The trends of the major indices in the course of the week’s trading are given in the table below:
In a persistent trend, markets maintained a consolidated range, closing flat in yet another session today. Despite this, both benchmarks made a fourth consecutive weekly gain, primarily fueled by anticipations of a peaking interest rate scenario in the U.S. and Europe. In global market highlights, the Eurozone composite PMI showed a marginal uptick to 47.1 in November 2023 from a near three-year low of 46.5 in October 2023. However, the figure still lingers in the contraction zone, indicating a broad-based downturn in business activity. The fear of recession has reemerged in the current quarter, posing challenges for the Eurozone economy. In addition, recent European Central Bank (ECB) minutes highlighted moderating inflation in line with expectations, and the possibility of an interest rate hike remains on the table. In Japan, headline inflation accelerated to 3.3% in October 2023, up from 3% in September 2023. Core inflation also inched up to 2.9% in October. However, factory activity faced its sixth consecutive month of contraction, dropping to 48.1 in November 2023 from 48.7 in October 2023 due to weakened demand. Global indices ended on a positive note as investors awaited more guidance on U.S. interest rate movements. The FTSE experienced slight gains, driven by energy stocks, following the interim budget and supportive measures announced by the government to boost growth.
Global indices ended on a positive note as investors awaited more guidance on U.S. interest rate movements. The FTSE experienced slight gains, driven by energy stocks, following the interim budget and supportive measures announced by the government to boost growth. The Sensex concluded the session flat, with current trading trends remaining stable, mirroring a mixed scenario in other Asian indices.
November witnessed a notable surge in foreign portfolio investment (FPI) inflows into the Indian debt markets, reaching $1.15 billion. This marks the highest figure in 26 months since September 2021's peak of $1.74 billion. The substantial inflow suggests continued investor confidence in the Indian market, reflecting positively on the country's economic prospects.
As global markets navigate economic indicators, the outlook remains dynamic, guided by evolving interest rate scenarios and economic performance across key regions. Investors should maintain a watchful stance, keenly anticipating cues that will shape market trajectories in the coming weeks.
New Ventures/ Capacity Expansion
L&T Technology Services (LTTS) has collaborated with NVIDIA to develop software-defined architectures for medical devices focused on endoscopy, which will enhance the image quality and scalability of products.
Wipro has entered into collaboration with NVIDIA to help healthcare companies accelerate adoption of generative artificial intelligence (gen AI) through AI-driven strategies, products, and services.
AstraZeneca Pharma India has received permission to import pharmaceutical formulations of new drug for sale or for distribution in Form CT-20 from Central Drugs Standard Control Organisation for the additional indication of Olaparib film coated tablets.
Adani Enterprises wholly owned subsidiary -- Adani Defence Systems and Technologies (ADSTL) has signed Shareholders Agreement and Share Subscription Agreement with Elbit Systems, Israel (ESL).
Affle (India) has filed 15 patents in India. These newly filed patents cover advanced artificial intelligence (AI) subject areas, including automated AI agents, personalization & recommendation, predictive analysis, privacy management, enhanced fraud detection and security.
Lupin has launched the world’s first fixed-dose triple combination drug (FDC) under the brand name Vilfuro-G for the effective management of chronic obstructive pulmonary disease (COPD) in India.
Garden Reach Shipbuilders & Engineers (GRSE) (+3.58%) has signed a Memorandum of Understanding (MoU) with Shift Clean Energy (Shift), Seatech Solutions International (Seatech) and the American Bureau of Shipping (ABS) to develop Electric Tugs E-VOLT 50.
Crompton Greaves Consumer Electricals has launched a new product - PTC room heater namely ‘ACGRH Insta Genial’.
Eco Hotels & Resorts has entered a Memorandum of Understanding (MOU) with Accsol Management Services, Coimbatore, Tamil Nadu.
RailTel Corporation of India (RailTel) and Electronics Corporation of India (ECIL) have signed a Memorandum of Understanding (MoU) to establish a collaborative partnership in the fields of ICT, Homeland Security, Cloud service etc.
CG Power and Industrial Solutions has filed an application with Ministry of Electronics and Information Technology (MeitY), Government of India seeking approval to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility and the grant of subsidy for the said project.
Exhicon Events Media Solutions (EEMSL) has signed the Memorandum of Understanding (MoU) for acquisition of 51% Equity Stake of Global Kokan Festival along with Kokanbhumi Ventures.
Gufic Biosciences (+0.49%) has incorporated a subsidiary Company in India namely ‘Gufic Prime’. Gufic Prime shall carry on the business of manufacturing, marketing, distribution and sale of pharmaceutical products.
Optiemus Infracom’s step down subsidiary -- Optiemus Telecommunication has been selected under the Production-Linked Incentive Scheme 2.0 (PLI Scheme) launched by the Ministry of Electronics and Information Technology (MeitY).
Persistent Systems has launched a unique open-source maintenance service to facilitate keeping an organization’s open-source software up to date with all patches, bug fixes, and incorporating the latest software releases.
EaseMyTrip has introduced an exclusive subscription programme for High Net Worth Individuals (HNI) and CEO’s to explore a brand-new world of travel that features specialized services, benefits, and privileges.
Reliance Industries has planned to invest an additional Rs 20,000 crore in Bengal in the next three years for enhancing digital life solutions, augmenting Reliance Retail footprint and on bio-energy.
Rushil Decor has received IGBC Green Building certification for its new MDF board plant located at Visakhapatnam, Andhra Pradesh by the Indian Green Building Council (IGBC).
Infosys has collaborated with Proximus, Belgium’s leading digital services and communications solutions provider, to deliver an IT modernization and consolidation project.
Titagarh Rail Systems and ABB have formed a strategic partnership for metro rolling stock projects in India.
Order Wins
Talbros Automotive Components has received new multi years orders worth Rs580 crore from both, domestic and overseas customers across its business divisions, product segments and JVs.
Oriental Rail Infrastructure has secured orders worth Rs7.27 crore from Rail Coach Factory (RCF), Kapurthala, Indian Railways. The company has received orders for manufacturing and supplying of 113 sets of ‘Seat and Berths’ for LHB SCN coaches.
KEC International has secured new orders of Rs1,005 crore across its various businesses.
Vascon Engineers has received Letter of Intent (LoI) of Rs356.78 crore for construction of general hospital building in Pune.
Datamatics Global Services has signed a contract with a US based company for Digital Experiences Business. The total client target spend over 5 years is estimated at $36 million.
RattanIndia Enterprises 100% wholly owned subsidiary -- Neobrands has introduced its casual fashion brand, FYLTR's lightweight winter collection.
Akshar Spintex has secured international order worth Rs171 crore from Beximcorp Textiles, Tejgaon, Dhaka for Supplying 7400 MT Processed Cotton Yarn.
Max Estates has received completion-cum-occupancy certificate for phase 2 of Max House, a boutique office campus in Okhla, South Delhi. This phase of the development has a net leasable area of around 1.5 lakh sq. ft. When combined with Phase 1, the campus has around 2.55 lakh sq. ft. of leasable area.
Servotech Power Systems has bagged 2649 AC EV charger orders from Bharat Petroleum Corporation (BPCL).
Axita Cotton has secured a new sales orders from multiple vendors of the industry. The company has received various contracts of supplying cotton bales worth of Rs89.22 crore.
Investments/ Acquisitions
Lancer Container Lines has executed share subscription and shareholders’ agreement for acquisition of 60% equity capital of Transco Logistix Worldwide, subject to certain conditions precedent.
Maruti Suzuki India has received shareholders’ approval to issue shares on a preferential basis to Suzuki Motor Corporation (SMC) as consideration for a related party transaction for the acquisition of 100% stake in Suzuki Motor Gujarat.
Exide Industries (EIL) has invested around Rs100 crore by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions (EESL).
GMR Power and Urban Infra has acquired 1,051,154,500 equity shares of GMR Energy (GEL), a subsidiary of the company (representing 29.14% of the equity share capital of GEL).
OK Play India has acquired 100% Shareholding in MRH Technologies to act as its sole and exclusive distributor under MRH Technologies subsidiary to promote, distribute, supply, install and service its new product- PureAir Mobile Fine Dust Particle Filter.
Fund Raising
Rategain Travel Technologies has completed a capital raise of Rs600 crore through a Qualified Institutional Placement.
Bank of Baroda has planned to raise up to Rs15,000 crore via bonds to fund business growth.
Ballarpur Industries has raised Rs140.76 crore through the allotment of 14,076 7% Rated, Listed, Secured, Redeemable, Non-Convertible Debentures Series-II (NCDs).
Other
Cipla has received a warning letter on November 17, 2023 from United States Food and Drug Administration (USFDA) for the routine current Good Manufacturing Practices (cGMP) inspection conducted at its Pithampur manufacturing facility between February 6th -17th, 2023.
Glenmark Pharmaceuticals Mahwah-based unit -- Glenmark Pharmaceuticals Inc, USA, is recalling 5,856 bottles of Deferasirox tablets for oral suspension.
Earnings
ESAF Small Finance Bank: Net Sales was Rs943 crore in Q2FY24 up 37% YoY (Rs688 crore). Net Profit was Rs140 crore in Q2FY24 up 143% YoY (Rs57.6 crore)
Insider trades
Inox wind insiders pledged 27,80,000 shares. Paisalo Digital Promoter bought net 60,000 shares through open market. Linc promoter bought net 5,000 shares through open market. Orient Bell promoter bought net 2,000 shares through open market. Ethos promoter sold net 100,201 shares through open market. Som Distilleries and Breweries promoter bought net 10,000 shares through open market. Eclerx Services insiders sold net 24,098 shares through open market. Ethos promoter sold net 8,000 shares through open market. Shyam Century Ferrous director sold net 383,936 shares through open market. Prakash Steelage promoter bought net 10,000 shares through open market. Global Education promoter sold net 5,502 shares through open market. Praj Industries director sold net 27,709 shares through open market. Mittal Life Style promoter sold net 363,298 shares through open market. D B Realty promoter sold net 270,000 shares through open market.
Top Gainers and Losers of the major indices for the week are given in the table below:
