All You Need To Know Going Into Trade On December 2
Asian stocks fell Thursday after a sharp reversal in U.S. shares on concerns about risks from the omicron virus strain. Stocks fell in Japan, South Korea and Australia, while U.S. contracts rose.
The S&P 500 had its worst two-day selloff since October 2020 after erasing a near-2% rally to slide into the close. The tech-heavy Nasdaq 100 underperformed.
Markets were jolted by the first confirmed U.S. case of the new variant. At the same time, Federal Reserve Chair Powell reiterated that officials should consider a faster reduction of monetary stimulus amid elevated inflation.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index's performance, shed 0.85% at 17,098 as of 7:15 a.m.
Treasuries pared a rally that earlier took the 30-year yield to its lowest level since January. The dollar held a gain. In China, Beijing’s plan to close a loophole used by tech firms to list abroad threatens to sap sentiment.
Crude oil advanced as traders await an OPEC+ meeting that will discuss output. Elsewhere, gold was steady and Bitcoin traded at about $57,000.
Stocks To Watch
RITES: The Ministry of Railways has intimated the company that a new line between Belgam and Dharwad via Kittur, a new Shimoga-Shikaripura-Ranebennur line, and Tumkur-Devangere via Chitradurga new line project will not be executed by the company.
Raymond: Board of directors of JK Files & Engineering, a wholly-owned material subsidiary of the company, approved an initial public offering comprising of an offer for sale for Rs 800 crore.
Mahindra Logistics: The company and LOGOS have entered into a long-term lease agreement for 1.4 million square feet of warehouse facilities at the LOGOS Luhari Logistics Estate in Delhi NCR. Under the agreement, LOGOS will develop three Grade-A warehouses totaling 1.4 mmsf for the company at the LOGOS Luhari Logistics Estate.
Infosys: The company has extended its strategic collaboration with Proximus to digitally transform, develop, and maintain their IT applications with leading AI and automation solutions.
Maruti Suzuki India: Total production in November down 3.10% to 1,45,560 units Vs 1,50,221 units last year.
Coal India: Production in November up 4.1% year-on-year to 53.8 MT versus 51.7 MT. Offtake up 10.8% year-on-year to 56.8 MT versus 51.3 MT. These are provisional production and off-take numbers of CIL and its subsidiary companies for November.
JMC Projects (India): The company has secured new orders of Rs 1,795 crore. The orders include water supply projects in India of Rs 1,085 crore and B&F projects of Rs 710 crore.
IndiGrid Investment Managers: The consortium of IndiGrid 1 and IndiGrid 2 has received the letter of intent from REC Power Development and Consultancy to establish transmission system for evacuation of power from renewable projects in Osmanabad (1 GW) in Maharashtra on build, own, operate and maintain basis.
Jindal Steel & Power: Vijaya Gupta has taken charge as the CFO of the company.
MIRC Electronics: The company has appointed Deepak Sarawagi as interim chief financial officer with effect from December 1.
GAIL (India): The company has appointed Rakesh Kumar Jain as an additional director with effect from December 1, to hold the post of Director (Finance) and CFO.
Indiamart Intermesh: The company has bought a stake in Mynd Solutions for Rs 32.4 crore.
Reliance Industries: Reliance New Energy Solar completed acquisition of 100% shareholding of REC Solar Holdings AS from China National Bluestar (Group) Co Ltd.
Reliance Power: Default on loan repayments due Oct. 31
November Auto Sales
Eicher Motors: Total Royal Enfield sales up 17.04% at 51,654 units Vs 44,133 units. Exports up 93.75% at 6,824 units Vs 3,522 units.
Hero MotoCorp: Overall sales fall 36.23% at 3,49,393 units Vs 5,47,970 units. Motorcycle sales down 34.93% at 3,29,185 units Vs 5,05,957 units. Exports up 1.61% at 20,531 units Vs 20,191 units.
Comparison made on a month-on-month basis.
Anand Rathi Wealth IPO to open for subscription today. The company has raised Rs 193.87 crore from 19 anchor investors. It allocated 35.25 lakh shares at Rs 550 apiece.
Star Health and Allied Insurance Co. IPO was subscribed 20% on the second day.
Tega Industries IPO was subscribed 4.67 times on the first day.
Pledge Share Details
Apollo Hospitals Enterprise: Promoter K Vishweshwar Reddy revoked pledge of 50,000 shares on November 29.
Asahi India Glass: Promoter Brij Labroo revoked pledge of 10 lakh shares on November 26.
Aurobindo Pharma: Promoter group (Axis Clinicals, Trident Chemphar, and RPR Sons Advisors) revoked pledge of 15,000 shares on November 30.
Jindal Steel & Power: Promoter Siddeshwari Tradex revoked pledge of 10 lakh shares on November 26.
Tube Investments of India: Promoter Lakshmi Ramaswamy Family Trust created a pledge of 75,000 shares on November 29.
As reported on December 1.
IIFL Finance: Smallcap World Fund Inc bought 1 crore (2.64%) at Rs 300 per share. Hamblin Watsa Investment Counsel sold 1.21 crore shares (3.21%) at Rs 300.04 per share.
Aditya Birla Capital: Promoter Birla Group Holdings bought 5.40 lakh shares on November 25.
Bajaj Auto: Promoter Maharashtra Scooters bought 15,000 shares on November 30.
Meghmani Finechem: Promoters (Maulik Patel and Rameshbhai Patel) bought 35,000 shares on November 30.
Shoppers Stop: Promoter Neel Raheja bought 8,827 shares on November 29.
Somany Home Innovation: Promoters (Rajendra Somany and Somany Impresa) bought 1.50 lakh shares on November 29.
Who’s Meeting Whom
Mangalam Organics: To meet analysts and investors on December 2.
CARE Ratings: To meet Artisan Partners on December 2.
Brigade Enterprises: To meet ICICI Prudential MF on December 3.
Symphony: To meet HDFC AMC on December 9.
Ex-Date Bonus Issue: Apollo Pipes
Ex-Date Final Dividend: Bajaj Steel Industries
Move Into Short-Term Asm Framework: Panacea Biotec
Move Out Of Short-Term ASM Framework: Fino Payments Bank
Money Market Update
The rupee ended at 74.91 against the U.S. Dollar on Wednesday as compared to Tuesday's closing of 75.16.
One 97 Communications Rated New Buy at Dolat Capital
Nifty December futures ended at 17,235; a premium of 68.1 points.
Nifty December futures added 3.36% and 7,633 shares in Open Interest.
Nifty Bank December futures ended at 36,494.85; a premium of 129.95 points.
Nifty Bank December futures shed 5.39% and 5,641 shares in Open Interest.
Securities in the ban list: Indiabulls Housing Finance