Stock Market LIVE: Indices turn flat; Apollo Hosp, Titan drag; Tata Consu shines
The Bank Nifty logged a lifetime high for the second consecutive session and the BSE Sensex hit a record closing high on Wednesday. However, negative outlooks and softer demands heading into the holiday season in the US will compel investors to remain pessimistic.
Binding commitments on new issues in FTAs may hamper India’s exports in future: Report
Taking binding commitments on new issues like environment, labour and sustainability in the proposed free trade agreements (FTA), being negotiated by India, may hamper the country’s exports in the future, according to a report by Global Trade Research Initiative.
India’s already “weak” FTA outcomes may worsen if it takes obligations in the new issues, the report — FTAs: Fabulous, Futile, or Flawed? An evaluation of India’s FTAs with ASEAN, Japan and South Korea — said.
It added that like many developing countries, India has an evolving regulatory framework on most new issues.
“International commitments must be taken only after the domestic regulatory framework is in place. And both must be in sync. New non-trade issues may serve as non-trade barriers and hamper our exports in the future,” GTRI (Global Trade Research Initiative) report said. (PTI)
India bucks global trend with robust copper demand this year
India is set to be one of the world’s fastest-growing copper markets in 2022, bucking the trend of softening demand expansion elsewhere, including top consumer China, amid a slowing global economy.
Despite the global downturn, India’s economy is humming across manufacturing to infrastructure and property sectors, as pent-up demand post the COVID-19 pandemic, rising income and a series of government policies have boosted consumption. (Read More)
Sebi working on guidelines for ‘finfluencers’ giving stock tips on social media
The Securities and Exchange Board of India (Sebi) on Thursday said it is working on guidelines for financial influencers, usually referred to as ‘finfluencers’, who give advice to investors on various social media platforms.
“We are working on the guidelines for financial influencers,” S.K. Mohanty, whole-time member Sebi said on the sidelines of a CII National Conference on Corporate Frauds: Governance on held in Mumbai on Thursday. (Read More)
PSU Bank index climbs amidst an otherwise day, most stocks in green
BEML’s demerged entity’s listing likely in one month
The demerged non-core businesses entity, BEM Land Assets Ltd, of BEML is expected to be listed in a month in a step forward to the divestment of the company as the government seeks strategic divestment of 26% post BEML demerger process of non-core assets.
The existing BEML shareholders have been given shares in the new demerged entity in a 1:1 ratio. BEML shares started trading ex-demerger on September 8, 2022, a day ahead of its record date which was fixed on September 9 to determine the eligibility of shareholders for considering 1:1 issue of shares by BEML Land Assets Limited as per Scheme of Arrangement for demerger as approved by the MCA. (Read More)
Stakeholders agree to phased roll-out of uniform chargers for devices
A broad consensus emerged among stakeholders on the adoption of USB Type – C as a charging port for electronic devices such as smartphones, tablets and laptops, said the Ministry of Consumer Affairs, Food and Public Distribution in a statement.
The industry should overcome inertia in adopting a uniform charging port in the interest of consumer welfare and prevention of avoidable e-waste, Rohit Kumar Singh, Secretary Department of Consumer Affairs said while chairing a meeting of the Central Inter-Ministerial Task Force on Wednesday constituted to examine the issue of uniformity in charging ports of electronic devices. (ANI)
Geojit Financial reccomendation on Escorts Kobuta – Q2FY23 Result Update – SELL
Geojit says SELL with Target Price of ₹1783 for Escorts Kobuta: Cconsidering the margin pressure and lower volume for H2, we downgrade our estimate and recommend Sell rating at CMP.
Meta appoints Sandhya Devanathan as its new India head
Meta today announced the appointment of Sandhya Devanathan as the Vice President of Meta India. Devanathan will focus on bringing the organization’s business and revenue priorities together to serve its partners and clients, while continuing to support the longterm growth of Meta’s business and commitment to India. She will transition to her new role on January 1, 2023 and will report to Dan Neary, Vice President, Meta APAC and will be a part of the APAC leadership team. She will move back to India to lead the India org and strategy. (Read More)
ABFRL to bring French luxury store Galeries Lafayette to India
Aditya Birla Fashion and Retail Limited (ABFRL) on Thursday announced that it has entered into a strategic partnership with French luxury department store chain Galeries Lafayette to open stores and a dedicated e-commerce platform in India.
The 90,000 square feet flagship store in Mumbai is expected to be operational by 2024, ABFRL said in a statement on Thursday. (Read More)
IRFC shares rally to hit record high; trade above IPO issue price
Shares of Indian Railway Finance Corporation Ltd (IRFC) rallied more than 8% to hit a record high of ₹28.7 apiece on the BSE in Monday’s afternoon deals, with the stock trading above its initial public offering (IPO) issue price of ₹26.
The public issue of IRFC was open for subscription last year from 18-20 January, 2021 with a price band of ₹25- ₹26. The company’s shares made their market debut on January 29, 2021. IRFC shares are up about 23% in 2022 so far. (Read More)
Tata Consumer shines as it gains 2% in today’s trading
Angel One appoints Prateek Mehta as its Chief Business Officer
Fintech company Angel One Limited (formerly known as Angel Broking Limited) appointed Prateek Mehta as its Chief Business Officer. In his new role, he will be chalking out growth strategies and business plans for the company to achieve its vision, the company said in its statement.
COP27 Draft Leaves Out Pledge to Phase Down All Fossil Fuels
Countries negotiating at the climate summit in Egypt are on track to reject calls for phasing down the use of all fossil fuels, snuffing efforts by India and key developed nations to target oil and gas as well as coal in an overarching deal at COP27.
The Egyptian presidency published the first draft of its so-called “cover decision” and largely kept last year’s pledge made at Glasgow to “accelerate measures towards the phase down of unabated coal power” and phase out fossil fuel subsidies. It also stuck with a commitment to keep global warming to 1.5 degrees Celsius. It highlighted that countries are currently falling well short on meeting the climate finance needs of developing countries. (Bloomberg)
Auto index under pressure, sheds 1% with most stocks in red
Why Nykaa shares are down nearly 20% in 4 days
Shares of FSN E-Commerce Ventures Ltd., owner of beauty e-retailer Nykaa, has been under pressure since lock-up ended last week. Nykaa shares fell 4% to ₹171 at day’s low, extending the four-day losses to about 20%. According to NSE data, LIGHTHOUSE INDIA FUND III LIMITED sold 96,89,240 shares on 10th November at average price of ₹171 per share. Among other major sellers, SEGANTII INDIA MAURITIUS sold 33,73,243 shares at average price of ₹199 on 15th November.
Stocks often fall after lock-ups expire, as investor selling…