Reliance Industries, Tarsons Products, Asian Paints and other hot stocks on November 26
Contd…
Earlier last week, the company had confirmed that it is re-evaluating the deal signed in 2019, which would have given Saudi Aramco a 20 percent stake in the company.
Business news live: India needs national disaster pool to hedge natural disaster risks: SBI
12:20 P.M.
India needs national disaster pool to hedge natural disaster risks: SBI
As the incidents and severity of natural calamities are rising by the year, a SBI report has called for creating a national disaster pool to hedge natural disaster risk.
Since 2001, a total of 100 crore people have been impacted and nearly 83,000 lost lives due to these disasters. If the losses are adjusted with current prices, it comes out to be a staggering ₹13 lakh crore or 6% of the GDP, State Bank of India (SBI) said in a note.
12:05 P.M.
Tega Industries sets IPO price band at ₹443-453/share
Tega Industries, manufacturer of consumables for the mining industry has fixed a price band of ₹443-453 a share for its ₹619-crore initial share-sale.
The three-day initial public offering (IPO) set to open on December 1 and conclude on December 3, is purely an offer of sale 1,36,69,478 equity shares by promoters and a existing shareholder.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors and 35% for retail investors.
11:30 A.M.
Energy Exchange shareholders approve bonus issue
The Indian Energy Exchange (IEX) has received shareholders' approval for the issue of bonus shares and increase in authorised share capital. The board approved an issue of bonus shares wherein shareholders will get two bonus shares for every one share held by them.
The bonus shares will be issued to “eligible members of the company in the proportion of two new fully paid-up equity share of rupee one each for every one existing fully paid-up equity shares of rupee one each held by them, by capitalising a sum not exceeding ₹59,91,13,022 out of the company’s free reserves and capital redemption reserve as on March 31, 2021,” the company said in a filing.
11:10 A.M.
Tarsons Products shares list with nearly 6% gain
Shares of life sciences company Tarsons Products listed with a premium of nearly 6% against its issue price of ₹662.
The stock listed at ₹700, a 5.74% gain against the issue price on BSE and further jumped 22.05% to ₹808. On NSE, it listed with a premium of 3.02% at ₹682.
The ₹1,023.84-crore IPO initial public offer of Tarsons Products Limited received 77.49 times subscription earlier this month. It had a price range of ₹635-662 per share.
10:50 A.M.
Rupee slips to 74.68 against US dollar
The Indian rupee fell16 paise to 74.68 against the US dollar in opening trade on negative domestic equity market and a firm American dollar.
The rupee opened on a weak note at 74.60 and lost further ground to touch 74.68 against the American dollar. On Thursday, the rupee had closed at 74.52.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.05% to 96.72.
10:15 A.M.
Godrej to develop 1.5 million sq ft housing project in Bengaluru
Realty firm Godrej Properties has bought a 16-acre land parcel in Bengaluru to develop about 1.5 million square feet saleable area comprimising primarily residential properties as it looks to expand business in major cities.
While the company did not disclose the deal value or the name of the seller, it said the 16 acres land is located at micro-market of Sarjapur.
9:30 A.M.
Markets update | Sensex, Nifty open lower
Indian equity benchmark indices, Sensex and Nifty opened on a negative note amid weak Asian markets. At 9:16 IST, the Sensex was down 722.43 points or 1.23% at 58,072.66 and the Nifty was down 233.90 points or 1.28% at 17,312.40.
Asian stocks fell the most in two months as detection of a new and possibly vaccine-resistant coronavirus variant sent investors rushing towards safe havens.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3%, and Japan’s Nikkei plunged 2.5%. U.S. crude oil futures fell nearly 2% as well amid fresh demand fears.
Scientists said the variant, detected in South Africa, may be able to evade immune responses and according to the British authorities, it is the most significant variant to date which could even resist vaccines.
9:15 A.M.
Oil falls on concerns of rising surplus
Oil prices fell more than 1% on concerns that a global supply surplus could swell in the first quarter after a coordinated release of crude reserves by major consumers.
Brent crude futures plunged 1.2% to $81.26 a barrel and U.S. West Texas Intermediate (WTI) crude was down 1.7%, to $77.04 a barrel.
The U.S.’s plan to release millions of barrels of oil from strategic reserves in coordination with other large consuming nations is likely to swell supplies in coming months, according to an OPEC source.
Reliance Industries and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of the Indian conglomerate on valuation concerns. The Asian Development Bank (ADB) has approved a $1.5 billion loan for the Indian government to purchase COVID-19 vaccines.
—- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)
Stocks to Watch:Wipro, Godrej Prop, Hero Moto, Vakrangee, JSW Energy, Paytm
The seemed poised for a negative start as indicated by the SGX Nifty futures. The futures were quoted at 17,371 as against the NSE spot close of 17,536 on Thursday. Meanwhile, here the top stocks to focus in trade today.
Tarsons Products: The shares will make its debut on the bourses today, the issue price was fixed at Rs 662 per share.
PSU Banks: The Centre plans to introduce the Banking Laws (Amendment) Bill 2021 in the upcoming Parliament session, wherein the government proposes to reduce its minimum holding from 51 per cent to 26 per cent in state-run banks. READ MORE
Wipro: After a strong performance over the past few quarters, the IT major is eyeing at an accelerated revenue growth trajectory going ahead on the back of large acquisition deals. The company made its largest ever acquisition worth $1.45 billion when it bought UK-based financial services firm Capco in April this year. READ FULL ANALYSIS
The company informed BSE that it purchased a 16 acre land at a strategically located and fastest developing micro-market at Sarjapur in Bengaluru to develop a mid-income project.
Hero MotoCorp: Production at India’s top two-wheeler makers, Hero MotoCorp and Honda Motorcycle and Scooters India (HMSI), has been estimated to have slumped to its lowest in seven years in October and November, as sales failed to gather momentum even during the festive months, leaving the companies saddled with a pile of unsold stocks. READ MORE
JSW Energy: The company has re-organised its Green (Renewable) and Grey (Thermal) businesses. The company said that all the existing and upcoming renewable energy businesses will be housed under Neo, its wholly-owned subsidiary.
Vakrangee: The company has tied-up with Choice Equity Broking to offer complete online trading services across its platform.
Telecom stocks: The government is engaged in talks with telecom firms for a launch of commercial 5G services in some cities by Independence Day and has assured them that spectrum auction will take place in April-May, providing them a three to four-month window for the rollout. READ MORE
Cadila Healthcare: India’s fourth Covid-19 vaccine is likely to be available next month as sources say Cadila Healthcare’s ZyCoV-D, the world’s first plasmid DNA vaccine, will be launched in December. The launch may pave the way for Covid-19 jabs for adolescents as the vaccine is approved for use in children aged 12 years and above. READ MORE
Earnings Calendar: and Reliance Communications scheduled to announce earnings on Saturday.