Daily Stock Market News


Investors can take a breather from future interest hike worries as Fed’s November meeting minutes showed interest rate hikes may slow soon. Other global indicators too mostly skewed on the positive side.

24 Nov 2022, 03:05:48 PM IST

Amazon to shut down online learning academy in India

Less than two years of its launch, Amazon India on Thursday said it would shut down its online learning platform for high-school students in the country starting from August 2023. The Amazon Academy platform was launched in January last year to help students preparing for the JEE (Joint Entrance Examination).

The ecommerce giant also said that it will refund the full fee to those enrolled in the current academic session.

The platform was launched amid a boom in virtual learning during the coronavirus pandemic. Amazon Academy offered coaching for competitive exams including JEE, which allows entry into top engineering colleges across India. (Read More)

24 Nov 2022, 02:51:12 PM IST

Binance’s Zhao flags possible $1 billion for distressed assets

Binance Holdings Ltd. is aiming for a roughly $1 billion fund for the potential purchase of distressed assets in the digital-asset sector and will make another bid for bankrupt lender Voyager Digital, its Chief Executive Officer Changpeng Zhao said. (Read More)

24 Nov 2022, 02:37:18 PM IST

Uniparts India’s public issue to kick off next week. Details here

The initial public offering (IPO) of engineering systems and solutions provider Uniparts India will open for public subscription next week on Wednesday, November 30, 2022 and the three-day issue will conclude on Friday, December 2, 2022. The bidding for anchor investors will open on Tuesday, November 29.

Uniparts India’s IPO is entirely an Offer for Sale (OFS) of 14,481,942 equity shares by promoter group entities and existing investors. The Karan Soni 2018 CG-NG Nevada Trust, The Meher Soni 2018 CG-NG Nevada Trust, Pamela Soni, and investors Ashoka Investment Holdings Ltd and Ambadevi Mauritius Holding Ltd are the promoter group entities that are offering shares in the OFS. The company will not receive any proceeds from the public issue as the offer is entirely an OFS. (Read More)

24 Nov 2022, 02:30:52 PM IST

L&T Construction wins significant order for its heavy civil infrastructure business

Larsen and Turbo on Thursday said that its heavy civil infrastructure business of its construction arm has won significant order from the Greenko group for developing an off-stream pumped storage project in Madhya Pradesh. The company classifies orders worth 1,000 crore to 2,500 crore as significant.

The civil and hydromechanical works of the project will be executed through a consortium led by Larson and Turbo, under a stringent timeline of 30 months. Upon completion, the project will be one of the largest clean energy projects of its kind in India. (Read More)

24 Nov 2022, 02:08:31 PM IST

Metal Index not participating in the rally; most stocks in red

Metal Index

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Metal Index
24 Nov 2022, 02:04:56 PM IST

Brent falls below $85/bbl amid talks of price cap on Russian oil

Crude oil declined on Thursday amid talks of capping the price of Russian oil by the European Union (EU). According to news reports, EU officials have discussed setting the ceiling for Russian seaborne exports at $65 to $70 a barrel. More talks are scheduled for Thursday amid disagreements on details.

At around 0115pm, the Brent January contract on the Intercontinental Exchange traded at $84.81 a barrel, down 0.70% from previous close. West Texas Intermediate (WTI) on NYMEX fell 0.63% to $77.45 a barrel. (Read More)

24 Nov 2022, 01:52:20 PM IST

India headed for slower growth in 2023; tech and agri to boost growth: Moody’s

India is headed for slower growth next year more in line with its long-term potential, Moody’s Analytics said in its latest report ‘APAC Outlook: A Coming Downshift’ on Thursday. The rating agency said that inward investment and productivity gains in technology and agriculture could accelerate growth in the country.

However, in case of inflation persists, the Reserve Bank of India (RBI) would increase the repo rate above 6%, causing GDP to falter, Moody’s claimed. (Read More)

24 Nov 2022, 01:33:19 PM IST

Profitability in hotel segment set to rise: Report

Higher average room rates (ARR) and hotel room occupancy will lift profitability of the domestic hotel industry, with Ebitda margins likely to increase to around 34% this fiscal against the 24% growth seen in FY20, the pre-pandemic year, according to Crisil Ratings. Ebitda is earnings before interest, taxes, depreciation, and amortization.

Revenue will also increase 23% over the pre-pandemic level, riding on a strong recovery in business travel and continued traction in leisure travel, said the subsidiary of the capital markets company Crisil Limited. (Read More)

24 Nov 2022, 01:11:09 PM IST

Bajaj Finserv drags in today’s session, sheds around a per cent

Bajaj Finserv

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Bajaj Finserv
24 Nov 2022, 01:03:04 PM IST

Paytm’s 75% slump is world’s worst for large IPOs in a decade

One 97 Communications Ltd., the operator of India’s largest digital-payments provider known as Paytm, has capped the worst first-year share plunge among large IPOs over the past decade — and the pain is worsening.

The company, whose founder compared its challenges to those faced by Tesla Inc. shortly after the listing, has seen its stock erase 75% of its market value one year after its $2.4 billion offering, the largest on record at the time in India. The dive is the steepest first-year slide globally among IPOs that raised at least the same amount since Spain’s Bankia SA’s 82% drop in 2012, data compiled by Bloomberg show. (Read More)

24 Nov 2022, 12:57:48 PM IST

India’s total coal output rises 18 per cent YoY as of October

India’s total coal production stood at 448 million tonne as of October 2022, an 18 per cent year-on-year rise from the production during the corresponding period of last year, the Ministry of Coal said in a statement on Thursday.

The growth of coal production from Coal India is also more than 17 per cent.

The ministry is planning to build stock at domestic coal-based plants to the tune of 30 million tonne by the end of November 2022, the statement said.

“It (the ministry) has the plan to keep building the stock so that by the end of 31st March 2023, Thermal Power Plants (TPP) stock go up to 45 million tonnes. It is further planned to enhance coal stock at the pithead,” it said. (ANI)

24 Nov 2022, 12:55:14 PM IST

Actis’ BluPine Energy buys Atha Group’s 404 MW solar power assets

Actis Llp’s BluPine Energy has acquired 404 megawatt (MW) solar power assets of Kolkata-based Atha Group, the London-headquartered private equity firm announced on Thursday. Atha’s solar assets’ enterprise value for the deal is around 2,100 crore.

Mint reported on 9 August about Actis Llp winning the bid to acquire Atha Group’s solar power projects for an equity value of around $100 million, with the sale purchase agreement being signed. This comes in the backdrop of Actis selling its Indian renewable energy platform Sprng Energy at an enterprise value of $1.55 billion to energy major Shell Plc. (Read More)

24 Nov 2022, 12:38:09 PM IST

Ramesh Chauhan said he is scouting for a buyer for his packaged water business Bisleri International

The 82-year-old pioneer of the Indian packaged water business denied a report that a 7,000 crore deal has been finalised with Tata Consumer Products Ltd (TCPL).

When asked if he is selling his Bisleri Business, Ramesh Chauhan answered in the affirmative. “Yes. We are,” he told PTI.

However, he also added that the group is in discussions with several prospective buyers.

When asked about the report that he has agreed to sell his business to the Tata Group firm, Chauhan, Chairman of Bisleri International said, “It’s not correct… We are still discussing.” (Read More)

24 Nov 2022, 12:24:19 PM IST

Prabhudas Lilladher recommendations on HDFC Bank and Cholamandalam Investments – BUY

Cholamandalam Finance: BUY with CMP: 718 TRGT: 800 SL: 690

The stock has made a higher bottom formation after giving a decent correction from the peak of 817 levels and the trend has made a reversal to signal a positive bias. The RSI indicator also has indicated a buy signal by reversing it trend. We recommend a Buy in this stock for an upside target of 800 keeping a stop loss of 690.

HDFC Bank: BUY with CMP: 1608 TRGT: 1750 SL: 1550

HDFC BANK is in a strong uptrend making a higher top higher bottom formation on daily chart & now with all positive indicators the stock is ready for new projected target of 1750. we recommend this stock for a Buy keeping a stop loss of 1550 for an upside target of 1750.

24 Nov 2022, 12:07:10 PM IST

About ₹400 cr tax deposited by filing updated ITRs so far

The recently introduced provision of allowing taxpayers to update their tax returns has seen as many as 5 lakh re-filings with about 400 crore additional tax coming in, a senior government official said on Thursday.

The Finance Act, of 2022 introduced a new concept of updated returns, which permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes.

New form ITR-U was made available in May this year for taxpayers to update their income tax return (ITRs) with any income or earnings that may have been skipped in the original filings for fiscal years starting 2019-20 (the assessment year 2020-21).

“So far about 5 lakh updated ITRs have been filed and about 400 crore taxes have been paid,” he said. (PTI)

24 Nov 2022, 12:06:06 PM IST

Coal India comes under pressure; sheds almost 1%

Coal India

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Coal India
24 Nov 2022, 12:02:05 PM IST

Noon Update: Indices rally with Sensex jumping around 350 points and Nifty more than 100 points 

Sensex at Noon

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Sensex at Noon
24 Nov 2022, 11:53:00 AM IST

USFDA issues warning letter to Glenmark Pharma’s Goa unit

The United States Food & Drug Administration (USFDA) has issued a warning letter for Glenmark Pharma’s manufacturing facility in Goa. The US drug regulator had inspected Glenmark’s Goa facility in May 2022 and issued Official Action Indicated (OAI). (Read More)

24 Nov 2022, 11:40:26 AM IST

Non-Resident Indians investing in large housing units in India: Realtors

NRIs based in the US, the UK and Singapore are investing in larger housing units in their hometowns, having learned from the painful experience of living in space-tight units during the lockdown in India, and as the Work from Home (WFH) mode has become a requirement, according to experts.

The real estate experts, who took part in a Singapore property show held from November 19 to 20, also said that the Non Resident Indians are also settling down with extended families, another lesson from the pandemic that living together with family members is much helpful in facing another COVID-19 wave type development in the future.

“There has been a paradigm shift in the residential market in terms of living and lifestyle,” said Isha Kotwal, head of international sales at Total Environment, Bangalore, who presented a sustainable residential development concept at the show. (PTI)

24 Nov 2022, 11:26:54 AM IST

Covid-19 updates: India reports 408 new cases of coronavirus, 5 deaths in 24 hrs

India on Thursday added 408 new Covid-19 cases in 24 hours and 568 patients recovered from the disease, according to the latest data by the Union Ministry of Health. India’s coronavirus infection tally has risen to 44,670,483, while the active cases have declined to 5,881.

The death toll climbed to 5,30,601 with five fatalities reported in 24 hours.

The active cases comprise 0.01% of the total infections, while the national Covid-19 recovery rate increased to 98.80%, according to the ministry website. (Read More)

24 Nov 2022, 11:10:14 AM IST

Realty index under pressure amidst an otherwise bright day

Realty Index

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Realty Index
24 Nov 2022, 10:59:16 AM IST

Kotak Securities Ltd on Commodities Market – Gold and Crude

Ravindra V.Rao, CMT, EPAT VP-Head Commodity Research Kotak Securities Ltd on:

Gold: COMEX Gold trades higher by 0.60% at $1756/oz as dollar fell after the release of FOMC meeting minutes on Wednesday. The minutes were out yesterday and as expected it showed majority of the policymakers were with the view of slower rate hikes as the aggressive stance is impacting the economic growth.US Dollar index closed near day low of 106.03, a fall by more than 1%. Although the minutes indicated the end of jumbo rate hikes, the policy makers were uncertain on when will be the end point of the rate hikes. Smaller rate hikes by Fed is positive for precious metals especially gold which had witnessed deep corrections since Fed started the jumbo rate hikes. On the price front after a doji candlestick formation on Tuesday a high wave candlestick has been formed indicating start of bullish momentum after a brief correction. Support remains near $1740-1735/oz zone which needs to penetrated on closing and sustaining basis. Till then there is good probability of a recovery back to $1762/oz followed by $1778/oz.

Crude: WTI Crude oil trades flat near $77.80/bbl after a near 4% fall in the previous session. Price ap on Russian oil by G7 above the current market level is putting a downward pressure on price. As per the EU official they are considering a price cap on Russian oil between $65 to $70 which is around the level Russian crude is trading at. However, Russia has indicated that it will pull off the exports to nations who are joining the price cap. This will eventually be bullish for prices as supply tightness might trigger buying. Additionally, oil price also got a hit amid rise in product inventories as indicated by the EIA inventory report. On the positive side crude oil got some support from US Dollar weakness after the release of FOMC minutes. On the price front WTI crude oil didn’t sustain above $82/bbl level which was the resistance. However, the correction in oil prices might deepen further only if it closes and sustains below $75/bbl, the recent low which is also a double / identical bottom. Till then a range move expected between $82-$76/bbl. Bulls need to close it above $82 if they want to take it to $85//bbl.


24 Nov 2022, 10:49:16 AM IST

Apollo Hospitals stock keeps its green run; adds more than 3%

Apollo Hospitals

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Apollo Hospitals
24 Nov 2022, 10:46:54 AM IST

Rupee gains 26 paise to 81.67 against US dollar

The rupee appreciated 26 paise to 81.67 against the US dollar in early trade on Thursday as the American currency retreated from its elevated levels.

At the interbank foreign exchange, the domestic unit opened at 81.72 against the dollar, then gained ground to touch 81.67, registering a rise of 26 paise over its previous close.

The rupee has strengthened in offshore trading on broad-based dollar weakness. It is likely to trade in a range of 81.55-81.85 with sideways price action, IFA Global Research Academy said in a research note.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.41 per cent to 105.63, post the weak US data and dovish Fed minutes. (PTI)

24 Nov 2022, 10:46:19 AM IST

China stocks fall as COVID cases hit record high

China stocks fell on Thursday, as concerns over record high domestic daily COVID-19 cases overshadowed optimism from fresh economic stimulus, while Hong Kong shares tracked Asian markets higher amid hopes that the pace of U.S. rate hikes will slow.

** The CSI300 index fell 0.3% by the lunch break, while the Shanghai Composite Index lost 0.1%. Hong Kong benchmark Hang Seng rose 0.5%.

** Rising coronavirus infections in major cities including Beijing, Shanghai and Guangzhou dim growth prospects, even as Beijing rolled out a series of policies to support the troubled property sector, and flagged plans to cut banks’ reserve requirement ratio (RRR) to aid the economy.

** China on Wednesday reported 31,444 new local COVID cases for Nov. 23, its highest daily number since the start of the pandemic nearly three years ago. Chinese cities imposed more curbs to rein in the pandemic. (Reuters)

24 Nov 2022, 10:27:19 AM IST

Ashika Stock Broking on today’s market: The psychological level of 18000 would be the trend deciding level for the market.

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty ended with a bearish candle as the close was lower than the open on the daily chart however presence on a higher high-low continues to have a bullish overtone in the market. It is at that phase where a prolonged consolidation might be in the making and forming a higher base, setting itself equipped to eye the all-time high of 18600 in the near term. Though it can be established that the market has halted its slide taking support from its 20dma and the lower area of the gap up the region and 18050-18100 might be the elevated bottom for the market followed by 17950 which coincides with 23.6% retracement of the entire rally since Oct’22. However, the psychological level of 18000 would be the trend-deciding level for the market. A positive stance in the market would remain due to sharp reversals in the Dollar index, US yields have helped to taper down anxiety around further aggressive rate hikes and drop in crude oil prices which is supportive for Indian Equities. Against that backdrop, the Index has also cooled off from its overbought price reading presently trading above the 60-level mark (14-period RSI). During the day, Nifty is likely to open on a positive note as overnight US Market lifted since Fed officials see smaller rate hikes coming ‘soon,’. From this perspective, it would be wiser to hunt for the lower level at 18220-18265 for initiating long positions for an upside target of 18450…

Read More: Stock Market LIVE: SENSEX HITS NEW HIGH

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