All You Need To Know Going Into Trade On November 16
Stocks in the news, big brokerage calls of the day, complete trade setup and much more!
Asian stocks were steady Tuesday while Treasury yields and the dollar trimmed gains as traders weighed inflation concerns and the prospect of a quicker tapering of central bank stimulus.
Shares rose in Japan and South Korea but slipped in Australia. U.S. futures were little changed after the S&P 500 and Nasdaq 100 ended flat.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, added 0.24% to 18,182, as of 7:15 a.m.
U.S. President Joe Biden and Chinese leader Xi Jinping began a face-to-face virtual summit. Any signs of improving bilateral ties could help sentiment, but the effect may be short lived given wider concerns in markets over inflation and the fallout of Xi’s “common prosperity” drive to tackle inequality.
Elsewhere, oil fluctuated as investors wait to see if the Biden administration will tap crude reserves. Bitcoin slipped to trade below $62,000.
Stocks To Watch
Macrotech Developers: The company launched its Rs 4,000 crore qualified institutional placement on Monday. It plans to issue about 3.4 crore shares. The floor price is set at Rs 1,184.70 per which is at a discount of 7.8% to last close of Rs 1,284.60. Proceeds to be used for capital expenditure including acquisition of land, land development rights or development rights, deleveraging and general corporate purposes.
The Phoenix Mills: The company and Canada Pension Plan Investment Board have entered into an agreement to develop an office-led mixed-use asset in Lower Parel, Mumbai. CPP Investments will invest up to Rs 1,350 crore in tranches, for an ultimate equity stake of 49% in Plutocrat Commercial Real Estate Private Limited, the entity that will own the asset. The target completion date for the development is 2026.
Jindal Steel & Power: Steel production up 7% to 6.24 lakh tonnes in October 2021 compared to 5.85 lakh tonnes during the same period in the previous year. Steel sales down 1% YoY at 5.93 lakh tonnes versus 6 lakh tonnes. Exports accounted for 23% of sales volumes as the Company prioritised domestic demand.
Escorts: Board to meet on November 18 to consider fundraising options. Further Escorts Agri Machinery will be increasing the prices of its tractors effective November 21. The company cited steady rise in commodity prices as the reason behind price hike. The increase in prices would vary across models and variants.
Cipla: The company has been selected in the S&P Dow Jones Sustainability Index for the Emerging Markets for 2021.
SBI Cards and Payment Services: Approved allotment of 5,000 unsecured NCDs of face value of Rs 10 lakh each aggregating to Rs 500 crore on private placement basis. The coupon rate is set at 5.75% per annum.
IIFL Wealth Management: Resource Raising Committee to meet on November 18 to consider the offer and issue of secured redeemable NCDs up to Rs 250 crore by the company on a private placement basis.
Capri Global Capital: Raj Ahuja has resigned as CFO from close of business hours on November 15.
Offerings
Tarsons Products IPO was subscribed 1.09 times on the first day.
Pledge Share Details
Max Financial Services: Promoter Max Ventures Investment Holdings created a pledge of 1.55 lakh shares on November 11.
As reported on November 15
Bulk Deals
PB Fintech: Capital Research and Management Co bought 34.18 lakh shares at Rs 1,192.96 per share.
SJS Enterprises: Goldman Sachs Funds bought 2.54 lakh shares at Rs 527.04 per share. SI Investments bought 3 lakh shares at Rs 542.32 per share. Credit Suisse Singapore sold 3.65 lakh shares at Rs 530.78 per share.
Sundaram-Clayton: Promoter Sundaram Finance Holdings sold 1.10 lakh shares (0.54%) at Rs 4,636 per share. India Opportunities Growth Fund - Pinewood Strategy bought 1.10 lakh shares (0.54%) at Rs 4,636 per share.
Insider Trades
Gujarat Fluorochemicals: Promoter Inox Chemicals LLP sold 13,967 shares on November 12.
Who’s Meeting Whom
Cipla: To meet Amansa Capital on November 16.
Max Healthcare Institute: To meet Kotak Mahindra U.K. on November 16 and M&G Investment Management, Capital World, DSP Investment and Baillie Gifford on November 18.
Manappuram Finance: To meet Global Alpha on November 16 and GIC on November 18. The company will attend CLSA Conference on November 17 and B and K Securities Conference on November 18.
Tata Consumer Products: To meet Elara Securities (India) on November 16 and MFS Investment Management on November 17.
Sobha: To meet CLSA on November 18 and Spark Capital Advisors on November 24.
Vaibhav Global: To meet Centrum Broking on November 18.
Trading Tweaks
Ex-Date Interim Dividend: Amrutanjan Health Care, Gulshan Polyols, Nahar Spinning Mills
Ex-Date Income Distribution RITES: Brookfield India Real Estate Trust REIT
Price Band Revised From 10% To 5%: Barbeque Nation Hospitality
Move Into Short-Term ASM Framework: Cerebra Integrated Technologies
Move Into ASM Framework: Grindwell Norton
Record Date Interim Dividend: SMC Global Securities
Record Date Amalgamation: Tata Steel Bsl
Money Market Update
The rupee ended at 74.48 against the U.S. Dollar on Monday as compared to Friday's closing of 74.44.
Analyst Actions
Apollo Hospitals raised to 'Buy' at IIFL; price target: Rs 5,600
Ashok Leyland reinstated 'Neutral' at JPMorgan; price target: 145
Bharat Forge rated 'New Buy' at YES Research; price target: Rs 904
Bajaj Finance rated 'New Buy' at Phillip Secs; price target: Rs 8,700
Dilip Buildcon cut to 'Sell' at Nirmal Bang; price target: Rs 498
Motherson Sumi rated 'New Buy' at YES Research; price target: Rs 284
F&O Cues
Nifty November futures ended at 18,131; a premium of 21.55 points.
Nifty November futures added 0.70% and 1,408 shares in Open Interest
Nifty Bank November futures ended at 38,823; a premium of 120.65 points
Nifty Bank November futures added 4.46% and 3,464 shares in Open Interest
Securities in the ban list: Escorts, Punjab National Bank, Sun TV, Bank of Baroda, BHEL, Indiabulls Housing Finance, SAIL, Nalco
Securities added to the ban list: IRCTC
