Stock Market LIVE: Sensex up 100 pt; Nifty Bank at record high; Coal India gains | Mint – Mint

Investors will keep an on the result of the US midterm elections. They are also waiting on US inflation data due out Thursday which might suggest the path for interest rates ahead.

09 Nov 2022, 09:29:33 AM IST

Coal India shines in early trading after a stellar quarterly result, gains 3%

Coal India

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Coal India
09 Nov 2022, 09:24:40 AM IST

Tyre maker MRF announces interim dividend for shareholders

Multinational tyre manufacturer MRF has announced an interim dividend of 3 per share for its stakeholders for the financial year 2022-23.

A dividend is a reward that listed companies often provide to their shareholders from a portion of their earnings.

The dividend payment was approved by the Board of Directors at its meeting held Tuesday.

The company has fixed November 18, 2022, as the record date for the purpose of payment of the interim dividend, it said in a stock exchange filing on Tuesday. (ANI)

09 Nov 2022, 09:23:26 AM IST

Nifty Bank index touches record high in early trading on Wednesday

Nifty Bank

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Nifty Bank
09 Nov 2022, 09:21:38 AM IST

Indices gain at open with Nifty Bank touching a record high. Sensex up 150 pts and Nifty 50

Sensex at Open

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Sensex at Open
09 Nov 2022, 09:10:28 AM IST

Elon Musk sells Tesla shares worth nearly $4 billion after buying Twitter

Tesla Inc Chief Executive Officer Elon Musk has sold 19.5 million shares of the electric vehicle maker worth $3.95 billion on Tuesday, according to U.S. securities filings, days after he completed the $44 billion takeover of Twitter Inc. Musk sold at least $3.95 billion of the electric-vehicle maker’s shares, according to regulatory filings on Tuesday in New York, his first disposals since August. The filings didn’t indicate that the transactions were pre-planned. (Read More)

09 Nov 2022, 09:05:39 AM IST

Geojit Financial Services views on today’s market: Market can take the Nifty to record highs soon.

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “The strong momentum and favourable sentiments in the market can take the Nifty to record highs soon. The favourable tailwind from the mother market US and the sustained FII buying are strong positives. If the US CPI numbers due tomorrow indicate moderation in inflation, that would be a powerful trigger to push the market higher. Since India is the best performing large market in the world this year, FIIs can’t afford to miss the rally. This is the reason why FIIs have been sustained buyers during the last 8 trading sessions with a total buy figure of 16670 crores. The dip in the dollar index below 110 will nudge FIIs to buy more. Nifty is likely to face a significant correction only after crossing the all-time high 18604.”

09 Nov 2022, 09:03:58 AM IST

Sensex flat at preopen; Coal India, Paytm, HCL, Indigo in focus today

Sensex at Preopen

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Sensex at Preopen
09 Nov 2022, 08:58:16 AM IST

Reliance Securities Stock to Focus for today: Tata Motors

STOCK IN FOCUS

Tata Motors (CMP 435)

In view of expected recovery of JLR’s global business with likely ease on semiconductor supply in subsequent quarters, turnaround of PV business post restructuring of domestic business coupled with attractive valuation; we reiterate our BUY rating on TTMT with a SOTP based the Target Price of Rs575, valuing the business at Rs679 and excluding the net debt of Rs104/share.

Intraday Picks

BAJFINANCE (PREVIOUS CLOSE: 7190) BUY

For today’s trade, long position can be initiated in the range of 7120- 7160 for the target of Rs.7350 with a strict stop loss of 7050.

COLPAL (PREVIOUS CLOSE: 1588) BUY

For today’s trade, long position can be initiated in the range of 1550- 1570 for the target of Rs.1610 with a strict stop loss of 1535.

DLF (PREVIOUS CLOSE: 398) BUY

For today’s trade, long position can be initiated in the range of 392- 395 for the target of 405 with a strict stop loss of 389.

09 Nov 2022, 08:57:17 AM IST

Binance plans to buy rival FTX in bailout as crypto market crumbles

Crypto giant Binance signed a nonbinding agreement on Tuesday to buy FTX’s non-U.S. unit to help cover a “liquidity crunch” at the rival exchange, in a stunning bailout that raised fresh concerns among investors about cryptocurrencies.

The deal between high-profile rivals Sam Bankman-Fried, FTX’s CEO, and Binance CEO Changpeng Zhao came as speculation about FTX’s financial health snowballed into $6 billion of withdrawals in the 72 hours before Tuesday morning.

The pressure on FTX came in part from Zhao, who had tweeted on Sunday that Binance would liquidate its holdings of the rival’s token due to unspecified “recent revelations.” (Reuters)

09 Nov 2022, 08:45:48 AM IST

Production of major chemicals except pesticides & insecticides up 7.22 pc in Apr-Jun: Govt data

The production of major chemicals rose 7.22 per cent to 32.56 lakh tonnes during the April-June period of this fiscal, as against 30.37 lakh tonnes in the year-ago period, barring pesticides and insecticides, according to the Ministry of Chemicals and Fertilisers.

Production of all major chemicals like Alkali chemicals, inorganic chemicals, organic chemicals has increased except pesticides, insecticides, and dyes and pigments in the said period, the ministry said in its monthly report.

According to the report, the production of Alkali chemicals rose 9.34 per cent to 21.71 lakh tonnes during April-June of this fiscal, from 23.74 lakh tonnes in the year-ago period.

Production of inorganic chemicals rose 5.10 per cent to 2.45 lakh tonnes from 2.58 lakh tonnes, while that of organic chemicals rose 3.03 per cent to 4.48 lakh tonnes, as against 4.62 lakh tonnes during the comparable period.

However, production of pesticides and insecticides declined 5.31 per cent to 75,461 tonnes during the April-June period of this fiscal from 71,453 tonnes in the year-ago period. (PTI)

09 Nov 2022, 08:44:57 AM IST

Jubilant FoodWorks Q2 profit up 9.7 pc to ₹131.5 cr; revenue up 16.6 pc to ₹1,301.5 cr

Jubilant FoodWorks, operator of fast-food chains Domino’s Pizza and Dunkin’ Donuts, on Tuesday reported a 9.76 per cent increase in its consolidated net profit at 131.52 crore for the second quarter ended on September 30, 2022.

The company had posted a net profit of 119.82 crore in the July-September quarter a year ago, Jubilant FoodWorks Ltd (JFL) said in a regulatory filing.

Its revenue from operations during the quarter under review was at 1,301.48 crore, up 16.6 per cent, as against 1,116.18 crore of the corresponding period a year ago.

“The increase in revenue was driven by Like-for-Like growth of 8.4 per cent and healthy performance of new stores. Dine-in and Takeaway channels combined witnessed strong year-on-year growth, while the Delivery channel registered handsome growth on a high base,” said JFL in its earnings statement. (PTI)

09 Nov 2022, 08:37:08 AM IST

Fixing domestic bankruptcy regime gets top policy priority

India’s cross-border bankruptcy resolution mechanism will have to wait a while as the government focuses on fixing the domestic bankruptcy regime with a set of amendments to the Insolvency and Bankruptcy Code (IBC).

The ministry of corporate affairs is working on letting foreign lenders to Indian businesses initiate bankruptcy action in local tribunals and enabling Indian lenders to access global assets of defaulting companies, but the contours of the proposed cross-border insolvency regime are yet to be finalized, a person familiar with discussions in the government said. (Read More)

09 Nov 2022, 08:36:05 AM IST

₹12 to ₹491: Multibagger SME IPO turns ₹1.2 lakh to 2.35 crore in 6 years

The initial public offering (IPO) of Lancer Container Lines Ltd is one of the multibagger IPOs that Indian stock market has produced in last few years. This public issue was launched in March 2016 at a fixed price of 12 per equity share. The public issue had a par listing on BSE SME exchange but in last few years, especially in post-Covid rebound, this SME stock has given whopping return to its shareholders. After listing, this small-cap stock has announced two bonus shares as well. If an allottee had remained invested in this SME IPO after listing, its 1.20 lakh would have turned to 2.35 crore today. (Read More)

09 Nov 2022, 08:33:17 AM IST

Why Bitcoin, ether, dogecoin, Solana, other crypto prices are crashing today

Cryptocurrency prices today crashed after crypto giant Binance signed a nonbinding agreement on Tuesday to buy FTX’s non-U.S. unit to help cover a ‘liquidity crunch’ at the rival exchange, in a stunning bailout that raised fresh concerns among investors about cryptocurrencies. The move is the latest emergency rescue in the world of cryptocurrencies this year, as investors pulled out from riskier assets amid rising interest rates.

Major cryptocurrencies initially rallied on the news of the deal on Tuesday, but those gains were quickly erased. The world’s largest and most popular digital token Bitcoin’s price today was trading more than 12% lower at $18,204. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also tumbled by more than 16% to $1,312. (Read More)

09 Nov 2022, 08:22:08 AM IST

Zoho crosses USD 1 bn revenue mark but uncertain about growth in current macroeconomic situation

IT company Zoho has crossed the USD 1 billion revenue mark in 2021 with India business growing 77 per cent on year-over-year basis, a top company official said on Tuesday.

Zoho Corp Co-founder and CEO Sridhar Vembu said while the scale of US and Europe contribution to the company’s overall business is higher, India business is growing very fast and it could be the largest market for the company in 10 years.

“We have crossed USD 1 billion in revenue in 2021. Our fastest growing market is India and close to it is the Middle east. Across the board growth rate has come down. The US is number 1 and the European Union is number 2 and India is approaching number 3. India can be number 2 in the next 4-5 years and number 1 in 10 years based on the growth rate at which it is growing,” Vembu told reporters here. (PTI)

09 Nov 2022, 08:16:32 AM IST

Stocks to Watch: Coal India, Paytm, MRF, IndiGo, HCL, Voltas, PTC India, Jubilant Foodworks, Godrej Consumer, Aditya Birla Capital 

Tata Motors, 3M India, Bayer CropScience, BEML, Bajaj Consumer Care, Dhanlaxmi Bank, JP Infratech, and Star Health will be among the stocks in focus as they declare their September quarter earnings today. (Read More)

09 Nov 2022, 08:08:24 AM IST

Coal India profit more than doubles to ₹6,044 crore

State-owned CIL on Monday reported a 106 per cent jump in its consolidated profit at 6,043.99 crore in the September quarter of FY23 on higher revenue from operations.

The pubic sector enterprise had posted a consolidated profit of 2,932.73 crore in the year-ago period, Coal India Ltd (CIL) said in a filing to BSE.

The consolidated revenue from operations of the company during the July-September period of this year increased to 29,838.07 crore from 23,291.08 crore in the year-ago period, the filing said.

The consolidated expenses of the coal behemoth increased to 23,770.12 crore from 20,424.52 crore in the year-ago period. (PTI)

09 Nov 2022, 08:08:00 AM IST

At first investor meet, NSE seeks to win back trust

The National Stock Exchange held its first conference call with investors on Monday, aiming to win back the trust of potential investors after the country’s largest exchange was rocked by corporate governance issues and scams in the past few years.

NSE’s management, comprising half a dozen senior leaders, was quizzed by investors and analysts on issues relating to the co-location scam to a timeline of when the country’s largest exchange will go public—and eventually offer an exit to some of its early investors. (Read More)

09 Nov 2022, 07:56:20 AM IST

As Archean Chemical IPO launches today, should you subscribe? GMP, other things to know

Speciality marine chemical manufacturer Archean Chemical Industries has raised 658 crore from anchor investors ahead of its initial public offering (IPO), which will open for public subscription on Wednesday, November 9, 2022. The initial share sale will conclude on November 11.

The price band has been fixed in the range of 386 to 407 per share for its initial share sale. At the upper end of the price band, the IPO is expected to fetch 1,462 crore.

As per market observers, Archean Chemical shares are commanding a premium (GMP) of 60 in the grey market today. The shares of the company are expected to list on leading stock exchanges BSE and NSE on Monday, November 21, 2022. (Read More)

09 Nov 2022, 07:50:49 AM IST

KKR to invest $400 million in Serentica Renewables

KKR & Co. Inc. will invest $400 million (about 3,266 crore) in billionaire Anil Agarwal-backed Serentica Renewables, underscoring the US private equity firm’s growing bets on the clean energy sector in India. (Read More)

09 Nov 2022, 07:49:23 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] Piramal Enterprises: Buy at 904, target 948, stop loss 885; and

2] Bajaj Consumer Care: Buy at 164, target 173, stop loss 160.

(Read More)

09 Nov 2022, 07:36:21 AM IST

PTC India gets 3,500 MW renewable energy supply offers against 1,000 MW sought

PTC India on Tuesday said it has received an overwhelming response from clean energy players to supply 3,500 MW of renewable power, higher than the 1,000 MW the company had sought.

This is a first-of-its-kind development in the Indian power market wherein a trading licensee intended to purchase renewable power for onward sale through market-linked products, it added.

“PTC has received an interest of supply of 3500 MW of Renewable Energy (RE) from a total of 14 of the top RE producers against its Expression of Interest for procurement of 1000 MW for onward sale through market-linked RE products,” a company statement said.

This model will lead to significant changes in the present electricity market structure and speed up renewable energy generation, it added. (PTI)

09 Nov 2022, 07:34:55 AM IST

MRF misses estimates as input costs dent margin performance

MRF on Tuesday posted a decline of 32.2 per cent in its standalone net profit to 1.24 billion for the quarter ended September, against 1.83 billion in the year-ago period.

With this performance, the Indian tyre maker had missed second-quarter profit estimates, as soaring input costs and supply chain issues weighed, offsetting a rise in revenue. The company said its revenue for the reviewed quarter was 5,826.3 crore, against 4,907.8 crore during the same period last year.

Operating profit or earnings before interest, taxes, depreciation, and amortisation (Ebitda) declined 8 per cent from last year to 480.6 crore. The fall in operating profit is due to spiralling expenses, which increased 21 per cent from last year while finance costs increased 29 per cent year-on-year.

Revenue from operations rose 18.4 per cent to 57.19 billion. (PTI)

09 Nov 2022, 07:32:28 AM IST

DCX Systems IPO allotment likely today. Direct links to check status online

Announcement of share allocation for the initial public offering (IPO) of DCX Systems Ltd can be announced any time today. Those who have applied for the public issue need not to move from pillar to post after announcement of share allotment. They can check DCX IPO allotment status online by logging in at BSE website — bseindia.com or at the website of official registrar of the IPO. The official registrar appointed for DCX Systems IPO is Link Intime Private Ltd and its official website is linkintime.co.in. (Read More)

09 Nov 2022, 07:31:25 AM IST

Five Star Business Finance IPO opens today. GMP, review, other details. Buy or not?

The initial public offering (IPO) of Five Star Business Finance Ltd is going to hit primary market today. The public issue worth 1,960.01 crore is going to open today and it will remain open for bidding till 11th November 2022. The NBFC has fixed Five Star Business Finance IPO price band at 450 to 474 and it 100 per cent offer for sale (OFS) in nature. The book build issue has made its debut in grey market as well. According to market experts, shares of Five Star Business Finance Ltd are available at a premium of 12. (Read More)

09 Nov 2022, 07:30:21 AM IST

Paytm Q2 results: Net loss widens to ₹571 crore, revenue up 76%

Digital financial services firm One97 Communications, which operates under the Paytm brand name, on Monday reported a widening of consolidated loss to 571 crore for the September 2022 quarter. The company had recorded a net loss of 472.90 crore in the same period last year.

However, its net loss narrowed on a sequential bases. India’s biggest fintech player’s posted a loss of 644.4 crore in the June quarter. (Read More)

09 Nov 2022, 07:28:33 AM IST

Wall Street rises ahead of election results, inflation data

Election Day brought another rise for Wall Street, with stocks climbing Tuesday for a third straight day.

The S&P 500 rose 21.31, or 0.6%, to 3,828.11, though it flipped between an even bigger gain and a modest loss to get there. The Dow Jones Industrial Average climbed 333.83 points, or 1%, to 33,160.83, and the Nasdaq composite gained 51.68, or 0.5%, to 10,616.20.

With Americans heading to the polls across the country amid high inflation and worries about a possible recession, analysts say investors appear to be making bets for Republicans to gain control of at least one house of Congress. That combined with a Democratic White House could lead to little getting done in Washington, which may be bad for society but could also keep the status quo on economic policy. And markets tend to abhor uncertainty.

That’s why the more important milestone for markets this week than Election Day may be Thursday’s upcoming report on inflation. That data will likely carry much more influence over what the Fed does with rates. (AP)


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