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A pessimistic mood prevailed among investors as central bankers appear poised to push the market into recession and continue to fight inflation as their main task. Inflation has fallen, but is still painfully high. This prompted central bankers to continue their aggressive attack.
Stocks to watch: L&T, UPL, JSV Energi, Tata Motors, Sun Pharma, PTC India, Tech Mahindra, Ashoka Buildcon, Dr Reddy’s Laboratories and Bank of Maharashtra
NSE listed Balrampur Chini, Delta Corp, Bhel, Indiabulls Housing Finance, Gujarat Narmada Valley Fertilizers & Chemicals, IRCTC and PNB on the blacklist under the F&O segment for trading on Monday as they crossed 95% of the market across position limits. (Read more)
Tata Motors subsidiary signs contract with BMTC to supply 921 electric buses
Automobile company Tata Motors on Friday announced that the Bengaluru Metropolitan Transport Corporation (BMTC) has signed an agreement with its subsidiary to operate 921 low-floor electric buses in the city. As part of the agreement, TML subsidiary Smart City Mobility Solutions will supply, operate and maintain 921 units of electric buses over 12 years, Tata Motors said in a statement. It further states that the Tata Starbus Electric is an indigenously developed 12 meter long vehicle with premium design and best-in-class features for a sustainable and comfortable journey. It further states that till date Tata Motors has delivered more than 730 electric buses to multiple cities in India, which have covered more than 55 million kilometers in total. (PTI)
Buy or Sell Stocks: Vaishali Parekh recommends 2 stocks to buy today
Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today, here are the full details regarding those two stocks:
1]Mahindra CIE Automotive: Buy at ₹326, target ₹400, stop loss ₹290; and
2]NALCO: Buy per ₹77.35, goal ₹89, stop loss ₹73. (Read more)
Sun Pharma receives warning letter from USFDA for halol plant
Sun Pharma said on Friday it had received a warning letter from the US health regulator for its Halol plant, which is already under an import warning.
The warning letter summarized the violations in terms of current good manufacturing practice (cGMP) regulations, the Mumbai-based company said in a regulatory filing.
The US Food and Drug Administration will release the contents of the warning letter in due course, it added.
On December 8, Sun Pharma announced that its Halol plant in Gujarat has been listed under an import alert by the USFDA, and products manufactured at the unit are now subject to refusal of admission to the US market. (PTI)
“Chances of success when actively trading are very low”: Nithin Kamath
Zerodha co-founder Nithin Kamath’s statement on the poor performance of individual investors in derivatives trading highlighted the risk involved in stock futures and options. According to Kamath, only 1% of his firm’s clients who actively trade equity derivatives have achieved annual returns greater than bank deposits over the past three years.
“We have taken every opportunity to create awareness that over the long term (3-year period), less than 1% of those who actively trade futures and equity options generate returns greater than bank fixed deposits or 7% per annum,” he said. Kamath in a business update on Zerodha, the country’s largest stockbroker, over the weekend. (Read more)
Oil surges on China’s growth pledges and US moves to supplement SPR
Oil rallied at Sunday’s open on the Biden administration’s bullish plan to start filling its strategic crude reserves and China’s pledge to revive spending as Covid Zero is abandoned.
West Texas Intermediate rose to $75 a barrel after falling nearly 4% in the last two sessions last week. The US is starting to replenish its strategic oil reserves, starting with the purchase of 3 million barrels at a fixed price, the Energy Department said on Friday. The announcement caps a year in which President Biden used unprecedented SPR to help curb rising domestic energy costs that followed Russia’s invasion of Ukraine. (Read more)
Tech Mahindra will transfer Dinacommerce Holdings to Comviva Netherlands
IT company Tech Mahindra will sell its entire stake in its Netherlands-based subsidiary Dinacommerce Holdings BV to its divestiture subsidiary Comviva Netherlands for approx. ₹58 million, the company said in a regulatory filing.
The deal is expected to be signed during the first week of January 2023, and the transaction is expected to close around the same time.
“We wish to inform you that the Company has approved the sale of 100 percent stake in Dinacommerce Holdings BV, a wholly-owned subsidiary of the Company, to Comviva Netherlands BV, a withdrawing subsidiary of the Company,” Tech Mahindra said in the filing. (PTI)
Soy near one-week low on recession fears; wheat companies amid supply concerns
Soybean futures in Chicago fell 1% to their lowest levels in nearly a week on Monday, while corn lost ground as worries about a global economic downturn weighed on prices. Wheat rose, recouping losses from the previous session as the escalating conflict between Russia and Ukraine fueled concerns about supplies. (Read more)
KFin Technologies IPO opens today: GMP, overview, other details
The initial public offering (IPO) of KFin Technologies Ltd opened today and will remain open to subscribers until December 21, 2022. The technology-based financial services company aims to raise ₹1,500 crore from its public offering, which is entirely OFS (offer for sale) in nature. The financial services company has set the KFin Technologies IPO price range at ₹347 that ₹366 per share.
Meanwhile, shares of KFin Technologies Ltd became available on the gray market before the subscription opening date. According to market watchers, shares of KFin Technologies are available at a price of ₹5 today on the gray market. (Read more)
Samara Cap leads the race for Birla Insurance
Amazon.com Inc.’s Indian private equity partner. Samara Capital has emerged as the frontrunner to buy Aditya Birla Capital Ltd’s insurance broking unit, two people with direct knowledge of the development said on condition of anonymity.
“Over the last few weeks, Samara Capital and Aditya Birla Capital (promoter of Aditya Birla Insurance Brokers Ltd) have been in valuation negotiations. For Samara, getting into the financial services business is a key part of its strategy,” said one of the two people quoted above, adding that the private company had made a bid for the insurance broker. (Read more)
KKR completes investment of 2,474 crores in UPL’s agritech arm
UPL announced the completion of the investment from ₹$2,474 million by global investment firm KKR for a 13.33 percent stake in Advanta Enterprises, the agritech arm of UPL, formerly known as United Phosphorus Ltd.
This is part of a larger corporate alignment announced in October 2022 to create four distinct business platforms – Global Crop Protection, India Agtech, Global Seeds and Manufacturing and Specialty Chemicals – to unlock the growth potential of each of these platforms and unlock value for UPL shareholders- and by enabling the ‘recognition of fair value’ of each platform, according to a UPL statement shared at the stock exchange on Saturday.
On October 21, UPL announced that ADIA, Brookfield, KKR and TPG would invest separately ₹4,040 crore for minority stakes in UPL’s pure play business platforms. (NEITHER)
Poonavalla is preparing a 1,000-crore fund for growth-stage companies
Adar Poonavalla, CEO of the Serum Institute of India, has sought regulatory approval to set up the Poonavalla Vision Fund to invest in growth-stage companies from its corpus ₹1,000 crore contributed by his family, two people familiar with the development said.
An application was made to the Securities and Exchange Board of India (Sebi) on September 29 for registration as a Category II alternative investment fund (AIF), one of the two said, requesting anonymity. “The application is being processed.” (Read more)
India’s economic activity looks set to slow as resilience weakens
India’s economy appeared to have slowed, not accelerated, last month as high-frequency indicators tracked by Bloomberg signaled a deterioration in business and consumer activity.
Although the so-called animal spirits gauge showed activity steady for the fifth month in a row in November, the needle was just one bad data point from swinging to the left. Exports, a key driver of growth over the past year, were among three of the eight indicators that performed poorly. The rest was unchanged. (Read more)
Sula Vineyards IPO grant date likely today. How to check online status
The Sula Vineyards Ltd initial public offering (IPO) share allotment announcement is expected any time today, as the Sula Vineyards IPO tentative allotment date is December 19, 2022. Those who applied for the public issue can check the Sula Vineyards IPO status at online and log on to BSE website — bseindia.com or official IPO registrar website. The official registrar of Sula Vineyards IPO is KFin Technologies Limited and its official website is karisma.kfintech.com. (Read more)
Wall Street lost ground on Friday, marking its second straight weekly loss
Wall Street posted further losses on Friday as concerns grew that the Federal Reserve and other central banks are poised to trigger a recession if that’s what it takes to tame inflation.
The S&P 500 fell 1.1%, marking its third straight decline. The Dow Jones Industrial Average fell 0.8% and the Nasdaq Composite lost 1%. Major indexes posted their second straight weekly loss.
The retreat was wide. More than 80% of stocks in the benchmark S&P 500 index fell. Technology and healthcare stocks were among the market’s top weights. Microsoft fell 1.7% and Pfizer fell 4.1%.
The Fed this week raised its forecast for how much it will eventually take interest rates and tried to dash some investors’ hopes that a rate cut could come next year. In Europe, the central bank turned out to be even more aggressive in the eyes of many investors. (AP)
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