Stock Market LIVE: Indices to come under pressure at start; SGX Nifty in red
The US services sector showed growth in November and business orders at US factories in October also rose more than expected. The reports make the Fed’s fight against inflation more difficult. Back in India, 2nd day of RBI’s MPC meeting will be in focus.
HC stays order involving penalty of ₹10 lakhs on Sun Pharma
The Delhi HC in its order has stayed its earlier order of November that had imposed a fine of ₹10 lakhs on Sun Pharmaceutical Industries for allegedly concealing facts in a trademark matter. According to the order the stay has been granted till 27 March 2023, which is when the matter will be taken up for hearing by the high court.
On 22 November, the Delhi High Court in its order levied a penalty of ₹10 lakhs on Sun Pharmaceutical Industries for concealing facts in order to obtain an ex-parte injunction order in its trademark matter with DWD Pharmaceuticals. This order was immediately challenged by Sun Pharma for seeking a stay. (Read More)
Biocon Biologics appoints Shreehas Tambe as MD, CEO
Biocon Biologics (BBL), a subsidiary of Biocon, has announced that Shreehas Tambe has been appointed as its managing director and CEO with effect from Monday.
Tambe, formerly deputy CEO of Biocon Biologics, will lead BBL in realising its goal of being a global biosimilars leader, a release said. Tambe takes over from Arun Chandavarkar, who will continue to serve as a non-executive, non-independent director on the board of Biocon Biologics. (ANI)
Manappuram Fin to release succession plan next quarter
Manappuram Finance, which is preparing the contours of succession planning, will announce the names of potential candidates in the next quarter, said managing director and chief executive officer V. P. Nandakumar.
With a 16% market share, Thrissur-based Manappuram Finance is the second-largest gold finance NBFC in the country after Muthoot Finance with assets under management of ₹19,190 crore and a gold loan customer base of 2.5 million. (Read More)
Buy or sell: Vaishali Parekh of Prabhudas Lilladher recommends 2 stocks to buy today
Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are Can Fin Homes and Jubilant Food.
Can Fin Homes: Buy CAN FIN HOMES, stop loss ₹555, target ₹580
Jubilant Food: Buy JUBLFOOD, stop loss ₹545, target ₹570 (Read More)
Uniparts India IPO: What does latest GMP suggest about listing?
After a successful public offer, Uniparts India may complete all the necessary procedures such as allotment of equity shares, refund if any, and credit of the shares offered in the IPO this week ahead of its listing. At the grey market, on Tuesday, Uniparts IPO’s GMP is unchanged at ₹60 per equity share. The nearly ₹836 crore initial public offering (IPO) closed last week with a robust appetite from institutional and high-net-worth investors. The IPO oversubscribed by 25.32 times.
Uniparts is likely to carry the allotment of equity shares on December 7, while initiation of refunds and credit of equity shares to the applicant’s Demat account will likely follow between December 8 to December 9. The company is expected to list next week on December 12. (Read More)
Adani Group open offer for NDTV ends with 31.79% subscription
NDTV shares settled 4.94% lower at ₹393.9 apiece as Adani Group’s open offer for the broadcaster ended Monday. The open offer garnered 31.79% or 53.28 lakh shares against the 1.67 crore size as of 4 pm on December 5. The share has fallen 12% over the past three sessions from a high of ₹447.70 to Monday’s closing of ₹393.9. (Read More)
Rupee falls 52 paise to close at 81.85 against US dollar on forex outflows, firm crude
The rupee pared its initial gains to settle down by 52 paise at a nearly two-week low of 81.85 against the US dollar on Monday weighed down by weak domestic markets, forex outflows and a rise in crude oil prices.
Forex traders said a weak dollar in the overseas market cushioned the downside for the local unit.
At the interbank foreign exchange market, the local unit opened at 81.26, but pared the gains and ended at 81.85, down 52 paise which is its biggest single-day loss in over six weeks.
During the day, the local unit witnessed an intraday high of 81.25 and a low of 81.87. On Friday, the rupee had settled down by 7 paise at 81.33 against the dollar. (PTI)
Trade ministry weighs cut in gold tariff to curb smuggling
The commerce ministry is discussing a reduction in import taxes on gold to rein in illegal shipments, according to people familiar with the matter.
The world’s second-largest consumer of the precious metal, almost all of which is purchased from abroad, has asked the finance ministry to consider reducing the tariff to about 10% from 12.5%, two of the people said, asking not to be identified as the deliberations are private. It’s as yet unclear if the recommendation will be accepted and a decision could be announced at or before the budget presentation due early next year, they added. (Read More)
Wall Street stocks slide as strong data suggests Fed has more to do
Stocks closed broadly lower on Wall Street and Treasury yields rose Monday after surprisingly strong economic reports highlighted the Federal Reserve’s difficult fight against inflation.
The S&P 500 fell 1.8%, its third straight drop. The slide more than offset the index’s gains last week. The Dow Jones Industrial Average dropped 1.4% and the tech-heavy Nasdaq composite slid 1.9%. Small-company stocks fell even more, sending the Russell 2000 index 2.8% lower.
The selling came as traders reacted to some better-than-expected economic snapshots. The services sector, which makes up the biggest part of the U.S. economy, showed surprising growth in November, according to the Institute for Supply Management. Reports on business orders at U.S. factories and orders for durable goods in October also rose more than expected.
The reports are positive for the broader economy, but they make the Fed’s fight against inflation more difficult because it likely means the central bank will have to keep raising interest rates in order to bring down inflation.
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