With encouraging inflation data, investors seem to have taken an optimistic viewpoint. However, markets will continue to keep an eye on the Russia-Ukraine war situation with unconfirmed reports stating that two Russian missiles had landed inside NATO-member Poland.
Apollo Hospitals tanks in today’s session, drops more than 2%
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)
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)
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)
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)
Metal index under pressure with Hindalco and JSW Steel putting a major drag on the index
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)
Noon Update: Amidst volatility, indices remain in the flat-to-green territory with Sensex briefly crossing the 62,000 mark
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)
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)
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)
Kotak Bank shines in today’s trading, gains more than 2%
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)
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)
FMCG Index drags; most stocks in red
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
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…
Read More: Stock Market LIVE: Indices turn flat; PSU Bank, IT up; Metal sheds