s key Nikkei index rebounded from earlier losses to end higher with investors somewhat reassured after Washington said it was “unlikely” a missile that hit Poland was fired from Russia. The benchmark Nikkei 225 index closed up 0.14%, while the broader Topix index edged down 0.05%.

Chinese and Hong Kong shares fell on Wednesday as concerns grew about rising COVID-19 cases in China. China’s benchmark CSI300 Index closed down 0.8%, while the Shanghai Composite Index lost 0.5%. Hong Kong’s Hang Seng Index declined 0.5%.

European shares opened marginally lower on Wednesday with Mercedes Benz Group leading losses in automobiles stocks, while a blast in Poland kept sentiment subdued and pushed up defence stocks. The pan-European STOXX 600 index dipped in the morning session.

Sensex at Close

View Full Image

Sensex at Close
16 Nov 2022, 03:23:21 PM IST

Centrum Broking on Bata India & Mahanagar Gas Ltd- Q2FY23 Result Update

Bata India – Complete recovery remains alluded (Add, TP: Rs1,860)

We remain cautious on the margins front hence, decrease our EPS estimates by 9% each for FY23/24 and roll forward to FY25. We now value the business lower at 45x (48x earlier) 1HFY25 eps with revised TP of Rs1860 (Rs1944 earlier). Given the sharp fall in price (-14% in last 3 months), we upgrade from REDUCE to ADD rating.

Mahanagar Gas Ltd – Margin hit on higher cost of gas & PNG (I&C) (Buy, TP: Rs1,066)

We expect moderation in the margins 2HFY23 due (1) a month delay in CNG price hike; (2) blending of spot LNG to priority segment is still ~10%; and (3) contracted gas is receiving at “supply of pay” level; Considering this, we lower our unitary EBITDA for FY23E to Rs8.6 (earlier Rs9.1). Key triggers are (1) recommendations of Dr. Parikh committee on capping domestic gas price; and (2) auction of KG deep water gas. This will bring down the input cost of gas. Thus, we maintain BUY recommendation with TP of Rs1,066.

16 Nov 2022, 03:07:49 PM IST

NFRA to conduct audit quality inspections of five audit firms

The National Financial Reporting Authority (NFRA) will carry out audit quality inspections of five audit firms, including the network entities of the Big 4, and the onsite inspections are expected to be done next month, according to a top official.

“Audit quality inspections will be mutually beneficial for the audit firms as well as NFRA. It will help an independent regulator like NFRA to get feedback and also help in overall improvement of the audit profession,” the watchdog’s Chairperson Ajay Bhushan Prasad Pandey told PTI in an interview.

BSR & Co LLP and SRBC & Co LLP are the network firms of KPMG and EY, respectively.

PwC, Deloitte, EY and KPMG are the four major global entities in the auditing space and they are also known as ‘Big 4’.

Last week, NFRA came out with audit quality inspection guidelines and they are on the lines of the best practices followed by international audit regulators. (PTI)

16 Nov 2022, 02:57:49 PM IST

Binance CEO Zhao: Significant interest in crypto industry recovery fund

Binance Chief Executive Changpeng Zhao said on Wednesday there was significant interest from industry players in a recovery fund his company plans to launch to help crypto projects facing a liquidity squeeze following the collapse of rival FTX.

Speaking at a conference in Abu Dhabi, Zhao said he doesn’t have an exact figure in mind for the size of the recovery fund.

“There are players that have strong financials and we should band together; we’ve got significant interest so far,” he said, declining to name other exchanges or institutions at this point.

Zhao said Binance has healthy reserves but he did not say how much the company would contribute to the fund.

“Crypto doesn’t need saving,” Zhao said. “Crypto will be fine.” (Reuters)

16 Nov 2022, 02:41:58 PM IST

Top 5 most traded stocks: TCS, HDFC Bank, Wipro, Reliance and ICICI Bank

Volume Toppers

View Full Image

Volume Toppers
16 Nov 2022, 02:40:12 PM IST

Indian short-end corporate bond issuances surge as yields fall

Indian companies, especially shadow lenders, may continue to flock to the corporate bond market in the near term to raise funds following a decline in yields, analysts said on Tuesday.

“Yields have corrected sharply as views regarding interest rates have changed, and before the next policy meeting, issuers are rushing to lock funding at lower costs,” said Ajay Manglunia, managing director and head of Investment Grade Group at JM Financial.

Non-banking financial companies (NBFCs) Housing Development Finance Corp, Sundaram Finance, Aditya Birla Finance, HDB Financial Services aim to raise over 125 billion Indian rupees ($1.54 billion) by issuing two-year to five-year bonds this week. (Reuters)

16 Nov 2022, 02:33:44 PM IST

Adani Enterprises sees a sudden drop in value, stock sheds 4%

Adani Enterprises

View Full Image

Adani Enterprises
16 Nov 2022, 02:23:54 PM IST

China, HK stocks drop on COVID outbreaks, geopolitical risks

Chinese and Hong Kong shares fell on Wednesday, as concerns grew about rising COVID-19 cases in China, while market participants assessed risks after a blast in Poland stoked fears of an escalation of the Russia-Ukraine war.

** China’s benchmark CSI300 Index closed down 0.8%, while the Shanghai Composite Index lost 0.5%. Hong Kong’s Hang Seng Index declined 0.5%.

** The markets had rebounded over the past two weeks on the back of government measures to support a struggling property sector and Beijing’s incremental relaxation of its strict zero-COVID policy. (Reuters)

16 Nov 2022, 02:18:44 PM IST

Binani Cement SFIO case: HC paves way for summons to be issued to Shraddha Binani

The Bombay High Court on Tuesday cleared way for the Serious Fraud Investigation Office (SFIO) to issue summons to Shraddha Binani, daughter of Braj Bhushan Binani, promoter of Binani Cement, in a matter pertaining to her alleged involvement in related party transactions.

This comes after the high court dismissed the petition filed by Shraddha Binani against the Ministry of Corporate Affairs (MCA) seeking to quash summons issued by the SFIO. (Read More)

16 Nov 2022, 01:52:23 PM IST

Telcos far behind the 10,000 5G sites per week target

Telecom service providers are still far from meeting the government’s target of deploying 10,000 5G base stations every week, with the top two carriers managing to set up only about a third of the weekly target so far.

Telecom minister Ashwini Vaishnaw asked telcos to ramp up the installation of 5G cell sites from 2,500 a week last month to 10,000 so that 5G services are available at the earliest. (Read More)

16 Nov 2022, 01:29:47 PM IST

Sebi plans to put in place cyber security framework for stock brokers

Sebi is planning to come out with a cyber security framework for stock brokers that will help in reducing the impact of potential risks by cyber fraud, data leaks and hacking of trading accounts, a top official said on Wednesday.

The framework, aimed at protecting stock brokers as well as their clients, would include measures, tools and processes that are intended to prevent cyber-attacks and improve cyber resilience, Association of National Exchanges Members of India (ANMI) President Kamlesh Shah told PTI here.

The move is part of the capital markets regulator’s investors safeguard mechanism. (PTI)

16 Nov 2022, 01:29:10 PM IST

KEC International wins new orders worth ₹1,294 crore

KEC International, a global infrastructure engineering, procurement and construction (EPC) major, on Wednesday said it has bagged new orders worth 1,294 crore across various businesses. The RPG group company’s transmission and distribution (T&D) business has secured a large order for supply of towers in Americas, it said in a statement. (Read More)

16 Nov 2022, 01:16:11 PM IST

Apollo Hospitals tanks in today’s session, drops more than 2%

Apollo Hospitals

View Full Image

Apollo Hospitals
16 Nov 2022, 01:12:47 PM IST

UK inflation rises to 41-year high at 11.1%

Britain’s inflation rate rose to a 41-year high in October, fuelling demands for the government to do more to ease the nation’s cost-of-living crisis when it releases new tax and spending plans on Thursday.

Consumer prices rose 11.1% in the 12 months through October, compared with 10.1% in September, the Office for National Statistics said Wednesday. The October figure exceeded economists expectations of 10.7%.

Higher prices for food and energy drove October’s inflation rate to the highest since October 1981, the ONS said. (PTI)

16 Nov 2022, 01:05:08 PM IST

Covid Update: India reports 501 cases; active cases dip to 7,561

India reported 501 new coronavirus infections in the last 24 hours, a day after seeing the lowest drop of 474 cases since 6 April 2020.

The death toll has climbed to 5,30,535 with two more fatalities — one each from Delhi and Rajasthan. The active cases comprised 0.02 per cent of the total infections and the recovery rate increased to 98.79 per cent, according to the data.

The number of people who have recuperated from the disease surged to 4,41,28,580 and the case fatality rate was recorded at 1.19 per cent. (Read More)

16 Nov 2022, 12:44:32 PM IST

Bonus paying multibagger penny stock turns ₹1 lakh to ₹67 lakh in 6 years

Shares of Sindhu Trade Links Ltd are one of the bonus-paying stocks in 2022. This multibagger penny stock has given bonus shares in May 2022 in 2:1 ratio. For long-term investors, this issuance of bonus shares has come as an additional reward as the stock has already risen from around 0.56 apiece levels to 19 per share levels in nearly 6 years. (Read More)

16 Nov 2022, 12:33:18 PM IST

Zomato ordered to pay heavy compensation to user after failing to deliver food!

Zomato, a food delivery and one-stop service for food, has been ordered to pay 8,362 as compensation to a customer after the company failed to deliver the order. Recently, a student from Kerala had ordered food through Zomato but neither he received the order nor the refund for his food. Moreover, the student stated that he placed two separate orders the same night and he did not get any of them delivered. Now, a consumer court in Kerala has ordered the delivery company to pay 8,362 as compensation to the student. (Read More)

16 Nov 2022, 12:19:39 PM IST

Metal index under pressure with Hindalco and JSW Steel putting a major drag on the index

Metal Index

View Full Image

Metal Index
16 Nov 2022, 12:10:25 PM IST

Gold prices rise today, now just ₹3,000 away from all-time highs

Gold edged higher today with prices rising over 53,000 per 10 gram while silver rates also hardened, in keeping with the recent upward trend in precious metals. MCX gold contracts were up 0.5% to 53003 per 10 gram while silver futures contracts rose 0.6% to 61954 per kg. Gold has had a volatile journey this year after rising to 55,000 levels in March following the Ukraine crisis. In India, gold rates had hit a record of 56,200 in August 2020 amid the coronavirus pandemic. (Read More)

16 Nov 2022, 12:01:02 PM IST

Noon Update: Amidst volatility, indices remain in the flat-to-green territory with Sensex briefly crossing the 62,000 mark

Sensex at Noon

View Full Image

Sensex at Noon
16 Nov 2022, 11:56:05 AM IST

Over 6.85 crore IT returns filed for FY22 so far

Over 6.85 crore income tax returns have been filed so far for fiscal 2021-22 and the number is expected to go up further by December 31, a senior official said.

The last date for filing income tax returns (ITRs) for 2021-22 fiscal for individuals was July 31, while for corporates and others who need to get their accounts audited was November 7, 2022.

If the deadline is missed, taxpayers can also file a belated return by paying penalty, the last date for which is December 31. (PTI)

16 Nov 2022, 11:42:25 AM IST

SpiceJet’s Q2 was turbulent but outlook likely better

The outlook offers some comfort as Q3 is a seasonally strong quarter. As analysts at ICICI Securities point out, the average number of daily fliers in November to-date stands at about 385,000 versus 368,000 for the month of October.

“We anticipate (SpiceJet’s) yields to improve, given the festive demand, in conjunction with better operating profitability as restructuring benefits kick in from Q3FY23,” said analysts at Nuvama Research in a report on 15 November. (Read More)

16 Nov 2022, 11:39:32 AM IST

Govt appoints Arvind Virmani as full-time member of NITI Aayog

Former Chief Economic Advisor Arvind Virmani has been appointed as a full-time member of NITI Aayog, according to an official notification.

Arvind Virmani served as the chief economic adviser in the finance ministry (2007-2009).

“The Prime Minister has approved the appointment of Shri Arvind Virmani, Founder, Chairman, Foundation for Economic Growth & Welfare as Full-Time Member, NITI Aayog with immediate effect and until further orders, on the same terms and conditions as are applicable to Full-Time Members of NITI Aayog,” the Cabinet Secretariat’s notification said.

He served as a member of the Technical Advisory Committee of the Reserve Bank of India (RBI) on Monetary Policy from February 2013 to August 2016. (PTI)

16 Nov 2022, 11:38:21 AM IST

Kotak Bank shines in today’s trading, gains more than 2%

Kotak Bank

View Full Image

Kotak Bank
16 Nov 2022, 11:21:08 AM IST

Amazon India likely to layoff few hundred employees: Report

Amazon could likely lay off a few hundred jobs from its unit, multiple people aware of the matter have told Economic Times. The exact number of cuts in India is not known, but cuts could also be higher than a few hundreds, they said. The headcount at Amazon India is estimated to be 100,000. These layoffs are part of the global plan to deal with slowing sales.

As per the report, layoffs in India could be across engineering and other departments. Employees in shared services, back-office, and retail operations are more likely under threat, multiple people aware of the matter have said. (Read More)

16 Nov 2022, 10:56:08 AM IST

BeatO raises USD 33 million from Lightrock India, HealthQuad, Flipkart and others

Digital solution provider for diabetic patients BeatO on Wednesday said it raised USD 33 million (around 269 crore) in Series B funding led by Lightrock India with participation from HealthQuad, Flipkart and existing investors.

Founded by Gautam Chopra, Yash Sehgal and Kunal Kinalekar, the startup claims to provide affordable, comprehensive and patient-centric digital solutions to people with diabetes, who have limited access to good quality and continuous care.

The fresh funds will be utilised to expand BeatO’s diabetes care programmes pan-India, invest in strengthening the leadership team and to further invest in its product and technology, the startup said in a statement.

The company will also continue to build the evidence base for its care programmes, setting the standard of care globally for diabetes as it aims to serve over 10 million patients by 2025, it added. (PTI)

16 Nov 2022, 10:52:46 AM IST

FMCG Index drags; most stocks in red 

FMCG Index

View Full Image

FMCG Index
16 Nov 2022, 10:43:47 AM IST

Axis Securities recommendations on Ahluwalia Contracts, Biocon, Krishna Institute of Medical Sciences, KNR Constructions & PNC Infratech

Ahluwalia Contracts: BUY with TP at 485

Soft Quarter; Robust Order Book to Drive Growth

Biocon: HOLD with TP at 310

Margins Outlook on Lower side

Krishna Institute of Medical Sciences: BUY with TP at 1740

Higher Occupancies Leads to Overall Growth

KNR Constructions: BUY with TP at 330

Robust Execution, Healthy Order Book to Drive Growth

PNC Infratech: BUY with TP at 340

Execution delayed & Order Book Remains Robust; Retain BUY

16 Nov 2022, 10:39:31 AM IST

Policybazaar shares marginally lower; CLSA initiates coverage

Shares of PB Fintech, popularly known as Policybazaar, traded marginally lower a day after its pre-IPO investor lock-in ended. Foreign brokerage CLSA has, meanwhile, initiated coverage on the stock.

The stock traded at 387.35, down 0.2% on the National Stock Exchange. The benchmark indices were also flat in early trade on Wednesday.

“PB Fintech, which operates online insurance and credit comparison portals Policybazaar and Paisabazaar, is one of India’s leading direct-to-consumer insurance aggregators,” CLSA said in its coverage note. (Read More)

16 Nov 2022, 10:33:06 AM IST

Dr Reddy’s shines in the early session; gains 1%

Dr Reddy's Laboratories

View Full Image

Dr Reddy’s Laboratories
16 Nov 2022, 10:24:39 AM IST

Shares of Global Health (Medanta) list at premium. Buy, sell or hold?

Shares of Medanta hospital chain operator Global Health made a decent debut on stock exchanges with shares rising to 401 as compared to issue price of 336. Global Health IPO was subscribed 9.58 times. The retail portion of this public issue was subscribed 0.88 times whereas its QIB portion got subscribed 28.64 times. The portion for non-institutional investors was subscribed 4.02 times.

The IPO comprised fresh issuance of shares worth up to 500 crore and an offer-for-sale of up to 5,07,61,000 equity shares. Ahead of the IPO, Global Health had mobilised 662 crore from anchor investors. Proceeds from the fresh issue will be used to pay debt and for general corporate purposes. (Read More)

16 Nov 2022, 10:11:46 AM IST

Bikaji Foods share price lists at 7% premium. Buy, sell or hold? 

Bikaji Foods shares have hit Dalal Street giving ‘fair return’ to its allottees. Bikaji Foods shares today opened on BSE at 321, delivering 7 per cent listing premium to the lucky allottees. After opening at 321, Bikaji shares surged further and made intraday high of 335 apiece.

Bikaji Foods IPO was subscribed whopping 26.67 times whereas its retail portion was subscribed 4.38 times. Its QIB portion got subscribed 80.63 times. (Read More)

16 Nov 2022, 10:06:27 AM IST

Divi’s Lab comes under pressure in early trading, sheds 1.5%

Divi's Lab

View Full Image

Divi’s Lab
16 Nov 2022, 10:02:29 AM IST

Rupee falls 66 paise to 81.57 against US dollar in early trade

The rupee depreciated 66 paise to 81.57 against the US dollar in early trade on Wednesday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 81.41 against the dollar, then lost ground to quote at 81.57, registering a loss of 66 paise over its previous close.

On Tuesday, the rupee appreciated 37 paise to close at 80.91 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.17 per cent to 106.58. (PTI)

16 Nov 2022, 09:54:42 AM IST

Ashika Stock Broking on today’s market: Chances remain high of price consolidation

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking: On the technical front, Nifty formed a bullish candle on the daily charts with lower shadow, reflecting the emergence of buying interest amidst the past few days of range-bound movement. The sequence of higher high formation remains unabated without any signs of price exhaustion or topping out situation. Though chances remain high of price consolidation after a sharp rally of almost 1700 points in last one month. Nifty since the past few days of trading session has led the Index to breach past the falling trend line which confirms that the primary trend is up and is well placed to accelerate the upward momentum hereon, aptly supported by global cues with lower-than-expected US inflation numbers and multi-sector participation in our domestic market. India VIX, which gauges market volatility, has also recorded five months’ range breakdown and is trading below 16, indicating low-risk perception among market participants, followed by sequential lower high-low formation in USINR to favour inflows in Indian equities. Now the elevated support level for the market now stands at 17950 followed by 17500 as it happens to be the 50 days EMA and the breakout point from the 12 months falling trend line. The momentum indicator RSI (relative strength index) is presently at 68 slightly closer to overbought situation however present setup indicates that Nifty is on the path to challenge the all-time high of 18600 in coming sessions followed by 18900 in near term. During the day Nifty is likely to open on a flat note and lower levels of 18300 need to be utilized for initiating long position for an upside target of 18600.

16 Nov 2022, 09:39:26 AM IST

Multibagger SME IPO declares preferential issue after rising 700% in one year

Shares of Knowledge Marine & Engineering Works Ltd are one of the multibagger IPOs (Initial Public Offerings) that Indian stock market has produced in recent years. The public issue was launched in March 2021 at a fixed price band of 37 per equity share. The public issue had a par listing but the stock has given stellar return to the allottees in around one and half years as Knowledge Marine & Engineering Works share price today is 918, 881 per equity share higher from its price band. (Read More)

16 Nov 2022, 09:30:33 AM IST

PSU Bank index makes some gains at the start of the day; most stocks in green

PSU Bank Index

View Full Image

PSU Bank Index
16 Nov 2022, 09:27:02 AM IST

FTX Latest: Fears of Contagion Darken the Crypto Sector Outlook

The crypto industry braced for more contagion from the fall of Sam Bankman-Fried’s FTX empire. The US and The Bahamas are talking about bringing him to America for questioning, people familiar with the matter said.

Bankman-Fried took to Twitter on Wednesday, telling his followers that “there was too much leverage — more than I realized” in his business. That came a few hours after he posted that FTX US had enough money to repay customers.

The fallout from the crisis is threatening the future of crypto lenders like BlockFi Inc. and Voyager Digital Ltd. Digital-asset markets were steady in a break from recent turmoil, with Bitcoin hovering around $17,000. (Bloomberg)

16 Nov 2022, 09:25:46 AM IST

Indices opened flat with Sensex and Nifty marginally in red at open on Wednesday

Sensex at Open

View Full Image

Sensex at Open
16 Nov 2022, 09:08:25 AM IST

Multibagger stock to consider bonus share after giving 150% YTD return

Shares of Rama Steel Tubes Ltd are one of the multibagger stocks of Indian stock market. After stock split in 1:5 ratio in August 2022, the small-cap stock is soon going to consider issuance of bonus shares and reward its loyal long term positional investors. In its exchange communication, the steel tube company said that its board of directors are going to consider bonus share issue in its next meeting scheduled on 18th November 2022 i.e. on Friday this week. (Read More)

16 Nov 2022, 09:03:54 AM IST

Sensex preopens in red on Wednesday; Bikaji Foods and Global Health will debut at the bourses today 

Sensex at Preopen

View Full Image

Sensex at Preopen
16 Nov 2022, 08:57:50 AM IST

Buy or sell: Vaishali Parekh of Prabhudas Lilladher recommends 2 stocks to buy today

Vaishali Parekh of Prabhudas Lilladher has recommended two day trading stocks to buy today. Here we list out full details in regard to those shares:

1] IGL: Buy at 433, target 450, stop loss 425; and

2] Apollo Hospitals: Buy at 4611, target 4720, stop loss 4540. (Read More)

16 Nov 2022, 08:43:35 AM IST

Reliance Securities Stock in Focus for today: KEC

STOCK IN FOCUS

KEC (CMP 430)

We have our BUY rating on the stock, with a Target Price of Rs521.

Intraday Picks

DELTACORP (PREVIOUS CLOSE: 228) BUY

For today’s trade, long position can be initiated in the range of Rs227- 225 for the target of Rs234 with a strict stop loss of Rs222.

GLENMARK (PREVIOUS CLOSE: 435) BUY

For today’s trade, long position can be initiated in the range of Rs428- 425 for the target of Rs443 with a strict stop loss of Rs417.

CUMMINSIND (PREVIOUS CLOSE: 1,373) BUY

For today’s trade, long position can be initiated in the range of Rs1,356- 1,348 for the target of Rs1,410 with a strict stop loss of Rs1,318.

16 Nov 2022, 08:42:27 AM IST

ECB Will Increase Interest Rates Further, Holzmann Says

The European Central Bank will continue to increase borrowing costs, according to Governing Council member Robert Holzmann.

“We’ve recently raised interest rates strongly,” he said in Vienna on Tuesday. “We will raise interest rates further.”

Still, the Austrian central bank chief — among the ECB’s most hawkish officials — said the Governing Council must be mindful of too strong moves that could lead “not just to stagnation, but to a recession.”

The ECB has already raised rates by 200 basis points this year and is expected to hike again at its December meeting. (Bloomberg)

16 Nov 2022, 08:31:50 AM IST

Oil prices steady as China COVID worries outweigh supply concerns

Oil prices were little changed on Wednesday as COVID-19 cases in China continued to climb, sparking worries of lower fuel demand in the world’s top crude importer, and outweighing concerns about an escalation of geopolitical tensions and tighter oil supply.

Brent crude futures dropped by 6 cents, or 0.1%, to $93.80 a barrel by 0148 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 4 cents, or 0.1%, to $86.88 a barrel.

Oil prices settled higher on Tuesday after oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline was temporarily suspended, according to oil pipeline operators in Hungary and Slovakia.

This disruption came concurrent with an explosion in a village in eastern Poland near the Ukrainian border that killed two people, raising concerns that the Ukraine conflict could spill over its borders. (Reuters)

16 Nov 2022, 08:25:58 AM IST

RBI Governor-headed committee reviews global, domestic economic situation

Reserve Bank of India Governor Shaktikanta Das chaired a meeting of the sub-committee of the Financial Stability and Development Council, in which major developments in the global and domestic economy as well as in various segments of the financial system were reviewed

The routine exercise was held on Tuesday at the Reserve Bank of India, the apex bank said in a statement.

Certain inter-regulatory issues were also discussed at the meeting.

Further, the sub-committee reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various States and Union territories. (ANI)

16 Nov 2022, 08:19:38 AM IST

Five Star Business Finance IPO allotment date today. GMP, how to check status

After the closure of the subscription, bidders are eagerly waiting for the finalisation of the share allotment of Five Star Business Finance Limited IPO (initial public offer). As per the tentative Five Star Business Finance IPO schedule, the likely Five Star Business Finance IPO allotment date is 16th November 2022 i.e. today. So, those who have applied for the public issue worth 1,960.01 crore, can check Five Star Business Finance IPO allotment status online after the announcement of share allocation. They can check their status online by logging in at the BSE website — bseindia.com or at the official registrar’s website. The official registrar of the IPO is KFin Technologies Limited and its official website is karisma.kfintech.com. (Read More)

16 Nov 2022, 08:16:12 AM IST

Stocks to Watch: Bikaji Food, Global Health, HDFC, Vedanta, SBI, ONGC, IIFL Wealth, M&M, and Indigo 

NSE has put Bhel, Delta Corp, GNFC, Punjab National Bank, and Sun TV stocks on the list of banned securities under the F&O segment for Wednesday trading as they have crossed 95% of the market-wide position limit. (Read More)

16 Nov 2022, 08:13:34 AM IST

Govt may mandate blended aviation fuel to reduce carbon emissions

The government is thinking of making it compulsory for airlines to blend sustainable fuel with the aviation fuel they use, pointing to the need to achieve lower carbon emissions, a senior official said.

“We, the ministry of civil aviation, along with the ministry of petroleum are working to mandate a certain percentage of blending as we go forward. That is still a work in progress,” Civil Aviation secretary Rajiv Bansal said on Tuesday. (Read More)

16 Nov 2022, 08:10:59 AM IST

Inox Green IPO subscribed 1.55 times on last day

The initial share sale of Inox Green Energy Services, a subsidiary of Inox Wind, received 1.55 times the subscription on the last day of the offer on Tuesday.

The Initial Public Offering (IPO) received bids for 10.37 crore shares against 6.67 crore shares on offer, according to an update available with the NSE.

The Retail Individual Investors (RIIs) portion was subscribed 4.70 times, Qualified Institutional Buyers (QIBs) quota received 1.05 times subscription and non-institutional investors 47 per cent.

The IPO had a fresh issue of up to 370 crore and an offer for sale of up to 370 crore.

The price range for the IPO was at 61-65 a share.

Inox Green Energy Services collected 333 crore from anchor investors. (PTI)

16 Nov 2022, 08:10:04 AM IST

Rupee gains 37 paise to close at 80.91 against US dollar

The rupee appreciated by 37 paise to close at 80.91 against the US dollar on Tuesday, on encouraging inflation data and weak American currency.

Forex traders said a firm trend in domestic equities and easing crude oil prices also supported the local unit.

At the interbank foreign exchange market, the local unit opened at 81.18 and touched an intra-day high of 80.91 and a low of 81.45 against the greenback.

The local unit finally settled at 80.91, registering a rise of 37 paise over its previous close.

On Monday, the rupee depreciated by 50 paise to close at 81.28 against the US currency.

“The Indian Rupee settled stronger against the dollar on Tuesday as large dollar outflows offset gains from a softer greenback and a stronger Chinese yuan,” said Sriram Iyer, Senior Research Analyst at Reliance Securities. (PTI)

16 Nov 2022, 07:56:33 AM IST

Archean Chemical IPO: Share allotment likely today. GMP, how to check status

After the closure of the subscription, bidders are eagerly waiting for the finalisation of the share allotment of Archean Chemical Industries Limited IPO (initial public offer). As per the tentative Archean Chemical IPO schedule, the likely Archean Chemical IPO allotment date is 16th November 2022 i.e. today. So, those who have applied for the public issue worth 1,462.31 crore, can check Archean Chemical IPO allotment status online after the announcement of share allocation. They can check their status online by logging in at the BSE website or at the official registrar’s website. The official registrar of the IPO is Link Intime Private Ltd. (Read More)

16 Nov 2022, 07:52:03 AM IST

Tata to open 20 ‘beauty tech’ stores, in talks with foreign brands

India’s Tata Group is planning to open at least 20 “beauty tech” stores where it will use virtual makeup kiosks and digital skin tests to get young, affluent shoppers to buy premium cosmetic products, according to a company document and a person familiar with its strategy.

The move pits Tata, whose interests range from cars to jewellery, against LVMH’s Sephora and domestic rival Nykaa for a share of the fast-growing $16 billion beauty and personal care market in the world’s second-most populous country. (Read More)

16 Nov 2022, 07:46:12 AM IST

Tickets refund delay: US directs Air India to pay $121.5 mln to passengers; slaps $1.4 mln fine

The US has ordered Tata-group owned Air India to pay refunds worth USD 121.5 million and imposed a fine of USD 1.4 million for extreme delays in providing refunds to passengers due to the cancellation or change in flights, mostly during the pandemic, officials said.

Air India is among the six airlines that have agreed to cough up a total of over USD 600 million as refunds, the US Department of Transportation said on Monday.

Air India’s policy of “refund on request” is contrary to the Department of Transportation policy, which mandates air carriers to legally refund tickets in the case of cancellation or change in flight, the officials said.

The cases in which Air India was asked to pay the refund and agreed to pay the penalty were before the national carrier was acquired by the Tatas. (PTI)

16 Nov 2022, 07:45:31 AM IST

India-UK talks for free trade agreement may conclude by March 2023: Sources

The ongoing negotiations for the proposed free trade agreement between India and the UK is likely to be concluded by March 2023, according to government sources.

India and Britain launched negotiations for the free-trade agreement (FTA) in January with an aim to conclude talks by Diwali (October 24), but the deadline was missed due to political developments in the UK. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights.

Sources said that the commerce ministry has fixed an internal deadline to close the FTA by March next year. (PTI)

16 Nov 2022, 07:35:47 AM IST

Google adds UPI’s auto payment feature on Play Store in India for app subscriptions

Google has added UPI’s auto payment system to the Play Store in India to enable users to make recurring payment for apps subscription with one-time permission, the company said in a blog on Tuesday.

“Today we’re pleased to extend this convenience to subscription-based purchases by introducing UPI Autopay on Google Play in India. Introduced under UPI 2.0 by NPCI, UPI Autopay helps people make recurring payments using any UPI (Unified Payments Interface) application that supports the feature,” Head of Google Play Retail & Payments Activation – India, Vietnam, Australia & New Zealand, Saurabh Agarwal, said in a blog. (PTI)

16 Nov 2022, 07:34:35 AM IST

Medanta operator Global Health IPO shares may have a positive debut, say experts

Shares of Medanta operator Global Health Ltd is going to hit Dalal Street today as the Global Health IPO listing date has been fixed on 16th November 2022. As per the information available on the BSE website, the Medanta share listing date has been finalised on Wednesday, 16th November 2022 and equity shares of Global Health Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ group of securities in Special Pre-open Session (SPOS).

Meanwhile, the grey market is signalling a positive debut of Global Health shares. As per the market observers, Global Health IPO GMP (grey market premium) today is 30, which means the grey market is expecting that Medanta operator Global Health share price would open around 366. (Read More)

16 Nov 2022, 07:33:05 AM IST

Direct tax collection to exceed budget target by sizable margin: CBDT chairman

Centre’s direct tax collection is set to exceed budget estimates by a sizable margin this year, Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said on Tuesday.

Speaking to reporters at the taxpayers’ lounge set up by the Income Tax department at the ongoing India International Trade Fare in the capital, Gupta said that receipts from direct taxes, comprising personal and corporate tax receipts, after refunds, is expected to go up by over 25% compared to union budget estimates for this fiscal. (Read More)

16 Nov 2022, 07:32:34 AM IST

Meta saw two top exits on Tuesday, with WhatsApp India chief Abhijit Bose and Meta India director for public policy Rajiv Aggarwal stepping down

Shivnath Thukral, WhatsApp’s director for public policy in India, will take charge as director of public policy for Facebook, Instagram and WhatsApp in India.

The company did not name a replacement for Bose.

In a LinkedIn post on Tuesday, he said he is “really excited” about his next role: “After a small break, I plan to rejoin the entrepreneurial world.”

According to Bose, the decision to leave after four years “has not been an easy one”. He added, though, that the move was planned for a while, but the announcement was held back due to last week’s layoffs at Meta. “We wanted to hold this back so we could focus on supporting those impacted last week,” he added. (Read More)

16 Nov 2022, 07:29:25 AM IST

Bikaji Foods IPO share listing today. Experts predict ‘fair reward’ for allottees

Bikaji Foods share price is going to make its debut on Dalal Street today as Bikaji Foods IPO listing date has been fixed on 16th November 2022. As per the information available on BSE website, effective from Wednesday, November 16, 2022, the equity shares of Bikaji Foods International Limited shall be listed and admitted to dealings on the BSE and NSE in the list of ‘B’ group of securities. Bikaji Foods IPO listing will take place in Special Pre-open Session (SPOS) on Wednesday.

Meanwhile, on the Bikaji Foods IPO listing date, the grey market is signalling a positive listing of Bikaji Foods shares. According to market experts, Bikaji Foods IPO GMP (grey market premium) today is 28, which means shares of Bikaji Foods are available at a premium of 28 per share in the grey market today. (Read More)

16 Nov 2022, 07:28:12 AM IST

US STOCKS-Wall Street gains on inflation data, but rocky on geopolitics

Wall Street’s main indexes gained on Tuesday, shaking off an unconfirmed report of Russian missiles crossing into Poland that sparked volatility, as investors seized on softer-than-expected inflation data that raised hopes of a pullback in rate hikes by the U.S. Federal Reserve.

Equities were boosted by Tuesday’s inflation report that showed producer prices rising 8% in the 12 months through October against an estimated 8.3% rise.

The Dow Jones Industrial Average rose 56.22 points, or 0.17%, to 33,592.92, the S&P 500 gained 34.48 points, or 0.87%, to 3,991.73 and the Nasdaq Composite added 162.19 points, or 1.45%, to 11,358.41.

Two people were killed in an explosion in Przewodow, a village in eastern Poland near the border with Ukraine, firefighters said as NATO allies investigated reports that the blast resulted from Russian missiles.


Download
the App to get 14 days of unlimited access to Mint Premium absolutely free!

Leave a Reply

Your email address will not be published. Required fields are marked *