KEY HIGHLIGHTS
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Aurobindo Pharma Jumps Despite Q2 Miss As Analysts Cite U.S. Sales Growth, Order Pipeline As Growth Drivers
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Redington India Logs Sequential Growth In Net Profit; Shares Advance
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Nykaa Lists At 78% Premium On Market Debut
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API Holdings Files Draft Red Herring Prospectus For IPO
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M&M Climbs As Analysts Cite Healthy Order Pipeline & Demand Revival As Key Growth Drivers
Closing Bell
India's stock benchmarks declined for the second consecutive session, dragged by losses in metals, realty and private banks. Investors await U.S. inflation data, scheduled to be released later today, as they look to access the pace and extent of the recovery.
The S&P BSE Sensex index fell 0.13% to 60,352.82. The 30-stock gauge had shed nearly 0.8% in intraday trade to 59,967.45.The NSE Nifty 50 Index declined by similar magnitude to 18,017.20. HDFC Bank Ltd. contributed the most to the index decline, decreasing 1.1%. IndusInd Bank Ltd. had the largest drop, falling 3.4%. Today, 26 of 50 shares fell, while 24 rose.
The S&P BSE MidCap index underperformed its larger peers slipping 0.5% while the S&P BSE SmallCap index outperformed as it remained little changed. Twelve of the 19 sectoral indexes compiled by BSE Ltd. declined, with the S&P BSE Metal shedding over 2% and S&P BSE Realty index losing over 1.6%
The market breadth was skewed in the favour of bulls. About 1,720 stocks advanced, 1,587 declined and 151 remained unchanged.
Cabinet Approves Mechanism For Procurement Of Ethanol By Oil Companies
Cabinet approves mechanism for procement of ethanol by public sector oil market companies under Ethanol blended petrol programme
-Principal Spokesperson, Government of India
Cabinet Approves Reservation Norms For Jute Packaging
Cabinet approves reservation norms for Jute Packaging Materials for Jute Year 2021-22
100% foodgrains and 20% of sugar to be packed in jute bags
-Principal Spokesperson, Government of India
NSE Nifty Realty Index Down Over 1%; Macrotech, Sobha Buck The Trend
TVS Motor On Track For The Longest Winning Streak In Over 18 Years; RSI Above 70
Shares of TVS Motor Company Ltd. rose for the ninth straight day, on track for the longest winning streak in over 18 years. TVS Motor stock rose over 3% in intraday trade to Rs 754 apiece.
Shares of TVS Motor rose 20% during the streak while the S&P BSE Sensex Index fell 1.2% over the corresponding period.
This is the longest winning streak for the stock since the period ended May 12, 2003.
The relative strength index on the stock was 87, suggesting it may be overbought.
Of the 46 analysts tracking the company, 27 maintained 'buy', seven maintained 'hold' and 12 maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 13%.
Analyst Actions: Aurobindo Pharma, Ujjivan Small Finance Bank, Mahindra & Mahindra
Aurobindo Pharma raised to 'buy' from 'reduce' at Choice Equity; price target: Rs 781
Ujjivan Small Finance Bank raised to 'buy' from 'add' at Centrum Broking; price target: Rs 31
Mahindra & Mahindra raised to 'neutral' from 'sell' at Phillip Securities; price target: Rs 830
Source: Bloomberg
Bank Of Baroda Slips Despite Q2 Beat
Shares of Bank of Baroda shed 6.68% to Rs 99.25apiece despite reporting net income above average analyst estimate in the September quarter.
Second Quarter Results (Consolidated)
Net profit at Rs 2,167.85 crore vs Rs 1,771.21 crore YoY (Bloomberg consensus estimate: Rs 1,450 crore)
Interest income at Rs 17,540.89 crore vs Rs 18,739.33 crore YoY
Gross NPA at 8.11% vs 8.86% QoQ
Total costs at Rs 16,166.28 crore vs Rs 16,544 crore YoY
Of the 35 analysts tracking the company, 26 maintained 'buy', six maintained 'hold' and three maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 4.1%
Alembic Pharma Advances After Reporting In-Line Q2
Shares of Alembic Pharmaceuticals Ltd. rose 1% in intraday trade to Rs 788.5 apiece after reporting net income that matched analyst estimate, for the September quarter.
Second Quarter Results (Consolidated, QoQ)
Revenue down 2.5% at Rs 1,292.3 crore Vs Rs 1,326 crore (BBG estimate : Rs 1,309.8 crore)
Net profit up 2.9% to Rs 169.3 crore from Rs 164.5 crore (BBG estimate : Rs 169.5 crore Profit)
EBITDA at Rs 257.2 crore Vs Rs 235.9 crore, up 9% (BBG estimate : Rs 251.4 crore)
Margins at 19.9% Vs 17.8% (BBG estimate : 19.2%)
EPS at Rs 8.61 per share Vs Rs 8.37 (BBG estimate : Rs 8.65)
Of the 18 analysts tracking the company, seven maintained 'buy', six maintained 'hold' and five maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 15%. Trading volume on the stock was 2.2 times the 30-day average volume, for this time of the dya.
Rupee Drops As Inflation Concerns Weigh
India’s rupee fell along with the South Korean won as concerns about quickening inflation sapped risk appetite. A gauge of regional equities fell, while most bonds rose.
The rupee declines as rising crude prices threaten to inflate India’s oil-import bill
Source: Bloomberg
Strides Pharma Declines On Q2 Miss
Shares of Strides Pharma Science Ltd. fell 6% in intraday trade to Rs 518 apiece after the company reported net loss of Rs 167.98 crore against average analyst estimate of net loss of Rs 57.07 crore, in the September quarter
September quarter results (Consolidated, QoQ)
Net loss at Rs 162.6 crore vs net loss of Rs 205.2 crore (BBG estimate : net loss of Rs 57.1 crore)
Revenue at Rs 721.47 crore vs Rs 688.37 crore (Estimate: Rs 773 crore)
Total costs at Rs 835.15 crore vs Rs 834.94 crore
Other income at Rs 22.21 crore vs Rs 13.53 crore
Of the seven analysts tracking the company, six maintained 'buy' and one maintained 'hold' recommendation. The overall consensus price of analysts tracked by Bloomberg implied an upside of 55.6%.
NBCC Climbs The Most In Two Weeks After Securing Orders Worth Rs 467.44 Crore In October
Shares of NBCC India Ltd. rose nearly 4%, the biggest intraday gain in two weeks, to Rs 49.3 apiece after the company secured total business of Rs 467.44 crore in October, according to an exchange filing.
Of the four analysts tracking the company, two maintained 'hold' and two maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 12.4%.
Trading volume on the stock was 1.9 times the 30-day average volume, for this time of the day.
The company is scheduled to report its earnings for the September quarter on Friday.
Vodafone Idea Partners With Nokia For India 5G Trials
Vodafone Idea Ltd. announced it has successfully conducted a 5G trial, along with its technology partner Nokia.
In a press release, Vodafone Idea said that the trial utilised 5G in the 3.5 Giga Hertz spectrum band allocated by the government for the trials, to provide rural broadband connectivity in Gandhinagar in Gujarat.
Source: Press Release
Paytm IPO Gets Fully Subscribed On Final Day
Paytm IPO was subscribed 1.05 times as of 1:15 p.m.
Portions reserved for retail and institutional investors were fully booked.
Source: BSE
Firstsource Solutions Slips Post In-Line Q1
Shares of Firstsource Solutions Ltd. shed nearly 5% in intraday trade, to Rs 189.13 apiece after the company reported net income for the second quarter that matched the average analyst estimate.
September Quarter Results (Consolidated, QoQ)
Net profit up 1.07% at Rs 135.01 crore vs Rs 133.58 crore (Bloomberg Consensus Estimate: Rs 135 crore)
Revenue down 4.05% at Rs 1,418.21 crore vs Rs 1,478.01 crore (Estimate: Rs 1,489 crore)
Total costs at Rs 1,264.99 crore vs Rs 1,319.40 crore
The company's step down subsidiary Sourcepoint Inc. has executed stock purchase agreement on Tuesday to acquire 100% stake in The StoneHill Group, Inc.
The StoneHill Group is a leading U.S. mortgage services provider with focus on quality control and due diligence.
The cost of the acquistion is $27 million, including earnouts payable on first anniversary from closing.
Of the eight analysts tracking Firstsource Solutions, six maintained 'buy' and two maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 27.4%.
Trading volume was 3.5 times the 30-day average volume, for this time of the day.
Shares of Firstsource Solutions crossed below 100-day moving average on high trading volume.
Oracle Will Expand Its India West (Mumbai) Region Capacity With Nxtra - The data Centre Subsidiary Of Airtel
Expanded Oracle Cloud Mumbai region will be available in 2022
Airtel and Oracle will set up a cloud centre of excellence in Gurgaon
Airtel Business and Oracle will jointly market Oracle Cloud solutions to customers in private and public sectors.
Source: Exchange Filing
European Markets Open Lower As Investors Await U.S. Inflation Data
Stage Set For India's Investment Cycle To Kickstart: Department Of Economic Affairs
With India’s COVID-19 vaccination campaign crossing new milestones in rapid succession and teeming festivities lending renewed optimism to India’s ongoing economic recovery, further demand stimulation, fuller restoration of supply chains, narrowing of demand-supply mismatches and greater employment generation, are in the offing.
Good kharif production and adequate buffer stock of food grains expected to keep food inflation low
Retail inflation, having declined, to stay comfortably close to the median of RBI’s monetary policy goal.
Unlike central banks in advanced countries, the RBI is not under pressure to raise repo rates for checking inflation.
While hardening input costs and ripple effects of escalating global crude oil prices continue to pose concerns, responses to RBI’s inflation survey indicate that these concerns are still not
embedded into either cost-push or demand side inflationary expectations.
Limited growth in revenue expenditure despite an annual increase in major subsidies, indicates re-prioritisation of revenue expenditure to meet the fiscal targets
Modest growth of 6.3% in rationalized revenue expenditure, doubling of net tax revenues and increase in non-tax revenue by over 70%, has reigned-in fiscal deficit in the first six months of FY22.
Growth in net tax revenues of the centre tracks economic recovery as much as it is an outcome of improved tax collection efforts.
Source: Monthly Economic Review, October 2021
Mid-Day Market Update: Sensex, Nifty Edge Lower; HDFC Leads Decline
India's stock benchmarks declined, dragged by losses in metals, banking, realty and consumer durables stocks.
The S&P BSE Sensex shed 0.45% to 60,164.40. The NSE Nifty 50 index also declined by similar magnitude to 17,966.05. Housing Development Finance Corp. contributed the most to the index decline, decreasing 1.5%. Tata Steel Ltd. had the largest drop, falling 2.9%. In midday trading, 31 of 50 shares fell, while 19 rose.
The S&P BSE MidCap almost mirrored its broader peers shedding 0.5% while S&P BSE SmallCap index outperformed with gains of 0.25%. Thirteen of the 19 sectoral indexes compiled by BSE Ltd. declined, with the S&P BSE Metal and S&P BSE Realty indexes falling nearly 2%
The market breadth was skewed in the favour of bulls. About 1,725 stocks advanced, 1,462 declined and 157 remained unchanged.
BHEL Slips As Analysts Flag Margin Pressure, Lack Of Operational Leverage After Q2 Numbers
Shares of Bharat Heavy Electricals Ltd. shed 7.5% in intraday trade to Rs 66.7 apiece after the company reported a net loss of Rs 67.49 crore in the September quarter, post market hours Tuesday.
BHEL Q2FY22 (Consolidated, YoY)
Revenue up 38% at Rs 5,112.19 crore Vs Rs 3,695.96 crore
Net loss of Rs 45.98 crore Vs Rs 552.02 crore
Ebitda loss of Rs 29.96 crore Vs Rs 633.32 crore
Of the 26 analysts tracking the company, one maintained 'buy', four maintained 'hold' and 21 maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 45.6%.
Motilal Oswal
Maintains 'sell' with the target kept unchanged at Rs 45, an implied return of -37.59%.
Lack of operating leverage led to losses at the operating level.
Executable order book stands at Rs 9,000 crore out of the total order book of Rs 1.1 lakh crore.
Management expecting some pressure on margin front in Q3 as well, as the company is negotiating with customers to pass on price hike.
High fixed cost continues to dent operating performance.
Expect receivables to remain elevated in the near future.
Ordering in the FGD segment is expected to be modest.
Company continues to struggle with weak ordering environment in power sector, high receivables and huge employee cost.
See further downside risk to order inflow.
Edelweiss
Maintains 'reduce' with the target raised to Rs 40 from Rs 35; implied return of -44.52%.
New orders for H1 are 40% higher YoY, while balance sheet has improved.
Commentary on new thermal order sets is not encouraging.
Positive impact of the operational overhaul beginning to be visible.
BHEL's fundamentals will hover around balance sheet revival, scalability of new avenues and conventional thermal orders.
Monetisation of current assets to focus on capital allocation into new areas will have repercussions for stakeholders.
Rupee Falls As Oil Prices Extend Gains; Bonds Drop
The Indian rupee declines as rising crude prices threaten to inflate the nation’s oil-import bill. Bonds are lower.
USD/INR climbs 0.2% to 74.1650; pair fell to 73.8488 on Tuesday, the lowest since Sept. 28
10-year bond yields up 2bps to 6.31%
Source: Bloomberg
India Cements Slips As Net Income Misses Estimate In September Quarter
Shares of India Cements Ltd. reversed gains of 4% and shed 5.2% in intraday trade to Rs 211.55 after reporting net income below the average analyst estimate for the September quarter
September quarter results (Consolidated, QoQ)
Net income down 30.9% at Rs 29.75 crore vs estimate of Rs Rs 32.43 crore
Revenue up 18.14% at Rs 1,234.85 crore vs estimate of Rs 1,150 crore
Total costs at Rs 1,201.61 crore vs Rs 983.11 crore
Other income at Rs 6.59 crore vs Rs 3.13 crore
Of the 11 analysts tracking the company, two maintained 'buy', three maintained 'hold' and six maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 18.9%.
Trading volume on the stock was 3.1 times the 30-day average volume, for this time of the day.
Sapphire Foods IPO Subscription Status: Day 2 Live Updates
Investor appetite for the shares of Sapphire Foods India Ltd., the local partner of Yum! Brands, picked up on the second day of the initial public offering.
About 49% of the issue was bought through the first day.
Subscription Details: Day 2
The IPO was subscribed 0.86 times or 86% as of 3 p.m. on Nov. 10.
Institutional investors: 0.02 times.
Non-institutional investors: 0.20 times.
Retail investors: 4.40 times.
Paytm IPO Subscription Status: Day 3 Live Updates
Subscription to Paytm’s $2.5 billion (Rs 18,300 crore) initial share offering, India’s biggest maiden offer, moved at a sluggish pace even on the final day of the sale.
About 48% of the issue was bought through the second day, and 18% on the first day.
Subscription Details: Day 3
The IPO was subscribed 1.37 times as of 3 p.m. on Nov. 10.
Institutional investors: 1.90 times.
Non-institutional investors: 0.17 times.
Retail investors: 1.58 times.
Latent View Analytics IPO Subscription Status: Day 1 Live Updates
Data analytics firm Latent View Analytics Ltd. launched its three-day initial public offering on Wednesday. The retail portion of the offer oversubscribed within minutes of opening
Subscription Details: Day 1
The IPO was subscribed 4.84 times as of 3 p.m. on Nov. 10.
Institutional investors: 0.15 times.
Non-institutional investors: 1.61 times.
Retail investors: 24.26 times.
Employees: 0.61 times.
NSE Nifty Bank Index Down Nearly 1%
India 4-Year Yields Higher
Most maturities along the India sovereign yield curve were little changed, while 4-year yields rose in Wednesday morning trading.
The 3-year yield rose 1.7bps to 5.046%
The 10-year yield rose 0.5bps to 6.298%
The 20-year yield remained unchanged at 6.949%
The 3-year-10-year yield spread was 125.2bps, vs previous close 126.3bps
Source: Bloomberg
RailTel Corp Bags Rs 22.39 Crore Order From Centre For Railway Information Systems
RailTel Corporation of India Ltd. bagged work order from Centre for Railway Information Systems to set up three-way DR of Freight Operations Information System (FOIS).
The total of the order is Rs 22.39 crore (inclusive of GST)
Source: Exchange Filing
Aurobindo Pharma Jumps Despite Q2 Miss As Analysts Cite U.S. Sales Growth, Order Pipeline As Growth Drivers
Shares of Aurobindo Pharma Ltd. rose over 4.4% in intraday trade to Rs 706.9 apiece as analysts cited U.S. sales growth, strong product pipeline as key triggers for growth.
The company reported net profit below average analyst estimate, post market hours Monday.
Over the last two sessions since the results, Aurobindo Pharma shares advanced 3.63% with the stock gaining over 6% in intraday trade on Tuesday.
Aurobindo Pharma informed that it received communication from U.S. FDA classifying the inspection at Hyderabad UPI manufacturing facility in August 2021, as Official Action Indicated, keeping the status unchanged.
Aurobindo Pharma said that the inspection classification will not impact commercial supplies to U.S. market from Hyderabad facility and reiterated commitment to resolve the status of the facility at the earliest
Of the 31 analysts tracking the company, 25 maintained 'buy', three maintained 'hold' and three maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg impllied an upside of 26.9%.
Trading volume on the stock was 5.1 times the 30-day average volume, for this time of the day.
Source: Exchange Filing
NSE Nifty Metal Index Sheds Over 2%
Bosch Slips Post Q2 Numbers; Trading Volume Surges
Shares of Bosch Ltd. shed 4.56% in intraday trade to Rs 17,905.95 apiece despite the company reporting sequential growth in net profit and revenue in the September quarter, post market hours Tuesday.
Bosch Q2FY22 (Consolidated, QoQ)
Net profit up 43.2% at Rs 371.93 crore vs Rs 259.76 crore
Revenue up 19.4% at Rs 2,917.97 crore vs Rs 2,443.53 crore
Total costs at Rs 2,644.84 crore vs Rs 2,207.19 crore
Other income at 124.34 crore vs Rs 98.97 crore
Of the seven analysts tracking the company, three maintained 'buy', two maintained 'hold' and two maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 13.4%.
Redington India Logs Sequential Growth In Net Profit; Shares Advance
Shares of Redington India Ltd. rose over 13% in intraday trade to Rs 164 apiece after the company reported sequential growth in revenue and net income in the September quarter
Redington (India) Q2FY22 (Consolidated, QoQ)
Revenue up 13.6% at Rs 15,287.46 crore Vs Rs 13,454.05 crore
Net profit up 29.8% at Rs 307.20 crore Vs Rs 236.67 crore
Total costs at Rs 14,922.59 crore vs Rs 13,172.64 crore
Other income at Rs 25.86 crore vs Rs 19.95 crore
All the eight analysts tracking the company maintained 'buy' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 14.1%.
Trading volume on the stock was 19.1 times the 30-day average volume, for this time of the day.
Prabhudas Lilladher
Maintains 'buy' with the target raised to Rs 213 from Rs 202 earlier, an implied return of 36.71%.
Muted performance in overseas weighed on revenue growth despite strong growth in India business.
EBIT margin improvement driven by shift in business mix towards IT, supply shortage.
Extremely low working capital of 7 days driven by favourable creditor days due to higher share of Enterprise IT business and low inventory days.
Increase EPS estimates by 9.7%/6.5%/3.7% for FY22/23/24E led by increase in margin estimates.
Cloud business continues to growth at strong pace.
Nykaa Lists At 78% Premium On Market Debut
Shares of Nykaa gained on market debut after investors piled into the initial public offering of the beauty and personal care products retailer.
The stock listed at Rs 2,001 apiece, a 77.8% premium to its IPO price of Rs 1,125, according to Bloomberg data. It gained further to hit an intraday high of Rs 2129 in intraday trade, up 89.2%.
Also Read: Nykaa Lists At 78% Premium On Market Debut
Nykaa’s Pre-Market Discovery Price At A 78% Premium Over IPO Price.
Nykaa’s pre-market discovery price at Rs 2,001 per share, compared to its IPO share price of Rs 1,125.
The company’s IPO subscribed over 81 times.
Source: Bloomberg
Tata Power Clarifies On News Item Regarding Blackrock Looking To Buy Green Busines
Tata Power Company Ltd. says
Co does meet relevant corporates to explore various opportunities
No agreement has been signed with any prospective investors
No board approval has been sought as of date with regards to Blackrock
Source: Exchange Notification
Punjab National Bank Cuts Savings Account Rates By Up To 10 Basis Points
For domestic and NRI savings account deposits worth up to Rs 10 lakh, interest rate cut by 10 bps to 2.8%, with effect from Dec 1.
For savings account deposits worth over Rs 10 lakh, interest rate cut by 5 bps to 2.85%, with effect from Dec 1.
Punjab National Bank had last cut its savings account rate by 10 bps in Sept.
Source: Punjab National Bank website
API Holdings Files Draft Red Herring Prospectus For IPO
API Holdings, the parent company of Pharmeasy, files draft red herring prospectus for IPO.
Pharmeasy is seeking to raise up to Rs 6,250 crore from its IPO.
It is also looking to raise Rs 1,250 crore prior to its IPO via private placement of shares.
Source: Draft red herring prospectus
M&M Climbs As Analysts Cite Healthy Order Pipeline & Demand Revival As Key Growth Drivers
Shares of Mahindra & Mahindra Ltd. rose 3% in intraday trade to Rs 919 apiece, as brokerages remained optimistic on the company's growth prospects. Analysts cited healthy order pipeline in automotive segment, demand and momentum in new product launches as key triggers for growth despite the impact of semiconductor shortage and commodity inflation.
M&M saw its net profit before tax and exceptional item jump over the preceding three months in the July-September period.
M&M's overall automotive sales rose 17% sequentially in the second quarter. Its passenger car sales, too, increased 17%, but that of tractors fell 11%.
Of the 42 analysts tracking the company, 36 maintained 'buy', two maintained 'hold' and four maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 12.9%.
Trading volume was 8.1 times the 30-day average volume for this time of the day.
Opening Bell: Sensex, Nifty Open Lower; Banking Stocks Decline
India's stock benchmarks opened lower, dragged by losses in banking, fmcg, realty, power and information technology stocks, amid mixed global cues, as investors await inflation readings from China and the U.S.
The S&P BSE Sensex fell 0.65% to 60,043.33. The NSE Nifty 50 also declined by similar magnitude to 17,918.80. Housing Development Finance Corp. contributed the most to the index decline and had the largest move, decreasing 1.8%. In early trading, 33 of 50 shares fell, while 17 rose.
The broader indexes outperformed their broader peers with the S&P BSE MidCap index shedding 0.1% and the S&P BSE SmallCap gaining 0.3%. Fourteen of the 19 sectoral indexes compiled by BSE Ltd. declined, with the S&P BSE Bankex index losing 1%.
The market breadth was skewed in favour of the bulls. About 1,463 stocks advanced, 993 declined and 111 remained unchanged.
Policybazaar India IPO Raises Rs 5,710 Crore: Terms
PB Fintech Ltd., the operator of insurance aggregator policybazaar.com, priced shares in its Indian initial public offering at Rs 980 per share, the top of an indicative range, according to terms of the deal obtained by Bloomberg News.
The IPO comprises Rs 3,750 crore of new shares from PB Fintech and Rs 1,960 crore of existing shares from shareholders: terms
Shares were offered at Rs 940-980 each
Company will use the proceeds for enhancing visibility and awareness of brands, new opportunities to expand its consumer base including offline presence, strategic investments and acquisitions, expanding presence outside India and general corporate purposes: terms
Listing expected on November 15
Kotak Mahindra Capital, Morgan Stanley India, Citigroup Global Markets India, ICICI Securities, HDFC Bank, IIFL Securities and Jefferies India are the managers for the sale
Source: Bloomberg
Analyst Actions: Sobha, Indraprastha Gas, Ujjivan Small Finance Bank
Sobha raised to 'buy' at Nirmal Bang; price target: Rs 1,147
Indraprastha Gas raised to 'buy' at Centrum Broking; price target: Rs 620
Ujjivan Small Finance Bank cut to 'reduce' at Equirus Securities; price target: Rs 22
Source: Bloomberg
Tarsons Products Sets Price Range For Up To $138 Million India IPO
Tarsons Products Ltd. has set Rs 635-662 per share for its initial public offering that could raise as much as Rs 1,020 crore ($138 million), according to an advertisement in the Financial Express newspaper Wednesday.
The supplier of labware products plans to raise Rs 150 crore selling new shares. The company's investor and founders are selling 13.2 million shares in the IPO.
Investors can bid for minimum 22 shares of face Rs 2 each in the sale, which opens November 15 and closes November 17.
60,000 shares have been reserved for the company's employees, who will get the shares at a discount of Rs 61 to the IPO issue price.
ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are managing the IPO.
Source: Bloomberg
Rupee Bond Traders Await Treasury Bill Auction
Indian bond traders will watch the results of a treasury bill auction for cues on short-term rates, which have risen in recent weeks.
Cutoff yields on t-bills rose to their highest since April 2020 last week
PM Modi to launch retail trading in Indian govt bonds Friday, according to an RBI advertisement
USD/INR little changed at 74.0313 on Tuesday after an intraday drop to the lowest since Sept. 28
10-year yields down 1bp to 6.29% on Tuesday
Global funds sell net Rs 2450 crore of India Stocks Tuesday: NSE
They bought Rs 128 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 193 crore of corporate debt
State-run banks sold Rs 3,460 crore of sovereign bonds on Nov. 9: CCIL data. Foreign banks bought Rs 5,070 crore of bonds.
Source: Bloomberg
JSW Energy Aims To Raise $500 Million In Renewables Unit: Economic Times
JSW Energy Ltd. intends to raise $500 million via a stake sale in its renewables business. The decision is aimed at funding expansion of its clean enery capacity, the Economic Times reported, citing people who didn't wish to be named.
According to the report, JSW Energy has hired Morgan Stanley to run the transaction, and feelers have been sent to investors including pension funds, sovereign asset managers and PE firms
PM To Launch Retail Trading Scheme For Government Bonds On Friday
Prime Minister Narendra Modi will launch a scheme on Friday to allow retail trading of government bonds on the central bank’s digital platform, the RBI said in an advertisement posted in the Economic Times.
Retail investors can open and maintain their online account with the RBI for free, the central bank said
In February, the central bank said it will permit retail investors to buy government bonds as it sought to widen the investor base.
SGX Nifty Hints At Opening Losses; Power Grid, BHEL, Nykaa In Focus
Asian stocks were mixed early Wednesday and Treasuries trimmed a rally as traders awaited inflation readings from China and the U.S.
Shares fluctuated in Japan, edged up in Australia and fell in South Korea. U.S. futures slipped after the S&P 500 dipped for the first time in nine sessions, hurt by financial shares.
India’s SGX Nifty 50 Index futures for November delivery fell 0.7% to 17,952.50, while MSCI Asia Pacific Index shed 0.4%. The NSE Nifty 50 Index fell 0.1% on Tuesday to 18,044.25.
Oil extended an advance toward $85 a barrel on speculation that the Biden administration may pull the plug on any plans to release crude from the nation’s emergency reserves after a U.S. energy report showed supplies rising next year.
In cryptocurrencies, Bitcoin was trading around $67,000, not far from the record high
Back home, Power Grid, BHEL, Petronet LNG, IGL, Redington, Max Financial, CreditAccess, Godrej Agrovet, HEG, AstraZeneca may react as the companies reported quarterly results after the market closed Tuesday. Bank of Baroda, Pidilite, Berger Paints, India Cements, Strides Pharma, Metropolis, Oil India are among the companies scheduled to report earnings Wednesday.
Nykaa’s owner FSN E-Commerce Ventures will make its debut after IPO. Foreign investors sold net Rs 1,040 crore of stocks on Monday, according to NSDL website.
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