Despite China’s Covid worries, investors remain optimistic as US corporate earnings continue to remain strong and comments from Fed officials that indicate they’re open to slowing the pace of rate hikes.
Aurobindo unit, Evive Biotech ink licensing pact to commercialise CIN treatment product in US
Aurobindo Pharma on Wednesday said its unit has entered into a licensing pact with Evive Biotech to commercialise Ryzneuta in the US market.
The product, a novel dimeric G-CSF long-acting fusion protein without pegylation, is currently under late-stage review by the US Food and Drug Administration for chemotherapy-induced neutropenia (CIN).
In addition to the US health regulator, Evive’s Marketing Authorization Application (MAA), and New Drug Application (NDA) for Ryzneuta are currently under review by European and Chinese regulators.
Neutropenia is a common side-effect of chemotherapy and is a condition characterised by low levels of neutrophils, a type of white blood cell that fights infection. (PTI)
Total leasing of office space in Oct dips 21 pc to 6.7 mn sq ft across top 7 cities: JLL
The total leasing of office space, which comprises demand for all grades of buildings, fell 21 per cent year-on-year in October across seven major cities to 6.7 million square feet on lower demand, according to property consultant JLL India.
The aggregate office market leasing activities refer to transactions for all grades or types of buildings in the top 7 cities (Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata). The data includes confirmed pre-commitments and term renewals. Deals in the discussion stage are not included.
Total office leasing activities stood at 8.5 million square feet in August 2021.
As per the data, Mumbai with a 65 per cent share of monthly leasing activity clearly leads the way, mainly due to strong demand for space coupled with select significant renewals during the month, followed by Delhi NCR and Pune.
These three cities accounted for nearly 93 per cent of all leasing activity in the October 2022 monthly leasing activity tracker. (PTI)
Sebi to issue SOP on new promoter exemption for IPO-bound cos
After several representations from merchant banks and companies looking to go public, markets regulator Securities and Exchange Board of India (Sebi) is likely to soon come out with a standard operating procedure (SOP) for IPO bound companies that want to keep certain members of promoter family out of the promoter group ambit, said three people aware of the development.
The move is expected to provide clarity to IPO bound companies on the disclosures and process to be followed to get these exemptions, as the revised guidelines had led to some companies facing a delay in filing their draft red herring prospectus. (Read More)
Bridgestone appoints Stefano Sanchini as head of India operations
Japanese tyre maker Bridgestone has appointed Stefano Sanchini as the head of its India operations with effect from January 1 next year.
He will replace Parag Satpute, who will be heading to Amsterdam (the Netherlands) to assume a new global role in Bridgestone’s Solutions Business, the company said in a statement.
Sanchini is currently VP Region Middle-East and Africa, (MEA).
Satpute will relinquish his current charge on January 1, 2023 and Sanchini will assume his role from the same date, the company said. (PTI)
Metal index trading in the flat-to-negative territory, sheds around 0.3%
Why did Easy Trip Planners snap its 2-days rally? Stock dips over 5.5%
Online travel platform, Easy Trip Planners snapped its 2-day rally on Wednesday. Although, the stock opened at a fresh 52-week high on Dalal Street, however, corrected to shed more than 5.5%. The stock skyrocketed by a whopping over 40% in the previous two sessions. The company’s board of directors today approved the allotment of equity shares under the bonus issue of the 3:1 ratio. Investors booked profits as the stock hit a new 1-year high.
A bulk deal was carried in Easy Trip Planners on NSE by investors like Arham Share Private Limited, Graviton Research Capital, Prathana Enterprises, and Niraj Rajnikant Shah. Together, these investors sold Easy Trip shares to the tune of ₹83.75 crore, while they cumulatively also bought shares aggregating to around ₹82.55 crore. (Read More)
Adani Group’s Cash Generation Ability Underappreciated, M&G Says
Billionaire Gautam Adani’s group has attracted a lot of scrutiny over its debt-heavy balance sheet and not enough appreciation of its cash-flow generation ability, according to M&G Investments (Singapore) Pte.
“The businesses Adani is incubating and operating in — ports, airports, rail, logistics — they are real businesses that generate cash,” Vikas Pershad, a Singapore-based fund manager at M&G, said in an interview. “There are a lot of questions about opacity, about lack of disclosures, valuations obviously. But it’s trickier because the businesses will grow if India grows. They are at the right place at the right time.”
While Adani’s breakneck expansion into new businesses has sparked eye-catching gains in shares of the conglomerate’s firms and made its founder Asia’s richest person, it has also added both financial complexity and debt to the group’s balance sheet. Three Adani companies, including the flagship Adani Enterprises Ltd., are among the top 10 stock gainers on the MSCI Asia Pacific Index this year, defying concerns about lower liquidity and limited analyst coverage. (Bloomberg)
Bajaj Finance among the highest gainers in today’s sessions; adds 1.5%
Covid-19 highlights: India logs 360 new cases, 5 deaths in a day
India reported 360 new coronavirus infections taking the cumulative tally to 4,46,70,075, while the active Covid-19 cases declined to 6,046, according to the Union Health Ministry data updated on Wednesday.
The death toll climbed to 5,30,596 with five fatalities which includes four reconciled by Kerala and one death reported from Haryana in the last 24 hours, the data updated at 8 am stated. (Read More)
Noon Update: Indices remain in green with Sensex trading above 16,500 and Nifty above 18,250
Specialty chemical stock down 55% from 52-week high. Should you buy post demerger?
Aarti Industries became the pure play in specialty chemicals post the demerger of its Pharma business and is confident to deliver 25% EBITDA CAGR over FY23-25E. Analysts at PhillipCapital recently met the management of Aarti Industries to better understand the business focus of the company post demerger.
“The company is confident to deliver 25% EBITDA CAGR over FY23-25E led by – ramp up in multiyear supply pacts, capacity expansions and introduction of 40+ value added products with new chemistries. In fact, it expects the new product portfolio developed by its established R&D will drive accelerated value growth beyond FY25,” the brokerage note stated. (Read More)
Credit Suisse expects Q4 pre tax loss of around 1.5 billion Sfr
Credit Suisse expects to make a pre tax loss of up to 1.5 billion Swiss francs ($1.58 billion) during its fourth quarter, the embattled Swiss bank said on Wednesday, as it prepares to ask shareholders for permission to raise new equity.
“In its outlook statement on October 27, 2022, the bank highlighted that the challenging economic and market environment has had an adverse impact on client activity across its divisions,” Switzerland’s second-largest bank said.
“In particular, the Investment Bank has been impacted by the substantial industry-wide slowdown in capital markets and reduced activity in the Sales & Trading businesses, exacerbating normal seasonal declines, and the Group’s relative underperformance,” the bank added. (Reuters)
Gold cautious ahead of Fed minutes. Where is the yellow metal headed?
Gold futures are broadly flat on Wednesday tracking the international spot prices. Investors held back from making big bets ahead of US Federal Reserve’s latest policy meeting minutes which are expected to give more clarity on the FOMC’s hawkish stance ahead. At MCX, Gold price is currently near ₹52,200, while silver is trading near ₹60, 950. While 24 carat gold in 10 grams is cheaper by ₹110 today. However, gold is expected to witness to some extent a steady performance during the day with silver mirroring its movement. (Read More)
Dharmaj Crop Guard IPO: GMP, price band as issue opens for subscription next week
The three-day initial public offering (IPO) of Dharmaj Crop Guard Limited will launch for public subscription next week on Monday, November 28, 2022 and conclude on November 30, 2022. The company has fixed the price band in the range of ₹216 to ₹237 per share. The issue will open for anchor investors on November 25.
As per market observers, Dharmaj Crop Guard shares are available at a premium (GMP) of ₹25 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE on Thursday, December 8, 2022. (Read More)
ACC promoter Ambuja Cements releases entire pledge of its 50% equity on November 19, total holding now pledged at 2.16% vs 52.21% earlier: Reports
Cipla stock shines as it adds 1% in today’s session
Media index shines with all stocks in the index in green
Rupee falls 14 paise to 81.81 against US dollar
The rupee depreciated 14 paise to 81.81 against the US dollar in early trade on Wednesday, tracking a strong American currency and sustained foreign fund outflows.
At the interbank foreign exchange, the domestic unit opened at 81.81 against the dollar, registering a loss of 14 paise over its previous close.
On Tuesday, the rupee appreciated by 12 paise to close at 81.67 against the dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.06 per cent to 107.16.
Brent crude futures, the global oil benchmark, declined 0.08 per cent to USD 88.29 per barrel. (PTI)
Inox Green Energy shares make a weak debut, list at discount
Shares of Inox Green Energy Services made a weak market debut on Wednesday with the stock listing at ₹60 apiece on the NSE, a discount of more than 7% as compared to its IPO issue price of ₹65 per share. On the BSE, Inox Green Energy shares started trading at ₹60.5 apiece.
The initial public offering (IPO) of Inox Green Energy Services, a subsidiary of Inox Wind, received 1.55 times subscription on the last day of the offer that concluded on Tuesday, November 15, 2022. The issue received bids for 10.37 crore shares against 6.67 crore shares on offer. (Read More)
Adani Enterprises among biggest laggards today; sheds 1%
Ashika Stock Broking on market: Intraday dip towards 18140-18200 should be used to create long positions
Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd: On the technical front, Nifty took support from its previous day’s low coinciding with 20dma and the lower area of the gap up region, thereon witnessed a pullback to end the day on a positive note with a bullish candle. Hence it can be expected that a further up move is awaited as the market seems to have halted its short-term correction and aim towards the recent swing highs of 18450. After a brief pause in the rally, the overbought price condition in oscillators too have cooled off hence it seems that the Index is well placed to continue with its upward momentum. Now the elevated support base for the market is at 18100 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. 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 hike and drop in crude oil prices which is supportive for Indian Equities. During the day, Nifty is likely to open on a positive note following mixed positive cues and one can expect the Index to trade with a positive bias hence, intraday dip towards 18140-18200 should be used to create long positions for target of 18450.
PSU Bank index continues to shine, adds 1% in today’s session in spite of most stocks in red
Geojit Financial Services on today’s market: No fundamental triggers that can lift markets to much higher levels
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: There is a sudden near-term positive change in the global market mood that can influence the Indian market too. The US market construct has temporarily changed to ‘rising equity- falling bond yields – declining dollar index’ that can favour a near-term rally. But this construct can change quickly impacting market sentiments. There are no fundamental triggers that can lift markets to much higher levels. So consolidation is likely in the Nifty 18050- 18350 range. FIIs have again turned sellers during the last 3 trading sessions and might sell again at higher levels. FII’s market action doesn’t reflect a coherent and consistent strategy. It appears that they are waiting for a clear trend in equity, bond and dollar indices. A clear trend in these indices can set the market direction, but it may not happen soon.
State Bank of India gains in early trading, adds a per cent
After declaring ₹15.5 interim dividend, Hindustan Zinc shares trade ex-dividend today
Shares of Hindustan Zinc started trading ex-dividend in Wednesday’s session, a day ahead of its record date for the purpose of payment of second interim dividend. Hindustan Zinc shares were trading nearly a per cent lower at ₹302 apiece on the BSE in opening deals.
Vedanta group firm Hindustan Zinc’s board approved the second interim dividend of ₹15.50 per equity share for the current financial year 2022-2023. The total payout would amount to ₹6,549.24 crore. The record date for the purpose of payment of second interim dividend has been fixed as Thursday, November 24, 2022. (Read More)
Sensex and Nifty jumped around 0.3% at open today with Hindalco and Kotak Bank leading the stock chart
Apple Inc supplier Foxconn’s China plant hit by fresh worker unrest-social media
People describing themselves as Foxconn workers pulled down barriers and argued with hazmat-suited authorities at a COVID-hit plant in the industrial Chinese city of Zhengzhou that belongs to the Apple Inc supplier, scenes broadcast live on the Kuaishou short video platform showed on Wednesday.
The videos showed more than a hundred people clustered outside and coming face to face with dozens of hazmat-suited officials, who they said were police. Some videos showed workers complaining about the food they had been provided while others said they had not been paid bonuses as promised.
Reuters was not immediately able to verify the authenticity of the videos. Foxconn did not immediately respond to a request for comment. (Reuters)
India looks to boost trade with South-east Asia using river network
India proposes to extend its waterways connectivity project to South-east Asia right up to Thailand, aiming to link regional river routes to develop trade.
The planned international waterways network covering a distance of over 5,000 km and crossing eight countries is expected to benefit shippers, logistics players and cargo owners. (Read More)
Sensex is trading 500 points higher in the preopen session; Inox Green Energy to debut today
INDIA BONDS-Bond yields seen inching down tracking U.S. peers ahead of Fed minutes
India’s government bond yields are expected to open a tad lower on Wednesday, tracking a fall in longer maturity U.S. Treasury yields but are likely to remain in narrow a band thereafter as investors remain cautious ahead of the U.S. Federal Reserve’s latest policy meeting minutes.
The benchmark 10-year yield is likely to be in a 7.27%-7.32% band. The yield ended lower at 7.2852% on Tuesday.
Domestic yields will track U.S. Treasury yiels with a downward bias in early trading, Venkatakrishnan Srinivasan, founder and managing partner of debt advisory firm Rockfort Fincap said.
U.S. Treasury yields eased on Tuesday amid thin trading and lingering concerns over more COVID-19 infections in China, with investors waiting for clues on the outlook for inflation and monetary policy from the Fed minutes due…