Scan to Download
Two triggers assisted the Sensex rally to record highs. One, in the mother market U.S., the market construct turned favourable with rising equities, declining bond yields and falling dollar. Two, macro developments in India show steady rise in credit growth and capex indicating strong economic recovery. Along with this, sharp correction in crude is a big positive. This has facilitated this Sensex rally led by large-caps, mainly the HDFC twins, Infosys, TCS and RIL.Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Benchmark S&P BSE Sensex rose over 1% to 62,168.17, a fresh 52-week high.
The NSE Nifty 50 too rose over 1% to 18,461.15
Source: Exchanges
HDFC Life Insurance Co. Ltd. has inked a pact to acquire 11% total paid‐up capital in a joint venture between Indian Oil Corporation Ltd and Chennai Petroleum Corporation Ltd.
The company will buy roughly 5,500 equity shares of face value Rs. 10 each, aggregating to Rs 55,000.
In a separate exchange filing earlier today, ICICI Bank said it will invest Rs 50,000 as seed capital to take up 10% equity in the joint venture of Indian Oil Corporation and Chennai Petroleum Corporation.
Source: Exchange filing
The broader indices underperformed their larger peers, with the mid-cap and small-cap indices gaining 0.33% and 0.45%, respectively.
Sixteen out of the 20 sectoral measures complied by BSE Ltd. advanced, with BSE Information & Technology and Teck gaining the most over 1%.
The market breadth is skewed in favour of the bulls. About 1,978 stocks rose, 1,394 fell and 151 remained unchanged
Shares of Easy Trip Planners gained as much as 9.70% after company said it will mull proposal for an acquisition.
The board of Easy Trip Planners will meet on December 1 to consider a proposal for an acquisition.
Source: Bloomberg, Exchange filing
Tata Consumer has said it is in discussions with various parties, including Bisleri International, as it evaluates various strategic opportunities for growth and expansion.
It added that it will make appropriate announcements as and when any requirement arises.
Source: Exchange filing
Shares of PB Fintech surged as much as 11.6%, the most this week after multiple large trades.
Total traded quantity was 6.5 times the 30-day average.
At least 1.6% equity changed hands in at least two bunched trades, according to data on Bloomberg.
Of the 11 analysts tracking the company, 10 maintain 'buy', one suggests 'hold' and none recommends 'sell'. The return potential of the stock indicates an upside of 56.3%.
Source: Bloomberg
B2B e-commerce unicorn Udaan has raised an undisclosed amount from debt financing platform EvolutionX.
Though the amount was undisclosed, EvolutionX said it has committed about Rs 680 crore in aggregate between Udaan and Pharmeasy parent API Holdings in November 2022.
EvolutionX is a pan-Asia debt fund founded by DBS and Temasek.
Source: Press release
ICICI Bank said it will invest Rs 50,000 as seed capital to take up 10% equity in a joint venture of Indian Oil Corporation and Chennai Petroleum Corporation.
The JV will implement a 9 MMTPA refinery at Nagapattinam, Tamil Nadu in which IOCL and CPCL will hold 50% equity stake (25% each) and balance would be held by other partners.
The refinery will produce petroleum and petrochemical products such as polypropylene.
ICICI Bank said it does not have any obligation to fund the future requirements of the project, beyond initial seed capital.
Source: Bloomberg, Exchange filing
ICICI Bank will invest Rs 50,000 as seed capital to take up 10% equity in a joint venture of Indian Oil Corporation and Chennai Petroleum Corporation.
The JV will implement a 9 MMTPA refinery at Nagapattinam, Tamil Nadu in which IOCL and CPCL will hold 50% equity stake (25% each) and balance would be held by other partners.
The refinery will produce petroleum and petrochemical products such as polypropylene.
ICICI Bank said it does not have any obligation to fund the future requirements of the project, beyond initial seed capital.
Source: Exchange filing
Rustomjee Parent Keystone Realtors Shares List At 2.59% Premium Over IPO Price On Debut
Neuland Laboratories Ltd. shares gained after the company's board appointed Abhijit Majumdar as chief financial officer and key managerial person.
The stock rose as much as 2.28%.
The board also approved transfer of company’s property spanning 1.75 lakh square feet in Nanakramguda, Hyderabad to various parties via perpetual lease for an overall consideration of Rs 117.96 crore.
Of the three analysts tracking the company, two maintain 'buy', none suggest 'hold' and one recommends 'sell'. The potential downside of the stock is 0.1%.
Source: Bloomberg, Exchange filings
The mid-cap almost mirrored the benchmarks with 0.30% increase, but the small-cap index outperformed the larger peers with a gain of 0.46%.
The large-cap index was up 0.19%.
Sixteen of the 19 sectoral measures complied by BSE advanced, with BSE Oil and Gas and Utilities leading the pack.
The market breadth is skewed in the favour of bulls. About 1,845 stocks rose, 810 fell and 125 remained unchanged.
Yield on the 10-year bond fell 3bps to 7.25% at the open on Thursday.
Source: Bloomberg
The U.S. FDA, following an inspection conducted in May 2022, has issued a warning letter to Glenmark’s Goa facility.
The company said the warning letter wouldn’t disrupt supplies or existing revenues from operations of the facility.
It said it will implement all necessary corrective actions required to address concerns.
Source: Exchange filing
Global Stocks Climb Amid Federal Reserve Optimism: Markets Wrap
Rustomjee Parent Keystone Realtors IPO: All You Need To Know
Asian Paints To Hindustan Unilever: Ayaz Motiwala On What's Ailing FMCG Sector
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
