With US Markets closed for Thanksgiving, investors will have fewer global cues to anchor to. The Indian unemployment rate for persons aged 15 years and above in urban areas declined to 7.2% during July-September 2022 from 9.8% a year ago,
Sebi comes out with uniform format for reporting OTC trades in non-convertible securities
Capital markets regulator Sebi on Friday came out with a uniform format for reporting over-the-counter (OTC) trades in listed non-convertible securities.
The development comes after Sebi observed that information on OTC trades in listed non-convertible securities provided to the stock exchanges by the investors is incomplete and inaccurate.
This, in turn, amounts to incorrect and distorted information being displayed on the exchanges’ websites.
“In order to address the issue, it has been decided all OTC trades shall be reported in a uniform format,” the Securities and Exchange Board of India (Sebi) said in a circular. (PTI)
Nestle India drags the FMCG index; sheds more than a per cent
India’s Adani to invest $4 billion in petrochemical complex – FT
Indian billionaire Gautam Adani is planning to invest more than $4 billion in a petrochemical complex in the state of Gujarat, he said in an interview with the Financial Times on Friday.
Adani, Asia’s richest person, plans to launch a “super app” in the next three to six months to connect Adani airport passengers with other Adani Group services, according to the report. (Reuters)
Govt considers selling stakes in Coal India, Hindustan Zinc, Rashtriya Chemicals
India plans to sell small stakes in state-run firms including the world’s biggest coal miner and Asia’s largest zinc producer, to ride a stock market boom and boost revenue in the final quarter of the financial year, according to people familiar with the matter.
The government is looking to sell 5%-10% in Coal India Ltd., Hindustan Zinc Ltd., Rashtriya Chemicals and Fertilizers Ltd. via the so-called offer-for-sale mechanism, the people said, asking not to be identified as the details aren’t yet public. In all, five firms could be chosen, including a listed entity under the railway ministry, they added. (Read More)
Prabhudas Lilladher recommendations on Astral, L&T and KPIT Tech
Astral: BUY with CMP: 1883 TRGT: 2080 SL: 1800
The stock has been in consolidation phase for some time moving in a very narrow range near 1880 levels and now has given a positive candle with 78.6% retracement support around 1810 levels. The RSI indicator also has flattened out and has indicated improvement from its highly oversold zone. With the risk reward ratio favourable, we recommend a positional buy in this stock for an upside target of 2080 keeping a stop loss of 1800.
L&T: BUY with CMP: 2060 TRGT: 2200 SL: 1980
The stock has made a good spurt with a decent volume and has given a breakout from its consolidation period. The RSI indicator has also given a Buy signal by reversing its trend. The support is strong at around 1980 levels. So we recommend a buy in this stock keeping a stop loss of 1980 for an upside target of 2200.
KPIT Tech: BUY with CMP: 720 TRGT: 800 SL: 680
The stock has made high bottom formation and is now heading towards the previous peak of 745 and a breakout can be anticipated to reach the target of around 800 levels. The RSI indicator has been on the rise and also with decent volume, we recommend a buy in this stock for an upside target of 800 keeping a stop loss of 680.
SafeGold partners DMCC to use gold-backed digital assets
SafeGold, a digital gold platform, has signed an MoU with Dubai Multi Commodities Centre (DMCC), to advance SafeGold’s vision of digitising gold investment and enabling a digital ecosystem to flourish in the Middle East and North Africa region’s $20 billion gold market. (Read More)
Dollar set for weekly loss as investors brace for slower Fed rises
The U.S. dollar stood close to a three-month low and was headed for a weekly loss on Friday, as the prospect of the Federal Reserve slowing monetary policy tightening as soon as December preoccupied investors and kept the mood buoyant.
Trading was thin overnight due to the Thanksgiving holiday in the United States, though a softer dollar remained in focus.
Sterling rose more than 0.5% overnight and last stood at $1.2103, close to its over three-month high of $1.2153 hit in the previous session and on track for a nearly 2% weekly gain.
The Aussie firmed to $0.6765 and was on track for a weekly gain of more than 1%. (Reuters)
Noon Update: Indices are trading marginally lower at Thursday noon; Sensex sheds 150 pts and Nifty 30
Multibagger stock gives over 103% return in 6 months since IPO. Brokerage raises target price
Venus Pipes and Tubes Ltd reported higher‐than‐expected EBITDA primarily due to higher volume and realisation. With new capacities Venus Pipes is set to become 2nd largest stainless steel manufacturer in India, as per brokerage Centrum which expects the company’s volume to grow by 32% CAGR over FY22‐FY25E.
“The growth triggers like volume expansion, higher exports, import substitution, margin expansion etc will enable EBITDA/PAT increase by 46%/48% CAGR over FY22‐FY25E. Besides, the proposal to bring anti‐ dumping duty on imports of stainless steel products is being evaluated by DGTR, if imposed, could turn to be big positive for Venus Pipes,” the brokerage said in a note. (Read More)
Coal India among biggest gainers; adds 2%
Amazon refuses ‘unethical firings’ allegation, calls resignations ‘voluntary’
E-commerce giant Amazon, which was summoned by the Labour Ministry on Tuesday in relation to its voluntary separation program (VSP), has reportedly said that the company has not sacked any employee, rather allowed those to go who opted for its recently introduced massive global layoff plan, according to a report quoted by The Economic Times.
This came after the Labour Ministry issued a notice to the online retailer on the complaint of Nascent Information Technology Employees Senate (NITES), which in a letter dated 19 November alleged that firings at Amazon India are unethical and illegal, and requested interference. (Read More)
FMCG among the biggest laggards today; sheds more than 0.5% with most stocks in red
India Rate Setters Blame Global Factors in Inflation Letter
India’s interest-rate setters have mainly blamed global factors for failing to meet their inflation target, according to people with knowledge of a letter the monetary policy panel was obliged to write to the government.
The war in Ukraine and resultant spurts in energy and food costs, and supply disruptions caused by the pandemic are among main reasons cited, the people said, asking to stay unidentified as the correspondence is private. The detailed narrative doesn’t dwell much on the path forward, only stating that the worst of inflationary pressures are probably behind us, the people added.
Little is known about the contents of the letter sent earlier this month, after India’s consumer inflation topped the upper range of the 2%-6% band for three straight quarters. While the panel led by Reserve Bank of India Governor Shaktikanta Das was mandated by law to explain its failure in capping prices, the government isn’t required to make the information public. (Bloomberg)
HDFC Bank elevates Kaizad Bharucha as Deputy MD, appoints Bhavesh Zaveri as ED
HDFC Bank has appointed Kaizad Bharucha as deputy managing director (MD), and Bhavesh Zaveri as its executive director (ED, the lender informed in an exchange filing on Thursday. HDFC Bank had sought the approval of the Reserve Bank of India’s on these appointments, it further said in the regulatory filing. (Read More)
Dharmaj Crop Guard IPO: GMP rises further ahead of issue opening on Monday
Amid the IPOs season, the three-day initial public offering of agrochemical company Dharmaj Crop Guard will open for public subscription on Monday, November 28, 2022 and conclude on Wednesday, November 30. The price band has been fixed in the range of ₹216–237 a share.
As per market observers, Dharmaj Crop Guard shares are available at a premium (GMP) of ₹58 in the grey market today, up from ₹45 in the previous session. The shares…
Read More: Stock Market LIVE: Indices trading flat; Media, Auto, Realty zoom; FMCG drag