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The market breadth was skewed in the favour of sellers. Around 2002 stocks declined, 1749 advanced, and 129 remained unchanged.
17 lakh shares changed hands in a large trade
0.03% equity changed hands at Rs 209.05 apiece
Buyers and sellers not known immediately
Source: Bloomberg
IDFC First Bank 23.4 lakh shares or 0.03% equity changed hands in two large trades
Buyers and sellers not known immediately
Source: Bloomberg
Life Insurance Corporation of India Ltd. has reduced stake in HDFC Asset Management Company Ltd. to 6.95% from 9.05%
Source: Exchange Filing
Top Gainers
GMR Airports Infrastructure up 12.16% at Rs 69.2
Schneider Electric Infrastructure up 9.51% at Rs 373
Alok Industries up 8.96% at Rs 22.5
Infibeam Avenues up 8.66% at Rs 21.95
Brightcom Group up 5.99% at Rs 21.25
Food Secretary Sanjeev Chopra said India's sugarcane production seen lower this year compared to last year. India Sugarcane output seen at 43.48 crore tonn this year.
Source: Bloomberg
JSW Steel Ltd.'s U.S unit to raise up to $145 million via long-term bonds
Funds to be used for construction, expansion and other works
Source: Exchange Filing
KPI Green Energy Ltd. received new orders of 1.75 MW for solar projects.
Source: Exchange Filing
Concor shares rose as much as 2.18% to 860.75 apiece to reach its all time high. It pared gains to trade 0.06% lower at Rs 841.85 apiece, as of 11:42 a.m. This compares to a 0.35% advance in the NSE Nifty 50 Index.
It has risen 13.82% on a year-to-date basis. Total traded volume so far in the day stood at 2.5 times its 30-day average. The relative strength index was at 86.
Out of 26 analysts tracking the company, 13 maintain a 'buy' rating, 8 recommend a 'hold,' and 5 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.4%.
The shares of IRB Infrastructure Developers Ltd. rose to a life-time high on Friday after it announced a jump of 20% in November toll collection.
IRB Infrastructure shares rose as much as 6.50% to 40.95 apiece to reach its all-time high. It pared gains to trade 3.25% higher at Rs 39.70 apiece, as of 11:00 a.m. This compares to a 0.16% advance in the NSE Nifty 50 Index.
It has risen 36.15% on a year-to-date basis. Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 67.
Out of nine analysts tracking the company, six maintain a 'buy' rating and three recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 40.1%.
Spicejet got favorable order from Dubai International Financial Centre on Dec 7
DIFC Court issued freezing order on Oct 30 in relation to certain engines installed on aircraft bearing Indian registration mark
Court further orders to pay legal costs incurred by company
Source: Exchange Filing
Nifty Midcap 100 trading lower at 0.14% at 44432.75
Nifty Smallcap 100 trading 0.44% lower at 14497.50
Paytm Shares Rebound After Worst Fall Since Listing
Systematix doesn't expect any major impact on sugar sector's profitability, and maintained a positive outlook on the sector.
Systematix forecasted additional 1.5mn ton of sugar production this year. Post government's decision to curb ethanol production from sugar cane, net production of sugar to increase 31.5 mn tonn.
Systematic said the government is required to hike ethanol prices to incentivize mills. Ethanol supplies will now be sourced from maize, damaged grains. It also see little impact on integrated sugar millers' profit.
Life Insurance Corp. reclaimed Rs. 5 lakh crore market capitalisation, which fell since its listing in 2022.
The market cap of the state-run life insurer slipped below Rs 5 lakh crore on June 6, 2022, and has been on a downtrend since.
GMR Airports Infrastructure Ltd at 16.21x of its 30 day average
Mahindra Logistics Ltd at 5.07x of its 30 day average
Schneider Electric Infrastructure Ltd at 4.74x of its 30 day average
MMTC Ltd at 4.11x of its 30 day average
Nazara Technologies Ltd at 4.09x of its 30 day average
IIFL Securities' stock rose as much as 13.99% during the day to Rs 134.40 apiece on the NSE. It pared gains to trade 9.20% higher at Rs 128.75 apiece compared to a 0.4% decline in the benchmark Nifty 50 as of 10:10 a.m.
The shares have risen 101.4% on a year-to-date basis. The total traded volume so far in the day stood at 17 times its 30-day average. The relative strength index was at 73.72, indicating that the stock may be overbought.
An analyst tracking IIFL Securities has a 'hold' rating for the stock, according to Bloomberg data.
National Aluminium has16.6 lakh shares changed hands in a large trade
0.1% equity changed hands at Rs 98.65 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Gujarat Gas and Indraprastha Gas are Nirmal Bangs key stock picks in gas sectors.
Nirmal Bang maintained a 'Buy' rating on General Gas Ltd. at Rs 506 target price
India’s October gas consumption up 30.6% on year to 198.1mmscmd
India October LNG consumption up 51.5% on year to 94.8mmscmd
Fertilizers, power, CGD, refining, petrochemical were key segments driving October growth.
RBI Monetary Policy Live Updates: Repo Rate Unchanged At 6.5% For Fifth Time
75.8 cr shares or 12.6% equity changed hands in 13 large trades
Buyers and sellers not known immediately
Source: Bloomberg
Indian Bank Association has signed a MOU with bank unions to revise wages.
Annual increase in salary and allowances at 17%
Wage revision with effect from Nov 1, 2022 for 5 years
New pay scales after merging dearness allowance
Distribution of annual wage increase later
All Saturdays as holidays: IBA to Govt
Source: Statement
Shree Cement A Re-Rating Candidate? Yes, Says Jefferies
10.9 lakh shares changed hands in a large trade
0.01% equity changed hands at Rs 77.05 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Five Star Business Finance at 87x its 30 day average
GMR Airports Infrastructure at 6.74x its 30 day average
MMTC at 2.55x its 30 day average
7.8% equity changed hands at price range of Rs 730 to Rs 733.80 apiece
Buyers and sellers not known immediately
Source: Bloomberg
The market breadth was skewed in the favour of buyers. Around 2126 stocks advanced, 812 declined, and 108 remained unchanged.
Buyback for Rs 17,000 crore received 6.55x tendering
Offer for 4.09 crore shares closed on December 7
Offer price of Rs 4,150 was 14.7% above closing price on Thursday
Zomato has 9.3 crore shares or 1.06% equity changed hands in a pre-market large trade
Buyers and sellers not known immediately
Source: Bloomberg
-The yield on the 10-year bond opened flat at 7.24% on Friday
Source: Bloomberg
The local currency opened flat at 83.36 against the U.S dollar on Friday.
Source: Bloomberg
Income Tax Appellate Tribunal Delhi granted Interglobe Aviation Ltd interim relief for demands from assessment year 2016-17, and 2017-18.
ITAT directs Jurisdictional tax officer to not take coercive measures to recover disputed demands.
Source: Exchange filing
Titagarh Rail Systems' QIP for raising up to Rs 700 crore opened on Dec 7
Floor price set at Rs 976.10 per share
Floor price indicates a discount of 0.78% to the stocks previous close of Rs 983.75
Source: Exchange filing
Macquarie Group re-iterated that HDFC Bank is likely to outperform as top sector pick with a 12-month target price of Rs 2,110.
The private lender does not expect RBI's action to increase risk weightage to cause significant increase in pricing. Asset quality remain robust.
The brokerage firm expects rates to increase by 25-50bps. NIMs to normalize at 3.7% in 18-24 months, and 4% in 4 years. NIMs are inelastic to interest rate shifts
Mortgages now being sold in 50% branches
20,000 crore impact on net worth on merger is a timing difference
Macquarie Group Ltd. said Indian banks' margin might come down by 10– 15 basis points in case the RBI cuts rates by 50 bps in the second half of the next fiscal.
The brokerage also sees loan growth moderating across the systems, credit costs to increase as recoveries decline. It also said capital levels are adequate for large private banks as it doesn't foresee any fund raise in the near term.
Morgan Stanley rated Brookfield India Real Estate Trust 'overweight' with price target of Rs 300. The brokergae see share price will rise relative to country index over next 60 days.
Special Economic Zone rules 2023 may pave the way to floor by floor de-notification, resulting in faster leasing for such zones. Morgan Stanley estimated over 80% or highly likely probability for the scenario.
Macquarie Expects India Banks' Margin To Fall By 10-15bps
U.S. Dollar index at 103.60.
10-year bond yield at 4.17%
Brent crude up 0.15% at $74.90 per barrel
Nymex crude up 0.68% at $69.81 per barrel
GIFT Nifty was down 1.0 or 0.03% at 21,076.5 as of 07.36 a.m.
Bitcoin was up 0.09% at $43,429.12.
Nifty December futures fell 0.04% to 21,030.80 at a premium of 129.65 points.
Nifty December futures open interest up 7.23% to 16,239 shares.
Nifty Bank December futures rose 0.26% to 47,047.15 at a premium of 205.75 points.
Nifty Bank December futures open interest up 1.10% to 1,396 shares.
Nifty Options Dec Expiry: Maximum call open interest at 21,000 and maximum put open interest at 20,000.
Bank Nifty Options Dec. 13 Expiry: Maximum call open interest at 49,000 and maximum put open interest at 44,000.
Securities in the ban period: Balrampur Chini Mills, Delta Corp, Indiabulls Housing Finance, the India Cements, National Aluminium, Steel Authority of India, Zee Entertainment Enterprises.
Move into a short-term ASM framework: Adani Energy Solutions, Adani Green Energy, New Delhi Television, TV18 Broadcast.
Move out of short-term ASM framework: Insecticides (India), Swan Energy.
ADF Foods: Promoter Bimal R Thakkar released a pledge of 2 lakh shares on Dec. 4.
IDFC First Bank: Dayside Investment sold 9.17 crore shares or 1.38% stake at Rs 86 apiece.
Tube Investments of India: Motilal Oswal Mutual Fund bought 10 lakh shares or 0.51% stake at Rs 3,348.09 apiece.
Rate-sensitive stocks: The RBI will announce the decision at its meeting of the monetary policy committee on Friday. Banking & finance, auto, housing and real-estate stocks will be in focus.
IIFL Securities: The Securities Appellate Tribunal has set aside SEBI's order prohibiting the company from onboarding new clients for two years and reduced the monetary penalty from Rs 1 crore to Rs 20 lakh.
Zomato: Softbank's SVK Growth plans to sell a 1.1% stake in the food-delivery company at Rs 120.5 apiece, Bloomberg reported.
Bharat Forge: The company's unit, Kalyani Strategic Systems, proposed to acquire a majority stake in Zorya Mashproekt India. ZMI is engaged in the development of indigenous capabilities for build-ups, repairs and overhauls of all types of gas-turbine engines.
Container Corp.: The company signed an MoU with NTPC Vidyut Vyapar Nigam to develop solar projects at its terminals.
DB Realty: Unit Vanita Infrastructure's subsidiary acquired equity shares of DB Conglomerate Realty. Post-acquisition, DB Conglomerate Realty has become a step-down subsidiary of the company.
IRB Infrastructure Developers: The company logged November toll collection at Rs 437 crore against Rs 366 crore in the same period last year.
Jayaswal Neco Industries: The board approved raising up to Rs 3,200 crore through NCDs.
Sanghi Industries: Adani Cement appointed Sukuru Ramarao as CEO and Sanjay Kumar Khanjanchi as CFO of the company effective Dec. 7.
UPL: The company incorporated a step-down subsidiary, Advanta Seeds Zambia, in Zambia for carrying out seeds and related business.
Jindal Saw: The board will consider fundraising at a meeting on Dec. 14.
TVS Electronics: The company received an order from the office of the Commissioner of Customs on Dec. 6 to pay Rs 35.58 crore. It is the process of filing an appeal before the Customs Excise & Service Tax Appellate Tribunal, Chennai.
Greenpanel Industries: The company resumed operations at its Andhra Pradesh factory from Dec. 6. It estimates a loss caused by Cyclone Michaung of Rs 3.5 crore.
Shriram Finance: The company signed an agreement with SIDBI for co-lending to the MSMEs.
Olectra Greentech: The company received a letter of award from Vasai Virar City Municipal Corp., Mumbai, for the supply and maintenance of 40 electric buses.
Man Infraconstruction: The company reduced its stake in MICL Homes to 31% from 34%.
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