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Market Opening - An Overview
GIFT Nifty Futures on the NSE IX was trading 0.03% higher at 19,795, indicating that Dalal Street was headed for marginally higher opening positive start on Friday.
Most Asian shares were trading lower as investors sentiments were dented after data showed gradual deceleration in the US economy and Alibaba withdrew plans to spin off and list its $11 billion cloud business. The nikkei 225 index slipped 0.01% and the Topix was up 0.24%. The CSI 300 index fell 0.41% and the Hang Seng tanked 1.81%.
The India rupee fell 8 paise to 83.23 against the US dollar on Thursday.
FII/DII Trading Data
Foreign institutional investors were net buyers for Rs 957.25 crore in the cash segment, while domestic institutional investors were net buyers for Rs 705.65 crore on November 16, according to data from the National Stock Exchange.
Stocks in News Today
Banks and NBFCs: The Reserve Bank of India (RBI) said that it has increased risk weight by 25% on consumer credit exposure of commercial banks and non-banking finance companies (NBFCs). Consumer credit of commercial banks and NBFCs now attracts a risk weight of 125% as against 100% earlier. The increase in the risk weights of consumer credit exposure of commercial banks includes personal loans but excludes loans given under priority sector lending. Further, the central bank also increase the risk weight credit card receivables of schedule commercial banks and NBFCs by 25%. Earlier, scheduled commercial banks (SCBs) would attract a risk weight of 125% and NBFCs would attract a risk weight of 100%. With the latest development, the risk weight will be revised to 150% for SCBs and 125% for NBFCs.
Axis Bank: The Reserve Bank of India has imposed a monetary penalty of Rs 90.92 lakh on the lender Ltd for non-compliance of KYC norms and code of conduct. The bank failed to preserve records pertaining to the identification of customers and their address in certain cases, and made persistent calls to some of the customers. The bank also failed to ensure appropriate behaviour of recovery agents with some of the delinquent borrowers and failed to ensure a tape recording of the content/text of the calls made by the recovery agents to some of the customers, the central bank said.
SJVN: The state-owned company has signed a Power Purchase Agreement for 200-MW grid connected wind power project with Solar Energy Corporation of India (SECI). Its subsidiary, SJVN Green Energy (SGEL), has bagged 200 MW at a tariff of Rs 3.24 per unit on build own and operate (BOO) basis in open competitive tariff bidding process.
TVS Motor Company: The two- and three-wheeler manufacturer said it has signed an agreement with Emil Frey, an automobile importer and retailer in Europe for import and distribution. This partnership signifies a significant step towards global expansion for TVS Motor Company.
DCX Systems: The company’s board has approved fundraising up to Rs 500 crore via public issue, preferential issue, rights issue, private placement(s) or qualified institutions placement.
JSW Steel: The company upon considering Demand and supply scenario of Iron Ore in India, has today withdrawn its application for the Final Mine Closure Plan submitted on 1st September 2023 before the Indian Bureau of Mines for the purpose of surrender of Jajang Iron Ore Block located in the district of Keonjhar, Odisha.
JSW Infrastructure: The company has received Letter of Award from Karnataka Maritime Board, Government of Karnataka, for development of all-weather, deep water, greenfield port at Keni in Karnataka on Public Private Partnership basis. The estimated cost of the project is Rs 4,119 crore with an initial capacity of 30 MTPA. The proposed Keni Port would have modern environment-friendly mechanised facilities for handling of cape-size vessels.
Delhivery: Softbank is planning to sell about 4% stake in the logistics service provider for about $150 million through block deal, according to various media reports.
PNB Housing Finance: The company said in an exchange filing that its board will meet on November 24 to consider the issuance of NCDs up to Rs 3,500 crore on a private placement basis in tranches over the next six months.
Coromandel International: The company unveiled its Coromandel Nanotechnology Centre at Coimbatore, Tamil Nadu, which will support its efforts towards the development of a wide range of nano-enabled agro-inputs for plant nutrition and crop protection. The Center will be the sixth R&D facility of Coromandel and the second Tech Centre which will focus on development of next-generation agri-inputs, the first being Coromandel’s research facility in Monash Academy, IIT Bombay.
Genus Power Infrastructure: The company has incorporated a wholly-owned step-down subsidiary, namely ‘Purvanchal Eav-3 Smart Metering Limited’. It is incorporated as SPV for execution of Advanced Metering Infrastructure Service Provider (AMISP) Contract.
Technocraft Industries (India): The company will discontinue the production of Milange Yarn at its Milange Yarn unit located in Murbad, Maharashtra, due to adverse market conditions and losses. During FY23, the revenue contribution from this unit was 5.69% of total revenue.