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The S&P BSE MidCap almost mirrored its broader peers with 1% rise while S&P BSE SmallCap index underperformed, with gains over 0.3%. Sixteen of the 19 sectoral indices compiled by BSE advanced with S&P BSE Metal index and S&P BSE Energy index leading the gains.
The market breadth was skewed in favour of bulls. About 1,914 stocks advanced, 1,337 declined and 141 remained unchanged.
"Given oversold conditions and seasonality associated with FII flows in December, there is a likelihood of near-term bottom formation. Nevertheless, any break of averages on these major sectors would herald a fresh wave to the downside, and Nifty has next major technical support at 16,200, should that situation materialize", S Hariharan, Head- Sales Trading, Emkay Global Financial Services wrote in a note and added that "PSU Banks and IT sectors are relatively stronger sectors, while Metals sector is close to major trendline support and might offer entry opportunities.”
Of the 25 analysts tracking the company, 11 maintained 'buy', seven maintained 'hold' and seven maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 11.4%.
Shares of Sapphire Foods India Ltd. rose 2.81% in intraday trade to Rs 1,049 apiece after the company announced the opening of its 500th store in KFC Dindigul, Tamil Nadu. The company's group CEO Sanjay Purohit announced plans to double store count in the next 3-4 years.
Sapphire Foods also witnessed healthy recovery in Dine In sales, resulting in robust same store sales growth in the last two months.
The company is scheduled to announce its earnings on Friday.
October : 1,38,335
November : 1,39,184
Rise : 0.61%
Source: Exchange Filing
— DGCA (@DGCAIndia) December 1, 2021
Shares of Mindtree Ltd. rose 2.60% in intraday trade to Rs 4,441.05 apiece. The company announced that it earned the Artificial Intelligence and Machine Learning on Microsoft Azure advanced specialisation. In an exchange filing, Mindtree said that the specialisation was a validation of the deep knowledge of the services partner and implementation for Azure solutions.
Of the 41 analysts tracked by the company, 13 maintained 'buy', 15 maintained 'hold' and 13 maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 1.8%.
Biocon Ltd. has been selected to be in the Dow Jones Sustainability Index in the Emerging Markets category for its progressive ESG practices.
Biocon had a total sustainability score of 45 against an industry average of 18. It is among the top 15 companies in India and one of the 12 companies from the pharmaceuticals, biotechnology and life sciences sectors to be featured in the index this year.
Source: Exchange Filing
I welcome the decision of the Delhi Govt to finally reduce VAT on petrol.
— Hardeep Singh Puri (@HardeepSPuri) December 1, 2021
Happy that non-BJP states are also following the example set by the Central Govt. I again appeal to the remaining 6 non-BJP states to reduce VAT on fuel & bring relief to the people. pic.twitter.com/OfwU0Mmkv2
Shares of Bajaj Auto Ltd. declined for the 10th straight day, on track for the longest losing streak since 2008.
Bajaj Auto shares shed 10% during the streak while the NSE Nifty 50 index fell 5.08%
The relative strength index on the stock was 17, suggesting it may be oversold.
Of the 52 analysts tracking the company, 37 maintained 'buy', 10 maintained 'hold' and five maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 30.7%.
Shares of Go Fashion India Ltd. erased morning losses to log intraday gains of 5.61% to Rs 1,324 apiece. The rise comes on the back of a stellar debut for the company, in which the shares rose over 94% in intraday trade before closing its maiden session with nearly 82% gains.
Foreign portfolio investors bought 1 million shares of Go Fashion via open market on November 30. Nomura India Investment Fund Mother Fund- The MTBJ AC Nomura India Inves FD bought 7,25,000 shares, while Nomura Funds Ireland Public Ltd. Company- Nomura Funds Ireland - India Equity bought 2,75,000 shares, both at Rs 1,277.97 per share, according to data from exchanges. The names of the sellers are not immediately known.
Mahindra & Mahindra Ltd. reported passenger vehicle sales for November at 19,458 units vs 18,212 units YoY, up 6.8%
November exports at 3,101 units, up 90% YoY
November tractor sales at 27,681 units, down 15% YoY
November automotive sales at 40,102 units
November commercial vehicle sales at 17,543 units, down 23% YoY
Company expects the issues surrounding semi-conductor related parts continue to remain a challenge for the industry. Mahindra & Mahindra insists that it is closely monitoring the situation and taking appropriate steps.
October : 33,925
November : 29,778
Fall: 12.22%
Source : Exchange Filing
The broader indices underperformed their larger peers with the S&P BSE MidCap adding 0.5% and S&P BSE SmallCap remaining little changed. Fourteen out of the 19 sectoral indices compiled by the BSE advanced with S&P BSE Bankex adding 1.4%.
The market breadth was skewed in the favour of bulls. About 1,786 stocks advanced, 1,367 declined and 148 remained unchanged.
PB Fintech has 1.98 million shares change hands in a bunched trade.
Details of buyers and sellers are not immediately known.
Source: Bloomberg
Asian Paints has 1.13 million shares change hands in bunched trade.
Details of buyers and sellers are not immediately known.
Source: Bloomberg
October : 5,805
November : 4,085
Fall : 33.8%
Source : Exchange filing
November vehicle sales at 2,72,693 units, down 15% YoY
November exports at 96,000 units, up 30% YoY
November motorcycle sales 2,57,863 units, down 17% YoY
Source: Exchange filing
Swiggy is raising $600 million-$700 million in a round led by Invesco, that's due to close this month.
While Invesco will pour in $200 million, other existing investors such as Softbank Group Corp. will also participate.
The deal values Swiggy at about $10.5 billion.
Source: People with knowledge of the matter
GST collection for November 2021 surpassed last month collection.
GST collection for November 2021 is the second highest since the implementation of GST.
Revenues for the month of November is 25% higher YoY
CGST: Rs 23,978 crore
SGST: Rs 31,127 crore
IGST: Rs 66,815 crore
Compensation cess: Rs 9,606 crore
Source: Press Information Bureau
Shares of Maruti Suzuki India Ltd. rose over 4.4%, the biggest intraday gains in two weeks, to Rs 7,380 apiece.
The company expected an adverse impact on vehicle production in December in both Haryana and its contract manufacturing company in Gujarat.
Maruti Suzuki, in an exchange filing, added that the situation remained 'dynamic' and estimated the total vehicle production volume across both locations to be around 80%-85% of normal levels.
Of the 53 analysts tracking the company, 33 maintained 'buy', eight maintained 'hold' and 12 maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 7.6%.
Trading volume on the stock was 3 times the 30-day average volume. Price crossed above the 200-day simple moving average, indicating potential upward price momentum.
Shares of Fertiliser companies rose on the back of a Reuters report which hinted at possible increase in 2021-22 fertiliser subsidies to a record of over Rs 1.55 lakh crore, citing people familiar with the matter.
The subsidies are aimed at avoiding shortages amid rise in global prices of chemicals, the report said.
Monetary policy will not have to be in conflict with fiscal policy in India, as opposed to other economies where monetary policy will have to unwind the demand push that has been given by fiscal policy.
Expect India to grow in double digits this year
Even thought there may be some decline in non-tax revenues, specially the privatisation receipts, tax revenues will more than make up for it.
Source: KV Subramanian, chief economic adviser in the Finance Ministry in an interview to Bloomberg TV
BLOOMBERG EXCLUSIVE
Bankers will meet next week to start discussions with potential anchor investors in the IPO of LIC
The meeting is aimed at helping the government stick to its March deadline for the country's biggest share sale.
The 10 underwriters will reach out to 40 global firms about two weeks later than planned.
The delay is because many firms were key investors in the IPO of Paytm, which sapped the sentiment when it tumbled on debut
Banks want to wrap up the initial talks by mid-December.
Source: People familiar with the matter.
India’s top court has directed U.S.-based hedge fund Deccan Value Investors LP to transfer Rs 500 crore ($66.8 million) to lenders of Amtek Auto Ltd. and complete the takeover in four weeks in accordance to the resolution plan for the bankrupt company.
Court said resolution of the Amtek Auto, which was among the big twelve defaulters pushed into bankruptcy by the central bank in 2017, was already delayed and further delay may defeat the purpose of insolvency resolution process
Detailed copy of the ruling is awaited
Source: Bloomberg
Star Health IPO Subscription Status: Day 2 Live Updates
Shorter-term India sovereign securities declined in Wednesday morning trading.
The 5-year yield rose 2.9bps to 5.675%
The 10-year yield rose 2.2bps to 6.348%
The 30-year yield fell 3bps to 6.851%
The 5-year-10-year yield spread was 67.3bps, vs previous close 68bps
Source: Bloomberg
The company reported gross turnover of Rs 343.51 crore in the month versus Rs 193.10 crore YoY, up 74.30%.
Trading volume on the stock was 2 times the 30-day average volume, for this time of the day.
Source: Exchange Filing
Tega Industries IPO Subscription Status: Day 1 Live Updates
India’s rupee rises the most in three weeks after crude oil declined and GDP data released Tuesday exceeded forecasts. Traders are awaiting a Rs 20,000 crore ($2.7 billion) sale of treasury bills.
USD/INR falls 0.4% to 74.8400 after dropping as much as 0.5%, the most since Nov. 8
Shares of UltraTech Cement Ltd. rose over 3.3%, the biggest intraday gain in over three weeks, to Rs 7,678.75 apiece, after the company commenced mining of coal from its Bicharpur Coal mines situated in Madhya Pradesh.
In an exchange filing, the company said that the mines wwere procured in the coal block auctions in 2015 and have extractable reserves of 29 MMT.
The coal extracted from the mines will be used for the company's internal consumption and would reduce the dependence on coal purchases.
Of the 45 analysts tracking the company, 39 maintained 'buy', four maintained 'hold' and two maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 13.3%.
Trading volume on the stock was 2.4 times the 3-day average volume, for this time of the day.
Manufacturing PMI At 10-Month High In November
Nykaa Shares Gain As HSBC Initiates Coverage With A ‘Buy’
Ashoka Buildcon Ltd.'s subsidiary Ashoka Concessions Ltd. acquired 49% stake (1,45,60,442 shares of Rs 10 each) of Ashoka Highways (Durg) Ltd. This is pursuant to share purchase agreement with Highway Concessions One Pvt Ltd.
Post acquisition of 49% stake, Ashoka Concessions along with Ashoka Buildcon will hold 99.99% in Ashoka Highways (Durg).
Of the 18 analysts tracking the company, 17 maintained 'buy' and one maintained 'hold' recommendation. The overall consensus price of analysts tracked by Bloomberg implied an upside of 66.7%.
Shares of Rail Vikas Nigam Ltd. rose nearly 4.78%, the biggest intraday gain in a week, to Rs 35.05 apiece, after the company entered into an MoU with Economic Policy Research Institute of KYRGYZ Republic, Goverment of Kyrgyzstan. The MoU pertains to the development of railway corridor projects in Kyrgyz Republic, to connect from Bishkek to Karakechenskoye.
All the three analysts tracked by Bloomberg implied a 'buy' recommendation. The overall consensus price of all the analysts tracked by Bloomberg implied an upside of 51.2%.
Shares of NTPC Ltd. rose nearly 4.5%, the biggest intraday gain in four weeks, to Rs 132.95 apiece before erasing the gains.
In an exchange release post market hours Tuesday, NTPC said that the Unit-4 of its 250 MW capacity of Nabinagar Thermal Power Project of its subsidiary Bhartiya Rail Bijlee Company, has commenced commercial operation. With this, the commercial capacity of NTPC group will become 67,907.5 MW.
Of the 28 analysts tracking the company, 25 maintained 'buy' and three maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 30.2%.
Trading volume on the stock was 3.7 times the 30-day average volume, for this time of the day.
Shares of Coal India Ltd. rose 1.61% in intraday trade to Rs 154.45 apiece after the company announced that it will infuse Rs 19,650 crore to strengthen railway infrastructure.
In a statement, the company said that the investment will aid coal evacuation capacity through rail mode by an additional 330 million tonnes per annum (MTPA)
Coal India is constructing three railway lines from its own funds (estimated capital: Rs 7,994 crore). Besides this, the company has joint ventures with Chhattisgarh, Jharkhand and Odisha (capital outlay: Rs 11,656 crore).
Of the 27 analysts tracking the company, 21 maintained 'buy', three maintained 'hold' and three maintained 'sell'
recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 29.4%.
Metropolis Health rated 'new buy' at Centrum Broking; price target: Rs 3,999
Dr Lal Pathlabs rated 'new buy' at Centrum Broking; price target: Rs 4,999
Source: Bloomberg
India’s bond traders are awaiting the sale of Rs 20,000 crore ($2.7 billion) of T-bills. The rupee may gain after crude prices slumped overnight.
USD/INR rose 0.1% to 75.1687 on Tuesday
10-year yields little changed at 6.33% on Tuesday
Global funds sold net Rs 5,450 crore of India stocks Tuesday: NSE
They sold Rs 13 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 404 crore of corporate debt
State-run banks sold Rs 5,530 crore of sovereign bonds on Nov. 30: CCIL data. Foreign banks bought Rs 1,690 crore of bonds
Source: Bloomberg
Zen Technologies Ltd. said that there was a fire incident at the demonstration centre in Maheshwaram Hardware Park near Shamshabad airport in Telangana. In an exchange filing, the company confirmed that no person was injured during the incident.
The facility is insured and the financial damage is being assessed.
Operations are expected to resume within a couple of days. The incident is unlikely to have any impact on any ongoing projects, the company said
Auto Sales November 2021 Live: Bajaj Auto Sales Fall 13.7%
The broader indices almost mirrored their benchmark peers with the S&P BSE MidCap index adding 1% and S&P BSE SmallCap index rising 0.8%. Barring S&P BSE Power index, all the other 18 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Metal gaining over 1.5%.
The market breadth was skewed in the favour of bulls. About 1,780 stocks advanced, 606 declined and 66 remained unchanged.
Bajaj Auto reported a sales decline of 10% YoY for the month of November
Total sales at 3,79,276 units, down 1% YoY
Exports at 2,20,521 units, down 1% YoY
Domestic sales at 1,58,755 units, down 20% YoY
Motorcycle sales at 3,38,473 units, down 12% YoY
Commercial Vehicles sales at 40,803 units, up 10% YoY
On a month-on-month basis, Bajaj Auto Ltd total sales fell 13.7% in November
October : 4,39,615
November : 3,79,276
Fall : 13.7%
Source: Exchange Filing
RateGain Travel sets Rs 405-425 per share price band for IPO
The Delhi-based software services provider to hospitality and travel industry plans to raise as much as Rs 375 crore selling new shares, while its founders are offering 5.49 million shares and private equity firm Wagner Ltd. is selling 17.1 million shares in the IPO
Issue opens December 7 and closes December 9, anchor investors will bid December 6
Investors can bid for minimum 35 shares of face value Rs 1 each
Kotak Mahindra Capital, IIFL Securities and Nomura are managing the issue
RateGain will use proceeds from the IPO to repay debt availed by unit RateGain UK, strategic investments, acquisitions and inorganic growth
Source: Advertisement in the Financial Express Newspaper Date December `1, 2021
It’s too early to interpret Federal Reserve Jerome Powell’s latest remarks as being too hawkish.
The part about potential acceleration in tapering does sound hawkish. But the FRB is still in the midst of figuring things out as the impact of the omicron variant is yet unknown. It seems too early to read too much into his comments from yesterday.
At this point in time, Powell surely isn’t likely to say something that is going to have a huge impact on markets and actively make commentary that could lead to sharp share price declines
Tomo Kinoshika, global market strategist, Invesco Asset Management
Source: Bloomberg
Deepak Nitrite rated 'new buy' at JM Financial; price target: Rs 2,800
Ipca Laboratories raised to 'buy' from 'hold' at JM Financial Institutional Securities; price target: Rs 2,400
FSN E-Commerce Ventures rated 'new buy' at HSBC; price target: Rs 2,900
Source: Bloomberg
Powell Weighs Earlier End to Bond Tapering Amid Hot Inflation
India GDP Grew 8.4% In July-September As Lockdowns Eased
Honeywell Automation rated 'new buy' at Equirus Securities; price target: Rs 48,250
Zomato rated 'new hold' at Edelweiss Capital; price target: Rs 151
Asian Paints raised to 'buy' from 'hold' at Antique Stock Broking; price target: Rs 3,589
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