All You Need To Know Going Into Trade On November 23

Asian stocks were mixed Tuesday after Treasury yields and the dollar jumped as Jerome Powell’s renomination to head the Federal Reserve increased concerns over quicker policy tightening.

Powell and the other Fed chief candidate, Governor Lael Brainard, were seen as having broadly similar policy stances but Brainard was viewed by some as more dovish.

Shares rose in Australia but fell in South Korea, while Japan is closed for a holiday.

The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, shed 0.46% at 17,365.50, as of 6:45 a.m.

U.S. equity futures fluctuated after the S&P 500 ended in the red and the Nasdaq 100 underperformed after a final-hour selloff in technology shares in the Wall Street session.

Oil retreated ahead of an expected announcement by the U.S. on a coordinated release of reserves.

Stocks To Watch

• Spandana Sphoorty Financial: Board has appointed Shalabh Saxena as the MD and CEO for a period of 5 years and Ashish Damani as the CFO. Abanti Mitra, independent director, has been appointed as non-executive chairperson.

• Indian Energy Exchange: To resume trading of Renewable Energy Certificates from November 24, after a gap of almost 16 months. The last REC trade session took place in June 2020.

• Triveni Engineering & Industries: The company has signed a 10-year business agreement with GEAE Technology USA to locally manufacture the LM2500 gas turbine base and enclosure.

• Zee Entertainment Enterprises: NCLT Mumbai bench and Delhi bench have sanctioned the scheme of amalgamation of India Webportal, Zee Digital Convergence and Zee Network Distribution with Zee Studios.

• Zen Technologies: The company has signed an export contract worth Rs 35 crore with one of its important Middle East customers. The order includes Live Simulation equipment (Rs 19.7 crore) and O&M (Rs 15.4 crore) for 4 years. The equipment order is expected to be executed in the next 3 quarters.

• Kirloskar Ferrous Industries: Board to consider fund raising options on November 25.

• Quess Corp: The company has raised stake in Stellarslog Technovation to 49%.

• Ugro Capital: Board to meet on November 25 to consider raising funds via issuance of NCDs on private placement basis.

• Union Bank: Allotted Basel III Compliant Additional Tier- 1 bonds in debentures eligible for inclusion in Tier 1 Capital Series XXXII aggregating to Rs 2,000 crore.

Offerings

• Go Fashion IPO was subscribed 135.46 times on the final day.

Pledge Share Details

• Max Financial Services: Promoter Max Ventures Investment Holdings created a pledge of 2.78 lakh shares between November 17-18.

• Jindal Stainless (Hisar): Promoters (Nalwa Engineering Co, Abhinandan Investments, Goswamis Credits & Investments, Renuka Financial Services, Jindal Rex Exploration, Manjula Finances, Ever Plus Securities and Finance, Stainless Investments, Nalwa Investments, Colarado Trading Co, Gagan Trading Company, Siddeshwari Tradex, Mansarover Tradex, Hexa Securities and Finance Co, Vrindavan Services, Jindal Strips, Jindal Equipment Leasing and Consultancy Services, Sun Investments, JSL, Jindal Infrastructure And Utilities, Ratan Jindal, JSL Overseas, and JSL Overseas Holding) created a pledge of 11.93 crore shares on November 16.

  As reported on November 22.

Bulk Deals

• Ion Exchange (India): Plutus Wealth Management LLP sold 75,000 shares (0.51%) at Rs 2,220 per share.

• Fino Payments Bank: Societe Generale sold 4.62 lakh shares at Rs 401.48 per share.

Block Deals

• Thangamayil Jewellery: Promoter DSP Mutual Fund bought 5 lakh shares (3.64%) at Rs 1,322.1 per share. Das Balarama Govinda sold 1.66 lakh shares (1.21%) at Rs 1,322.1 per share. Narayanan Balusamy Kumar sold 1.66 lakh shares (1.21%) at Rs 1,322.1 per share. Balusamy Ramesh sold 1.66 lakh shares (1.21%) at Rs 1,322.1 per share.

Who’s Meeting Whom

• Tata Consumer Products: To meet Baron Funds and Blue Coast Capital on November 23. The company will meet Carnegie Fonder and DePrince Race & Zollo on November 24.

• Titan Company: To meet Marcellus Investment Managers on November 23.

• Max Healthcare Institute: To meet Edmond de Rothschild Asset Management, DNCA Finance Ritz Paris, Amundi Asset Management, and Comgest S.A on November 23. The company will meet Pictet Asset Management, TT International, Axiom International Investors, and Amundi Asset Management on November 24.

• Nazara Technologies: To meet Union MF and Mirae MF on November 23.

• Gokaldas Exports: To meet Canara HSBC Life and Enam on November 23.

• Accelya Solutions India: To meet Motilal Oswal Mutual Fund on November 24.

• Butterfly Gandhimathi Appliances: To meet Blue Coast Capital on November 24.

• Tata Elxsi: To meet Birla MF, Elara Capital and Motilal Oswal AMC on November 25.

Trading Tweaks

• Ex-Date Interim Dividend: Computer Age Management Services, Natco Pharma, Cochin Shipyard, Hindustan Aeronautics, Likhitha Infrastructure, Oil India

• Record Date Interim Dividend: ONGC, Quess Corp, Ester Industries, Gabriel India, Glenmark Life Sciences, IPCA Laboratories, IRCON International, Jamna Auto Industries, MSTC, Tide Water Oil (India)

• Move Out Of Short-Term ASM Framework: 3i Infotech

• Move Into ASM Framework: 3i Infotech

Analyst Actions

• Indoco Remedies cut to 'Accumulate' at Prabhudas Lilladher; price target: Rs 480

• Federal Bank cut to 'Hold' at ULJK; price target: Rs 110

• Escorts raised to 'Buy' at Canara Bank; price target: Rs 2,028

• Escorts cut to 'Neutral' at Macquarie; price target: Rs 1,740

Money Market Update

• The rupee ended at 74.40 against the U.S. Dollar on Monday as compared to Thursday's closing of 74.23.

F&O Cues

• Nifty November futures ended at 17,435.05; a premium of 18.5 points.

• Nifty November futures shed 8.52% and 16,810 shares in Open Interest

• Nifty Bank November futures ended at 37,182.10; a premium of 53.3 points

• Nifty Bank November futures shed 2.67% and 2,158 shares in Open Interest

• Securities in the ban list: Escorts, Vodafone Idea

• Securities removed from the ban list: Sun TV, BHEL, SAIL, Nalco

Top Research Reports

• Ecowrap - Q2 FY22 GDP Pegged At 8.1%: SBI Research

• Telecom Sector Update - Finally, Much Awaited Tariff Hikes - Positive: Dolat Capital

• India Mining Industry - GoI’s Infrastructure Push To Drive Demand, Despite Increase In Equipment Prices: ICRA

• Amendments To SEBI Master Circular On Schemes Of Arrangement By Listed Entities: Khaitan & Co.

• Axis Bank Q2 Result Update Highlights: Anand Rathi