Shares were mixed in Asia on Wednesday as concerns over pressures on global growth made investors nervous. Japan’s market closed lower, while Mainland China remained flat and Hong Kong ended with some gains. European markets are trading higher in the morning session ahead of the holiday season.
Indices shed 1% as Sensex closed 600 points lower and Nifty around 200 points.
Indian indices tanked sharply on Monday amidst strong concerns of an impending recession and a worsening Covid-19 situation in China. The indices shed a per cent in today’s session.
S Ranganathan, head of research at LKP Securities said, “Benchmark Indices dropped yet again on the back of Covid scare in China and elsewhere but today’s fall was more noticeable to participants since the red colour on the screen engulfed all over barring pathology labs, hospitals and select pharma counters involved in Covid-related drugs.”
Sensex fell by 635 points to close just above 61,000, at 61,067. Nifty closed at 18,200, a drop of 186 points.
Adani Enterprises was among the chief laggards which sank 6% followed by Adani Ports, Ultratech Cement, and IndusInd Bank. Divi’s Labs gained 5%. Apollo Hospitals and Cipla jumped 3% each.
Apart from Healthcare/Pharma indices which gained more than 2%, IT index also closed in the green with minor gains. All the remaining indices ended in the red with Metal, Bank, Realty and Media dragging the most.
Shares were mixed in Asia on Wednesday after a modestly higher close on Wall Street as concerns over pressures on global growth tempered gains in the absence of major data releases.
Tokyo’s benchmark Nikkei 225 index slipped 0.2%, a day after the Bank of Japan gave in to pressure on the yen by expanding the cap on the yield of the 10-year Japanese government bond to 0.50%.
Chinese stocks moved in a narrow range on Wednesday, while Hong Kong shares recorded a small gain ahead of the festive season, as further relaxations in Covid-19 curbs amid rising cases in China marginally improved investor confidence.
China’s blue-chip CSI 300 Index rose 0.04%, while the Shanghai Composite Index dipped 0.17%. Hong Kong’s Hang Seng Index edged up 0.34% and Hang Seng China Enterprises Index gained 0.43%.
European shares were lifted by healthcare and consumer discretionary firms, as investors headed into the holiday season on an upbeat note. The region-wide STOXX 600 index was trading in the green in the morning.
IIFL fintech fund picks up 16% in Samadhan for USD 2 million
The IIFL Group’s early-stage investment vehicle, IIFL Fintech Fund, has invested USD 2 million (around ₹16.5 crore) in insurance technology startup Insurance Samadhan for a 16 per cent stake, valuing the platform at around USD 13 million (around ₹107 crore).
The startup also received another USD 1 million from other investors in the series-A round.
This is IIFL fintech fund’s 10th investment and first in the insuretech space, the company said, adding it has already invested 50 per cent of the ₹210 crore corpus of the fund. (PTI)
Tata’s Bigbasket eyes IPO by 2025 after $200 million fundraising
The Tata Group’s online grocer BigBasket is expected to list its shares within three years after the recent fundraising valued the country’s largest online grocer at $3.2 billion, reported Bloomberg on Wednesday.
In an interview, BigBasket’s Chief Financial Officer Vipul Parekh said that the Bengaluru headquartered e-commerce company will likely launch an initial public offering in the next 24 to 36 months but was open to raising more private capital before that.
The $200 million Bigbasket, which is focusing on expanding its pan-India reach, announced this week that it had raised capital that will bolster its quick commerce arm and expand its nationwide footprint, as it looks to cement its dominance over the sector giants – Amazon and Reliance Industries. (Read More)
Gail inks pact with Japan’s Mitsui OSK for LNG carrier
State-owned Gail India and Japanese transport firm Mitsui OSK Lines, through its wholly-owned subsidiary, has signed a time charter contract for a new-build liquefied natural gas (LNG) carrier, and for joint ownership of an existing LNG carrier. The vessel will be built by South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering with a charter period from 2023. (Read More)
Nifty to hit 50,000 by 2030; likely to touch 21,400 by end of 2023: ICICI Direct
The Indian stock market has performed well so far in the current year, even though most other major indices continue to struggle to climb up. Equity has once again shown to be the superior asset class in the long term when compared to other asset classes.
The rally in domestic indices so far this year has amply proven that it is far ahead of its global counterparts. The domestic indices outperformed major global indices, including the US and Europe. (Read More)
Landmark Cars IPO: GMP as all eyes on shares listing after allotment
The Initial Public Offer (IPO) of automobile dealership chain Landmark Cars got subscribed 3.06 times on the last day of subscription on Thursday, helped by huge interest from institutional buyers. The initial share sale received bids for 2,46,45,186 shares against 80,41,805 shares on offer. Its price range was at ₹481-506 a share.
As per market observers, Landmark Cars shares have fallen from premium (GMP) and currently available at a discount of ₹10 in the grey market today. As the finalisation of the basis of share allotment on Landmark Cars IPO is done, all eyes are now on listing which is expected to take place this week on Friday, December 23, 2022. (Read More)
Japan visitors surge to near 1 mln in first full month after COVID easing
Visitor arrivals to Japan jumped to nearly 1 million in November, the first full month after the country scrapped COVID-19 curbs that effectively halted tourism for more than two years, data showed on Wednesday.
The number of foreign visitors, for both tourism and business, rose to 934,500 last month, almost double the October figure, the Japan National Tourism Organization said.
Arrivals were still down 62% from the pre-pandemic levels of 2019. (Reuters)
Prabhudas Lilladher recommendation on Apollo Hospitals: BUY
Vaishali Parekh, vice president – technical research, Prabhudas Lilladher Pvt. Ltd on APOLLO HOSPITALS: BUY CMP: 4715 TRGT: 5160 SL: 4500
The stock has overall indicated a rising channel pattern on the daily chart with strong trend maintained and currently with support taken near the significant 50EMA level of 4555 has shown a trend reversal with bullish candle pattern. The RSI indicator also has confirmed the buy signal with a trend reversal and we suggest to buy this stock for an upside target of 5160 keeping the stop loss of 4500.
BPCL to lay network, build, operate 8 city gas distribution projects with ₹35,355-cr investment
Bharat Petroleum Corporation (BPCL) on Wednesday said its board of directors had approved the financial plan and capital expenditure for laying the piped gas network, and building and operating of eight city gas distribution (CGD) projects for an estimated investment of ₹35,355 crore.
According to the statement shared by BPCL with stock exchanges, the company is authorised to undertake the projects “under PNGRB (Petroleum and Natural Gas Regulatory Board) CGD Bid Round 11 and 11A with an estimated investment of ₹35,355 crore in a phased manner”. (ANI)
All 5 top stocks at Nifty50 are Healthcare/Pharma stocks as the sector gains more than 2%
Health minister holds review meeting amid China covid surge; India active cases at 3408
India reported 131 fresh covid infections in the past 24 hours, pulling down the country’s active caseload to 3,408, according to data from the Union health ministry on Wednesday. Total reported cases stand at 4,46,76,330, and death toll at 530,680. Union health minister Mansukh Mandaviya is holding a meeting to review the COVID-19 situation given the fresh surge in cases in other countries, especially China.
On Tuesday, Union health secretary Rajesh Bhushan directed all states/UTs to ensure that as far as possible samples of all positive cases are sent to the designated INSACOG laboratories on a daily basis. (Read More)
Metal Index comes under pressure in the second half as it sheds 1% with most stocks in red
This specialty chemical stock’s recent correction an opportunity to ‘Buy’, as per JMFinancial
Over the last 3 months, Navin Fluorine shares have corrected around 12-13% partly on account of global demand slowdown concerns and partly due to one-off other expenses in Q2 FY23, highlighted domestic brokerage and research firm JM Financial.
In the brokerage house’s view, this correction provides an opportunity to Buy the specialty chemical stock, as it believes that the market is overlooking strong earnings growth of around 39% over FY22-25E. (Read More)
Prabhudas Lilladher increases allocation to gold for its multi-asset portfolio
To reduce the impact of high valuations in the equity market, brokerage house Prabhudas Lilladher has diversified its Multi-Asset Dynamic Portfolio by increasing its gold allocation by 3% to an average of 15%. At the same time, it has reduced the large and mid-caps equity allocation by 5%.
Multi-Asset Dynamic Portfolio is Prabhudas Lilladher’s quant-based tactical asset allocation PMS strategy that dynamically invests in passive instruments across domestic equities, fixed income, commodities, alternates and international equities, said the brokerage. (Read More)
Adani Enterprises among biggest laggards as it sheds 2% in today’s trading
Airtel acquires strategic stake in Bengaluru-based tech startup Lemnisk
Telecom operator Bharti Airtel on Tuesday announced that it has acquired a “strategic stake” in Lemnisk (Immensitas Private Limited) under its Start-Up Accelerator Programme.
As a component of Airtel Digital, the Airtel Startup Accelerator Programme makes investments in early-stage start-ups that are developing technologies that add strategic value to Airtel’s business offerings. Startups can use the program to scale up the use of their technologies and applications. (Read More)
Multibagger stock that has surged 6 times in 3 years to consider stock split soon
KP Energy has scheduled a meeting of its Board of Directors on January 5, 2023 to consider and approve a stock split of existing equity shares of the company having a face value of ₹10 each, fully paid up, the company said in an exchange filing. The board of directors will also consider and approve the appointment of Rajendra Kundanlal Desai as a non-executive independent director of the company, the company informed. (Read More)
Indices are trading flat with a slight tilt to the red with Sensex down 80 pts and Nifty 15 pts
PSU Bank and Pharma indices remain strong, while FMCG drags
Credit Suisse clients are returning, CEO of bank’s Swiss business says
Credit Suisse’s client withdrawals have stabilised and reversed in some cases, Andre Helfenstein, the head of Credit Suisse’s Swiss business said in an interview with local newspaper NZZ.
Last month, Switzerland’s second-largest bank said it expected to make a pre-tax loss of up to 1.5 billion Swiss francs ($1.62 billion) during Q4 and revealed that wealthy clients had made hefty withdrawals.
Credit Suisse is battling to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking.
“In Switzerland, the situation has stabilised. We are in discussions with customers, and some have already returned their money,” Helfenstein said. (Reuters)
Mankind Pharma forays into pet-care segment
Pharmaceutical company Mankind Pharma Ltd. has forayed into pet food segment, launching PetStar Dog Food. The company said it will strive to make the brand a nutritious and healthy food brand for pets, both dogs and cats.
India has seen growth in pet ownership in the last decade which accelerated during the pandemic. Food plays a crucial role in providing pets with health and nutritional value. Mankind Pharma aims to enhance the health of pets with its medicine, supplements, and grooming ranges (Read More)
Pharma index among biggest gainers in today’s trading with almost all stocks trading in green
Glenmark Pharma launches combination drug for diabetic patients
Glenmark Pharmaceuticals Ltd on Wednesday said it has launched triple fixed-dose combination Teneligliptin with Pioglitazone and Metformin in India for diabetic patients.
This fixed-dose combination offers patients with Type 2 diabetes the convenience of once daily dosing to improve their glycemic control. It is priced at ₹14.90 per day, thereby reducing the daily cost of therapy by 40 per cent, making it more affordable to the masses, the company said in a statement.
It has been launched under the brand name Zita-PioMet, and contains Teneligliptin (20 mg), Pioglitazone (15 mg) and Metformin (500mg/1000mg) in a sustained release (SR) formulation, it added. (PTI)
India cenbank chief says next financial crisis will come from private cryptocurrencies
India’s central bank chief on Wednesday warned that the next financial crisis will come from private cryptocurrencies adding that he still holds the view that cryptocurrencies should be prohibited.
Reserve Bank of India governor Shaktikanta Das also added that cryptocurrencies have no underlying value and pose risks for macroeconomic and financial stability. (Reuters)
As Axis Bank shares continue to surge to trade at record high, what should investors do?
Shares of Axis Bank surged to hit record high for second straight session on Wednesday. The stock rose to high of ₹958 apiece on the BSE in early deals. The private bank stock has been an outperformer this year by rallying over 37% in 2022 (YTD).
“Axis Bank is an example as to how well they have worked on their IT capabilities. The stock has been grinding for a long time, it has started to perform after a very long time. Valuation-wise, it is at the lowest level in top 5 banking stocks. So the rally in the stock should continue going forward. The existing investors can hold the stock for now. Meanwhile, new investors can enter on 5-6% correction,” said A K Prabhakar, head of research at IDBI Capital. (Read More)
Divi’s Lab leads the healthcare index rally amidst growing concerns of Covid-19 cases in China
Jefferies bullish on this Indian midcap financial stock on attractive valuation. Details here
CMS Info appears poised to deliver 20% compound annual growth rate (CAGR) in revenue and 25% in profit over FY22-25, as per global brokerage Jefferies. Despite 40% rally since listing, the brokerage said that its valuation is inexpensive at 13x FY24 PE and stays among key midcap buys.
“In key segment, ATM/Cash Mgt, c70% of revenue, outsourcing is gathering pace from PSU bks, with compliance-services aiding growth. CMS has also ramped-up well in Remote Monitoring Sols, where it plans to expand from ATM-RMS to broader services where yields & margins will be better,” the note stated. (Read More)
Sebi extends suspension of derivatives trade in 7 agri commodities for 1 year
Capital markets regulator Sebi has extended the suspension of futures and options trading in seven agricultural commodities, including wheat and moong, for one more year till December 2023 in a bid to rein in prices.
The other agricultural commodities suspended by Sebi are — paddy (non-basmati), chana, crude palm oil, mustard seeds and their derivatives and soya bean and its derivatives.
“The suspension of trading in the above contracts has been extended for one more year beyond December 20, 2022, i.e. till December 20, 2023,” Sebi said in a statement on Wednesday.
The suspension permits squaring up of existing positions in these commodities, but no fresh futures trading is permitted in them for a year. (PTI)
PSU Index shines in today’s session, jumps more than 1.5%
INDIA BONDS-Bond yields little changed ahead of RBI policy minutes
Indian government bond yields remained largely unchanged on Wednesday, ahead of the release of the Reserve Bank of India’s December policy meeting minutes.
Yields had risen briefly at the open after hawkish commentary from the central bank over the inflation outlook, and tracking higher U.S. yields.
The benchmark 10-year yield was at 7.3032% as of 10:00 a.m. IST, after ending at 7.2991% on Tuesday.
The benchmark bond yield is back to 7.30% levels as it is unable to sustain any major move up, a trader with a state-run bank said, adding that the minutes of the RBI’s latest meeting could provide more clarity on the central bank’s thought process on inflation and offer a clear direction to markets. (Reuters)
Diagnostic firm shares Dr Lal PathLabs, Metropolis surge on China covid concern
Shares of diagnostic companies were in focus today amid global concern over the Covid situation in China. Shares of Dr. Lal PathLabs Ltd jumped 6%, Metropolis Healthcare Ltd 3% and Vijaya Diagnostic Centre Ltd 3.16% as experts warn of a share surge in cases in China after Beijing abruptly dismantled its “zero-COVID” regime of lockdowns and testing that had largely kept the virus away for three years, at great economic and psychological costs.
Shares of hospital chains Apollo Hospitals and Fortis Healthcare also rose 0.6% and 1.5% respectively. In comparison, Sensex was trading mildly in the negative territory. (Read More)
Britannia Industries lags; sheds a per cent in early trade
Rupee slips 5 paise to 82.75 against US dollar in early trade
The rupee depreciated 5 paise to 82.75 against the US dollar in early trade on Wednesday as the strengthening of the American currency against key rivals overseas and firm crude prices in global markets weighed on the local unit.
However, a higher opening in domestic equities supported the local currency and capped the losses, forex traders said.
At the interbank foreign exchange, the domestic unit opened weak at 82.76 against the dollar, then inched higher to 82.75, registering a decline of 5 paise over its last close.
In the previous session on Tuesday, the rupee settled 8 paise lower at 82.70 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.10 per cent to 104.07. (PTI)
IT Index shines in early trade with a gain of 1%; most stocks in green;
Droneacharya Aerial Innovations IPO: Latest GMP ahead of shares listing
The initial public offering (IPO) of Droneacharya Aerial Innovations was launched last week on Tuesday, December 13, 2022 and concluded on Thursday, December 15, 2022. Droneacharya Aerial Innovations Limited offers end-to-end customized drone ecosystem solutions to a range of businesses.
As per market observers, Droneacharya Aerial Innovations shares are available at a premium of (GMP) of ₹69 in the grey market today. The shares of the company will be listed on BSE SME Exchange and is expected to debut this week on Friday, December 23, 2022. (Read More)
Indices are off to a great start with Sensex and Nifty adding 200 and 70 points, respectively
Reliance Securities Stock in Focus for today: Mphasis
STOCK IN FOCUS
Mphasis (CMP 1,951) – In view of healthy revenue growth, strong deal pipeline, new order wins and reducing contribution from volatile business of DXC, we maintain our BUY recommendation on Mphasis with 1-Year Target Price of Rs2,330, valuing the stock at 20x of FY24E earnings.
CONCOR (PREVIOUS CLOSE: 747) BUY
For today’s trade, long position can be initiated in the range of Rs742-
737 for the target of Rs769 with a strict stop loss of Rs727.
GRASIM (PREVIOUS CLOSE: 1,759) BUY
For today’s trade, long position can be initiated in the range of Rs1,748-
1,738 for the target of Rs1,805 with a strict stop loss of Rs1,710.
SRF (PREVIOUS CLOSE: 2,320) BUY
For today’s trade, long position can be initiated in the range of Rs2,285-
2,270 for the target of Rs2,395 with a strict stop loss of Rs2,234.
Shyam Metalics to invest ₹7,500cr in 4-5 yrs, forays into stainless steel biz
Shyam Metalics and Energy Ltd on Tuesday said it has forayed into the stainless steel business by acquiring Mittal Corp Ltd in an NCLT-led resolution process.
The company will invest about ₹7,500 crore over the next 4-5 years to scale up its metal business, Shyam Metalics vice-chairman and managing director Brij Bhusan Agarwal said.
“Mittal Corp’s acquisition cost is about ₹450 crore, and we outbid Jindal Stainless, the competitor for the sick asset put under the NCLT resolution process. The acquisition will enable us to foray into stainless steel and special products, such as defence materials,” he said.
To meet market regulator SEBI’s norm, the promoters need to dilute their current holding of 88 per cent in Shyam Metalics by at least 13 per cent within the next 18 months, Agarwal said. (PTI)
Sensex gains at the preopen session; Airtel, NTPC, Adani Green, Dabur in focus today
60 pc of China’s population likely to be infected by Covid: Former Indian envoy
Drawing attention towards the massive threat of COVID cases explosions and deaths, former Indian diplomat KP Fabian on Tuesday said, ” over 60 per cent of China and 10 per cent of the world population is likely to be infected with Covid and millions may die.”
Expressing concern over the spurt in Covid-19 cases in China, former Indian diplomat KP Fabian on Tuesday said, ‘Over 60 per cent of China and 10 per cent of the world population is likely to be infected with Covid and millions may die.’ (Read More)
Geojit Financial Services on today’s market: Even in a weak market, leading private sector banks and Reliance are likely to remain strong
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: The 185 pullback from the lows in Nifty yesterday is confirmation of the success of the strategy of buy on dips. Institutional buying – by both FIIs and DIIs – can trigger short covering in an oversold market. This might have contributed to the pull-back yesterday. The near-term market construct is not favourable for equities. The rising Covid cases in the US, Korea, Brazil, and China is an area of concern. The situation is dire in China. This might impact market sentiments. Moreover, there are no near-term triggers to take the market higher. The next round of triggers will come only in January, starting with the Infy and HCL Tech results starting on 12th Jan. Even in a weak market, leading private sector banks and Reliance are likely to remain strong.
KFin Technologies IPO see strong subscription from QIBs. Latest GMP on last day of issue
The initial public offer of KFin Technologies has subscribed 70 per cent on the second day of subscription on Tuesday, led by qualified institutional buyers (QIBs). The three-day share sale will conclude on Wednesday, December 21, 2022, and has a price range of ₹347-366 a share.
As per market observers, KFin Technologies shares are commanding a premium (GMP) of ₹3 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE on December 29, 2022. (Read More)
Stocks to Watch: Airtel, Adani Green, NTPC, Dabur India, Jubilant Foodworks, Shyam Metalics, Trucap Finance, Visaka Industries, Salasar Techno, Capacit’e Infraprojects
NSE continues to keep Delta Corp, Indiabulls Housing Finance, Gujarat Narmada Valley Fertilizers & Chemicals, IRCTC, and PNB on the list of banned securities under the F&O segment for Wednesday trading as they have crossed 95% of the market-wide position limit. (Read More)
Domino’s Pizza Inc to take learnings from India to other global markets: CEO Russell Weiner
Domino’s Pizza Inc is looking up to India’s digital leadership and take learnings from the country to its other global markets for quicker delivery of its products, the company’s global CEO Russell Weiner said on Tuesday.
The company, which operates in India through its master franchise Jubilant Foodworks Ltd, on Tuesday launched 20-minute delivery for its pizzas to consumers across 20 zones in the country.
“When I look at markets around the world, and their command of digital, India is a leader in two ways. One is digital for the customer, different ways for customers to order, but also how they’re using technology back of house, to drive efficiencies,” Weiner told PTI in an interview. (PTI)
Amid global Covid spike, Health Minister Mandaviya to hold review meet today
Amid a sudden spurt in COVID-19 cases in Japan, South Korea, Brazil, China and the US, sources told news agency PTI that Health Minister Mansukh Mandaviya will hold a meeting today with senior officials and experts on the Covid-19 situation in India.
As per sources, the physical meeting will start between 11-11:30. Apart from this, the health minister will also review meetings on Covid-19 situations in other countries. (Read More)
Dabur promoters offload 1 pc stake through block deal
Home-grown FMCG major Dabur India on Tuesday said its promoters the Burman family have sold shares amounting to about 1 per cent stake in the company through the open market to raise funds for financing some ventures.
“Burman family, who are part of the majority shareholders of Dabur India Ltd, have sold approximately 1 per cent shares through a block deal,” said a regulatory filing by Dabur India.
These shares were sold through two holding companies — Gyan Enterprises and Chowdry Associates.
“The purpose of doing this transaction is to raise funds for financing some ventures in the private hands of the Burman family,” it added. (PTI)
Sula Vineyards IPO’s shares listing this week. What GMP signals
The finalisation of the basis of share allotment of Sula Vineyards IPO, which was open from Monday, December 12 till Wednesday, December 14, 2022, has been done and now all eyes are on the share’s listing.
As per market observers, Sula Vineyards shares have slipped from premium (GMP) and are available at a discount of ₹12 in the grey market today. The company’s shares are expected to list on leading stock exchanges BSE and NSE this week on Thursday, December 22, 2022. (Read More)
Dozens of IPOs ready to hit market despite rout of new-age firms
The primary market is poised to gather steam soon, as the steep losses in issues of new-age companies become a fading memory.
Out of the offer documents filed by firms with the capital markets regulator to date, 55 have received approval for raising a total of ₹83,481 crore, while 32 looking to raise ₹54,415 crore are awaiting approval, according to Prime Database, a one-stop shop for capital market offerings.
Some of the large initial public offers (IPOs) which have received Sebi approval are Aadhar Housing Finance which is raising an estimated ₹7,300 crore, and TVS Supply Chain Solutions, Macleods Pharmaceuticals and Bharat FIH ( ₹5,000 crore each). Other than the Macleods IPO, which is a pure offer for sale (OFS), the others are a combination of fresh issuances and OFS. (Read More)
Sebi board rejigs rules on buyback
The country’s markets regulator will gradually eliminate share buybacks through stock exchanges by April 2025 as it works to create a more equitable process for shareholders. The Securities and Exchange Board of India (Sebi) will create a separate window on the stock exchanges to conduct buybacks until then. The regulator also increased the minimum utilization of funds allocated for buybacks through the stock exchange to 75% from 50%. (Read More)
Elin Electronics IPO: Check latest GMP, subscription status on day 2 of the issue
The initial public offer (IPO) of electronics manufacturing services company Elin Electronics received a 37% subscription on the first day of the offer that launched on Tuesday, December 20, 2022, and will conclude on Thursday, December 22. The price range for the issue is ₹234-247 a share.
As per market observers, Elin Electronics shares are commanding a premium (GMP) of ₹48 in the grey market today. The shares of the company are expected to make their market debut on stock exchanges on December 30, 2022. (Read More)
Elon Musk to step down as Twitter CEO after finding replacement
Elon Musk will step down as the Twitter CEO, the world’s richest man has just announced. Musk said he would quit after finding a replacement. According to a Bloomberg source with knowledge of the situation, he is actively looking for a potential replacement.
“I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams,” Musk tweeted. (Read More)
Mauritius-based FIIs buy stake in multibagger stock, rises over 150% in 6 months
Mauritius-based Aegis Investment Fund picked up a stake in Gujarat-based Tirupati Forge on Tuesday. More than 14.36 lakh equity shares exchanged hands in Tirupati Forge on NSE, among which Aegis bought about 5 lakh equity shares in the company aggregating to ₹1.1 crore. Tirupati Forge shares have witnessed an impressive upside in the past six months, and the stock has even emerged as a multi-bagger from its 1-year low. (Read More)
NBFC loan sanctions fall on sluggish commercial credit demand
The amount of loans sanctioned by domestic non-bank lenders in the three months ended 30 September fell from a year earlier, primarily due to a drop in demand for commercial loans, data showed.
Aggregate sanctioned loans fell 3% to ₹3.7 trillion in the September quarter from a year earlier, according to data released by industry body Finance Industry Development Corp. (FIDC), jointly with credit information company Crif High Mark.
Retail loan segments, including consumer, education, gold, and home loans, saw higher sanctions in the September quarter, while short-term, medium-term and long-term loans contracted, the data showed. (Read More)
US stocks close slightly higher on Tuesday after four-day slump
Wall Street stocks mostly ended higher on Tuesday, recovering from a four-day slump as investors tried to look past market uncertainty and fears of a slowdown.
The Dow Jones Industrial Average picked up 0.3% to 32,849.74 while the tech-rich Nasdaq Composite Index was nearly flat at 10,547.11.
The broad-based S&P 500 ticked up 0.1% to 3,821.62.
These came despite a slight policy shift by the Bank of Japan, away from a long-standing ultra-loose monetary policy.
The move followed rising rates by other central banks such as the US Federal Reserve, adding to concerns of a slowdown.
The Japanese monetary policy changes appeared to have a negative impact on the dollar, said Peter Cardillo of Spartan Capital Securities. (AFP)
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