Stock Market Live: GIFT Nifty Signals Cautious Open; Asian Paints, Adani Energy, IDFC First, Grasim In Focus

Asian Markets Trade Higher

Big Tech Fuels Nasdaq Rally Of Over 2%

• Microsoft shares hit an all-time high

• Tesla Inc. led gains by rising over 6%

• Nvidia Corp. rallied for a 10th session

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Global Cues

• U.S. Dollar Index at 104.2

• U.S. 10-year bond yield at 4.43%

• Brent crude down 0.07% at $82.41 per barrel

• Nymex crude down 0.14% at $78.15 per barrel

• GIFT Nifty was down 17 or 0.09% at 19,731.5 as of 8:05 a.m.

• Bitcoin was down 0.31% at $35,476.83

Trading Tweaks

• Price band revised from 5% to 2%: Usha Martin

• Ex/record date Interim dividend: Emami, PDS, SAT industries, Steelcast, Chambal Fertilizers and Chemicals, Indraprastha Gas.

• Move into short-term ASM framework: Antony Waste handling cell, BMW Industries, Carysil, Swan Energy.

• Move out of short-term ASM framework: Vodafone Idea.

Insider Trades

• Bajaj Finserve: Promoters Rishab Family Trust Rajivnayan Bajaj and Rajivnayan Bajaj sold 13 lakh and 2.55 lakh shares, respectively, while promoters Madhur Securities, Rupa Equities, Rahul Securities, and Shekhar Holdings bought 3.89 lakh shares each on Nov. 8.

Pledged Share Details

• Inox wind: Promoter Inox Wind Energy released a pledge of 79.5 lakh shares on Nov. 9.

 Bulk Deals

• Swan Energy: Jainam Broking bought 23.7 lakh shares (0.89%) at Rs 430.21 apiece, while 2I Capital PCC sold 20 lakh shares (0.75%) at Rs 427.81 apiece, Montego Realty sold 23.38 lakh shares (0.88%) at Rs 432.06 apiece, and Kasturi Vintage sold 32.84 lakh shares (1.24%) at Rs 428.21 apiece.

• MSPL: SBI sold 19.29 lakh shares (0.5%) at Rs 18.53 apiece.

• Nuvama: The Pabrai Investment Fund sold 1.8 lakh shares (0.51%) at Rs 2,785.17 apiece.

New Listing

• ASK Automotive: The shares will debut on the stock exchanges on Wednesday at an issue price of Rs 282. The Rs 834-crore-IPO was subscribed 51.14 times on the final day. Bids were led by institutional investors (142.41 times), non-institutional investors (35.47 times) and retail investors (5.70 times).

Stocks To Watch: Asian Paints, Wipro, Adani Energy, RVNL, Biocon, IDFC First, Grasim, Manappuram In Focus

• Asian Paints: The company’s original installed production capacity of the Khandala plant has been increased to 4,00,000 KL per annum from 3,00,000 KL per annum in order to meet the medium-term capacity requirements of the company for Rs 385 crore.

• Wipro: Designit Tokyo Co., a step-down subsidiary of Wipro Limited, has been voluntarily liquidated with effect from Nov. 13, 2023. The revenue contribution from such units is 0.004% as of March 2023.

• Adani Energy Solutions: The distribution arm of Adani Energy Solutions Ltd., Adani Electricity Mumbai Ltd., announced a tender offer to buyback up to $120 million of its outstanding $1,000 million of 3.949% senior secured notes due 2030. The tender offer is being fully funded through its cash surplus and internal accruals.

• RVNL: The company received a Rs 311 crore LoA from Central Railways for the construction of tunnels and bridges in Madhya Pradesh. The time period by which the order is to be executed is 18 months.

• PTC Industries: India-based PTC Industries and Safran Aircraft Engines, the French global leader in aero engine design, development, and manufacturing, announced a multi-year contract to develop industrial cooperation for LEAP engine casting parts. Under the terms of the contract, PTC Industries will produce titanium-casting parts for Safran aircraft engines.

• Biocon: Biocon Biologics, a subsidiary of Biocon, has announced that MHRA, the Medicines and Healthcare Products Regulatory Agency in the U.K., has granted marketing authorization for YESAFILI, a biosimilar of Aflibercept. In September, YESAFILI received marketing authorization approval from the European Commission for the European Union.

• Indian Overseas Bank: The bank decided to increase the base rate by 35 bps w.e.f. Nov. 15. The effective base rate will be 9.45%.

• IDFC First Bank: The company received a PFRDA nod for the merger of IDFC and IDFC Financial Holding Co. with IDFC First Bank. The company also received BSE and NSE’s nods for the merger of IDFC and IDFC Financial Holding Co. with itself.

• GMM Pfaudler: Promoters to buy 4.5 lakh shares, or a 1% stake, from Pfaudler Inc. at Rs 1,700 per share. Acquisition costs are at a premium of 1.4% to the stock’s previous close of Rs 1,676.05 on the NSE.

• Knowledge Marine & Engineering Works: The company bagged a project from the Mumbai Port Authority for the hiring of two dock tugs for a period of 7 years for an amount of Rs. 34.49 crore.

• Electronics Mart India: Commercial operations of the company’s one of the stores in Hyderabad were temporarily disrupted due to a fire accident during the intervening nights of Nov. 12 and 13, 2023. The estimated amount of loss suffered by the company is yet to be ascertained.

• Pfizer: Milind Patil has resigned as a Director on the Board of Directors of the company with effect from the close of business on Nov. 13, consequent to the expiry of his five-year term as Executive Director.

Earnings Post Market Hours

Grasim Industries Q2 FY24 (Consolidated, YoY)

• Revenue up 10% at Rs 30,221 crore vs Rs 27,486 crore.

• Ebitda up 31.8% at Rs 6,053 crore vs Rs 4,591 crore.

• Margin at 20.02% vs 16.7%.

• Net profit up 34.1% at Rs 2,024 crore vs Rs 1,509 crore.

Manappuram Finance Q2 FY24 (Standalone, YoY)

• Total income up 17% at Rs 1,456 crore vs Rs 1,245 crore.

• Interest income up 13.4% at Rs 1,405 crore.

• Net profit up 20.3% at Rs 420 crore vs Rs 349 crore (Bloomberg estimate: Rs 386.9 crore).

NRB Bearings Q2 FY24 (Consolidated, YoY)

• Revenue up 8.3% at Rs 2,790 crore vs Rs 2,575 crore.

• Ebitda up 48.4% at Rs 455.2 crore vs Rs 306.7 crore.

• Margin at 16.31% vs 11.9%.

• Net profit up 85.6% at Rs 246.3 crore vs Rs 132.7 crore.

Narayana Hrudayalaya Q2 FY24 (Consolidated, YoY)

• Revenue up 14.3% at Rs 1,305.2 crore vs Rs 1,141.6 crore (Bloomberg estimate: Rs 1,293.1 crore).

• Ebitda up 26.4% at Rs 308.1 crore vs Rs 243.7 crore (Bloomberg estimate: Rs 288.5 crore).

• Margin at 23.6% vs 21.34% (Bloomberg estimate: 22.30%).

• Net profit up 34.2% at Rs 226.7 crore vs Rs 168.9 crore (Bloomberg estimate: Rs 178.8 crore).

GIFT Nifty Signals Cautious Open For The Benchmarks

Stocks in Asia rose after a surge on Wall Street as an unexpected inflation slowdown bolstered bets that the Federal Reserve’s aggressive hiking cycle is over.

MSCI Inc.’s Asia Pacific Index rose for a third day and was set for the highest in nearly two months. Futures for U.S. stocks also advanced.

Australian, South Korean, Hong Kong, mainland and Japanese equity benchmarks rose.

On Tuesday, the S&P 500 gained nearly 2%, the most since April. Tesla Inc. led gains in megacaps, and Nvidia Corp. rallied for a 10th straight session.

The yield on the 10-year U.S. bond was trading at 4.43%, and Bitcoin was above the $35,000. Brent crude was above $82 a barrel, whereas WTI crude was above $78 a barrel.

At 8:05 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 17 or 0.09% at 19,731.5.

Index provider MSCI Inc. added nine Indian stocks to its Emerging Markets Index in its November review on Wednesday. The changes will come into effect after the market closes on Nov. 30.

As per the latest rejig, Tata Motors A, IndusInd Bank, Polycab India, and Macrotech Developers were added to the large-cap index, whereas Paytm parent One 97 Communications and Tata Communications were added to the mid-cap index. Meanwhile, APL Apollo Tubes, Persistent Systems, and Suzlon Energy were upgraded to a mid-cap index from small-cap index.

On Monday, the S&P BSE Sensex closed 326 points down, or 0.50%, at 64,933.87, while the NSE Nifty 50 ended 82 points, or 0.42%, lower at 19,443.55. The Nifty 50 ended below 19,500, and the Sensex was below the 65,000 mark.

Overseas investors remained net sellers of Indian equities for the 14th day in a row on Monday. While foreign portfolio investors offloaded stocks worth Rs 1,244.4 crore, domestic institutional investors mopped up equities worth Rs 830.4 crore, the NSE data showed.

The Indian currency closed flat at 83.33 against the U.S. dollar on Monday.

. Read more on Markets by BloombergQuint.