The US jobs report suggested a slightly higher rate of unemployment which will give the Fed a lesser incentive to stick to its hawkish stance. However, China has denied it is considering easing its Covid restrictions. The rumour of lifting of restrictions was one of the major reasons for the last week’s rally.
Adani Enterprises shines in today’s trading, adds more than 3%
Large scale layoffs coming at Facebook’s parent company Meta: report
After job cuts at Twitter, Facebook’s parent company Meta is planning to begin “large-scale layoffs” this week in what could be the largest reduction to date at a “major technology corporation in a year that has seen a tech-industry retrenchment,” a media report said.
The Wall Street Journal reported that the layoffs at Meta, which has more than 87,000 employees, are expected to affect “many thousands of employees” and could come as soon as Wednesday.
The WSJ report said that company officials have told employees to cancel nonessential travel beginning this week.
“The planned layoffs would be the first broad head-count reductions to occur in the company’s 18-year history. While smaller on a percentage basis than the cuts at Twitter Inc. this past week, which hit about half of that company’s staff, the number of Meta employees expected to lose their jobs could be the largest to date at a major technology corporation in a year that has seen a tech-industry retrenchment,” it said. (PTI)
Noon Update: Indices trading flat now after starting the day on a positive note; Sensex up 10 points and Nifty around 25 points at noon
Britannia Industries jumps 10% and Adani Enterprises around 4% in the first half of trading on Monday
Auto sales during 2022 festive season rise 28 per cent year-on-year
Total vehicle retail sales were 28 per cent higher year-on-year during this year’s over the month-long festival season.
Sales of vehicles in all categories were in the green with 2 Wheelers, 3 Wheelers, Passenger Cars, Tractors, and Commercial Vehicles growing by 26 per cent, 66 per cent, 28 per cent, 33 per cent and 28 per cent, respectively, the Federation of Automobile Dealers Associations (FADA) data released on Monday showed.
On a year-on-year basis, total vehicle retail for the month of October 2022 saw a growth of 48 per cent. All the categories closed in green with 2W, 3W, passenger vehicles, tractor, and commercial vehicles recording 51 per cent, 66 per cent, 41 per cent, 17 per cent and 25 per cent upside, respectively. (ANI)
Metal Index gains more than a per cent in an otherwise flat trading
Multibagger SME IPO gives 190% return to allottees within a month of listing
The initial public offering (IPO) of Phantom Digital Effects Limited was launched in October 2022. the public issue was proposed for listing on NSE SME exchange and the issue listed on the SME platform on 21st October 2022. The public issue was offered at a price band of ₹91 to ₹95 per equity share.
The SME stock had a dream debut on Dalal Street as the stock listed at ₹300 per share but soon profit booking triggered but finally the stock closed at 312.70 apiece after making its intraday high of ₹315 per share. Hence, the SME IPO turned out as one of the multibagger IPOs of the year as it gave more than 200 per cent return to its bidders on its listing day. (Read More)
Bank of Baroda’s stellar Q2 drives re-rating; stock gains 10%
Public sector lender Bank of Baroda surprised the Street with a slew of positives in its September quarter earnings performance. Improvement in asset quality and net interest income aided the bank’s profit, which exceeded analysts’ expectations. Also, its loan growth increased by 20.6% year-on-year in Q2FY23. In reaction, shares of the bank jumped 10% on the NSE in Monday’s opening trade. (Read More)
Gold prices today jump to highest in one month. Here is why
Gold prices in India rose to near one-month high in India when futures on MCX rose 0.2% about ₹51,000 per 10 gram. Silver futures however edged lower by 0.3% to ₹60350 per kg. In global markets, gold had surged nearly 3% on Friday after a sharp pullback in dollar index. However, bullion was down 0.4% at $1,672.99 per ounce in global markets today as the dollar index rose again. Spot silver was today down 1.3% at $20.56, platinum fell 1% to $951.46 and palladium lost 0.5% to $1,871.00.
“Fridays fall in US Dollar after mixed mix payrolls report that indicated slowing pace in job additions supported the yellow metal that rose to three weeks high of $1686.4/oz,” said Ravindra V.Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd. (Read More)
Axis Securities recommendations on DCB Bank, Hero MotoCorp, Minda Corp, and TVS Motors
Hero Motocorp: Weak Numbers with EBITDA Miss; Downgrade to HOLD with TP at ₹2700
Minda Corporation: Strong Operational Performance; Growth Momentum to Continue – BUY with TP at 255
TVS Motors: Decent Q2; Market Share Gain and Margin Improvement to Continue – BUY with TP at 1230
DCB Bank: On Track to Deliver RoA of 1%, Maintain BUY with TP of ₹145
Rupee begins week on positive note, U.S. inflation data next trigger
The Indian rupee rose against the U.S. currency on Monday, on the back of an upbeat risk tone in Asia and the dollar’s struggles.
The rupee was trading at 82.14 by 0454 GMT, compared with 82.44 in the previous session. The local unit has traded in an about 82.11 to 82.25 range.
Asian shares were higher, while currencies, except for the Chinese yuan, rose.
The U.S. jobs report supported demand for Asian assets in that the unemployment rate ticked higher. But negative for Asian currencies was the headline job additions which trumped estimates and the higher-than-expected increase in wages. (Reuters)
Asian Paints one of the biggest laggards in today’s session, sheds more than 1.5%
Archean Chemical IPO: GMP steady ahead of subscription opening
The initial public offering (IPO) of specialty chemical manufacturer Archean Chemical Industries Ltd will open for public subscription this week on Wednesday, November 9, 2022 and the three-day issue will conclude on Friday, November 11, 2022.
The bidding for anchor investors will open on Monday, November 7. The company has fixed a price band of ₹386 to ₹407 per share for its initial share sale. (Read More)
YES SECURITES on Apar Ind – SELL; BUY for GAIL, SBI, Sterlite Tech, BOB, SRF TTK Prestige, Indian Bank, Ajanta Pharma
Apar Industries – SELL with TP at ₹1172
Gail India – BUY with TP at ₹140
State Bank of India – BUY with TP at ₹760
Sterlite Technologies – BUY with TP at 210
Bank of Baroda – BUY with TP at 180
SRF Ltd- BUY with TP at 3195
TTK Prestige – BUY with TP at ₹1096
Indian Bank – BUY with TP at ₹300
Ajanta Pharma – BUY with TP at ₹1575
Pharma index drags in today’s session with Dr Reddy’s and Cipla pulling the index down
India detects 937 fresh Covid-19 cases, 9 deaths
India’s Covid-19 case tally rose by 937 in a day to reach 4,46,61,516, while active cases declined to 14,515, according to Union Health Ministry data updated on Monday. The death toll has climbed to 5,30,509 with nine more fatalities, including seven deaths reconciled by Kerala, the data updated at 8 am stated. (Read More)
SBI shares rally to record high on upbeat Q2; strong upside seen further
Shares of State Bank of India (SBI) surged nearly 4% to record high of ₹622 apiece on the BSE in Monday’s opening deals after the lender reported a strong earnings by witnessing the highest-ever quarterly profit at ₹13,265 crore, up 74 % year-on-year (YoY), for the September quarter of FY23, buoyed by robust loan sales, higher interest income and lower provisions.
The country’s biggest bank has revised its credit growth outlook to 14-16% for the current financial year driven by strong revival in capex cycle and corporates replacing overseas credit with rupee loans, chairman Dinesh Khara said, as it is seeing demand from infrastructure, renewable power, oil and marketing companies, and services sectors.. The…
Read More: Stock Market LIVE: Indices turn flat; Britannia soars; Cipla, Asian Paints lag