US jobs report showed wages for US workers are accelerating, which could feed into even higher inflation for the nation. On the other hand, an accelerated shift toward the reopening of the Chinese economy might lift the mood of investors.
Uniparts India IPO: Latest GMP ahead of share allotment this week
The Initial Public Offer (IPO) of engineering systems and solutions provider Uniparts India was subscribed 25.32 times on the last day of subscription on Friday, December 2, 2022. The issue received bids for 25,66,29,175 shares against 1,01,37,360 shares on offer. As per market observers, Uniparts India shares are available at a premium (GMP) of ₹60 in the grey market today.
The shares of the company are expected to list on the stock exchanges BSE and NSE next week on Monday, December 12, 2022. Meanwhile, the finalisation of the basis of share allotment of Uniparts India IPO is expected to take place this week on Wednesday, December 7, 2022. Link Intime India Private Ltd is the registrar of the issue. (Read More)
Reliance Research Stock in Focus for today: Price Pipes
STOCK IN FOCUS
Prince Pipes (CMP 600)
We expect Prince to expand its leadership with the manufacturing expertise, leveraged distribution and competitive agility in the pipes sector. In view of the expected pick-up in demand, cost optimization measures and series of strategies for the next level of growth, we have our BUY rating on the stock with Target Price at Rs700.
Intraday Picks
BANKBARODA (PREVIOUS CLOSE: 171) SELL
For today’s trade, short position can be initiated in the range of ₹172-
174 for the target of Rs.166 with a strict stop loss of ₹176.
CHOLAFIN (PREVIOUS CLOSE: 732) BUY
For today’s trade, long position can be initiated in the range of ₹718-76
for the target of Rs.745 with a strict stop loss of ₹712.
TATAPOWER (PREVIOUS CLOSE: 225) BUY
For today’s trade, long position can be initiated in the range of ₹221-
223 for the target of Rs.230 with a strict stop loss of ₹219.
Stock to Watch: Maruti Suzuki, Adani Enterprises, NDTV, ONGC, SJVN, NTPC, GMR Airports, Zydus, SpiceJet, SBI
NSE continues to keep Delta Corp, Punjab National Bank and Indiabulls Housing Finance stocks on the list of banned securities under the F&O segment for Monday trading as they have crossed 95% of the market-wide position limit. (Read More)
RR Kabel seeks to file IPO papers with Sebi in May next year
RR Kabel plans to file draft prospectus papers with market regulator Sebi in May next year to launch their initial public offering (IPO). The wires, cables, and Fast Moving Electrical Goods (FMEG) manufacturer plans to go public between October to November of 2024. RR Kabel expects to record a 25% growth in revenue to ₹6,000 crore by the end of the current financial year FY23.
RR Kabel is part of RR Global, a conglomerate in the electrical sector with a presence in over 90+ countries globally. The company offers the widest range of premium wires and cables for various residential, commercial, industrial, and infrastructure purposes. (Read More)
INDIA BONDS-Bond yields seen inching up tracking oil move; MPC meet key
Indian government bond yields are expected to open marginally higher on Monday, as oil prices recover further, while broad market awaits domestic monetary policy decision due later in the week.
The benchmark 10-year yield is likely to move in a 7.20%-7.25% band, a trader with a private bank said. The yield ended at 7.2215% on Friday, with an eight basis points decline last week.
As it was evident from Friday’s moves, traders showed their discomfort below 7.20% for the benchmark, and we may see some more uptick as oil has corrected since last week’s levels, the trader said. (Reuters)
Maruti Suzuki may fall short of 20-lakh-units production target this fiscal: Shashank Srivastava
Maruti Suzuki India’s challenge to produce 20 lakh units this fiscal may fall slightly short, according to company Senior Executive Officer, Marketing & Sales Shashank Srivastava.
He, however said, the company is still counting on an outside chance to meet the challenge through execution of its pending orders that stands at around 3.75 lakh units.
Earlier in August this year, Maruti Suzuki India Chairman RC Bhargava, in his address to shareholders in the company’s annual report for 2021-22 had stated that the company will increase its production and will challenge to produce 20 lakh units in the ongoing fiscal with semiconductor availability improving.
He has said that the new midsize SUV, Grand Vitara, was expected to play a key role in the challenge to touch 20 lakh units. (PTI)
Dharmaj Crop Guard IPO share allotment likely today. Here’s how to check application status
The Initial Public Offer (IPO) of Dharmaj Crop Guard was subscribed 35.49 times on the last day of subscription on Wednesday, November 30, 2022. The issue received bids for 28,43,51,820 shares against 80,12,990 shares on offer. The initial share sale had a fresh issue of up to ₹216 crore and an offer for sale (OFS) of 14,83,000 equity shares. Its price range was ₹216-237 a share.
The finalisation of the basis of share allotment of Dharmaj Crop Guard IPO is expected to take place on Monday, December 5, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Wednesday, December 7. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar’s website here or on the BSE website here. (Read More)
SpiceJet expecting restructuring benefits to improve in Dec quarter: Ajay Singh
Commercial aviator SpiceJet is expecting to see improvement in operations and restructuring benefits in the current quarter of FY 2022-23, reported news agency PTI. The budget carrier – looking to raise $200 million – witnessed its net loss widen to ₹789 crore in the June quarter. The firm cited high fuel prices and rupee depreciation as reason for the loss.
Apart from this, some of its aircraft having technical snags in recent times, and quite a few of its Boeing 737 planes were deregistered due to non-payment of dues to lessors. (Read More)
Rising loan rates dent India Inc.’s financial performance
India Inc. showed a mixed financial performance in the September quarter as they faced the brunt of rising input costs. This, coupled with increased working capital and capital expenditure needs in a rising loan rate scenario, severely impacted companies’ interest coverage ratio. The burden on mid-cap companies was steeper as any impact of rising interest rates gets passed on to them at a faster pace, said analysts. (Read More)
GMR Hyderabad Intl Airport plans to raise ₹1,250 crore via NCDs to prepay maturing USD bonds
GMR Hyderabad International Airport Ltd (GHIAL), which runs the aerodrome here, plans to raise ₹1,250 crore through non-convertible debentures to be used for prepaying the USD bonds maturing in April 2024 or February 2026, rating agency India Ratings & Research has said. GHIAL (excluding subsidiaries) had a debt of ₹7,050 crore as on September 30, 2022 which consisted of bonds of USD 950 million. The USD bonds have bullet maturities in April 2024, February 2026 and October 2027, the rating agency said. (PTI)
SJVN bags Maharasthra discom’s 200-MW solar project worth ₹1,200 crore
State-owned SJVN Ltd on Saturday said that its arm SJVN Green Energy has bagged a 200 MW solar project worth ₹1,200 crore from Maharashtra State Electricity Distribution Company Ltd.
“Company through its wholly-owned subsidiary SJVN Green Energy Limited has bagged 200 MW solar power project on Build Own and Operate (BOO) basis from Maharashtra State Electricity Distribution Company Limited (MSEDCL) through e-RA (Reverse Auction) conducted on December 2, 2022,” a BSE filing said.
The tentative cost of this project is around ₹1,200 crore and the project is expected to generate 455.52 Million Units (MUs) in the 1st Year and the cumulative energy generation over a period of 25 years would be about 10,480.82 MUs, it said. (PTI)
FPI buying in small cap stocks attracts analysts’ attention
Technology services provider Onward Technologies saw Mauritius-based Infinity Direct Holdings buying a 24.38% stake in the company during the September quarter, increasing the FPI holding from near zero levels in the preceding quarter when a single FPI held just 173 shares. The stock price surged 31% from September end through 2 December to ₹333.6. The promoters own 45.52%.
The other company is Salasar Techno, a telecom tower manufacturer, which saw FPI holding jump 11.25% sequentially from 0.93% to 12.18% in the September quarter. The Street gave a thumbs-up to…
Read More: Stock Market LIVE: Caution to prevail at start; SGX Nifty marginally green