Scan to Download
The broader indices outperformed their larger peers with the S&P BSE MidCap little changed on Friday while S&P BSE SmallCap added 0.33%. Sixteen of the 19 sectoral indices compiled by the BSE Ltd. declined with S&P BSE Energy index slipping over 2%.
The market breadth was skewed in the favour of bulls. About 1,802 stocks advanced, 1,449 stocks declined and 146 remained unchanged.
"10-12 new covid-19 variant of omicron cases were reported in India and its impact was visible in the market with Nifty50 to decline by 200 points on the last trading day of the week . Tech stocks are witnessing profit booking followed by FMCG and Infra to decline by 1% while auto, metal and cement stocks are trading flat. The NSE Nifty 50 has declined by 9% from its all time high and bounced from the support in range of 16700-16800 levels being the recent bottoms", Vikas Jain, Sr. Research Analyst, Reliance Securities wrote in a note and added "on the higher side crossover of 17,800 would give a breakout from this corrective action as the previous support of 17,800 will act as resistance now. Any negative news flow from the global or domestic markets could breach 16,700 and might attempt to test the long term 200 day average of 16,100 levels".
BPCL raised to 'buy' from 'accumulate' at Elara Securities; price target: Rs 493
Indian Oil raised to 'buy' from 'accumulate' at Elara Securities; price target: Rs 148
Source: Bloomberg
Shares of Vodafone Idea added 15% in intraday trade to Rs 14.7 apiece to the highest in two years (higher than any close since May 13, 2019).
Trading volume on the stock was triple the 20-day average volume, for this time of the day.
Relative strength index on the stock was above 70, indicating it may be overbought.
Analysts have no 'buy', six 'hold' and 15 'sell' recommendations on the stock.
Sun Pharma Advanced Research Company Ltd. (SPARC) announced an agreement with Biomodifying LLC to exclusively license Biomodifying's intellectual property, including patents and patent applications.
Under the agreement, Biomodifying is eligible for an up-front payment, milestone payments on pre-specified clinical, regulatory and commercialised milestones, as well as royalties on sales, the company said in an exchange filing.
SPARC will also pay Biomodifying a percentage of payments received for sublicenses of the licenses IP.
Shares of Morepen Laboratories Ltd. rose 4.8% in intraday trade to Rs 53.45 apiece after the company received U.S. FDA approval for anti-allergy drug Fexofinadine Hydrochloride. The drug is sold in India under the brand name Allegra.
Morepen is the third largest exporter of the drug and the U.S. FDA approval is likely to drive more exports.
Trading volume on the stock is 2.1 times the 30-day average volume, for this time of the day. Share price crossed above the 200-day simple moving average, indicating potential upward price momentum.
Energy systems are getting digitised.
Tremendous value creation happening in digital world.
Digital first world will be a 'more equal world'.
5G rollout will make Indian digital infrastructure most advanced.
India will make 'great strides' in fintech, edtech.
Source: InFinity Forum organised by IFSCA and Bloomberg
India's Finance Ministry sought lawmakers' approval to spend an additional Rs 3.74 lakh crore for the current fiscal year ending March 31, according to second batch of supplementary demands for grants presented in parliament Friday.
Of the total extra expenditure, net cash outgo is Rs 2.99 lakh crore, while the remaining will come from saving or enhanced receipts and recoveries of ministries.
Supplementary demand for grants including additional allocation for MGNREGA.
Additional allocation of Rs 22,038.99 for Rural Development Ministry for transfer to MGNREGA scheme.
Source: Second batch of supplementary demands for grants
The broader indices outperformed their larger peers with S&P BSE MidCap adding 0.3% and S&P BSE SmallCap rising 0.7%. Ten of the 19 sectoral indices compiled by the BSE Ltd. advanced with S&P BSE Capital Goods rising the most. On the flip side, S&P BSE Energy shed over 1%.
The market breadth was skewed in the favour of bulls. About 1,973 stocks advanced, 1,163 declined and 135 remained unchanged.
Bata India rated 'new sell' at HDFC Securities; price target: Rs 1,400
Surya Roshni rated 'new buy' at Systematix Shares & Stocks; price target: Rs 900
Source: Bloomberg
Gujarat Fluoro Hits A Record As ICICI Securities Initiates Coverage With A 'Buy'; Sees 50% Upside
Shares of KEC International Ltd. rose 4%, the biggest intraday gain in two weeks, to Rs 449.8 apiece, after the company bagged new orders worth Rs 1,065 crore across various businesses, including transmission and distribution, railways, civil, oil and gas pipelines and cables.
The company's YTD order stood at Rs 11,000 crore, up 2.5 times YoY.
Of the 32 analysts tracking the company, 24 maintained 'buy', seven maintained 'hold' and one maintained 'sell' recommendation. The overall consensus price of analysts tracked by Bloomberg implied an upside of 17.8%
Shares of Indian Energy Exchange Ltd. rose nearly 15%, the biggest intraday gain in six weeks, to Rs 278.7 apiece on the BSE, as the stock turned ex-date for 2:1 bonus shares.
The company has fixed December 6 as the 'record date' to ascertain the eligibility of shareholders entitled for the issuance of bonus equity shares of the company.
Of the 16 analysts tracking the company, seven maintained 'buy', five maintained 'hold' and four maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 12.6%. Trading volume on the stock was 7.3 times the 30-day average volume, for this time of the day.
Tega Industries IPO Subscription Status: Day 3 Live Updates
Anand Rathi Wealth IPO Subscription Status: Day 2 Live Updates
Maturities across the India sovereign yield curve were little changed in Friday morning trading.
The 3-year yield was little changed at 5.093%
The 5-year yield rose 0.7bps to 5.688%
The 10-year yield was little changed at 6.356%
The 3-year-10-year yield spread was 126.3bps, vs previous close 125.6bps
India’s rupee is poised for a second straight week of losses as concerns over the spread of omicron virus variant weighs on sentiment. Traders await a Rs 24,000 crore ($3.2 billion) weekly sale of bonds and a speech by Finance Minister Nirmala Sitharaman.
USD/INR steady at 74.9825 on Friday; up 0.2% on the week
10-year yields steady at 6.36%; up 3bps on the week
Source: Bloomberg
According to Economic Times report, the agreement will seek to address issues raised by Invesco about the founder family's stake in the merger entity.
The 9-member Zee board will have five Sony executives including Tony Vinciquerra, chairman and CEO of Sony.
Punit Goenka will continue as CEO and the only one from the founders to have a board seat.
Zee and Invesco declined to comment, while Sony did not respond, according to the report.
Of the 23 analysts tracking the company, 17 maintained 'buy', five maintained 'hold' and one maintained 'sell' recommendation. The overall consensus price of analysts tracked by Bloomberg implied an upside of over 6%.
Services PMI Expands At Second-Fastest Pace In Over A Decade
Power Grid has 20.9 million shares change hands in a bunched trade.
Details of the buyers and sellers are not immediately known.
Source: Bloomberg
Fintech is resting on four pillars: income, investment, insurance and institutional credit.
Fintech is incomplete without fintech security evolution.
Our digital public infrastructure solutions can improve the lives of people around the world.
Tools like UPI and RuPay give an unparalleled opportunity for countries to provide a low-cost, reliable payment system as well as domestic card schemes and fund remittance systems.
Source: InFinity Forum organised by IFSCA and Bloomberg
Shares of Unichem Laboratories Ltd. rose nearly 9.5%, the biggest intraday gain in a week, after the company received ANDA approval for its Aripiprazole tablets USP from the U.S. FDA to market the generic version of Abilify tablets.
The tablets are indicated for schizophrenia and irritability associated with autistic disorder.
The product will be commercialised from the company's Ghaziabad plant.
Trading volume on the stock was 10.4 times the 30-day average volume, for this time of the day. Stock price crossed above 50-day moving average on high trading volume.
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 61%.
In an exchange filing, the company said that green hydrogen demand would grow up to 2 MMTPA by 2030 for applications like refineries, fertilisers and city gas grids.
L&T and ReNew Power would bid jointly from green hydrogen projects by industries. The two companies would float separate SPVs for individual projects.
L&T's managing director SN Subrahmanyan said that the company is mulling entry into manufacturing of electrolyzers and grid scale stationary batteries.
The company also entered into a distribution agreemnt with Kemroc that will facilitate Kemroc products to be distributed and promotered in the Indian market by L&T. The agreement covers Kemroc-developed special attachments including EK series of Chain Cutters, used in rock trenching. The partnership will help L&T expand its product offers in construction industry in India.
Of the 42 analysts tracking the company, 40 maintained 'buy', one maintained 'hold' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 19.5%. Trading volume on the stock was 1.7 times the 30-day average volume, for this time of the day.
Shares of Hindustan Zinc Ltd. rose over 4%, the biggest intraday gain in over 6 weeks to Rs 346.95 apiece after the company said that its board of directors will consider and approve dividend on equity shares on December 7.
In an exchange filing, the company said that the record for eligibility for interim dividend will be December 15.
Of the 20 analysts tracking the company, four maintained 'buy', eight maintained 'hold' and eight maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 9.2%.
3i Infotech has 1.07 million shares change hands in a bunched trade.
Details of buyers and sellers are not immediately known.
Source: Bloomberg
Dish TV India has 5.87 million shares change hands in a bunched trade.
Details of the buyers and sellers are not immediately known
Source: Bloomberg
The broader indices almost mirrored their larger peers with the S&P BSE MidCap and S&P BSE SmallCap adding nearly 0.5%. Barring S&P BSE FMCG and S&P BSE Telecom indices, all the other 17 sectoral indices compiled by the BSE, rose, with S&P BSE Information Technology, Capital Goods and Realty indices leading the gains.
The market breadth was skewed in the favour of bulls. About 1,692 stocks advanced, 617 declined and 96 remained unchanged.
Indian bond traders are awaiting a Rs 24,000 crore ($3.2 billion) weekly sale of bonds.
USD/INR rose 0.1% on Thursday to 74.9913; pair has gained 0.2% this week.
10-year yields were little changed Thursday at 6.35%
Global funds sold a net Rs 910 crore of India stocks Thursday, according to NSE; they bought Rs 218 crore of sovereign bonds under limits available to foreign investors, and added Rs 808 crore of corporate debt
State-run banks bought Rs 120 crore of sovereign bonds on Dec. 2: CCIL data. Foreign banks sold Rs 197 crore of bonds.
Source: Bloomberg
Adani Ports and Special Economic Zone Ltd. handled cargo volume of 209.45 MMT in eight months of FY22, a growth of 43% YoY.
Mundra Port crossed 100 MMT during the eight months period.
Container volumes reached 5.5 million TEUs.
Dry cargo volume crossed 100 MMT.
Cargo volume for November at 24.74 MMT vs 23.77 MMT YoY
Source: Exchange Filing
Ashok Leyland raised to 'outperform' from 'neutral' at Macquarie; price target: Rs 162
Motherson Sumi raised to 'outperform' from 'neutral' at Macquarie; price target: Rs 265
Minda Indsutries cut to 'neutral' from 'outperform' at Macquarie; price target: Rs 900
Source: Bloomberg
Hindustan Zinc's board of directors will consider and approve dividend on equity shares, in a meeting on December 7.
The record date for eligibility for interim dividend will be December 15.
Source: Exchange Filing
Balkrishna cut to 'neutral' from 'outperform' at Macquarie; price target: Rs 2,250.
Bajaj Auto raised to 'outperform' from 'neutral' at Macquarie; price target: Rs 4,007.
Eicher Motors raised to 'neutral' from 'underperform' at Macquarie; price target: Rs 2,330.
Source: Bloomberg
Government plans to bridge the gaps in employment data by next year, with officials gathering details on job status of about half a billion workers.
For informal sector, government will derive data from surveys of migrant labourers, domestic workers besides the information submitted through a new online portal.
Source: People familiar with the matter
Zee Entertainment Enterprises Ltd. and Sony Pictures Entertainment Ltd. are likely to sign a binding agreement before Christmas within the 90-day exclusivity period, Economic Times reported, citing unnamed people aware of the negotiations.
The agreement will seek to address issues raised by Invesco about the founder family's stake in the merger entity.
The 9-member Zee board will have five Sony executives including Tony Vinciquerra, chairman and CEO of Sony.
Punit Goenka will continue as CEO and the only one from the founders to have a board seat.
Zee and Invesco declined to comment, while Sony did not respond, according to the report.
Shyam Metalics, Sona Comstar IPO Subscription Status: Day 3
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
