Sensex hits new high, Nifty closes just below 18,500; IT, Finance zoom | Mint – Mint

Most indices remained optimistic on Thursday and ended in the green. Tokyo and Hong Kong made decent gains, but China dragged due to the worsening Covid situation. Europe remained flat in the morning trade.

24 Nov 2022, 03:40:36 PM IST

Indices ended at new highs with a gain of more than a per cent. Sensex climbed 760  points and Nifty 215 points

Indian benchmark indices scaled new highs, thanks to the last-hour rally, and ended at record peaks. Sensex closed above the 62,000 mark and Nifty went above 18,500 intraday on Thursday.

Sensex jumped 760 points and Nifty gained 216 points to close at 62,272 and 18,484 respectively.

IT propelled the rally and ended 2% higher followed by Finance and PSU Bank with most indices ending in the green. Consumer Durable had a forgetful day and ended in the flat territory.

HDFC Life and Apollo Hospitals climbed 4% followed by BPCL and Infosys. Among draggers, Cipla shed around a per cent. Coal India and Bajaj Finance also slid in today’s session.

Asian markets mostly ended higher on Wednesday after minutes from the US Federal Reserve signalled it could slow its rate hikes.

The Tokyo ended higher after the market was closed for a public holiday on Wednesday, leading investors to play catch-up with a rally on Wall Street over the past two sessions. The benchmark Nikkei 225 index advanced 0.95%.

China stocks fell on Thursday, as concerns over record-high domestic daily COVID-19 cases overshadowed optimism from fresh economic stimulus. Hong Kong on the other hand tracked Asian markets higher.

The CSI300 index fell 0.4%, while the Shanghai Composite Index lost 0.3%. Hong Kong benchmark Hang Seng rose 0.8%.

European stocks opened nearly flat with investors looking for fresh cues from the European Central Bank. The pan-European STOXX 600 index slipped marginally in the morning session.

Sensex at Close

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Sensex at Close
24 Nov 2022, 03:28:31 PM IST

A late rally takes Sensex above 62,000 mark, a new high for the index

Sensex rally

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Sensex rally
24 Nov 2022, 03:22:02 PM IST

India generates 15-16 lakh formal sector jobs every month, says Ashwini Vaishnaw citing EPFO data

Citing Employees’ Provident Fund Organisation data, Union minister Ashwini Vaishnaw has said an average of 15-16 lakh formal sector jobs are being generated every month in India.

“In Apr, May, June, July and August, on average 15-16 lakh jobs got generated every month in the country. Data is available on EPFO and Ministry of Statistics websites,” said Vaishnaw, Union Minister for Railways, Communications, Electronics and Information Technology, on Tuesday while addressing the ‘Rozgar Mela’ in Ajmer which was organized by Central Reserve Police Force (CRPF).

The Employees Provident Fund Organisation (EPFO) provisional payroll data released last week showed that it has added 16.82 lakh net subscribers in the month of September 2022, which is an increase of 9.14 per cent in net membership as compared to the corresponding month during last year. (ANI)

24 Nov 2022, 03:05:48 PM IST

Amazon to shut down online learning academy in India

Less than two years of its launch, Amazon India on Thursday said it would shut down its online learning platform for high-school students in the country starting from August 2023. The Amazon Academy platform was launched in January last year to help students preparing for the JEE (Joint Entrance Examination).

The ecommerce giant also said that it will refund the full fee to those enrolled in the current academic session.

The platform was launched amid a boom in virtual learning during the coronavirus pandemic. Amazon Academy offered coaching for competitive exams including JEE, which allows entry into top engineering colleges across India. (Read More)

24 Nov 2022, 02:51:12 PM IST

Binance’s Zhao flags possible $1 billion for distressed assets

Binance Holdings Ltd. is aiming for a roughly $1 billion fund for the potential purchase of distressed assets in the digital-asset sector and will make another bid for bankrupt lender Voyager Digital, its Chief Executive Officer Changpeng Zhao said. (Read More)

24 Nov 2022, 02:37:18 PM IST

Uniparts India’s public issue to kick off next week. Details here

The initial public offering (IPO) of engineering systems and solutions provider Uniparts India will open for public subscription next week on Wednesday, November 30, 2022 and the three-day issue will conclude on Friday, December 2, 2022. The bidding for anchor investors will open on Tuesday, November 29.

Uniparts India’s IPO is entirely an Offer for Sale (OFS) of 14,481,942 equity shares by promoter group entities and existing investors. The Karan Soni 2018 CG-NG Nevada Trust, The Meher Soni 2018 CG-NG Nevada Trust, Pamela Soni, and investors Ashoka Investment Holdings Ltd and Ambadevi Mauritius Holding Ltd are the promoter group entities that are offering shares in the OFS. The company will not receive any proceeds from the public issue as the offer is entirely an OFS. (Read More)

24 Nov 2022, 02:30:52 PM IST

L&T Construction wins significant order for its heavy civil infrastructure business

Larsen and Turbo on Thursday said that its heavy civil infrastructure business of its construction arm has won significant order from the Greenko group for developing an off-stream pumped storage project in Madhya Pradesh. The company classifies orders worth 1,000 crore to 2,500 crore as significant.

The civil and hydromechanical works of the project will be executed through a consortium led by Larson and Turbo, under a stringent timeline of 30 months. Upon completion, the project will be one of the largest clean energy projects of its kind in India. (Read More)

24 Nov 2022, 02:08:31 PM IST

Metal Index not participating in the rally; most stocks in red

Metal Index

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Metal Index
24 Nov 2022, 02:04:56 PM IST

Brent falls below $85/bbl amid talks of price cap on Russian oil

Crude oil declined on Thursday amid talks of capping the price of Russian oil by the European Union (EU). According to news reports, EU officials have discussed setting the ceiling for Russian seaborne exports at $65 to $70 a barrel. More talks are scheduled for Thursday amid disagreements on details.

At around 0115pm, the Brent January contract on the Intercontinental Exchange traded at $84.81 a barrel, down 0.70% from previous close. West Texas Intermediate (WTI) on NYMEX fell 0.63% to $77.45 a barrel. (Read More)

24 Nov 2022, 01:52:20 PM IST

India headed for slower growth in 2023; tech and agri to boost growth: Moody’s

India is headed for slower growth next year more in line with its long-term potential, Moody’s Analytics said in its latest report ‘APAC Outlook: A Coming Downshift’ on Thursday. The rating agency said that inward investment and productivity gains in technology and agriculture could accelerate growth in the country.

However, in case of inflation persists, the Reserve Bank of India (RBI) would increase the repo rate above 6%, causing GDP to falter, Moody’s claimed. (Read More)

24 Nov 2022, 01:33:19 PM IST

Profitability in hotel segment set to rise: Report

Higher average room rates (ARR) and hotel room occupancy will lift profitability of the domestic hotel industry, with Ebitda margins likely to increase to around 34% this fiscal against the 24% growth seen in FY20, the pre-pandemic year, according to Crisil Ratings. Ebitda is earnings before interest, taxes, depreciation, and amortization.

Revenue will also increase 23% over the pre-pandemic level, riding on a strong recovery in business travel and continued traction in leisure travel, said the subsidiary of the capital markets company Crisil Limited. (Read More)

24 Nov 2022, 01:11:09 PM IST

Bajaj Finserv drags in today’s session, sheds around a per cent

Bajaj Finserv

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Bajaj Finserv
24 Nov 2022, 01:03:04 PM IST

Paytm’s 75% slump is world’s worst for large IPOs in a decade

One 97 Communications Ltd., the operator of India’s largest digital-payments provider known as Paytm, has capped the worst first-year share plunge among large IPOs over the past decade — and the pain is worsening.

The company, whose founder compared its challenges to those faced by Tesla Inc. shortly after the listing, has seen its stock erase 75% of its market value one year after its $2.4 billion offering, the largest on record at the time in India. The dive is the steepest first-year slide globally among IPOs that raised at least the same amount since Spain’s Bankia SA’s 82% drop in 2012, data compiled by Bloomberg show. (Read More)

24 Nov 2022, 12:57:48 PM IST

India’s total coal output rises 18 per cent YoY as of October

India’s total coal production stood at 448 million tonne as of October 2022, an 18 per cent year-on-year rise from the production during the corresponding period of last year, the Ministry of Coal said in a statement on Thursday.

The growth of coal production from Coal India is also more than 17 per cent.

The ministry is planning to build stock at domestic coal-based plants to the tune of 30 million tonne by the end of November 2022, the statement said.

“It (the ministry) has the plan to keep building the stock so that by the end of 31st March 2023, Thermal Power Plants (TPP) stock go up to 45 million tonnes. It is further planned to enhance coal stock at the pithead,” it said. (ANI)

24 Nov 2022, 12:55:14 PM IST

Actis’ BluPine Energy buys Atha Group’s 404 MW solar power assets

Actis Llp’s BluPine Energy has acquired 404 megawatt (MW) solar power assets of Kolkata-based Atha Group, the London-headquartered private equity firm announced on Thursday. Atha’s solar assets’ enterprise value for the deal is around 2,100 crore.

Mint reported on 9 August about Actis Llp winning the bid to acquire Atha Group’s solar power projects for an equity value of around $100 million, with the sale purchase agreement being signed. This comes in the backdrop of Actis selling its Indian renewable energy platform Sprng Energy at an enterprise value of $1.55 billion to energy major Shell Plc. (Read More)

24 Nov 2022, 12:38:09 PM IST

Ramesh Chauhan said he is scouting for a buyer for his packaged water business Bisleri International

The 82-year-old pioneer of the Indian packaged water business denied a report that a 7,000 crore deal has been finalised with Tata Consumer Products Ltd (TCPL).

When asked if he is selling his Bisleri Business, Ramesh Chauhan answered in the affirmative. “Yes. We are,” he told PTI.

However, he also added that the group is in discussions with several prospective buyers.

When asked about the report that he has agreed to sell his business to the Tata Group firm, Chauhan, Chairman of Bisleri International said, “It’s not correct… We are still discussing.” (Read More)

24 Nov 2022, 12:24:19 PM IST

Prabhudas Lilladher recommendations on HDFC Bank and Cholamandalam Investments – BUY

Cholamandalam Finance: BUY with CMP: 718 TRGT: 800 SL: 690

The stock has made a higher bottom formation after giving a decent correction from the peak of 817 levels and the trend has made a reversal to signal a positive bias. The RSI indicator also has indicated a buy signal by reversing it trend. We recommend a Buy in this stock for an upside target of 800 keeping a stop loss of 690.

HDFC Bank: BUY with CMP: 1608 TRGT: 1750 SL: 1550

HDFC BANK is in a strong uptrend making a higher top higher bottom formation on daily chart & now with all positive indicators the stock is ready for new projected target of 1750. we recommend this stock for a Buy keeping a stop loss of 1550 for an upside target of 1750.

24 Nov 2022, 12:07:10 PM IST

About ₹400 cr tax deposited by filing updated ITRs so far

The recently introduced provision of allowing taxpayers to update their tax returns has seen as many as 5 lakh re-filings with about 400 crore additional tax coming in, a senior government official said on Thursday.

The Finance Act, of 2022 introduced a new concept of updated returns, which permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes.

New form ITR-U was made available in May this year for taxpayers to update their income tax return (ITRs) with any income or earnings that may have been skipped in the original filings for fiscal years starting 2019-20 (the assessment year 2020-21).

“So far about 5 lakh updated ITRs have been filed and about 400 crore taxes have been paid,” he said. (PTI)

24 Nov 2022, 12:06:06 PM IST

Coal India comes under pressure; sheds almost 1%

Coal India

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Coal India
24 Nov 2022, 12:02:05 PM IST

Noon Update: Indices rally with Sensex jumping around 350 points and Nifty more than 100 points 

Sensex at Noon

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Sensex at Noon
24 Nov 2022, 11:53:00 AM IST

USFDA issues warning letter to Glenmark Pharma’s Goa unit

The United States Food & Drug Administration (USFDA) has issued a warning letter for Glenmark Pharma’s manufacturing facility in Goa. The US drug regulator had inspected Glenmark’s Goa facility in May 2022 and issued Official Action Indicated (OAI). (Read More)

24 Nov 2022, 11:40:26 AM IST

Non-Resident Indians investing in large housing units in India: Realtors

NRIs based in the US, the UK and Singapore are investing in larger housing units in their hometowns, having learned from the painful experience of living in space-tight units during the lockdown in India, and as the Work from Home (WFH) mode has become a requirement, according to experts.

The real estate experts, who took part in a Singapore property show held from November 19 to 20, also said that the Non Resident Indians are also settling down with extended families, another lesson from the pandemic that living together with family members is much helpful in facing another COVID-19 wave type development in the future.

“There has been a paradigm shift in the residential market in terms of living and lifestyle,” said Isha Kotwal, head of international sales at Total Environment, Bangalore, who presented a sustainable residential development concept at the show. (PTI)

24 Nov 2022, 11:26:54 AM IST

Covid-19 updates: India reports 408 new cases of coronavirus, 5 deaths in 24 hrs

India on Thursday added 408 new Covid-19 cases in 24 hours and 568 patients recovered from the disease, according to the latest data by the Union Ministry of Health. India’s coronavirus infection tally has risen to 44,670,483, while the active cases have declined to 5,881.

The death toll climbed to 5,30,601 with five fatalities reported in 24 hours.

The active cases comprise 0.01% of the total infections, while the national Covid-19 recovery rate increased to 98.80%, according to the ministry website. (Read More)

24 Nov 2022, 11:10:14 AM IST

Realty index under pressure amidst an otherwise bright day

Realty Index

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Realty Index
24 Nov 2022, 10:59:16 AM IST

Kotak Securities Ltd on Commodities Market – Gold and Crude

Ravindra V.Rao, CMT, EPAT VP-Head Commodity Research Kotak Securities Ltd on:

Gold: COMEX Gold trades higher by 0.60% at $1756/oz as dollar fell after the release of FOMC meeting minutes on Wednesday. The minutes were out yesterday and as expected it showed majority of the policymakers were with the view of slower rate hikes as the aggressive stance is impacting the economic growth.US Dollar index closed near day low of 106.03, a fall by more than 1%. Although the minutes indicated the end of jumbo rate hikes, the policy makers were uncertain on when will be the end point of the rate hikes. Smaller rate hikes by Fed is positive for precious metals especially gold which had witnessed deep corrections since Fed started the jumbo rate hikes. On the price front after a doji candlestick formation on Tuesday a high wave candlestick has been formed indicating start of bullish momentum after a brief correction. Support remains near $1740-1735/oz zone which needs to penetrated on closing and sustaining basis. Till then there is good probability of a recovery back to $1762/oz followed by $1778/oz.

Crude: WTI Crude oil trades flat near $77.80/bbl after a near 4% fall in the previous session. Price ap on Russian oil by G7 above the current market level is putting a downward pressure on price. As per the EU official they are considering a price cap on Russian oil between $65 to $70 which is around the level Russian crude is trading at. However, Russia has indicated that it will pull off the exports to nations who are joining the price cap. This will eventually be bullish for prices as supply tightness might trigger buying. Additionally, oil price also got a hit amid rise in product inventories as indicated by the EIA inventory report. On the positive side crude oil got some support from US Dollar weakness after the release of FOMC minutes. On the price front WTI crude oil didn’t sustain above $82/bbl level which was the resistance. However, the correction in oil prices might deepen further only if it closes and sustains below $75/bbl, the recent low which is also a double / identical bottom. Till then a range move expected between $82-$76/bbl. Bulls need to close it above $82 if they want to take it to $85//bbl.

24 Nov 2022, 10:49:16 AM IST

Apollo Hospitals stock keeps its green run; adds more than 3%

Apollo Hospitals

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Apollo Hospitals
24 Nov 2022, 10:46:54 AM IST

Rupee gains 26 paise to 81.67 against US dollar

The rupee appreciated 26 paise to 81.67 against the US dollar in early trade on Thursday as the American currency retreated from its elevated levels.

At the interbank foreign exchange, the domestic unit opened at 81.72 against the dollar, then gained ground to touch 81.67, registering a rise of 26 paise over its previous close.

The rupee has strengthened in offshore trading on broad-based dollar weakness. It is likely to trade in a range of 81.55-81.85 with sideways price action, IFA Global Research Academy said in a research note.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.41 per cent to 105.63, post the weak US data and dovish Fed minutes. (PTI)

24 Nov 2022, 10:46:19 AM IST

China stocks fall as COVID cases hit record high

China stocks fell on Thursday, as concerns over record high domestic daily COVID-19 cases overshadowed optimism from fresh economic stimulus, while Hong Kong shares tracked Asian markets higher amid hopes that the pace of U.S. rate hikes will slow.

** The CSI300 index fell 0.3% by the lunch break, while the Shanghai Composite Index lost 0.1%. Hong Kong benchmark Hang Seng rose 0.5%.

** Rising coronavirus infections in major cities including Beijing, Shanghai and Guangzhou dim growth prospects, even as Beijing rolled out a series of policies to support the troubled property sector, and flagged plans to cut banks’ reserve requirement ratio (RRR) to aid the economy.

** China on Wednesday reported 31,444 new local COVID cases for Nov. 23, its highest daily number since the start of the pandemic nearly three years ago. Chinese cities imposed more curbs to rein in the pandemic. (Reuters)

24 Nov 2022, 10:27:19 AM IST

Ashika Stock Broking on today’s market: The psychological level of 18000 would be the trend deciding level for the market.

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty ended with a bearish candle as the close was lower than the open on the daily chart however presence on a higher high-low continues to have a bullish overtone in the market. 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 all-time high of 18600 in the near term. Though it can be established that the market has halted its slide taking support from its 20dma and the lower area of the gap up the 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 hikes 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 positive note as overnight US Market lifted since Fed officials see smaller rate hikes coming ‘soon,’. From this perspective, it would be wiser to hunt for the lower level at 18220-18265 for initiating long positions for an upside target of 18450 followed by 18600.

24 Nov 2022, 10:14:50 AM IST

IT Index among biggest gainers on Thursday, adds more than 0.5%

IT Index

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IT Index
24 Nov 2022, 10:14:03 AM IST

ZIM Laboratories to list on NSE on Friday

Drug delivery solution provider ZIM Laboratories Ltd on Wednesday said it is planning to get listed on the National Stock Exchange of India (NSE) on November 25.

ZIM Laboratories, already listed on the BSE since June 2018, will now extend its listing to the NSE, the company said in a statement.

As of date, the company said, it has provided over 85 per cent return to its investors from the listing price.

According to the September 2022 shareholding pattern available with the BSE, the company’s promoters own a 33.26 per cent stake in the firm, of which, Dr Anwar Daud, Chairman and Managing Director, holds a 27.37 per cent stake and Mathew Cyriac, Executive Chairman, Florintree Advisors, as an investor owns 21.86 per cent. (PTI)

24 Nov 2022, 10:02:47 AM IST

Adani Enterprises remains under pressure; sheds 1%

Adani Enterprises

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Adani Enterprises
24 Nov 2022, 09:57:15 AM IST

Rustomjee Group firm Keystone Realtors shares list at premium over IPO issue price

Shares of Keystone Realtors Private Ltd made a market debut on Wednesday with the stock listing at 555 apiece on the NSE, a premium of more than 2% as compared to its IPO issue price of 541 per share. On the BSE, Keystone Realtors shares started trading at 555 apiece.

Keystone Realtors, which sells properties under the brand ‘Rustomjee’, saw its initial public offering (IPO) receive 2 times subscription on the last day of offer that was open from Monday, November 14, 2022 to Wednesday, November 16, 2022. The public issue issue got bids for 1,73,72,367 shares against 86,47,858 shares on offer. (Read More)

24 Nov 2022, 09:39:53 AM IST

PSU Bank index zooms once again; gains more than a per cent in early trading with all stocks in green

PSU Bank Index

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PSU Bank Index
24 Nov 2022, 09:37:20 AM IST

EU Demands Derivatives Clearing Reform to Reduce Reliance on UK

The EU will require derivatives traders to use accounts at clearing houses in the bloc for some transactions, under plans aimed at boosting Europe’s capital markets.

Certain banks would need to clear a minimum amount of business using active accounts in EU-based clearing houses, according to an EU official speaking on condition of anonymity. The European Commission is expected to outline the measures next month.

The proposed shake-up — first reported by the Financial Times on Wednesday — is aimed at reducing the EU’s reliance on the UK’s financial services sector after Brexit. The demands would apply to derivatives, and could include credit swaps and futures. (Bloomberg)

24 Nov 2022, 09:27:59 AM IST

Tata Consumer shines in early trading, gains more than 2% amidst reports of acquisition of Bisleri

Tata Consumer Products Ltd will buy Bisleri International for up to 7000 crore, the Economic Times newspaper reported on Thursday, citing the packaged water maker’s chairman Ramesh Chauhan. Tata Consumer Products and Bisleri did not respond to Reuters requests for comment. Tata Consumer was the top gainer among Nifty50 stocks today, rising over 2.5% in early trade.

Tata Consumer

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Tata Consumer
24 Nov 2022, 09:25:22 AM IST

Dharmaj Crop Guard IPO: GMP rises ahead of subscription opening

Agrochemical company Dharmaj Crop Guard’s initial share-sale will open for public subscription on November 28 and conclude on November 30. The company has fixed a price band of 216–237 a share for its 251-crore initial public offering (IPO). At the upper end of the price band, the Ahmedabad-based company would fetch 251 crore.

As per market observers, Dharmaj Crop Guard shares are available at a premium (GMP) of 45 in the grey market today, up from 25 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)

24 Nov 2022, 09:22:11 AM IST

Sensex and Nifty open in green with a gain of around 100 and 40 points, respectively, on Thursday

Sensex at Open

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Sensex at Open
24 Nov 2022, 09:12:39 AM IST

India to launch free trade pact negotiation with Gulf Cooperation Council today

In a bid to promote commerce and investment between the two regions, India and the Gulf Cooperation Council (GCC) will announce the launch of negotiations for a free trade agreement on Thursday. GCC is a union of six countries in the Gulf region — Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain. (Read More)

24 Nov 2022, 09:05:47 AM IST

India’s Pharma exports grow by 138 pc since 2013-14

India’s pharma exports have increased 138 per cent in April-October 2022-23 compared to the same period of 2013-14 when the country became the pharmacy for the world.

India’s pharma exports witnessed a growth of 138 per cent since April-October 2013-14, from 37,987.68 crores in 2013-14 to 90,324.23 crores in 2021-22.

Union Health Minister Mansukh Mandaviya in a tweet attaching an infographic of India’s pharmaceutical exports over these years said India’s medicine exports are heading the world. (ANI)

24 Nov 2022, 09:04:20 AM IST

Sensex is in the flat territory at preopen; Keystone Realtors to debut at the bourses today

Sensex at Preopen

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Sensex at Preopen
24 Nov 2022, 08:58:58 AM IST

New rules for social media influencers to be out in December

The Union government is preparing to release guidelines governing social media influencers next month, promising stiff fines for those who fail to disclose their brand partnerships.

The guidelines, similar to the rules released in June to prevent misleading advertisements, are already in the final stage, a person aware of the matter said.

“These days, young people make purchase decisions based on social media content put out by influencers. Unlike in the case of an actor endorsing a product in a television ad, it is difficult to figure out if the influencers actually use the products or not. Sometimes, people may not know the influencer, unlike in the case of actors; so, disclosure is going to be very important,” the person cited above said on the condition of anonymity. (Read More)

24 Nov 2022, 08:51:41 AM IST

Apple supplier Foxconn apologises for hiring blunder at COVID-hit China plant

Apple’s major supplier Foxconn said on Thursday a “technical error” occurred when hiring new recruits at a COVID-hit iPhone factory in China and apologised to workers after the company was rocked by fresh labour unrest.

Men smashed surveillance cameras and windows as hundreds of workers protested at the plant in Zhengzhou city on Wednesday, in rare scenes of open dissent in China sparked by claims of overdue pay and frustration over severe COVID-19 restrictions.

Workers said on videos circulated on social media that they had been informed that Foxconn intended to delay bonus payments. Some workers also complained they were forced to share dormitories with colleagues who had tested positive for COVID.

“Our team has been looking into the matter and discovered a technical error occurred during the onboarding process,” Foxconn said in a statement.

“We apologize for an input error in the computer system and guarantee that the actual pay is the same as agreed and the official recruitment posters.” (Reuters)

24 Nov 2022, 08:50:34 AM IST

Geojit Financial Services on today’s market: In India, macro news confirms the resilience of the Indian economy.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “The US market construct of ‘ rising equity-falling bond yields-falling dollar’ continues favouring the bulls. In addition to this favourable global cues, in India, the steadily falling crude is another positive. The FOMC minutes indicate slowing of the rate hikes, going forward. Consequently, the 10-year yield fell to 3.69% and the dollar index slipped to 106. So long as this trend continues, bears will be on the back foot. In India macro news confirms the resilience of the Indian economy. Investment is gaining momentum. The latest RBI data shows credit growth at an impressive 17% YoY. This is good news for the banking and capital goods stocks.”

24 Nov 2022, 08:31:38 AM IST

Cryptocurrency prices today steady as Bitcoin trades above $16,000. Check latest rates

Crypto markets steadied as Bitcoin’s price traded above the $16,000 mark. The world’s largest cryptocurrency by market value is down about 70% since the same time last year, when the digital token was trading just below almost $69,000, its all-time high level in November 2021.

The world’s largest and most popular digital token Bitcoin’s price today was trading over a per cent higher at $16,682. On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency, also rose by more than 3% to $1,200. The global crypto market cap today remained below the $1 trillion mark, even as it was over 4% higher in the last 24 hours to $873 billion, as per the data by CoinGecko. (Read More)

24 Nov 2022, 08:21:33 AM IST

Stock to Watch: Keystone Realtors, Adani Transmission, Indigo, HFCL, SBI, HGC, ITC, M&M Financial Services, Shriram Transport Finance, Apollo Tyres 

NSE has kept Punjab National Bank (PNB) on the list of banned securities under the F&O segment for Thursday trading as it has crossed 95% of the market-wide position limit (Read More)

24 Nov 2022, 08:19:13 AM IST

Buy or sell: Vaishali Parekh suggests these 2 stocks to buy today

Sharing as the top picks for Thursday, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are Cummins and Bank of Baroda.

Cummins: Buy CUMMINS, stop loss 1,335, target 1,410

Bank of Baroda: Buy BANK OF BARODA, stop loss 166, target 173 (Read More)

24 Nov 2022, 08:04:33 AM IST

Adani follow-on public offering to fund green, digital businesses

Billionaire Gautam Adani’s flagship Adani Enterprises Ltd is planning a follow-on public offering (FPO) to finance the group’s expansion in green and digital businesses, three people aware of the development said. The board of the Adani-led firm will meet on Friday to finalize the fundraising.

Adani may raise 10,000-20,000 crore through the FPO, said one of the three people cited above, all of whom spoke on condition of anonymity. “The fundraising is aimed at two things. One, to mobilize funds for new businesses such as green hydrogen, data centres and renewables; and two, to improve the company’s float on stock exchanges by bringing in a wide set of new investors,” the person said. (Read More)

24 Nov 2022, 08:03:15 AM IST

Lump sum flows into MF equity schemes lowest since November 2020

Lump sum inflows into the equity segment, excluding new fund offers (NFOs), stood at 17,900 crore in October, the lowest since November 2020, according to a report by Motilal Oswal Financial Services Ltd.

The slowdown has been on account of high net worth individuals (HNIs) waiting for a better entry point as the stock market nears the record high, weakness in inflows from rural customers, and reduced NFO activity in the equity segment, the report said.

According to Motilal Oswal Financial Services (MOFSL), redemptions in the equity segment have been steady. (Read More)

24 Nov 2022, 08:02:08 AM IST

Keystone Realtors shares’ debut today: What to expect on listing day?

The shares of the company are expected to make their market debut on the stock exchanges BSE and NSE on Thursday, November 24, 2022. Keystone Realtors, which sells properties under the brand ‘Rustomjee’, saw its initial public offering (IPO) receive 2 times subscriptions on the last day of the offer which was open from Monday, November 14, 2022, to Wednesday, November 16, 2022. 

“Keystone Realtors Limited is one of the prominent real estate developer. The company is engaged primarily in the business of real estate construction, development and other related activities in India. The GMP is 5 and the issue has been subscribed 2X times, we may not expect huge listing gains, but one may accumulate or hold the position it with a long-term perspective as it is one of the renowned brands in the real estate industry,” said Manoj Dalmia, Founder and Director, Proficient equities Private limited. (Read More)

24 Nov 2022, 07:51:36 AM IST

Centre working on a bill to regulate digital media: I&B Minister Anurag Thakur

The government is working on a bill to regulate digital media, Union Information and Broadcasting Minister Anurag Thakur said in a statement. While speaking at an event organised by Hindi news daily Mahanagar Times, the minister said that the communication of news has become multidimensional.

In a statement, the I&B minister said earlier that there used to be one-way communication of news, but with the development of electronic and digital media, communication of news has become multidimensional. Now even small news of a village reaches the national platform through digital media, he said. (Read More)

24 Nov 2022, 07:50:00 AM IST

SBI chief confident of maintaining asset quality even amid high loan growth

State Bank of India (SBI) chairman Dinesh Kumar Khara on Wednesday exuded confidence that the country’s largest lender will be able to maintain its performance on the asset quality side even amid the high loan growth.

He said SBI, which won investors’ confidence after posting stellar quarterly earnings recently, will be able to maintain net non-performing assets under 1 per cent going forward as well.

Speaking at an economics conclave organised by SBI, Khara also exuded confidence that the country’s banking system will be able to maintain its high loan growth as banks have internalised learnings from the last high growth cycle. (PTI)

24 Nov 2022, 07:36:19 AM IST

Rupee falls 26 paise to 81.93 against USD on forex outflows

The rupee depreciated 26 paise to close at 81.93 against the US currency on Wednesday due to dollar buying by banks on behalf of importers and rising crude oil prices in the overseas markets.

Besides, persistent foreign capital outflows also weighed on investor sentiments, forex traders said.

At the interbank foreign exchange market, the local unit opened at 81.81 and later witnessed an intraday high of 81.74 and a low of 81.93 during the session.

The domestic unit finally settled at 81.93 against the American currency, registering a fall of 26 paise over its last close of 81.67. (PTI)

24 Nov 2022, 07:35:42 AM IST

PSU banks hit fresh 52-week highs as Bank Nifty touches record high

A slew of PSU banks hit a 52-week high as the Bank Nifty touched a record high of 42860.55 today before settling at 42729.10, up 0.64% from its previous closing. Among those that hit new 52-week highs were Bank of Baroda at 170.30, Bank of India ( 81), Canara Bank ( 326.55), Indian Bank ( 279.45) , PNB ( 50.85) .

SBI ended the session just 2.6% away from its 52-week high of 622.7 hit on 7 November. PNB, BoB and SBI make up the 12-member Bank Nifty. (Read More)

24 Nov 2022, 07:33:06 AM IST

Jet Airways staff union sends legal notice on pending dues

The All India Jet Airways Officers and Staff Association has sent a legal notice to the monitoring committee and resolution professional of Jet Airways to initiate the process for payment of pending provident fund and gratuity dues as per the October order by appellate tribunal NCLAT.

As per an order dated 21 Oct, the monitoring committee of Jet Airways had to compute the pending dues to be made to workmen and employees of Jet Airways within one month from Oct 21 and communicate the same to Jalan-Kalrock consortium, the winning bidder of Jet Airways. The total dues are expected to be the tune of 250 crore. (Read More)

24 Nov 2022, 07:32:11 AM IST

Wall Street rises ahead of holidays as Fed signals slowdown in rate hikes

Wall Street’s main indexes ended Wednesday with solid gains after the Federal Reserve’s November meeting minutes showed interest rate hikes may slow soon.

A “substantial majority” of policymakers agreed it would “likely soon be appropriate” to slow the pace of interest rate hikes, the minutes showed.

The Dow Jones Industrial Average rose 95.96 points, or 0.28%, to 34,194.06, the S&P 500 gained 23.68 points, or 0.59%, at 4,027.26 and the Nasdaq Composite added 110.91 points, or 0.99%, at 11,285.32.

Trading volume was thin ahead of the Thanksgiving holiday on Thursday, with the U.S. stock market open for a half-session on Friday.

Earlier on Wednesday, a mixed bag of economic data led to a drop in yield on the benchmark 10-year Treasury note , helping drive stocks up.

The number of Americans filing new claims for unemployment benefits rose more than expected last week and U.S. business activity contracted for a fifth straight month in November. Consumer sentiment ticked higher and home sales rose above expectations. (Reuters)

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