Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex continued to rise for a second straight session on Wednesday, November 22.
Tata Technologies launched an IPO worth an estimated Rs 3,042 crore—the salt-to-software conglomerate’s first primary market offering in nearly two decades. READ MORE ON TATA TECH IPO HERE
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Both headline indices finishes a volatile session 0.1 per cent stronger amid buying interest in IT and FMCG shares though selling pressure in financial stocks plays spoilsport. The Sensex rises 92.5 pts for the day to end at 66,023.2, and the Nifty settles at 19,811.9, up 28.5 pts from its previous close.
The high-beta Nifty Bank index closes 218.6 pts, or 0.6 per cent, higher at 43,449.6.
Images: NSEIndia.com, BSEIndia.com
Gandhar Oil Refinery’s share sale has received bids for 8,10,59,880 shares against 2,12,43,940 shares on offer so far on Day 1. Overall, the public issue has been subscribed 3.82 times in the bidding process.
The Rs 500.69-crore IPO will conclude on November 24. The IPO comprises a fresh issue of equity shares worth Rs 302 crore and an Offer for Sale (OFS) of 1.17 crore by promoters and existing shareholders. Read more
Vikas Sethi of Sethi Finmart recommends buying Yatharth Hospital shares for a target of Rs 420 with a stop loss at Rs 390.
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Vishvesh Chauhan, Rakesh Bansal, Kunal Saraogi, Sumeet Bagadia, Sandeep Wagle and Sharad Avasthi share their top recommendations for the day in this special segment, Pick of the Day.
On the top analysts’ ‘buy’ list are stocks such as KPR Mill, Exide Industries, Havells India, SBI Life Insurance and SRF. Read more
As many as 29 stocks in the BSE 500 basket — the broadest index on the bourse — reached the milestone.
Shares of most cable and wire companies, including the likes of Polycab India and KEI Industries, slip in red after trading mixed in morning trade. Goldman Sachs is optimistic about the sector in the backdrop of the nation’s infra push. Polycab India trades 0.26 per cent lower while KEI Industries shares trade with a cut of 3.87 per cent.
Goldman Sachs in its note on India Cables and Wires said players within the space have the potential to grow up to 2x GDP. The brokerage is of the view that incremental growth stems from sunrise industries such as electric vehicles. Domestic upcycle & exports share gain to sustain premium valuation. Read more
Fedbank Financial’s share sale has received bids for 99,26,283 shares against 5,59,23,660 shares on offer, which means the issue is subscribed 18 per cent on the first day of the bidding process so far.
The initial public offering (IPO) of Fedbank Financial Services opened for subscription on Wednesday, November 22, with a price band of Rs 133–Rs 140 per share and a lot size of 107 equity shares. The Fedbank Financial Services IPO will be open for subscription for three trading days and will conclude on November 24 at 5 p.m. Read more
Image source: Freepik/ Representational image
The RBI Governor also said the recent policy moves, to raise the repo rate and tighten liquidity conditions, were to counter consumer inflation. The central bank has already raised the repo rate—or the key interest rate at which it lends funds to commercial banks—by a total 250 basis points (bps) in six revisions between May 2022 and February 2023.”India is the third largest economy in terms of purchasing power,” the RBI Governor said. Read more
Reserve Bank of India (RBI) Governor Shaktikanta Das describes the combination of volatile commodity prices and monetary policy uncertainty as a “deadly mix of challenges” for policymakers and stakeholders.
The priority of the Monetary Policy Committee (MPC) is inflation over economic growth, and to drain out excess liquidity from the system, the RBI chief reiterated while speaking at an event jointly organised by industry bodies FICCI and IBA. Read more
On Thursday (Day 1), Tata Technologies’ share sale received bids for 4,86,24,540 shares against 4,50,29,207 shares on offer. Overall, the public issue has been subscribed 1.8 times so far on of the bidding process.
Zee Business Managing Editor Anil Singhvi recommends applying for the Tata Technologies IPO for big listing gains and long-term. He listed out the following positives and negatives:
Positives:
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Share Market HIGHLIGHTS: Nifty reclaims 19,800, Sensex up 92 pts as D-Street extends gains to 2nd da – Zee Business
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