Domestic stocks opened higher on Monday, but soon slipped into the red, ahead of the kick start of India’s biggest IPO Paytm. Investors globally were cautious, awaiting inflation figures in the US later this week after the Fed announced the beginning of $15 billion per month bond tapering last week, much in line with expectations.
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Q2 Results: Wockhardt
-PAT at Rs 33.5 cr vs Rs 3.5 cr
-Revenue at Rs 862 cr vs Rs 714 cr
-EBIDTA at Rs 95.83 cr vs Rs 16.7 cr
-Margin at 11.12% vs 2.34%
ALERT: Motherson Sumi to raise Rs 1,000 crore via NCDs
> Board of Directors of the company has approved the issuance of rated, Listed, Unsecured, Redeemable Non-Convertible Debentures of face value of Rs 10,00,000 each, for an aggregate principal amount of up to Rs 1000 crore, on a private placement basis, in one or more series/ tranches to certain eligible investors permitted to invest in the NCDs.
Finance Secretary says
– Unlikely to meet FY22 disinvestment target
– Higher FY22 tax mop-up to offset higher spends
– FY22 Covid vaccine spending seen over Rs 35,000 cr
– Currently not working on any fiscal stimulus
– See fertiliser subsidy of up to Rs 40,000 cr in FY22
– Will provide more funds for rural job plan in FY22
– See food subsidy of about Rs 50,000 cr in FY22
– Medium-term growth seen higher than last 3-4 years
– FY22 fiscal gap to be close to Budget estimate of 6.8%
ALERT: The T+1 settlement cycle will be implemented in a phased manner and the first list of securities with T+1 settlement cycle will begin from trade date starting from February 25, 2022, says NSE
Tesla Inc’s Frankfurt-listed shares fell about 9% in early trading on Monday as investors prepared for Chief Executive Officer Elon Musk’s proposed sale of about a tenth of his holdings in the electric-car maker following his Twitter poll. Musk, the world’s richest person, tweeted on Saturday that he would offload 10% of his stock if users of the social media network approved the proposal.
Britannia trades higher ahead of Q2 earnings
Price as on 08 Nov, 2021 01:23 PM, Click on company names for their live prices.
Top Sensex movers at this hour
Q2 Results: Karur Vysya Bank
> PAT at Rs 165 crore vs Rs 115 crore YoY
> PPOP at Rs 374 crore vs Rs 360 crore YoY
> Net NPA at 2.99% vs 3.96% QoQ
> Gross NPA at 7.38% vs 7.98% QoQ
ONGC to consider dividend on Nov 12 board meet: Agencies
Price as on 08 Nov, 2021 12:51 PM, Click on company names for their live prices.
IPO UPDATE: Paytm subscribed 9% so far on Day 1
Top 10 losers at this hour on NSE
Price as on 08 Nov, 2021 12:31 PM, Click on company names for their live prices.
MARKET CHECK: Sensex wipes off losses, trades higher
NEWS ALERT: IndusInd Bank to conduct third party audit for validating internal probe
– Currently, bank conducting an internal probe to check process lapse
(Source: ET NOW)
Bitcoin rose to a two-and-a-half-week peak on Monday and ether climbed to a fresh record as cryptocurrencies ride higher on a wave of momentum, flows, favourable news and inflation fears. Bitcoin was last up about 3% at $65,121 and ether, which underpins the ethereum network, sat at a record top of $4,711.
NEWS ALERT: L&T Construction awarded significant contracts for its various businesses
Significant orders include the ones within Rs 1,000-2,500 crore range; shares of L&T were trading half a per cent higher
SpiceJet introduces book now, pay later EMI scheme (Source: Agencies)
Price as on 08 Nov, 2021 11:01 AM, Click on company names for their live prices.
“The growth was driven primarily by custom synthesis business while generics declined year-on-year (YoY). The strong positioning of Divis will help in monetising the growth opportunity in API and CRAMS space given its stellar execution track record, recent capex of Rs 25billion and being one of the preferred suppliers. However, we envisage near term pressures growing with rising raw material prices, logistical issues and declining generics business,” ICICI Sec said in a note.
These stocks defy market mood, gain up to 10%
Price as on 08 Nov, 2021 10:43 AM, Click on company names for their live prices.
Paytm management says
– Have demonstrated that payment companies in India can make money
– Fintech competition is across the board from UPI to cards
– Lending on own balancesheet will lead to regulatory obligations
– Regulatory obligations may not apply to Paytm’s current model
– Seeing high quality investors coming in
(Source: ET NOW)
Paytm promoter One97 Communications’ Rs 18,300-crore initial public offering is set to open for subscription on Monday. While analysts are divided about the stock’s longer-term prospects, some of them recommend subscribing to the IPO only for listing gains. The IPO comprises fresh issuance of shares worth Rs 8,300 crore and an offer for sale of Rs 10,000 crore by existing shareholders.
Strong global tailwinds are likely to support markets as trading opens today after the holidays. Fed’s decision to begin tapering in November was on expected lines. However, the commentary that reiterated the Fed’s view that inflation would be transitory and the inference that tapering is not likely to lead to rate hikes soon, is being interpreted by the markets as a dovish stance. That’s why the 10-year bond yield declined to 1.47 % and S & P surged to yet another record high. US unemployment falling to 4.6% is another factor that will support markets since it is a positive for global growth and corporate earnings.Back home, in India, the macros are turning increasingly favourable. Rising tax collections – both direct and indirect – falling NPAs of the banking system, the fuel tax cut that can boost consumption and booming exports are clear positives. However, the concern on market valuations remain.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Terming whistleblower allegations on loan evergreening as “grossly inaccurate and baseless”, Indusind Bank on Saturday admitted to have disbursed 84,000 loans without customer consent in May owing to a “technical glitch”.
Price as on 08 Nov, 2021 09:33 AM, Click on company names for their live prices.
MARKET CHECK: Sensex wipes off opening gains, slips below 60K
Vodafone Idea, YES Bank among most active stocks on NSE
Price as on 08 Nov, 2021 09:20 AM, Click on company names for their live prices.
Sensex Heatmap: Only 6 stocks trade in the red at opening tick
OPENING BELL: Sensex gains 300 points, Nifty50 tops 18,000; IndusInd Bank plunges 5%, Pfizer jumps 6%
Pre-open session: Sensex rises 100 points, Nifty tops 17,950
Paytm to kick off India’s biggest IPO today
India’s biggest-ever initial public offering opens Monday with digital payments platform Paytm looking to raise nearly $2.5 billion, in what has already been a record year for share listings. Paytm is backed by Chinese tycoon Jack Ma’s Ant Group, Japan’s SoftBank and Warren Buffett’s Berkshire Hathaway, which together own around a third of the company. The firm was founded barely a decade ago by Vijay Shekhar Sharma, the son of a schoolteacher who says he learned English by listening to rock music.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 51.5 point, or 0.29 per cent, higher at 17,992, signaling that Dalal Street was headed for a positive start on Monday.
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US stocks settled higher on Friday
US stocks pushed further into record heights on Friday following an encouraging report on hiring across the country, though trading was shaky as the bond market was hit with another day of sharp swings. The S&P 500 rose 17.47, or 0.4%, to 4,697.53 and clinched an all-time high for the seventh straight day. The Dow Jones Industrial Average gained 203.72, or 0.6%, to 36,327.95, and the Nasdaq composite added 31.28, or 0.2%, to 15,971.59.
Rupee rises 22 paise to nearly 1-month high on FPI flows
Extending its winning run for a fifth straight session, the rupee rose further by 22 paise to close at a nearly one-month high of 74.46 against the US currency on Wednesday on the back of easing crude oil prices and foreign fund flows into domestic IPOs. Besides, a weak American currency in the overseas market also helped the local unit, forex dealers said. The forex market was shut for the next two sessions.
Sensex, Nifty on Thursday
Domestic equity benchmarks mustered smart gains on Thursday as investors built up fresh positions in the special Muhurat trading session to mark the beginning of Hindu Samvat year 2078. Reversing its two-session sliding streak, the 30-share BSE Sensex climbed 295.70 points or 0.49 per cent to close at 60,067.62. On similar lines, the broader NSE Nifty advanced 87.60 points, or 0.49 per cent, to finish at 17,916.80. Markets were shut on Friday.
Asia stocks mixed, US inflation test looms
Asian share markets were mixed on Monday as risk assets found support from the upbeat US October payrolls report, but faced another test later in the week from a reading on US inflation that could spook the rate horses. The congressional passage of a long-delayed US $1 trillion infrastructure bill cheered investors, though a broader social safety net plan remains elusive. Moves were modest with MSCI’s broadest index of Asia-Pacific shares outside Japan off 0.2%. Japan’s Nikkei lost early gains to dip 0.2%.
Oil rises after Aramco raises crude selling price
Oil prices rose on Monday after Saudi Arabia’s state-owned oil producer Aramco raised the official selling price for its crude, suggesting demand remains strong at a time of tighter supplies. Brent crude was up by 90 cents or 1.1% at $83.64 a barrel, after dropping nearly 2% last week. US oil gained 87 cents or 1.1% to $82.14, having declined almost 3% through Friday.