Stock Market LIVE: Caution to prevail at start; SGX Nifty marginally green

Reliance Research Stock in Focus for today: Price Pipes 

STOCK IN FOCUS

Prince Pipes (CMP 600)

We expect Prince to expand its leadership with the manufacturing expertise, leveraged distribution and competitive agility in the pipes sector. In view of the expected pick-up in demand, cost optimization measures and series of strategies for the next level of growth, we have our BUY rating on the stock with Target Price at Rs700.

Intraday Picks

BANKBARODA (PREVIOUS CLOSE: 171) SELL

For today’s trade, short position can be initiated in the range of ₹172-

174 for the target of Rs.166 with a strict stop loss of ₹176.

CHOLAFIN (PREVIOUS CLOSE: 732) BUY

For today’s trade, long position can be initiated in the range of ₹718-76

for the target of Rs.745 with a strict stop loss of ₹712.

TATAPOWER (PREVIOUS CLOSE: 225) BUY

For today’s trade, long position can be initiated in the range of ₹221-

223 for the target of Rs.230 with a strict stop loss of ₹219.

Stock to Watch: Maruti Suzuki, Adani Enterprises, NDTV, ONGC, SJVN, NTPC, GMR Airports, Zydus, SpiceJet, SBI

NSE continues to keep Delta Corp, Punjab National Bank and Indiabulls Housing Finance stocks on the list of banned securities under the F&O segment for Monday trading as they have crossed 95% of the market-wide position limit. (Read More)

RR Kabel seeks to file IPO papers with Sebi in May next year

RR Kabel plans to file draft prospectus papers with market regulator Sebi in May next year to launch their initial public offering (IPO). The wires, cables, and Fast Moving Electrical Goods (FMEG) manufacturer plans to go public between October to November of 2024. RR Kabel expects to record a 25% growth in revenue to ₹6,000 crore by the end of the current financial year FY23.

RR Kabel is part of RR Global, a conglomerate in the electrical sector with a presence in over 90+ countries globally. The company offers the widest range of premium wires and cables for various residential, commercial, industrial, and infrastructure purposes. (Read More)

INDIA BONDS-Bond yields seen inching up tracking oil move; MPC meet key

Indian government bond yields are expected to open marginally higher on Monday, as oil prices recover further, while broad market awaits domestic monetary policy decision due later in the week.

The benchmark 10-year yield is likely to move in a 7.20%-7.25% band, a trader with a private bank said. The yield ended at 7.2215% on Friday, with an eight basis points decline last week.

As it was evident from Friday’s moves, traders showed their discomfort below 7.20% for the benchmark, and we may see some more uptick as oil has corrected since last week’s levels, the trader said. (Reuters)

Maruti Suzuki may fall short of 20-lakh-units production target this fiscal: Shashank Srivastava

Maruti Suzuki India’s challenge to produce 20 lakh units this fiscal may fall slightly short, according to company Senior Executive Officer, Marketing & Sales Shashank Srivastava.

He, however said, the company is still counting on an outside chance to meet the challenge through execution of its pending orders that stands at around 3.75 lakh units.

Earlier in August this year, Maruti Suzuki India Chairman RC Bhargava, in his address to shareholders in the company’s annual report for 2021-22 had stated that the company will increase its production and will challenge to produce 20 lakh units in the ongoing fiscal with semiconductor availability improving.

He has said that the new midsize SUV, Grand Vitara, was expected to play a key role in the challenge to touch 20 lakh units. (PTI)

Dharmaj Crop Guard IPO share allotment likely today. Here’s how to check application status

The Initial Public Offer (IPO) of Dharmaj Crop Guard was subscribed 35.49 times on the last day of subscription on Wednesday, November 30, 2022. The issue received bids for 28,43,51,820 shares against 80,12,990 shares on offer. The initial share sale had a fresh issue of up to ₹216 crore and an offer for sale (OFS) of 14,83,000 equity shares. Its price range was ₹216-237 a share.

The finalisation of the basis of share allotment of Dharmaj Crop Guard IPO is expected to take place on Monday, December 5, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Wednesday, December 7. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar’s website here or on the BSE website here. (Read More)

SpiceJet expecting restructuring benefits to improve in Dec quarter: Ajay Singh

Commercial aviator SpiceJet is expecting to see improvement in operations and restructuring benefits in the current quarter of FY 2022-23, reported news agency PTI. The budget carrier – looking to raise $200 million – witnessed its net loss widen to ₹789 crore in the June quarter. The firm cited high fuel prices and rupee depreciation as reason for the loss.

Apart from this, some of its aircraft having technical snags in recent times, and quite a few of its Boeing 737 planes were deregistered due to non-payment of dues to lessors. (Read More)

Rising loan rates dent India Inc.’s financial performance

India Inc. showed a mixed financial performance in the September quarter as they faced the brunt of rising input costs. This, coupled with increased working capital and capital expenditure needs in a rising loan rate scenario, severely impacted companies’ interest coverage ratio. The burden on mid-cap companies was steeper as any impact of rising interest rates gets passed on to them at a faster pace, said analysts. (Read More)

GMR Hyderabad Intl Airport plans to raise ₹1,250 crore via NCDs to prepay maturing USD bonds

GMR Hyderabad International Airport Ltd (GHIAL), which runs the aerodrome here, plans to raise ₹1,250 crore through non-convertible debentures to be used for prepaying the USD bonds maturing in April 2024 or February 2026, rating agency India Ratings & Research has said. GHIAL (excluding subsidiaries) had a debt of ₹7,050 crore as on September 30, 2022 which consisted of bonds of USD 950 million. The USD bonds have bullet maturities in April 2024, February 2026 and October 2027, the rating agency said. (PTI)

SJVN bags Maharasthra discom’s 200-MW solar project worth ₹1,200 crore

State-owned SJVN Ltd on Saturday said that its arm SJVN Green Energy has bagged a 200 MW solar project worth ₹1,200 crore from Maharashtra State Electricity Distribution Company Ltd.

“Company through its wholly-owned subsidiary SJVN Green Energy Limited has bagged 200 MW solar power project on Build Own and Operate (BOO) basis from Maharashtra State Electricity Distribution Company Limited (MSEDCL) through e-RA (Reverse Auction) conducted on December 2, 2022,” a BSE filing said.

The tentative cost of this project is around ₹1,200 crore and the project is expected to generate 455.52 Million Units (MUs) in the 1st Year and the cumulative energy generation over a period of 25 years would be about 10,480.82 MUs, it said. (PTI)

FPI buying in small cap stocks attracts analysts’ attention

Technology services provider Onward Technologies saw Mauritius-based Infinity Direct Holdings buying a 24.38% stake in the company during the September quarter, increasing the FPI holding from near zero levels in the preceding quarter when a single FPI held just 173 shares. The stock price surged 31% from September end through 2 December to ₹333.6. The promoters own 45.52%.

The other company is Salasar Techno, a telecom tower manufacturer, which saw FPI holding jump 11.25% sequentially from 0.93% to 12.18% in the September quarter. The Street gave a thumbs-up to the stock, which jumped 31.6% to ₹41 apiece post the rise in FPI holding from Q2FY23 end through 2 December. (Read More)

Buy or sell: Vaishali Parekh recommends 2 stocks to buy today

Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are Apollo Hospitals and Tech Mahindra.

1) Apollo Hospitals: BUY Apollo Hospitals, stop loss ₹4,780, target ₹5,000

2) Tech Mahindra: Buy TECH MAH, stop loss ₹1,095 , target ₹1,150 (Read More)

Crypto exchange Bybit plans to reduce workforce due to deepening bear market

Ben Zhou, co-founder, and CEO of crypto exchange Bybit on Sunday announced plans to reduce the company’s workforce by at least 30% due to a deepening bear market. The announcement comes two days after Zhou on Bybit’s 4-year milestone said, they are ‘bullish’. Bybit’s layoff will be across the board. According to Zhou, it is important to ensure that Bybit has the right structure and resources in place to navigate the market slowdown.

Through his Twitter handler, Zhou said, “difficult decision made today, but tough times demand tough decisions.” He added, “I have just announced plans to reduce our workforce as part of an ongoing re-organisation of the business as we move to refocus our efforts for the deepening bear market.” (Read More)

Multibagger IPO: NSE SME stock turns ₹1.35 lakh to ₹9.45 lakh in 6 years

Shares of Focus Lighting and Fixtures Ltd are one of the multibagger stocks that the Indian stock market has delivered in the last one year. This NSE SME stock has risen from around ₹75 apiece levels to ₹313.70 apiece levels in the last one year, delivering more than a 300% return to its shareholders in this time horizon. However, this SME stock is one of the multibagger IPOs (initial public offerings) as well.

This NSE SME IPO was launched at a price band of ₹45 in March 2017 and Focus Lighting’s share price today is ₹313.70 apiece, which means the small-cap stock has delivered nearly 600% in the last six years. (Read More)

SBI raises ₹10,000 cr through its maiden infra bond

State Bank of India (SBI) has raised ₹10,000 crore through its maiden infrastructure bond issuance at a coupon rate of 7.51 per cent.

In a regulatory filing to the stock exchanges on Friday late evening, the banking major said this was the largest single infrastructure bond issued by any Bank in the country.

“The amount raised through bonds will be utilized in enhancing long-term resources for funding infrastructure and affordable housing segment,” said SBI.

Infrastructure offers primary facilities that serve various economic activities which helps in the facilitation of the growth of the country and development of the economy through sectors such as healthcare, education, communication, transport, and others. (ANI)

Adani group’s NDTV open offer subscribed 32%; poised to be largest shareholder

Billionaire Gautam Adani’s group has found investors willing to sell over 53 lakh shares of NDTV despite the deep discount to the stock’s current trading price, giving it the rights – which it may or may not exercise – to nominate a chairman of the broadcaster.

The open offer, made after Adani group acquired a little known firm that gave it an indirect holding over 29.18 per cent stake in New Delhi Television (NDTV), closes on December 5, according to a stock exchange notification.

Against the offer to buy 1.67 crore shares, or 26 per cent of equity – from NDTV’s minority investors at a price of ₹294 apiece, Adani group has received offers for 53.27 lakh shares, according to data available on the National Stock Exchange (NSE) website. (PTI)

RBI likely to moderate rate tightening with lower rate increase 

Amid retail inflation showing signs of moderation and the need to push growth, the Reserve Bank of India (RBI) may signal a slower pace of tightening at its upcoming monetary policy review on Wednesday.

The RBI may opt for a lower rate increase of 25-35 basis points in lending rates after three back-to-back 50 basis points hike in interest rates, experts believe.

RBI Governor Shaktikanta Das headed a six-member rate-setting panel is scheduled to meet for three days beginning Monday to take a call on the next set of monetary policy. (Read More)

Oil rises after OPEC+ holds oil output targets, China eases COVID curbs

Oil prices inched up in early trade after OPEC+ nations reaffirmed their oil output targets ahead of a European Union ban and price caps on Russian crude, which kick off on Monday. At the same time, in a positive sign for fuel demand, more Chinese cities eased COVID-19 curbs over the weekend.

Brent crude futures climbed 39 cents, or 0.5%, to $85.96 a barrel at 2309 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.5%, to $80.35 a barrel. (Read More)

Wall Street ends mixed on Friday following strong data on wages, jobs

Worries about inflation weighed on Wall Street Friday, leaving major indexes mixed after a report showed wages for U.S. workers are accelerating, which is good news for them but could feed into even higher inflation for the nation.

The S&P 500 ended 0.1% lower after having been down as much as 1.2% earlier in the day. The Nasdaq composite also trimmed its deficit, falling 0.2%, while the Dow Jones Industrial Average eked out a 0.1% gain. The indexes all notched gains for the week.

Stocks had been on the upswing for the last month on hopes the worst of the nation’s high inflation may have passed already. That fed expectations for the Federal Reserve to dial down the intensity of its big interest-rate hikes. Such hikes aim to undercut inflation by slowing the economy and dragging down prices for stocks and other investments.

But Friday’s labour market report showed that wages for workers rose 5.1% last month from a year earlier. That’s an acceleration from October’s 4.9% gain and easily topped economists’ expectations for a slowdown. (AP)