Pre Market Analysis: Dalal street may open higher; ICICI Bank, Ashok Leyland and Bharat Forge in news today

Market Opening - An Overview

Nifty futures on the Singapore Exchange were trading 0.36 per cent higher at 17,611.50, signalling that Dalal Street was headed for a positive opening on Wednesday.

Asian shares were trading lower as traders weighed the risk of tightening monetary policy by central banks. Japan’s Nikkei dropped 1.13%, Topix was down 0.79%, Hang Seng lost 0.10% and CSI 300 inched down 0.08%.

Indian rupee fell 3 paise to close at 74.42 against the US dollar on Wednesday.

FII/DII Trading Data on Tuesday (23-11-2021)

CategoryBuy ValueSell ValueNet Value
*All numbers are in INR crore

Stocks in News Today

ICICI Bank: The lender has increased its market share in export and import trade transactions this fiscal and aims to grow it further as the exports from the country continue to rise, said executive director Vishakha Mulye. The bank’s market share in the trade transactions increased to 7.5 per cent of the overall flows in the September quarter, as against 6 per cent in FY21, helped by higher demand and investments under production linked investment scheme.

Ashok Leyland: The truck maker said it would open 10 outlets in the North Eastern parts of the country to strengthen its presence in the region to meet the rising demand. The company inaugurated a dealership in Guwahati as part of the exercise. The company also delivered 33 full built 4,825 trucks to cement major Dalmia Cements in the city.

Bharat Forge: The auto components manufacturer said its arm Kalyani Powertrain Ltd has hiked its stake in electric two-wheeler maker Tork Motors to 60.66 per cent through conversion of debentures into equity shares. Kalyani also exercised the option to convert its holding of zero coupon optionally convertible debentures (ZOCD) of Tork into equity shares by serving a conversion notice.

YES Bank and Dish TV: The broadcast satellite service provider has urged the National Company Law Tribunal (NCLT) to dismiss the petition filed by its largest shareholder Yes Bank, which is seeking to convene EGM of the Direct-to-Home service provider. Dish said that the lender does not meet the statutory shareholding limit of 10 per cent required under section 102 of the Companies Act to call for an Extra-Ordinary General Meeting (EGM) of the company.

Wipro: The IT major has partnered with Telefonica to automate the associated network operations and enable adoption of virtualised network functions. Telefonica with the support of Wipro plans to leverage a common CI/CD/CT (Continuous Integration, Continuous Deployment and Continuous Testing) framework for all the markets which can be implemented locally to meet specific local integration needs.

HFCL: The telecom gear maker said that all promoter group shares pledged with various lenders have been released. The company pledged its shares in favour of various lenders as a collateral security for the credit facilities availed by the company. Promoters jointly hold 41.89 per cent stake in the company.