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Dalal Street ended higher on Friday as investors’ sentiments were boosted after data showed strong GDP growth and robust manufacturing activity. The Sensex rose 0.73% and the Nifty 50 index gained 0.67%. Nifty 50 index hit a fresh record high of 20,291.55 in intraday trade.
In broader markets, the Nifty Midcap 100 surged 1.1% and the BSE Smallcap gained 0.48%.
Top gainers were Media [2.57%], PSU Bank [1.86%], FMCG [1.58%], Realty [1.32%], and Metal [0.99%]. Auto [-0.36%] was the only loser among Nifty sectoral indices.
The Indian rupee jumped 11 paise to 83.29 against the US dollar on Friday.
India’s July-September 2023 GDP growth stood at 7.6% compared with 6.2% in July-September 2022. The latest GDP growth reading is higher than the Reserve Bank of India (RBI) prediction of 6.5%.
The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 56 in November 2023, compared to October’s eight-month low of 55.5. India’s manufacturing sector recorded robust performance in November, driven by reduced price pressures and increased demand from clients.
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Maruti Suzuki India (MSI): India’s largest carmaker registered a 3.4% rise in total sales at 1,64,439 units in November 2023 as compared to 1,59,044 units in the same month last year. Total domestic sales stood at 1,41,489 units in November 2023, as against 1,39,306 units sold during the same period last year, up 1.57%, according to its regulatory filing. Exports rose to 22,950 units in the reported period as compared to 19,738 units in November 2022.
Bharti Airtel: Bharti Telecom has acquired about 1.35% shares of Bharti Airtel from Indian Continent Investment Limited (ICIL) through block deal mechanism on National Stock Exchange of India Limited for an aggregate amount of Rs 8,301.73 crore. After the block deal, the revised shareholding of BTL and ICIL in Airtel is 39.59% and 4.56%, respectively.
Tata Motors: The auto major’s domestic and international sales for November 2023 stood at 74,172 vehicles, down 1.73% as compared to 75,478 units sold in November 2022. The company’s total domestic sales declined by 1% to 72,647 units sold in November 2023 as against 73,467 units sold in the same period last year. Total commercial vehicles sales was at 28,029 units in November 2023, recording a de-growth of 4% from 29,053 units in November 2022.
Bajaj Auto: The company said that it has sold 4,03,003 auto units in November, up 31% from 3,06,719 units sold in the same period last year. The company’s domestic sales jumped 69% to 2,57,744 units, while exports declined 6% YoY to 1,45,259 units in November 2023. Bajaj has sold 3,49,048 units of 2-wheelers (up 33% YoY) and 53,955 units of commercial vehicles (up 21% YoY) during the period under review.
Tata Consumer: The FMCG major announced that its board has approved the appointment of Ashish Goenka as Group chief financial officer (CFO), effective from 18 December 2023. Goenka brings over 20 years of experience across the Finance function, joining Tata Consumer Products from Jubilant Foodworks, where he currently serves as president & CFO. Prior to this, he held senior leadership positions with Hindustan Unilever and Bharti Airtel.
Escorts Kubota: The company said that sales of agri machinery business division increased 3.7% to 8,258 units in November 2023 from 7,960 units in November 2022. While domestic sales rose 6.7% to 7,855 units, tractor exports declined by 32.9% to 403 units in November 2023 over November 2022.
JSW Energy: The company’s board of directors approved appointment of Sharad Mahendra as MD, CEO, and key managerial person of the company with effect from December 1. Mahendra has worked with the JSW Group for 15 years. Prashant Jain, who is the current CEO, will continue to serve in his position till Jan 1, 2024 to ensure smooth transition, according to its regulatory filing.
Transindia Real Estate: The company appointed Mahesh Shetty as CFO with immediate effect. Shetty is a qualified Chartered Accountant, Cost Accountant, Company Secretary,
Law Graduate & B.com. He has previously worked with Ion Exchange, Oman India Investment Fund and NBS & Co., the company’s regulatory filing said.
Seamec: The company has entered into a Memorandum of Agreement (MOA) with Ships & Boats Oil Services for Purchase of Vessel “Sea Pearl” for $7 million. The acquisition will be around the third week of January, 2024 as per the terms of agreement, upon completion of required formalities, according to its exchange filing.
Mahindra & Mahindra (M&M): The auto major announced that its overall auto sales for November 2023 stood at 70,576 vehicles, a growth of 21.05% as against 58,303 vehicles sold in November 2022. Sequentially, total auto sales declined 12.52% in November 2023 from 80,679units sold in October 2023. Exports during November 2023 stood at 1,816 vehicles, down 42% YoY.
Vascon Engineers: The company’s board has approved fundraising for an aggregate amount not exceeding Rs 125 crore through qualified institutions placement (QIP) or other permissible mode. The fund raising proposal is subject to the receipt of necessary regulatory and statutory approvals.
REC: The company announced that its board has approved the proposal of equity investment in Hindustan Power Exchange (HPX), for an amount up to Rs 14.25 crore. Hindustan Power Exchange (HPX) formerly known as Pranurja Solutions is the new age power exchange in Indian Electricity Market. Meanwhile, the company’s board also approved the revision in market borrowing programme from Rs 1,20,000 crore to Rs 1,50,000 crore for FY24.
Zydus Lifesciences: The company announced that it has received final approval from the United States Food and Drug Administration (USFDA) for Ivabradine tablets. Ivabradine is indicated to reduce the risk of hospitalization for worsening heart failure in adult patients with stable, symptomatic chronic heart failure with reduced left ventricular ejection fraction. The drug will be manufactured at the group’s formulation manufacturing facility at Ahmedabad SEZ, India.
VST Tillers Tractors: The company said that total sales declined 19.14% to 2,096 units in November 2023 from 2,592 units sold in November 2022. Sequentially, the company’s total sales jumped 38.9% in November 2023 from 1,509 units sold in October 2023. The company’s power tillers sales declined 11.93% to 1,801 units in November 2023 as against 2,045 units sold in November 2022. Tractor sales dropped 46.07% to 295 units in November 2023 as compared with 547 units sold in November 2022.
Protean eGov Technologies: The company’s consolidated net profit jumped 27.65% to Rs 32.78 crore in Q2FY24 as compared with Rs 25.68 crore recorded in Q2FY23. Revenue from operations stood at Rs 235.69 crore during the quarter, registering a growth of 32.66% as against with Rs 177.66 crore posted in Q2FY23. Total expenses stood at Rs 205.09 crore during the second quarter of FY24, up 33.76% as compared with Rs 153.33 crore posted in Q2 FY23. Meanwhile, the company’s board approved additional investment in open network for digital commerce (ONDC) up to Rs 15 crore. Further, the company’s board approved to incorporate a 100% subsidiary company in the UAE as the holding company for international business.
Flair Writing Industries: Shares of the company made a strong debut on the bourses on Friday. The company shares was listed at Rs 501, with a premium of 65%, over its issue price of Rs 304 per shares on the NSE. The shares rose to a high of Rs 514 apiece and closed at Rs 450.90 apiece.