PremiumIndian stock market touched fresh highs on Tuesday. Investors will also wait for cues on the path the Fed will take with regard to interest rate hikes. China seems to be heading towards relaxing its Zero-Covid policy amidst widespread protests in the country.
Wind energy solutions provider Inox Wind on Tuesday said the company and its arm Inox Green Energy Services have paid debts of ₹411 crore.
Inox Wind Ltd and its subsidiary Inox Green Energy Services Ltd, as part of the strategic initiative to deleverage their respective balance sheets, have recently paid ₹250 crore and ₹161 crore (aggregating to Rs. 411 crore) towards reducing their debt, an exchange filing said.
Consequently, the corporate guarantees given by Gujarat Fluorochemicals Ltd have also got reduced to that extent.
Both the companies are in the process of further reducing their debt in due course, it added. (PTI)
Vikram Kirloskar, Vice Chairman, Toyota Kirloskar Motor Pvt. Ltd and one of the stalwarts of India's automotive industry who was also the face of Toyota in India passed away on Tuesday at the age of 64. According to initial reports, Vikram Kirloskar suffered a massive heart attack.
Toyota India confirmed the development in a statement on its social media handles. The statement read, “We are extremely saddened to inform the untimely demise of Mr Vikram S.Kirloskar, Vice Chairman, Toyota Kirloskar Motor on 29th November 2022. At this time of grief, we request everyone to pray that his soul rests in peace. We extend our deepest sympathies to his family and friends. Last respect can be paid at Hebbal Crematorium, Bengaluru, on 30th November 2022 at 1pm." (Read More)
Atomberg Technologies, the maker of energy-saving fans, is in talks with investors to raise funds at a nearly $425 million valuation, three people aware of the development said.
The Mumbai-based startup is seeking to raise around $75 million, one of the three people said. The fundraising includes a secondary component to provide an exit to some of its early backers, the person said, requesting anonymity.
Atomberg will use the funds to expand its product line and boost marketing, the people said, also declining to be named. The startup hired investment bank Avendus Capital to scout for investors. (Read More)
A Kotak Mahindra Bank arm on Tuesday announced that it has invested ₹550 crore in Sanghi Industries Group by subscribing to non-convertible debentures of the cement-making company and its promoter grouping.
Kotak Special Situations Fund's infusion will correct Sanghi Industries' capital structure, help the company's liquidity profile, and enhance its operations, according to a statement.
The investments being done from a USD 1 billion fund by KSSF will include ₹500 crore in the NCDs of Sanghi Industries (SIL) and the remaining ₹50 crore in the NCDs of a company owned by the promoters of SIL which in turn will be infused into the company.
With this deal, KSSF has completed 13 deals and deployed over ₹6,300 crore, the statement said. (PTI)
The rupee declined by 4 paise to close at 81.72 against the US dollar on Tuesday as rising crude oil prices in the international market weighed on forex market sentiment.
However, a firm trend in domestic equities and a weak American currency overseas capped the losses in the local unit, forex traders said.
At the interbank foreign exchange market, the local unit opened strong at 81.58 but later slipped into the negative territory. During the session, it touched an intra-day high of 81.57 and a low of 81.74 against the greenback.
The local unit finally settled at 81.72, registering a decline of 4 paise over its previous close of 81.68. (PTI)
Engineering systems and solutions provider Uniparts India on Tuesday said it has raised ₹251 crore from anchor investors ahead of its initial public offering (IPO) that opens for public subscription on Wednesday and concludes on Friday, December 2, 2022. The price band has been fixed in the range of ₹548-577 a share.
As per market observers, Uniparts India shares are available at a premium (GMP) of ₹80 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE on Monday, December 12, 2022. (Read More)
China’s factory and services activity contracted further in November as a record number of Covid cases prompted widespread movement curbs, further damaging the economy’s fragile outlook.
The official manufacturing purchasing managers index fell to 48 this month, the National Bureau of Statistics said on Wednesday, the lowest reading since April and worse than an estimate of 49 in a Bloomberg survey of economists.
The non-manufacturing index, which measures activity in the construction and services sectors, declined to 46.7 from 48.7 in October, also lower than the consensus estimate of 48. A reading below 50 indicates contraction, while anything above suggests expansion.
The economy is suffering increasing damage from tightened virus controls as Covid outbreaks spread in every province. Major cities like Guangzhou and Beijing have imposed new restrictions in recent weeks to limit movements. The stringent measures even sparked protests in several cities. (Bloomberg)
The initial public offering (IPO) of Dharmaj Crop Guard Limited opened for subscribers on 28th November 2022 and it will remain open for bidding till 30th November 2022. This means a subscription for the public issue is going to end today and investors have just one day in their hands to apply for the IPO. In the first two days of bidding, Dharmaj Crop Guard IPO subscription status suggests that the public offer has been subscribed 5.97 times whereas its retail portion has been subscribed 7.75 times. Meanwhile, the grey market has also gone bullish on the public issue. According to market observers, shares of Dharmaj Crop Guard Limited are available at a premium of ₹52 in the grey market today, which is ₹7 higher than its Tuesday premium. (Read More)
Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today. Here we list out full details in regard to those day trading stocks for today:
1] Britannia Industries: Buy at ₹4285, target ₹4400, stop loss ₹4220; and
2] Deepak Nitrite: Buy at ₹2168, target ₹2240, stop loss ₹2130. (Read More)
Annual growth in the Indian economy likely slowed in the July-September quarter as COVID distortions faded, economists said ahead of GDP data due on Wednesday that will provide clues about its resilience in the face of global economic turmoil.
Asia's third-largest economy is expected to post annual growth of 6.2% in the three months to Sept. 31, according to a Reuters poll, down from explosive growth of 13.5% in the previous quarter, which was inflated by comparison with weak activity during COVID-19 lockdowns.
The gross domestic product data will cast light on the health of the economy as pandemic-related disruptions ease and the government steps up spending in the hope that private spending and investments will follow, economists said. (Read More)
A government-appointed gas price review panel, led by Kirit Parikh, is recommending a floor and ceiling price for natural gas produced from legacy fields of state-owned firms for five years to help moderate CNG and piped cooking gas rates.
State producers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be paid a minimum or floor price of USD 4 per million British thermal unit and a cap or ceiling price of USD 6.5 as against the current rate of USD 8.57, three sources with direct knowledge of the matter said.
The report, which calls for not tinkering with the existing pricing formula for difficult fields such as KG-D6 of Reliance Industries and bp plc, is under finalisation and may lower the ceiling price for ONGC gas marginally.
The floor and ceiling price will be applicable for five years although the initial thought was to keep it for three years, they said adding the ceiling price will have an annual escalation clause. (PTI)
Alibaba aims to sell shares of Zomato Ltd worth at least $193 million through a block trade, according to deal terms seen by Mint.
Alibaba, through its entity Alipay Singapore Pte Ltd, aims to sell 262.9 million shares representing 3.07% stake in the company.
It is offering the shares to institutional investors at a floor price of ₹60 apiece, a 5.59% discount to the last closing price, fetching ₹1,580 crore at the floor price.
Alibaba will continue to hold around 10% stake in the food delivery platform after the deal. (Read More)
New Delhi Television Ltd founders Prannoy Roy and Radhika Roy have resigned as directors of promoter group vehicle RRPRH with immediate effect, the company said in a regulatory filing.
NDTV had said on Monday an entity backed by the founders had issued shares of the company to a unit of Adani Group, taking the billionaire Gautam Adani-led conglomerate a step closer to control of the media firm. (Read More)
Wall Street capped an unsteady day of trading with an uneven finish for the major stock indexes Tuesday, as gains by energy companies were offset by losses in technology and other sectors.
The S&P 500 slipped 0.2%, its third straight drop. The tech-heavy Nasdaq composite fell 0.6%, while the Dow Jones Industrial Average ended just barely in the green and small-company stocks rose.
The mixed finish came as investors watched developments in China and looked ahead to a speech Wednesday by Federal Reserve Chair Jerome Powell for clues as to what the central bank will do next in its fight to lower stubbornly hot inflation.
Wall Street is especially eager to hear what Powell has to say after remarks on Monday by two Federal Reserve bank presidents helped spur a broad sell-off for stocks. (AP)
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