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HomeUncategorizedMorning Update : The Sensex and Nifty are trading flat; pharma companies...

Morning Update : The Sensex and Nifty are trading flat; pharma companies are up, while IT stocks are down. Nov-24

Morning Update :– BSE Midcap and Smallcap indices are trading in the green. Among sectors, pharma index up 1 percent, while selling is seen in the Information Technology and oil & gas stocks.

Sensex –   Falls    -33          Points at      65984

Nifty 50 –  Falls     -7           Points at     19794

 Indian Market 

FII AND DII 

FII Bought 457.39 Cr
DII Bought 255.53 Cr
Fii and Dii action on 21 nov

 Indian Market News

  1. Asian markets were trading lower ahead of important economic data from Japan due out on Friday. The Hang Seng fell 1%, the Kospi and the Stratis Times fell 0.3 percent each, while the Nikkei index rose 1%.
  2. After four months of reductions, India’s crude oil imports increased in October.
  3. Concerns over a postponed OPEC+ meeting cause oil to fall 1%.
  4. The dollar is on the defensive as investors assess the future for US interest rates.
  5. Gold is rising as investors await the Fed’s rate decision.
  6. Brent rises ahead of the OPEC+ decision on oil production.
  7. For FY24, NTPC declares an interim dividend of Rs 2,182 crore.
  8. On the second day of the Tata Tech IPO, 15 people subscribed.
  9. Cipla stock may suffer further losses as a result of the USFDA warning; HSBC lowers its target price and expects a lengthy settlement.
  10. IREDA: The issue was subscribed to 38.8 times, with the retail component booked 7.73 times on the final day.
  11. On Day 2, the Flair Writing Industries IPO was subscribed to 6.11 times, with the retail part booked 6.98 times.
  12. On Day 2, the Gandhar Oil Refinery IPO was subscribed to 15.25 times, with the retail part booked 17.24 times.
  13. Siemens receives a tax demand order for Rs 24 crore for late payment.
  14. Fedbank Financial Services IPO received 90% subscriptions, with the retail portion completely subscribed on Day 2.

Global Markets updates

Gift Nifty

With a gain of 11 points, the GIFT Nifty suggests a slightly good start for the whole index. After peaking at 19,877 points, GIFT Nifty futures were trading at 19,867 points.

US Markets

Stocks gained on Wednesday after yields fell to their lowest level in two months, and the November market rally extended into the Thanksgiving holiday. The Dow Jones Industrial Average rose 184.74 points, while the S&P 500 and Nasdaq Composite advanced 0.46 percent. Over half of the New York Stock Exchange’s stocks were up, with the tech-heavy Nasdaq index seeing greater participation. Small- and mid-cap stocks outperformed, with small- and mid-caps rising 0.7% and 0.6%, respectively. The energy sector lost 0.1% due to OPEC’s delay of a meeting on production cuts.

European Markets

European stocks closed slightly higher on Thursday, with the Stoxx 600 index provisionally closing up 0.3%. Oil and gas stocks gained 1.4% despite oil price declines after OPEC delayed its policy-setting meeting. Travel stocks led losses by 1%. Preliminary purchasing managers’ index data from the euro zone showed employment fell for the first time in three years, while business activity continued to decline. Investors are also watching Dutch election results, with an exit poll showing Geert Wilders on track for a dramatic victory with his Freedom Party, the PVV.

Asian Markets

Asia-Pacific markets opened higher as investors assessed key economic data from Japan. Japan’s core inflation rate rose to 2.9% in October, higher than the 2.8% rise in September. The headline inflation rate for October was 3.3%, accelerating from 3.3% in the previous month. Japan’s Nikkei 225 and Topix advanced 0.87 percent and 0.67 percent respectively. In Australia, the S&P/ASX 200 started the day up 0.27 percent. South Korea’s Kospi and Kosdaq rose 0.2% and 0.3% respectively. Hong Kong’s Hang Seng index futures stood at 17,858, indicating a weaker open compared to the HSI’s close of 17,910.84.

Oil Prices

Oil prices fell over 1% in early trading on Thursday, extending losses from the previous session, as OPEC+ postponed a ministerial meeting. Brent futures fell by 1.31 percent to $80.89 a barrel, while U.S. West Texas Intermediate crude dipped 99 cents to $76.09. Trade was expected to remain muted due to the Thanksgiving holiday in the United States. The Organization of the Petroleum Exporting Countries and allies, including Russia, delayed a ministerial meeting to November 30 to discuss oil output cuts. Producers were struggling to agree on output levels, leading to possible reductions. However, this delay was linked to African countries, which eased investor concerns.

Dollar Index

The Dollar index traded 0.06 percent lower in futures at 103.32, whereas the value of one dollar hovered near Rs 83.31.

Gold Prices

Gold prices rose on Thursday, nearing a key $2,000 per ounce level, due to a weaker US dollar and lower Treasury yields. Spot gold was up 0.4% at $1,997.39 per ounce, while US gold futures gained 0.3% to $1,998.60. The anticipation of an interest rate hike cycle peak is causing softness in the US dollar and longer-dated US yields, which will support gold prices in the short term.

News Updates

Due to insufficient independent directors, Exchanges fines RVNL Rs. 10 lakh and refers the matter to GoI

Rail Vikas Nigam (RVNL) has been fined more than Rs 5.42 lakh by the two major exchanges for having insufficient independent directors on its board during the September quarter.

In a filing dated November 23, the firm notified the exchanges that the Railway Ministry of the Government of India, on its behalf, appoints directors, and that the company has no influence over this process.

The filing states that the company was fined Rs 5,42,800 (incl. GST) by both the National Stock Exchange of India Limited (NSE) and the BSE Limited (BSE) for failing to comply with Regulation-17(1), which states that half of the board must be independent, for the quarter that ended on September 30, 2023.

A $125 million agreement is signed by L&T Finance and ADB to assist financial needs in peri-urban and rural areas.

On November 23, L&T Finance and the Asian Development Bank (ADB) inked a $125 million finance agreement to boost lending in rural and peri-urban areas, with a focus on women borrowers.

According to the press release, the money consists of an agreement to syndicate an additional $125 million co-financing from other development partners and a loan of up to $125 million from ADB. According to the announcement, forty percent of the revenues would go towards helping women borrowers. The remaining funds will also be used to support MSMEs, farmers, and loans for the purchase of new two-wheeled vehicles.

A data breach at Taj Hotels exposes the personal data of 1.5 million patrons.

A recent revelation claims that the Taj Hotels group, owned by Tata, experienced a data breach that resulted in the exposure of over 1.5 million client records.

A malicious actor going by the pseudonym “Dnacookies” allegedly wanted $5,000 (about Rs 4,16,000) as ransom for the entire dataset, according to a CNBC-TV18 report. According to individuals close to the publication, it appears to contain addresses, membership IDs, mobile numbers, and other personally identifiable information.

In six years, Coal India intends to gradually stop importing mining equipment.

The Ministry of Coal said on November 23 that Coal India Limited (CIL) has developed a strategic plan to gradually phase out imports of heavy earth-moving machinery (HEMM) and underground mining equipment over the following six years.

The largest miner in India, CIL, currently imports high-capacity machinery worth Rs 3,500 crore, including wheel dozers, drills, crawler dozers, dumpers, electric rope shovels, and hydraulic shovels. These imports also come with additional customs duties of Rs 1,000 crore.

Stocks in news

JSW Steel: The business has invested a total of Rs 750 crore in JSW Paints, with the final payment totaling Rs 75 crore. JSW Paints has finished the share allocation as a result. Following this allocation, the business now owns 2.94 crore equity shares in JSW Paints, or 12.84 percent of the equity capital that has been paid up.

Lupin: The US Food and Drug Administration (US FDA) has given the pharmaceutical giant preliminary approval to commercialise Canagliflozin tablets and Bromfenac Ophthalmic Solution in the US based on its shortened new drug application.

LTIMindtree: To provide safe data transfer for the impending quantum age, the technology consulting and digital solutions business has established a Quantum-Safe virtual private network (VPN) link in London. LTIMindtree worked with Quantum Xchange and Fortinet as partners to develop the Quantum-Safe VPN platform.

NMDC: The pricing of lump ore (65.5%, 6-40mm) and fines (64%, -10mm) for the state-owned iron ore business are fixed at Rs 5,400 and Rs 4,660 per tonne, respectively. These rates will remain the same starting on November 23.

Prestige Estates Projects: Located in Bangalore’s IT Hub, Prestige Glenbrook is a high-rise residential development by the real estate company. The project has a developable area of 0.7 million square feet, two high-rise towers housing 285 units, and a potential revenue of Rs 550 crore.

Tata Consultancy Services: On November 24, the stock price of the nation’s biggest exporter of IT services is scheduled to become ex-buyback. In October, the business approved the buyback of shares valued at Rs 17,000 crore, with a price per share of Rs 4,150. Gujarat Narmada Valley Fertilisers & Chemicals (GNFC) will begin trading ex-buyback on the same day as the previous announcement.

Siemens: The business was issued an order by the Belapur Commissionerate’s Commissioner of Central Excise and Goods and Services, assessing a service tax liability of Rs 23,68,12,903. In accordance with Section 78 of the Finance Act, the aforementioned ruling also specifies the imposition of suitable interest and penalties totaling Rs 23,68,12,903.

Power Finance Corporation: Starting on November 24, the following companies will trade ex-dividend: Power Finance Corporation, Manappuram Finance, EMS, BMW Industries, Career Point, Ddev Plastiks Industries, Esab India, Goldiam International, GPT Infraprojects, Indag Rubber, Intelligent Supply Chain Infrastructure Trust, Morganite Crucible, Nicco Parks & Resorts, Riddhi Corporate Services, Sharat Industries, Uniparts India, and Xtglobal Infotech.

Karnataka Bank: To provide life insurance to its clientele, the private lender has formed a strategic corporate partnership with Bajaj Allianz Life Insurance Company. The partnership aims to capitalise on the robust product portfolio of Bajaj Allianz and the extensive client base of Karnataka Bank, which operates more than 900 branches throughout India.

Union Bank of India: Union Bank’s ratings have been upgraded by ICRA from AA+ to AAA due to the bank’s earnings profile continuing to improve. This improvement has been fueled by a decrease in the addition of new non-performing assets (NPAs), strong recoveries and upgrades, and a high provision coverage on legacy NPAs, which has moderated credit costs. Additionally, the agency changed its assessment of the bank’s various instruments from “positive” to “stable.”

Vishnu Chemicals: The business established Vishnu International Trading FZE as a subsidiary in Dubai, United Arab Emirates. Chemicals will be sold, transmitted, and distributed by the new subsidiary.

Indian Hotels business: Through rights issues, the business has invested Rs 55 crore in Genness Hospitality’s equity shares and Rs 35 crore in Qurio Hospitality. Following the aforementioned investment, the company’s equity proportion in Genness and Qurio remains unchanged as they are completely owned subsidiaries.

Rategain Travel Technologies: In an open market transaction, Societe Generale, a financial services business based in Europe, sold 6,15,945 equity shares, or 0.52 percent of paid-up equity in the provider of software solutions for travel and hospitality. The whole money of Rs 40.88 crore was obtained by selling these shares at an average price of Rs 663.74 per share. As of September 2023, Societe Generale owned 1.09 percent of the company.

Home First Finance firm India: At an average price of Rs 870.50 per share, Smallcap World Fund Inc. purchased 23.95 lakh equity shares in the housing finance firm through an open market transaction. At an average price of Rs 870 per share, Fidelity Global Investment Fund Asia Pacific Equity Fund acquired 4.76 lakh shares. A 3.2 percent stake was obtained from both deals. But 17.88 lakh shares at an average price of Rs 871.13 and 16.72 lakh shares at an average price of Rs 870.40 each were offloaded by Indian promoter True North Fund V LLP, accounting for 3.92 percent of the total paid-up equity. 11.92 lakh shares at an average price of Rs 870.51 each were sold by foreign promoter Aether Mauritius, while 11.15 lakh shares were sold for Rs 870 each, representing 2.61 percent of paid-up ownership. 14.9 lakh Home First shares were sold by a foreign firm called Orange Clove Investments B.V. for Rs 870.60 per share, and 13.93 lakh shares were sold for Rs 870.01 per share. As of September 2023, Orange Clove owned 2.33 crore shares, or 26.43 percent of the firm.

Apar Industries: On November 23, the business began its qualified institution placement (QIP) offering in order to raise money. The floor price per share is set at Rs 5,540.33.
Hazoor Multi Projects: The work has been approved by the Ministry of Road Transport and Highways and endorsed to the company’s subsidiary, Hazoor Infra Projects, by Arawali Kante Multi Projects through an endorsement agreement. The work order calls for the conversion of Maharashtra’s NHDP-IV on Hybrid Annuity mode in Ratnagiri to four lanes for the NH-66 (Arawali to Kante segment). The project is expected to cost Rs 1,129.81 crore.

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