PremiumWorries rose about possible spillovers from the crypto industry's latest crisis of confidence, while a batch of sour profit reports from big companies. The US will release its inflation report on Thursday which will have an effect on how much further the Fed hikes interest rate.
Adani Green, Reliance Power, Zomato Jindal Steel and Power, Apollo Hospitals, Bata India, Eicher Motors, Indian Hotels Company, and Sail will be among the stocks in focus as they declare their September quarter earnings today. (Read More)
After finalisation of share allocation, bidders are eagerly waiting for the share listing date, which is most likely on 11th November 2022. After whopping 69.79 times subscription, market observers are highly bullish on the public issue worth ₹500 crore. In fact grey market is also signaling strong listing of DCX Systems shares. According to market observers, shares of DCX Systems Ltd is available at a premium of ₹90 per equity share in grey market today. (Read More)
The rupee appreciated by 45 paise to close at 81.47 against the US dollar on Wednesday amid fall in crude oil prices, dollar weakness and sustained foreign fund inflows.
At the interbank foreign exchange market, the local unit opened at 81.43, and witnessed an intra-day high of ₹81.23 and low of ₹81.62 during the session.
The local unit finally settled at 81.47 against the American currency, registering a rise of 45 paise over its previous close.
On Monday, the rupee had settled at 81.92 against the US dollar. The forex market was closed on Tuesday on account of 'Gurunanak Jayanti'. (PTI)
Union minister Pralhad Joshi on Wednesday said that the country's per capita power consumption is estimated to double by 2040 and this will lead to more use of coal.
Joshi who hold the charge of coal and mines ministries stressed that at present India does not have even one-tenth of the per capita power consumption as compared to some of the developed economies in the world.
He asserted that demand for coal will stay at least for the next 25-30 years, according to a coal ministry statement.
The statement further said that auction of 64 coal mines in the first five tranches has been successfully done. (PTI)
The Central Government on Wednesday allowed international trade settlements in the Indian currency for export promotion schemes under foreign trade policy. "The government of India has made suitable amendments in the Foreign Trade Policy and Handbook of Procedures to allow for international trade settlement in Indian rupees," a statement said.
"Given the rise in interest in internationalisation of Indian Rupee, the given Policy amendments have been undertaken to facilitate and to bring ease in international trade transactions in Indian Rupees," the Ministry of Commerce & Industry said in a statement. (Read More)
Specialty marine chemical manufacturer Archean Chemical Industries' initial share sale got subscribed 30% on the first day of subscription that opened on Wednesday, November 9, 2022. The issue, with a price band of ₹386-407 per share, will conclude on Friday, November 11, 2022.
Archean Chemical IPO consists of a fresh issue of equity shares aggregating up to ₹805 crore and an Offer For Sale (OFS) of up to 1.61 crore shares by the promoter and investors. Investors can bid for a minimum of 36 shares and in multiples thereof. (Read More)
Elon Musk said in a tweet on Wednesday that he "killed" the new official label for Twitter accounts, on the same day that it began rolling out. In the latest development in Twitter's disorganised overhaul of the platform's verification system under new owner Elon Musk there was an addition of grey "official" labels to some high-profile accounts to denote their authenticity.
Twitter user Marques Brownlee who had earlier shared the new update later quoted the tweet writing, “Update: It's now gone". (Read More)
India’s retail inflation likely cooled to 6.7% in October from September’s five-month high of 7.41% due to a favourable base effect in some key components such as food prices, found a Mint poll of 22 economists.
If the poll estimate comes true, this will be the tenth consecutive month that inflation has breached the upper-limit of the central bank’s inflation target range. The moderation is explained by the fact that headline as well as food inflation in September 2021 touched a multi-month low.
Despite the moderation, inflation was still high due to the impact of unseasonal rains on food prices, economists said. (Read More)
FMCG major Hindustan Unilever Ltd (HUL) and healthcare firm GSK have mutually decided to terminate their agreement for selling of Over-the-Counter (OTC) and oral care products.
The agreement was for brands such as Crocin, Eno, Iodex, Ostocalcium, Otrivin, and Sensodyne, which were owned by GSK.
These brands were distributed by GlaxoSmithKline Consumer.
After HUL acquired GlaxoSmithKline Consumer in 2020, it entered into a distribution agreement with GSK to sell these OTC and oral care products.
"The company, GSKAPL and GSKCPL have mutually agreed and expressed their intention to terminate the agreements with effect from 8th November 2023," said HUL.
As per the agreements, the one-year notice period for termination shall commence from November 9, 2022, it added. (PTI)
Binance, the world's biggest cryptocurrency platform, said in an abrupt reversal Wednesday that it was scrapping plans to acquire rival FTX.com, citing reports of mishandled customer funds and alleged government probes.
The development is a further blow to FTX founder Sam Bankman-Fried who is considered a cryptocurrency wunderkind, but has suffered a spectacular reversal of fortune.
Binance is owned by Changpeng Zhao, a onetime bitter rival of Bankman-Fried's who accused FTX.com of being insolvent before offering to come to the rescue on Tuesday.
"We have decided that we will not pursue the potential acquisition of FTX.com," Binance said on Twitter a day after disclosing it signed a non-binding letter of intent to buy FTX.
"In the beginning, our hope was to be able to support FTX's customers to provide liquidity, but the issues are beyond our control or ability to help," the company tweeted. (AFP)
Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.
The job cuts come just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk. There have been numerous job cuts at other tech companies that hired rapidly during the pandemic.
Zuckerberg said that he had made the decision to hire aggressively, anticipating rapid growth even after the pandemic lockdowns ended.
“Unfortunately, this did not play out the way I expected," Zuckerberg said in a statement. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that." (AP)
Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today. Here we list out details in regard to those shares:
1] Can Fin Homes: Buy at ₹534, target ₹558, stop loss ₹520; and
2] Cummins India: Buy at ₹1350, target ₹1388, stop loss ₹1330. (Read More)
The announcement of share allocation can be finalised any time today as the most likely date of Fusion Microfinance IPO allotment date is 10th November 2022. In three days of subscription, the public issue worth ₹1,103.99 crore was subscribed 2.95 times whereas its retail portion was subscribed 0.51 times. Meanwhile, the grey market premium (GMP) of the public issue has remained steady for the last three days. According to market observers, shares of Fusion Microfinance are available at a premium of ₹6 for the last three days. (Read More)
Automobile major Tata Motors on Wednesday reported a consolidated net loss of ₹944.61 crore for the second quarter ending September (Q2FY23). The company had posted a net loss of ₹4,441.57 crore in the year-ago period (Q2FY22) and ₹5,006.60 crore in the previous June quarter (Q1FY23), respectively.
The homegrown auto major's consolidated revenue jumped 29.7% to ₹79,611.37 crore as against ₹61,378.82 crore from the year-ago period.
Analysts estimated a revenue growth of anything between 6% and 12.6% on-quarter, and for losses to contract by nearly 87% or profits to grow marginally over the same period. Consolidated revenue was expected to be between ₹76,188 crore and ₹80,927 crore, and net losses to shrink to ₹775.5 crore or net profits to increase up to ₹324 crore. (Read More)
The Specified Undertaking of the Unit Trust of India (SUUTI), under the Central Government, will sell up to 1.55% stake or 4.65 crore shares in Axis Bank via an offer for sale (OFS). Around 4.65 crore shares of Axis Bank will go on the block on 10 and 11 November, at a floor price of ₹830.63 per share, the bank informed in a regulatory filing.
The government, at the current market price, is expected to realise about ₹4,000 crore from the share sale.
The offer will be concluded over Thursday and Friday, with non-retail investors bidding on the first day and retail investors on the second day, as per a regulatory filing. (Read More)
Stocks fell sharply Wednesday as unease flared in far-ranging corners of financial markets, and Wall Street gave back a big chunk of the gains it had built in a rally running up to Election Day.
The S&P 500 lost 2.1%, or 79.54 points, to 3,748.57 and erased most of its gain from what had been a three-day winning streak. The Dow Jones Industrial Average fell 646.89 points, or 2%, to 32,513.94, while the Nasdaq composite tumbled 263.02, or 2.5%, to 10,353.17.
Several sources of disappointment were behind the drops. Worries rose about possible spillovers into other markets from the crypto industry's latest crisis of confidence, where prices are plunging again, while a batch of sour profit reports from big-name companies like The Walt Disney Co. also hurt stocks. There's also still uncertainty about whether Tuesday’s elections will result in a Congress that would prevent the kinds of sweeping economic changes that make Wall Street nervous
Looming over all of it is a report scheduled for Thursday, when the U.S. government will show just how bad inflation was across the country. That reading will likely have a big effect on how much further the Federal Reserve hikes interest rates to get inflation under control. Fears about such increases have been by far the dominant force shaking Wall Street this year. (AP)
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