Post Market Report: Dalal Street ends lower on selling pressure; PSBs, Jio, MSI and Federal Bank in news

Benchmark stock indices closed lower, weighed down by losses in Auto, Oil & Gas and Pharma stocks. The Sensex fell 0.14% and the Nifty dropped 0.20%.

Broader markets underperformed headline indices. The Nifty Midcap 100 index was down 0.50% and the BSE Smallcap index lost 0.45%.

Top losers among Nifty sectoral indices were Auto [-1.18%], Oil & Gas [-0.72%], Pharma [-0.67%], Media [-0.44%] and Private Bank [-0.40%]. Top gainer was PSU Bank [1.53%]

Indian rupee fell 3 paise to 81.68 against the US dollar on Friday.

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Public Sector Banks: The Indian government has raised the maximum tenure of CEO and MD of public sector banks to 10 years to retain talent. As per a government notification dated November 17, the term for the appointment has been extended to 10 years, from the earlier 5 years, subject to superannuation age of 60 years. Earlier, the MD or executive director of a public sector undertaking (PSU) bank was eligible for a maximum tenure of 5 years or 60 years whichever was earlier. The PSU Bank index rose 1.53%.

Reliance Jio: The telecom arm of Reliance Industries said on Friday that it has become the first and only operator to provide “True-5G” services across Delhi-NCR. Jio said it is rolling out its advanced 5G network at a rapid pace, covering major parts of the National Capital Region, including all important localities such as hospitals, universities, government buildings, malls, markets and other such high footfall areas.

Maruti Suzuki India (MSI): The automaker expects its sales network to touch the 3,700-mark by the end of this fiscal. The company plans to ramp up production capacity at its Manesar plant by 1 lakh units to cater to enhanced demand. The carmaker crossed the 3,500 car sales outlets mark, more than doubling it from 1,300 dealerships a decade ago. The auto major inaugurated its 3,500th outlet, a Nexa sales unit, in Hyderabad.

Federal Bank: The Kerala-based lender said it has tied up with JCB India to finance the prospective buyers of heavy construction equipment and boost its loan portfolio. This arrangement will boost financing options for JCB’s customers in India, Federal Bank said in a release. JCB’s customers can avail loans at competitive interest rates from the lender .

Fortis Healthcare: Shares of the company gained over 6% in intraday trade after market regulator SEBI gave its approval to IHH Healthcare to buy additional stake in Fortis. SEBI advised Malaysia-based IHH Healthcare to proceed with its open offer to acquire additional 26.1% stake in the company after obtaining appropriate order from the Delhi High Court.

Union Bank of India: Shares of the lender rose over 5% in Friday’s intraday trade. In the past one month, shares of the lender has zoomed 61%, as against 4% rise in the benchmark BSE Sensex. The sharp rally in stock price saw its market capitalisation breach Rs 50,000 crore-mark.

Sun Pharmaceutical: The drug maker said it has received approval from the US health regulator for SEZABY, a formulation used for the treatment of neonatal seizures. SEZABY is a benzyl alcohol-free and propylene glycol-free formulation of phenobarbital sodium powder for injection.

Bharat Electronics (BEL): The company has signed a licensing agreement for transfer of technology with Combat Aircraft Systems Development and Integration Centre, a laboratory under DRDO. The deal will allow BEL to manufacture and supply digital radar warning receivers — a type of electronic warfare system to Indian Armed Forces. The lab will transfer technical details, testing and maintenance method to BEL.

New Delhi Television (NDTV): The company’s committee of independent directors, in their recommendations, said that the open offer price was fair and reasonable but added that the company’s shares have been trading significantly higher since the announcement. Separately, Income Tax Department has again stayed a tax demand of Rs 59.98 crore for NDTV.

Eicher Motors: The company has appointed Vidhya Srinivasan as the company’s Chief Financial Officer with effect from November 18, 2022. Prior to joining the company, she was with Bata India Ltd as Director-Finance and Chief Financial Officer.

Bajaj Healthcare (BHL): The company said it has successfully completed the US health regulator’s pre-approval inspection of its active pharmaceutical ingredients facility located at Vadodara in Gujarat. The USFDA had conducted a pre-approval inspection of the facility from November 14-17, 2022, Bajaj Healthcare said in a regulatory filing. The pre-approval inspection of USFDA has completed successfully with zero Form 483 observations of the manufacturing facility, said the company.