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Stock Market LIVE: Sensex up 100 pts; Apollo Hosp zooms; Adani Ent lags

Despite China’s Covid worries, investors remain optimistic as US corporate earnings continue to remain strong and comments from Fed officials that indicate they’re open to slowing the pace of rate hikes.

23 Nov 2022, 01:16:32 PM IST

Sebi to issue SOP on new  promoter exemption for IPO-bound  cos

After several representations from merchant banks and companies looking to go public, markets regulator Securities and Exchange Board of India (Sebi) is likely to soon come out with a standard operating procedure (SOP) for IPO bound companies that want to keep certain members of promoter family out of the promoter group ambit, said three people aware of the development.

The move is expected to provide clarity to IPO bound companies on the disclosures and process to be followed to get these exemptions, as the revised guidelines had led to some companies facing a delay in filing their draft red herring prospectus. (Read More)

23 Nov 2022, 01:05:20 PM IST

Bridgestone appoints Stefano Sanchini as head of India operations

Japanese tyre maker Bridgestone has appointed Stefano Sanchini as the head of its India operations with effect from January 1 next year.

He will replace Parag Satpute, who will be heading to Amsterdam (the Netherlands) to assume a new global role in Bridgestone’s Solutions Business, the company said in a statement.

Sanchini is currently VP Region Middle-East and Africa, (MEA).

Satpute will relinquish his current charge on January 1, 2023 and Sanchini will assume his role from the same date, the company said. (PTI)

23 Nov 2022, 12:52:51 PM IST

Metal index trading in the flat-to-negative territory, sheds around 0.3%

Metal Index

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Metal Index
23 Nov 2022, 12:51:11 PM IST

Why did Easy Trip Planners snap its 2-days rally? Stock dips over 5.5%

Online travel platform, Easy Trip Planners snapped its 2-day rally on Wednesday. Although, the stock opened at a fresh 52-week high on Dalal Street, however, corrected to shed more than 5.5%. The stock skyrocketed by a whopping over 40% in the previous two sessions. The company’s board of directors today approved the allotment of equity shares under the bonus issue of the 3:1 ratio. Investors booked profits as the stock hit a new 1-year high.

A bulk deal was carried in Easy Trip Planners on NSE by investors like Arham Share Private Limited, Graviton Research Capital, Prathana Enterprises, and Niraj Rajnikant Shah. Together, these investors sold Easy Trip shares to the tune of 83.75 crore, while they cumulatively also bought shares aggregating to around 82.55 crore. (Read More)

23 Nov 2022, 12:27:42 PM IST

Adani Group’s Cash Generation Ability Underappreciated, M&G Says

Billionaire Gautam Adani’s group has attracted a lot of scrutiny over its debt-heavy balance sheet and not enough appreciation of its cash-flow generation ability, according to M&G Investments (Singapore) Pte.

“The businesses Adani is incubating and operating in — ports, airports, rail, logistics — they are real businesses that generate cash,” Vikas Pershad, a Singapore-based fund manager at M&G, said in an interview. “There are a lot of questions about opacity, about lack of disclosures, valuations obviously. But it’s trickier because the businesses will grow if India grows. They are at the right place at the right time.”

While Adani’s breakneck expansion into new businesses has sparked eye-catching gains in shares of the conglomerate’s firms and made its founder Asia’s richest person, it has also added both financial complexity and debt to the group’s balance sheet. Three Adani companies, including the flagship Adani Enterprises Ltd., are among the top 10 stock gainers on the MSCI Asia Pacific Index this year, defying concerns about lower liquidity and limited analyst coverage. (Bloomberg)

23 Nov 2022, 12:25:01 PM IST

Bajaj Finance among the highest gainers in today’s sessions; adds 1.5%

Bajaj Finance

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Bajaj Finance
23 Nov 2022, 12:06:09 PM IST

Covid-19 highlights: India logs 360 new cases, 5 deaths in a day

India reported 360 new coronavirus infections taking the cumulative tally to 4,46,70,075, while the active Covid-19 cases declined to 6,046, according to the Union Health Ministry data updated on Wednesday.

The death toll climbed to 5,30,596 with five fatalities which includes four reconciled by Kerala and one death reported from Haryana in the last 24 hours, the data updated at 8 am stated. (Read More)

23 Nov 2022, 12:03:09 PM IST

Noon Update: Indices remain in green with Sensex trading above 16,500 and Nifty above 18,250

Sensex at Noon

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Sensex at Noon
23 Nov 2022, 11:53:14 AM IST

Specialty chemical stock down 55% from 52-week high. Should you buy post demerger?

Aarti Industries became the pure play in specialty chemicals post the demerger of its Pharma business and is confident to deliver >25% EBITDA CAGR over FY23-25E. Analysts at PhillipCapital recently met the management of Aarti Industries to better understand the business focus of the company post demerger.

“The company is confident to deliver >25% EBITDA CAGR over FY23-25E led by – ramp up in multiyear supply pacts, capacity expansions and introduction of 40+ value added products with new chemistries. In fact, it expects the new product portfolio developed by its established R&D will drive accelerated value growth beyond FY25,” the brokerage note stated. (Read More)

23 Nov 2022, 11:42:45 AM IST

Credit Suisse expects Q4 pre tax loss of around 1.5 billion Sfr

Credit Suisse expects to make a pre tax loss of up to 1.5 billion Swiss francs ($1.58 billion) during its fourth quarter, the embattled Swiss bank said on Wednesday, as it prepares to ask shareholders for permission to raise new equity.

“In its outlook statement on October 27, 2022, the bank highlighted that the challenging economic and market environment has had an adverse impact on client activity across its divisions,” Switzerland’s second-largest bank said.

“In particular, the Investment Bank has been impacted by the substantial industry-wide slowdown in capital markets and reduced activity in the Sales & Trading businesses, exacerbating normal seasonal declines, and the Group’s relative underperformance,” the bank added. (Reuters)

23 Nov 2022, 11:42:03 AM IST

Gold cautious ahead of Fed minutes. Where is the yellow metal headed?

Gold futures are broadly flat on Wednesday tracking the international spot prices. Investors held back from making big bets ahead of US Federal Reserve’s latest policy meeting minutes which are expected to give more clarity on the FOMC’s hawkish stance ahead. At MCX, Gold price is currently near 52,200, while silver is trading near 60, 950. While 24 carat gold in 10 grams is cheaper by 110 today. However, gold is expected to witness to some extent a steady performance during the day with silver mirroring its movement. (Read More)

23 Nov 2022, 11:14:52 AM IST

Dharmaj Crop Guard IPO: GMP, price band as issue opens for subscription next week

The three-day initial public offering (IPO) of Dharmaj Crop Guard Limited will launch for public subscription next week on Monday, November 28, 2022 and conclude on November 30, 2022. The company has fixed the price band in the range of 216 to 237 per share. The issue will open for anchor investors on November 25.

As per market observers, Dharmaj Crop Guard shares are available at a premium (GMP) of 25 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE on Thursday, December 8, 2022. (Read More)

23 Nov 2022, 11:09:00 AM IST

ACC promoter Ambuja Cements releases entire pledge of its 50% equity on November 19, total holding now pledged at 2.16% vs 52.21% earlier: Reports

23 Nov 2022, 11:05:41 AM IST

Cipla stock shines as it adds 1% in today’s session

Cipla

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Cipla
23 Nov 2022, 10:38:47 AM IST

Media index shines with all stocks in the index in green

Media Index

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Media Index
23 Nov 2022, 10:36:44 AM IST

Rupee falls 14 paise to 81.81 against US dollar

The rupee depreciated 14 paise to 81.81 against the US dollar in early trade on Wednesday, tracking a strong American currency and sustained foreign fund outflows.

At the interbank foreign exchange, the domestic unit opened at 81.81 against the dollar, registering a loss of 14 paise over its previous close.

On Tuesday, the rupee appreciated by 12 paise to close at 81.67 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.06 per cent to 107.16.

Brent crude futures, the global oil benchmark, declined 0.08 per cent to USD 88.29 per barrel. (PTI)

23 Nov 2022, 10:20:06 AM IST

Inox Green Energy shares make a weak debut, list at discount

Shares of Inox Green Energy Services made a weak market debut on Wednesday with the stock listing at 60 apiece on the NSE, a discount of more than 7% as compared to its IPO issue price of 65 per share. On the BSE, Inox Green Energy shares started trading at 60.5 apiece.

The initial public offering (IPO) of Inox Green Energy Services, a subsidiary of Inox Wind, received 1.55 times subscription on the last day of the offer that concluded on Tuesday, November 15, 2022. The issue received bids for 10.37 crore shares against 6.67 crore shares on offer. (Read More)

23 Nov 2022, 10:17:03 AM IST

Adani Enterprises among biggest laggards today; sheds 1%

Adani Enterprises

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Adani Enterprises
23 Nov 2022, 09:59:29 AM IST

Ashika Stock Broking on market: Intraday dip towards 18140-18200 should be used to create long positions

Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd: On the technical front, Nifty took support from its previous day’s low coinciding with 20dma and the lower area of the gap up region, thereon witnessed a pullback to end the day on a positive note with a bullish candle. Hence it can be expected that a further up move is awaited as the market seems to have halted its short-term correction and aim towards the recent swing highs of 18450. After a brief pause in the rally, the overbought price condition in oscillators too have cooled off hence it seems that the Index is well placed to continue with its upward momentum. Now the elevated support base for the market is at 18100 followed by 17950 which coincides with 23.6% retracement of the entire rally since Oct’22. However, the psychological level of 18000 would be the trend-deciding level for the market. Positive stance in the market would remain due to sharp reversals in the Dollar index, US yields have helped to taper down anxiety around further aggressive rate hike and drop in crude oil prices which is supportive for Indian Equities. During the day, Nifty is likely to open on a positive note following mixed positive cues and one can expect the Index to trade with a positive bias hence, intraday dip towards 18140-18200 should be used to create long positions for target of 18450.

23 Nov 2022, 09:50:59 AM IST

PSU Bank index continues to shine, adds 1% in today’s session in spite of most stocks in red

PSU Bank Index

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PSU Bank Index
23 Nov 2022, 09:40:21 AM IST

Geojit Financial Services on today’s market: No fundamental triggers that can lift markets to much higher levels

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: There is a sudden near-term positive change in the global market mood that can influence the Indian market too. The US market construct has temporarily changed to ‘rising equity- falling bond yields – declining dollar index’ that can favour a near-term rally. But this construct can change quickly impacting market sentiments. There are no fundamental triggers that can lift markets to much higher levels. So consolidation is likely in the Nifty 18050- 18350 range. FIIs have again turned sellers during the last 3 trading sessions and might sell again at higher levels. FII’s market action doesn’t reflect a coherent and consistent strategy. It appears that they are waiting for a clear trend in equity, bond and dollar indices. A clear trend in these indices can set the market direction, but it may not happen soon.

23 Nov 2022, 09:35:20 AM IST

State Bank of India gains in early trading, adds a per cent

State Bank of India

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State Bank of India
23 Nov 2022, 09:27:06 AM IST

After declaring ₹15.5 interim dividend, Hindustan Zinc shares trade ex-dividend today

Shares of Hindustan Zinc started trading ex-dividend in Wednesday’s session, a day ahead of its record date for the purpose of payment of second interim dividend. Hindustan Zinc shares were trading nearly a per cent lower at 302 apiece on the BSE in opening deals.

Vedanta group firm Hindustan Zinc’s board approved the second interim dividend of 15.50 per equity share for the current financial year 2022-2023. The total payout would amount to 6,549.24 crore. The record date for the purpose of payment of second interim dividend has been fixed as Thursday, November 24, 2022. (Read More)

23 Nov 2022, 09:25:34 AM IST

Sensex and Nifty jumped around 0.3% at open today with Hindalco and Kotak Bank leading the stock chart 

Sensex at Open

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Sensex at Open
23 Nov 2022, 09:12:22 AM IST

Apple Inc supplier Foxconn’s China plant hit by fresh worker unrest-social media

People describing themselves as Foxconn workers pulled down barriers and argued with hazmat-suited authorities at a COVID-hit plant in the industrial Chinese city of Zhengzhou that belongs to the Apple Inc supplier, scenes broadcast live on the Kuaishou short video platform showed on Wednesday.

The videos showed more than a hundred people clustered outside and coming face to face with dozens of hazmat-suited officials, who they said were police. Some videos showed workers complaining about the food they had been provided while others said they had not been paid bonuses as promised.

Reuters was not immediately able to verify the authenticity of the videos. Foxconn did not immediately respond to a request for comment. (Reuters)

23 Nov 2022, 09:07:50 AM IST

India looks to boost trade with South-east Asia using river network

India proposes to extend its waterways connectivity project to South-east Asia right up to Thailand, aiming to link regional river routes to develop trade.

The planned international waterways network covering a distance of over 5,000 km and crossing eight countries is expected to benefit shippers, logistics players and cargo owners. (Read More)

23 Nov 2022, 09:03:17 AM IST

Sensex is trading 500 points higher in the preopen session; Inox Green Energy to debut today

Sensex at Preopen

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Sensex at Preopen
23 Nov 2022, 08:58:22 AM IST

INDIA BONDS-Bond yields seen inching down tracking U.S. peers ahead of Fed minutes

India’s government bond yields are expected to open a tad lower on Wednesday, tracking a fall in longer maturity U.S. Treasury yields but are likely to remain in narrow a band thereafter as investors remain cautious ahead of the U.S. Federal Reserve’s latest policy meeting minutes.

The benchmark 10-year yield is likely to be in a 7.27%-7.32% band. The yield ended lower at 7.2852% on Tuesday.

Domestic yields will track U.S. Treasury yiels with a downward bias in early trading, Venkatakrishnan Srinivasan, founder and managing partner of debt advisory firm Rockfort Fincap said.

U.S. Treasury yields eased on Tuesday amid thin trading and lingering concerns over more COVID-19 infections in China, with investors waiting for clues on the outlook for inflation and monetary policy from the Fed minutes due later in the day. (Reuters)

23 Nov 2022, 08:52:44 AM IST

Reliance Securities pre-market views for today: We expect a recovery starting 3QFY23 led by softening of commodity prices and monetary easing by central banks

U.S. equities closed higher, market has already factored in the path of the Federal Reserve’s interest-rate hike. S&P 500 was up 0.8%, after dropping 0.4% in the previous session. The Dow Jones gained 0.8%, while the Nasdaq Composite added 0.5%. The yield on 10-year Treasury notes edged down to 3.770% from 3.825% Monday. Meanwhile, rising Covid-19 cases in China have raised concerns just weeks after the prospect of eased restrictions boosted stocks and commodities higher globally.

Domestic equities closed higher after a weak opening. The Nifty gained 0.5%, Nifty Mid Cap was up 0.6% while Nifty Small Cap was largely flat. All sectoral indices ended in green except Nifty Reality (-1.2%). Nifty PSU Bank gained the most at 1.7% followed by Nifty Metal and Nifty IT which were up by 0.9% and 0.8% respectively. Meanwhile, the Indian government will likely raise its allocation to the rural development ministry by 18% to 1,600bn for FY23. India has managed to perform well bolstered by its strong economic fundamentals. The 2QFY23 results season has concluded. At the aggregate, Nifty 50 companies managed to exceed Street estimates. However, margins of most manufacturing sectors remained under pressure due to elevated input costs and subdued realizations which adversely impacted operating cash flows of private companies. While the recent decline in input costs provided relief, much also depends on consumer demand. We expect a recovery starting 3QFY23 led by softening of commodity prices and monetary easing by central banks which is likely to boost demand. The Federal Reserve is unlikely to slow the pace of its interest-rate hikes in the near term which can impact the market in the coming weeks.

The markets are likely to see gap up opening; SGX nifty is up 107 points compared to previous spot Nifty closing. Asian Markets are trading in green; Nikkei is up 0.6% while Heng Seng is up 0.1%.

 

23 Nov 2022, 08:49:52 AM IST

Collaborate with institutions to find an alternative of coking coal: Goyal to steel industry

The availability of coking coal is a major challenge for the domestic steel sector and the industry should collaborate with eminent institutions like IITs to undertake research to find alternate solutions, Commerce and Industry Minister Piyush Goyal said on Tuesday.

The industry needs to become self-reliant on coking coal to remove India’s dependency on a few countries for the key raw material for steel makers, he added.

“Coking coal is a matter of concern for the industry. We can look at investments and alternatives. You can find solutions for its alternatives. I would urge the industry to research with our IITs or the Indian Institute of Science. It is the need of the hour to become self-sufficient,” Goyal said here at a steel conclave. (PTI)

23 Nov 2022, 08:41:09 AM IST

Bitcoin, ether, dogecoin surge as cryptocurrency prices today gain

In Cryptocurrencies, the world’s largest and most popular digital token Bitcoin’s price today was trading nearly more than 4% higher at $16,463, bouncing back above the $16,000 mark. On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency, also rose by more than 5% to $1,159.

The global crypto market cap today remained below the $1 trillion mark, even as it was over 4% higher in the last 24 hours to $855 billion, as per the data by CoinGecko. (Read More)

23 Nov 2022, 08:40:15 AM IST

13 companies enter in final list of prospective buyers for FRL

Reliance Retail, Adani Group’s JV April Moon Retail and 11 other companies have made it to the final list of prospective bidders for acquiring debt-ridden Future Retail Ltd.

These companies have been included in the final list of prospective resolution applicants after receiving no objections from stakeholders concerned to the provisional list issued on November 10, said an update from Resolution Professional for Future Retail Limited (FRL).

“No objections were received pursuant to the issuance of the provisional list of the prospective resolution applicants which was issued on November 10, 2022,” as per the update.

Besides Reliance Retail and April Moon Retail, other prominent entities in the race are Capri Global Holdings, Dharampal Satyapal, Nalwa Steel and Power, Shalimar Corp, SNVK Hospitality and Management, United Biotech and WH Smith Travel. (PTI)

23 Nov 2022, 08:20:17 AM IST

Stocks to Watch: Inox Green Energy, Adani Enterprises, Nykaa, Vedanta, TechM, JSW Energy, L&T, Wipro, Vodafone Idea, Welspun India

Cinevista, OCL Iron and Steel, and Modern Thread (India) will be among the stocks in focus on Wednesday as they will be declaring their September quarter earnings. (Read More)

23 Nov 2022, 08:07:56 AM IST

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 Titan and Coforge.

Titan: Buy TITAN, stop loss 2,565, target 2,690

Corforge: Buy COFORGE, stop loss 3,750, target 3,940 (Read More)

23 Nov 2022, 08:07:10 AM IST

Vodafone Idea shareholders’ approve issuing debentures worth ₹1,600 crore to ATC Telecom

Shareholders of debt-ridden Vodafone Idea have approved issuing shares worth 1,600 crore to ATC Telecom Infrastructure on a preferential basis, according to a regulatory filing.

Vodafone Idea Ltd’s (VIL) board has given its nod to settle 1,600 crore dues to equipment vendor ATC Telecom by converting the due amount into equity, if the amount remained unpaid in 18 months.

As per the scrutiniser’s report with respect to the voting on proposals during the Extraordinary General Meeting (EGM) held on November 21, as many as 99.99 per cent shareholders voted in favour of the “special resolution for issue of securities on a preferential basis”.

The report was submitted as part of the filing by the company to the stock exchanges on Tuesday. (PTI)

23 Nov 2022, 08:06:27 AM IST

FTX was run as ‘personal fiefdom,’ faces hacks, missing assets, attorneys say

FTX was run as a “personal fiefdom” of former CEO Sam Bankman-Fried, attorneys for the collapsed crypto exchange said in its first bankruptcy hearing as they detailed ongoing challenges such as hacks and substantial missing assets.

In the highest-profile crypto blowup to date, FTX filed for protection in the United States after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal. The collapse has left an estimated 1 million creditors facing losses totaling billions of dollars.

An attorney for FTX said at a bankruptcy hearing on Tuesday the company now intends to sell off healthy business units, but has been the subject of cyberattacks and had “substantial” assets missing.

FTX said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganization of some businesses. FTX said on Tuesday it was receiving interest from potential buyers for its assets and would conduct a process to reorganize or sell them. (Reuters)

23 Nov 2022, 08:05:40 AM IST

US, allies to complete consultations on Russia oil price cap in next few days

The US Treasury Department on Tuesday said that Washington and its allies are planning to finalize a price cap for Russian oil in the next few days as they seek to cut off a critical source of funding for Moscow, according to the news agency AFP.

A senior official informed the reporters that the European Union is consulting with its members on the Russian oil price cap and the broader coalition will take steps to implement the cap once the EU’s process is complete. (Read More)

23 Nov 2022, 07:43:09 AM IST

No consensus in GoM on online gaming; panel to submit report

The ministerial panel on online gaming, casinos and race-course appointed by the Goods and Services Tax (GST) Council met on Tuesday but could not arrive at a consensus on a tax framework for these industries. With members of the panel led by Meghalaya chief minister Conrad Sangma holding on to their positions, the final decision on the tax regime will be with the GST Council. (Read More)

23 Nov 2022, 07:42:22 AM IST

Billionaire Gautam Adani’s firm to consider raising funds

Adani Enterprises on Tuesday said that the Board of Directors of the company will be meeting on Friday, 25 November 2022 to consider and approve the proposal of raising of funds .

The company in its regulatory filing said that raising of funds would be by the way of public offering or preferential allotment issue, including a QIP.

“A meeting of the board of directors of Adani Enterprises Limited (the “Company”) will be held on Friday, 25th November 2022 at Ahmedabad, inter alia, to consider and approve the proposal of raising of funds by way of further public offering, preferential allotment (including a qualified institutions placement or through any other permissible mode) and/or combination thereof as may be considered appropriate, by way of issue of equity shares or any other eligible securities, subject to all such regulatory / statutory approvals as may be required including the approval of shareholders of the Company,” Adani Enterprises filing said. (Read More)

23 Nov 2022, 07:37:29 AM IST

Inox Green Energy to list today. Can debut be better than IPO performance?

One of the major wind power operation and maintenance service providers, Inox Green Energy Services will make its market debut on Wednesday. The company’s 740 crore initial public offering (IPO) which ended last week, received full subscriptions driven by retail investors and institutional buyers. Inox Green Energy Services is a subsidiary of the listed firm Inox Wind. (Read More)

23 Nov 2022, 07:36:46 AM IST

PHDCCI suggests 2-yr tax holiday for Covid-hit businesses

Industry body PHDCCI on Tuesday suggested a two-year tax holiday for businesses like hotels and cinema theatres, which were hit hard by the coronavirus pandemic.

A delegation of the industry chamber met Sanjay Malhotra, Officer on Special Duty, Department of Revenue, and suggested a host of measures related to direct and indirect taxes for the growth and development of the economy.

The Union Budget 2023-24 is being presented at a crucial juncture of geo-political uncertainties, high inflation and slowing world economic growth, Saket Dalmia, President of PHD Chamber of Commerce and Industry (PHDCCI), said in a statement.

At this juncture, he said, calibrated steps to enhance domestic sources of growth would be crucial to maintain the steady economic growth trajectory. (PTI)

23 Nov 2022, 07:32:14 AM IST

Domestic air traffic rises 10% in October: DGCA data

Indian airlines carried 1.14 crore passengers in October, 10% higher than the number of people flown in September.

Data released by the Directorate General of Civil Aviation (DGCA) on Tuesday showed that domestic air traffic jumped nearly 27% to 114.07 lakh last month compared to the year-ago period when it was 89.85 lakh.

In September, the air traffic number stood at 103.55 lakh.

Air traffic has been picking up in recent months after the airline industry was significantly impacted by the coronavirus pandemic.

The country’s largest airline IndiGo’s market share declined to 56.7% in October compared to the previous month when it stood at 58%. (PTI)

23 Nov 2022, 07:30:28 AM IST

Mukesh Ambani says Indian economy to grow 13-fold to $40 trillion by 2047

Indian economy is likely to grow 13 folds from its current size to become a $40-trillion economy by 2047 said Reliance Industries chairperson Mukesh Ambani on Tuesday. He said that this will be driven primarily by a clean energy revolution and digitalisation.

Mukesh Ambani’s estimate for the country’s economy, which currently is the fifth largest in the world only to the US, China, Japan and Germany, is more optimistic than Asia’s richest man Gautam Adani, who last week stated that India will become a $30-trillion economy by 2050 on back of rising consumption and socio-economic reforms. (Read More)

23 Nov 2022, 07:29:12 AM IST

Jet Airways bank guarantees in focus as tribunal weighs airline revival plan

The future of Jet Airways 2.0 will depend on the outcome of the National Company Law Tribunal (NCLT) hearing on 29 November, as the airline’s winning bidder Jalan-Kalrock Consortium and financial creditors await clarity on whether ownership can be transferred on the basis of bank guarantees worth 150 crore. “The issue at hand is the understanding of the resolution plan. While the consortium believes that their bank guarantees worth 150 crore are sufficient for the lenders to start the process for transfer of ownership of the airline, the lenders are not of the same view,” a person aware of the matter said. (Read More)

23 Nov 2022, 07:28:16 AM IST

US stocks rise, strong earnings send retailers higher

Stocks on Wall Street closed broadly higher Tuesday, as solid company earnings helped lift several retailers ahead of the Thanksgiving holiday in the U.S.

The S&P 500 rose 1.4%, more than making up for its losses last week. The Dow Jones Industrial Average rose 1.2% and the Nasdaq composite gained 1.4%.

All the company sectors in the benchmark S&P 500 index rose, with technology stocks driving much of the rally. Chipmaker Nvidia rose 4.7%.

Financial and healthcare stocks also helped lift the market. Charles Schwab rose 1.6% and Pfizer added 1.9%.

Energy stocks notched the biggest gain as the price of U.S. crude oil rose 1.5%. Chevron rose 2.6%.

“Yesterday’s slow sell-off of energy was overdone,” said Jay Hatfield, CEO of Infrastructure Capital Advisors. “So you’re getting a bounce back in energy and that’s really leading the market.” (AP)


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