Pre Market Analysis: Dalal Street may open flat; SBI, IOB, PB Fintech in focus today

Market Opening - An Overview

SGX Nifty Futures were trading 0.41% lower, indicating that Dalal Street is headed for a lower opening on Wednesday.

Asian shares were trading lower on concerns over tighter monetary policy. Japan’s Nikkei fell 0.43%, Topix dropped 0.50%, Hang Seng slipped 0.31% and CSI 300 inched up 0.08%.

Indian rupee rose 11 paise to close at 74.37 against the US dollar on Tuesday.

Go Fashion’s IPO issue with a price band of Rs 655-690 per equity share will open for public for subscription on November 17 (today) and conclude on November 22.

FII/DII Trading Data on Tuesday (16-11-2021)

CategoryBuy ValueSell ValueNet Value
*All numbers are in INR crore

Stocks in News Today

State Bank of India and U GRO Capital: The public-sector lender has partnered with U GRO Capital, an NBFC, for a co-lending arrangement to disburse up to Rs 500 crore to micro, small and medium enterprises (MSMEs) by the end of this financial year. The arrangement will sell credit products under U GRO’s Sanjeevani programme, offering loans up to Rs 3 crore, at a competitive rate of interest.

Indian Overseas Bank: The bank revised downwards its net profit to Rs 646 crore for 2020-21 after reporting a divergence in asset classification and provisioning for bad loans. While the bank reported Gross Non-Performing Assets (GNPAs) at Rs 16,323 crore in FY21, the Reserve Bank assessed it at Rs 17,023 crore, leading to a divergence of Rs 700 crore in gross bad loans. Likewise, the net NPA divergence also came in at Rs 700 crore. The overall divergence in the provisioning stood at Rs 185 crore.

PB Fintech (PolicyBazaar): Shares of the company has limited scope for further gains, according to JM Financial. The brokerage initiated coverage with a hold rating and a target price of Rs 1270, which is 5% below the current market price.

Ashok Leyland: The truck maker’s subsidiary Switch Mobility will supply and operate 300 twelve-metre electric buses for BMTC. The fleet and charging infrastructure will be supplied, operated and maintained by Switch for 12 years under a gross cost contract (GCC) model of the FAME II Scheme.

Hindalco Industries Ltd: The company said it has once again emerged as the world’s most sustainable aluminium company in the Dow Jones Sustainability Indices 2021. Hindalco is the only aluminium company to enter the exclusive DJSI World Index in 2021.

Home First Finance: The company is planning to raise up to Rs 99 crore by issuing bonds on a private placement basis. The company is expected to issue secured, redeemable and taxable non-convertible debentures on a private placement basis, in one or more tranches up to Rs 99 crore.