After a buoyant week, investors are expected to start the week with caution. With a lack of overarching global cues, volatility may persist. The rising number of cases of Covid in China and citizens retaliating against the Zero-Covid policy will be a topic that investors will keep an eye on.
Aditya Birla Group invests in 8 D2C brands
TMRW, an Aditya Birla Group venture and a wholly-owned unit of Aditya Birla Fashion Retail Ltd (ABRFL), on Monday announced investments with eight digital-first lifestyle brands foraying into casual wear, kid’s wear and western wear market.
The D2C brands include women’s western wear label Berrylush, apart from casual wear brand Bewakoof; women’s casual and western wear brand Juneberry. The company has also invested in teen’s occasion wear brand Natilene, kid’s wear label Nauti Nati and athleisure and active wear under Nobero, apart from casual and denim wear brand Urbano and casual wear and fast fashion label Veirdo. (Read More)
Zydus Lifesciences gets USFDA nod for thyroid hormone deficiency drug
Zydus Lifesciences has received approval from the United States Food and Drug Administration (USFDA) to market Levothyroxine Sodium injection, used to treat thyroid hormone deficiency. The company’s US-based unit has received tentative approval from the US Food and Drug Administration (USFDA) to market the medication, the drug firm said in a regulatory filing.
“Zydus Lifesciences Limited’s (formerly known as Cadila Healthcare Limited) U.S. subsidiary Zydus Pharmaceuticals (USA) Inc. has received tentative approval from the United States Food and Drug Administration (USFDA) to market Levothyroxine Sodium for injection, 100 mcg/vial, 200 mcg/vial, and 500 mcg/vial,” Zydus Lifesciences said in a regulatory filing. (Read More)
JSW Steel is one of the biggest laggards of the day; sheds around 2%
Strong bank loan growth in FY23 despite higher interest rates: Fitch
Fitch Ratings on Monday said India’s bank credit will see strong growth in current financial year despite effects of higher interest rates.
It said the strong loan growth should benefit net revenue, particularly as it will be coupled with wider net interest margins.
“We see bank credit expanding by around 13 per cent in FY23, up from 11.5 per cent in FY22. The acceleration will be driven by the normalisation of economic activity after the COVID-19 pandemic, and high nominal GDP growth, which we expect to boost demand for retail and working-capital loans,” Fitch said in a statement.
Fitch forecasts India’s real GDP growth at 7 per cent in 2022-23. It said Indian banks generally remain open to additional capital-raising to fund growth, despite the rise in rates. (PTI)
Taiwan Stocks Sink After Ruling Party’s Local Elections Defeat
Taiwan stocks dropped on Monday, weighed by ruling party DPP’s resounding defeat in local elections and amid a broader selloff across Asia.
The benchmark Taiex slid 1.5%, the most since Oct. 13, as investors worried that the government may stop support measures for the market after opposition Kuomintang’s victory at the polls. The party, which favors eventual unification with China, held onto 13 seats at Saturday’s elections.
The riskoff sentiment in Taiwan was in line with a wider decline across the region as protests against China’s Covid restrictions over the weekend prompted traders to re-think investment plans after jumping back in on reopening hopes.
Results of the local elections may only impact markets for a day, according to Li Fang-kuo, chairman at President Capital Management in Taipei. Further out, “we are still positive on the outlook of stocks as Taiex usually rises in December.” (Bloomberg)
Gold prices in India drop for second day on China jitters, silver rate plunges
Gold prices in India dipped today while silver plunged, tracking a similar global trend as covid protests in China dampened global risk sentiment. Gold futures on MCX fell 0.25% to ₹52,420 per 10 gram, extending losses to the second day. Silver fell 0.8% to ₹61,185 per kg. Other commodities including metals and crude dropped today as unrest in China dampened demand outlook.
Protests in China have dampened global risk sentiment, according to analysts. “Risk off moves are seen across asset classes this Monday morning in Asia session. The dollar has strengthened across the board, especially against commodity currencies,” IFA Global said in a note. (Read More)
Tokyo shares closed lower on Monday with the markets dragged down by tech-linked shares
The benchmark Nikkei 225 index eased 0.42%, or 120.20 points, to 28,162.83, while the broader Topix index fell 0.68%, or 13.69 points, to 2,004.31. (AFP)
Indices remain in green with Sensex adding 280 points and Nifty 75 points
Auto and Oil & Gas indices lead the rally, while Metal index drags.
What Tata Consumer’s potential Bisleri acquisition could mean for the stock
Bisleri International Pvt. Ltd is in advanced discussions to sell its business, comprising its flagship bottled water brand Bisleri, and Tata Consumer Products Ltd (TCPL) is a frontrunner while other companies are in the race too, as the deal is yet to be finalized.
“Tata Consumer (TCPL) might acquire Bisleri, India’s largest water brand. We like TCPL’s strategy of undertaking bolt-on and niche acquisitions (SOULFULL, whose distribution Tata scaled up 10x). Bisleri is likely to turn in revenue/PAT of ₹25 bn/ ₹2.2 bn in FY23E. Yet, if TCPL acquires it only via debt, interest cost may dent profits from Bisleri,” said brokerage and research firm Edelweiss in a note. (Read More)
Rekha Jhunjhunwala-owned infra stock hits 52-week high. Do you own?
Nagarjuna Construction Company or NCC is one of those Rekha Jhunjhunwala stocks that has slowly but steadily surged to the tune of more than 30 per cent in the last six months. The stock was hit badly post-spread of the Covid-19 pandemic but ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala kept their faith in this infrastructure stock. Continuing its uptrend, NCC’s share price today climbed to a new 52-week high of ₹84 apiece levels on NSE. In early morning deals on Monday, NCC shares opened upside and surged over 3 per cent hitting above the mentioned 52-week high. (Read More)
Auto index remains stable in today’s session with almost all stocks in the index in green
From Near 70%, Sri Lanka Sees Inflation at 4%-5% by End 2023
Sri Lanka’s inflation is expected to significantly cool in the coming months after peaking near 70% this year, and the nation may gradually relax a currency band as inflows improve, central bank governor Nandalal Weerasinghe said.
Consumer price gains “will continue on the disinflation path,” Weerasinghe said at a CT CLSA investor forum in Colombo on Monday. He added that inflation is expected to ease to 4%-5% by the end of 2023 and the central bank’s monetary policy transmission is working. As foreign currency inflows improve, the government can also gradually relax a currency band since the nation needs a flexible exchange rate for inflation targeting, he said.
The troubled South Asian economy has raised borrowing costs by 950 basis points this year, taking the key rate to 15.5% as inflation surged to become Asia’s fastest. Prices, however, cooled in October for the first time in a year amid improving domestic supply conditions and tighter monetary policy. (Reuters)
Reliance amongst biggest gainers today; adds 2%
Dhruva Space looking to raise $20-25 mn in 2 years for satellite infra facilities
Dhruva Space, which has sent two tiny satellites recently, is looking to raise USD 20-25 million in the next one to two years to create infrastructure facilities here to be able to launch satellites weighing up to 100Kg, Abhay Egoor, co-founder and CTO of the city-based startup said. He also said after the successful launch of Thybolt 1 and Thybolt 2-the tiny satellites into space, the firm is now currently working on a satellite weighing about 30 kg which will be broadly catering to communications and scientific applications, on their P30 platform. “We are looking to raise or invest about USD 20 to 25 million over the next 1-2 years where this amount of capital would be used to invest and build an infrastructure facility for assembly,…
Read More: Stock Market LIVE: Indices at record high, Nifty tops 18,600; Oil & Gas shines