Share Market Live: Sensex, Nifty Decline; Macrotech Developers Rises To Record

Indian bonds edge lower after RBI Deputy Governor Michael Patra late on Monday said the nation can not remain Immune to global spillovers as the central banks across the world are contemplating shifting their policy stance from a pandemic mode to a normal one. 

• Traders also await a Rs 10,000 crore($1.3b) state government bond sale, and a speech by RBI Governor Shaktikanta Das later in the day

• 10-year yields rose by 1bp to 6.36

• USD/INR little changed at 74.5000

Source: Bloomberg

Shares of Meghmani Organics Ltd. rose 3.21% to Rs 94.8 apiece after the company announced entry into new and lucrative variant of White Pigment Titanium Dioxide. The company will set up 33,000 metric tonnes production facility at a total caped of Rs 400 crore at Dahej, Gujarat.

The project is expected to be commissioned by Q1FY24 and will be funded by internal accruals and debt.

Titanium Dioxide is used as bright white pigment in coating, paint, plastic, ink, dyes, paper and cosmetics industries. The annual demand for Titanium Dioxide is estimated to be 2,50,000 MTPA growing at 4.2% CAGR.

Source: Exchange Filing.

Shares of Macrotech Developers Ltd. rose 4.7% to a record Rs 1,345 apiece after the company launched its Rs 4,000 crore qualified institutional placement on Monday.

Macrotech Developers 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.

Of the 10 analysts tracking the company, nine maintained 'buy' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 11.7%. The relative strength index on the stock was 72, suggesting it may be overbought.

Trading volume of the stock was 2.5 times the 30-day average volume for this time of the day.

Retail investors continued to lead bidding on the second day of the Rs 1,023.8-crore initial public offering of Tarson Products Ltd.

Subscription Details: Day 2

The IPO was subscribed 1.43 times as of 11 a.m. on Nov. 16.

• Institutional investors: 0 times.

• Non-institutional investors: 0.22 times.

• Retail investors: 2.77 times.

• Employees: 0.49 times.

Tata Consultancy Services Ltd. has been selected by Zebra technologies Corp to aid the I.T. transformation and DevSecOps services.

Under the strategic partnership, TCS will play a key role in the end-to-end global agile transformation of Zebra's IT to support its systems and applications used by 8,800 employees in 45 countries.

Source: Exchange Filing.