PremiumInvestors 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.
Crypto markets steadied as Bitcoin's price traded above the $16,000 mark. The world’s largest cryptocurrency by market value is down about 70% since the same time last year, when the digital token was trading just below almost $69,000, its all-time high level in November 2021.
The world's largest and most popular digital token Bitcoin's price today was trading over a per cent higher at $16,682. On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency, also rose by more than 3% to $1,200. The global crypto market cap today remained below the $1 trillion mark, even as it was over 4% higher in the last 24 hours to $873 billion, as per the data by CoinGecko. (Read More)
NSE has kept Punjab National Bank (PNB) on the list of banned securities under the F&O segment for Thursday trading as it has crossed 95% of the market-wide position limit (Read More)
Sharing as the top picks for Thursday, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are Cummins and Bank of Baroda.
Cummins: Buy CUMMINS, stop loss ₹1,335, target ₹1,410
Bank of Baroda: Buy BANK OF BARODA, stop loss ₹166, target ₹173 (Read More)
Billionaire Gautam Adani’s flagship Adani Enterprises Ltd is planning a follow-on public offering (FPO) to finance the group’s expansion in green and digital businesses, three people aware of the development said. The board of the Adani-led firm will meet on Friday to finalize the fundraising.
Adani may raise ₹10,000-20,000 crore through the FPO, said one of the three people cited above, all of whom spoke on condition of anonymity. “The fundraising is aimed at two things. One, to mobilize funds for new businesses such as green hydrogen, data centres and renewables; and two, to improve the company’s float on stock exchanges by bringing in a wide set of new investors," the person said. (Read More)
Lump sum inflows into the equity segment, excluding new fund offers (NFOs), stood at ₹17,900 crore in October, the lowest since November 2020, according to a report by Motilal Oswal Financial Services Ltd.
The slowdown has been on account of high net worth individuals (HNIs) waiting for a better entry point as the stock market nears the record high, weakness in inflows from rural customers, and reduced NFO activity in the equity segment, the report said.
According to Motilal Oswal Financial Services (MOFSL), redemptions in the equity segment have been steady. (Read More)
The shares of the company are expected to make their market debut on the stock exchanges BSE and NSE on Thursday, November 24, 2022. Keystone Realtors, which sells properties under the brand 'Rustomjee', saw its initial public offering (IPO) receive 2 times subscriptions on the last day of the offer which was open from Monday, November 14, 2022, to Wednesday, November 16, 2022.
“Keystone Realtors Limited is one of the prominent real estate developer. The company is engaged primarily in the business of real estate construction, development and other related activities in India. The GMP is ₹5 and the issue has been subscribed 2X times, we may not expect huge listing gains, but one may accumulate or hold the position it with a long-term perspective as it is one of the renowned brands in the real estate industry," said Manoj Dalmia, Founder and Director, Proficient equities Private limited. (Read More)
The government is working on a bill to regulate digital media, Union Information and Broadcasting Minister Anurag Thakur said in a statement. While speaking at an event organised by Hindi news daily Mahanagar Times, the minister said that the communication of news has become multidimensional.
In a statement, the I&B minister said earlier that there used to be one-way communication of news, but with the development of electronic and digital media, communication of news has become multidimensional. Now even small news of a village reaches the national platform through digital media, he said. (Read More)
State Bank of India (SBI) chairman Dinesh Kumar Khara on Wednesday exuded confidence that the country's largest lender will be able to maintain its performance on the asset quality side even amid the high loan growth.
He said SBI, which won investors' confidence after posting stellar quarterly earnings recently, will be able to maintain net non-performing assets under 1 per cent going forward as well.
Speaking at an economics conclave organised by SBI, Khara also exuded confidence that the country's banking system will be able to maintain its high loan growth as banks have internalised learnings from the last high growth cycle. (PTI)
The rupee depreciated 26 paise to close at 81.93 against the US currency on Wednesday due to dollar buying by banks on behalf of importers and rising crude oil prices in the overseas markets.
Besides, persistent foreign capital outflows also weighed on investor sentiments, forex traders said.
At the interbank foreign exchange market, the local unit opened at 81.81 and later witnessed an intraday high of 81.74 and a low of 81.93 during the session.
The domestic unit finally settled at 81.93 against the American currency, registering a fall of 26 paise over its last close of 81.67. (PTI)
A slew of PSU banks hit a 52-week high as the Bank Nifty touched a record high of 42860.55 today before settling at 42729.10, up 0.64% from its previous closing. Among those that hit new 52-week highs were Bank of Baroda at ₹170.30, Bank of India ( ₹81), Canara Bank ( ₹326.55), Indian Bank ( ₹279.45) , PNB ( ₹50.85) .
SBI ended the session just 2.6% away from its 52-week high of ₹622.7 hit on 7 November. PNB, BoB and SBI make up the 12-member Bank Nifty. (Read More)
The All India Jet Airways Officers and Staff Association has sent a legal notice to the monitoring committee and resolution professional of Jet Airways to initiate the process for payment of pending provident fund and gratuity dues as per the October order by appellate tribunal NCLAT.
As per an order dated 21 Oct, the monitoring committee of Jet Airways had to compute the pending dues to be made to workmen and employees of Jet Airways within one month from Oct 21 and communicate the same to Jalan-Kalrock consortium, the winning bidder of Jet Airways. The total dues are expected to be the tune of ₹250 crore. (Read More)
Wall Street's main indexes ended Wednesday with solid gains after the Federal Reserve's November meeting minutes showed interest rate hikes may slow soon.
A "substantial majority" of policymakers agreed it would "likely soon be appropriate" to slow the pace of interest rate hikes, the minutes showed.
The Dow Jones Industrial Average rose 95.96 points, or 0.28%, to 34,194.06, the S&P 500 gained 23.68 points, or 0.59%, at 4,027.26 and the Nasdaq Composite added 110.91 points, or 0.99%, at 11,285.32.
Trading volume was thin ahead of the Thanksgiving holiday on Thursday, with the U.S. stock market open for a half-session on Friday.
Earlier on Wednesday, a mixed bag of economic data led to a drop in yield on the benchmark 10-year Treasury note , helping drive stocks up.
The number of Americans filing new claims for unemployment benefits rose more than expected last week and U.S. business activity contracted for a fifth straight month in November. Consumer sentiment ticked higher and home sales rose above expectations. (Reuters)
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