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Benchmarks end near the day's low; FMCG shares decline
(15:34, 14 Nov 2022)

The key equity benchmarks ended near the day's low after a weak session on Monday. Mixed global shares dented investors sentiment. The Nifty closed below above the 18,350 mark after hitting the day's high at 18,399.45. Metal and IT stocks advanced while media FMCG and PSU Bank shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, fell 170.89 points or 0.28% to 61,624.15. The Nifty 50 index lost 20.55 points or 0.11% to 18,329.15 .

In the broader market, the S&P BSE Mid-Cap index rose 0.05% while the S&P BSE Small-Cap index gained 0.25%.

The market breadth was negative. On the BSE, 1,727 shares rose, and 1,891 shares fell. A total of 151 shares were unchanged.

Economy:

India's wholesale price-based inflation declined to a 19-month low of 8.39% in October, on easing prices of fuel and manufactured items. This is the first time in 19 months that the WPI inflation print has come in single digits.

Decline in the rate of inflation in October 2022 is primarily contributed by fall in the price of mineral oils, basic metals, fabricated metal products, except machinery and equipment; textiles; other non-metallic mineral products; minerals etc, the commerce and industry ministry said on Monday.

India's industrial growth, as per the Index of Industrial Production (IIP), rose to 3.1% in September, data released on Friday showed. The growth was primarily owing to a rise in manufacturing and mining outputs. The IIP had grown 4.4% in September 2021.

According to the government data, the output of the manufacturing sector rose 1.8% in September 2022 as against a 4.3% growth recorded in the year-ago period, as per latest data from the National Statistical Office (NSO).

Primary Market:

The initial public offer (IPO) of Keystone Realtors received bids for 5.61 lakh shares as against 86.47 lakh shares on offer, according to stock exchange data 15:36 IST on Monday (14 November 2022). The issue was subscribed 0.06 times.

The issue opened for bidding on Monday (14 November 2022) and it will close on Wednesday (16 November 2022). The price band of the IPO is fixed at Rs 514-541per share. An investor can bid for a minimum of 27 equity shares and in multiples thereof. The issue comprises of a fresh issue of up to Rs 560 crore and an offer for sale of up to Rs 75 crore.

The IPO of Kaynes Technology India received bids for 35.38 crore shares as against 1.04 crore shares on offer, according to stock exchange data at 15:39 IST on Monday (14 November 2022). The issue was subscribed 33.79 times.

The issue opened for bidding on Thursday (10 November 2022) and it will close on Monday (14 November 2022). The price band of the IPO is fixed at Rs 559 to 587 per share. An investor can bid for a minimum of 25 equity shares and in multiples thereof. The issue comprises of a fresh issue of up to Rs 530 crore and an offer for sale of up to 55.84 lakh equity shares.

The IPO of Inox Green Energy Services received bids for 4.66 crore shares as against 6.67 crore shares on offer, according to stock exchange data at 15:39 IST on Monday (14 November 2022). The issue was subscribed 0.70 times.

The issue opened for bidding on Friday (11 November 2022) and it will close on Tuesday (15 November 2022). The price band of the IPO is fixed at Rs 61 to 65 per share. An investor can bid for a minimum of 230 equity shares and in multiples thereof. The issue comprises of a fresh issue of up to Rs 530 crore and an offer for sale of up to 55.84 lakh equity shares.

Buzzing Index:

The Nifty FMCG index fell 1.37% to 43,911.70. The index has declined 2.02% in three sessions.

Varun Beverages (down 2.67%), Emami (down 2.6%), ITC (down 2.54%), Radico Khaitan (down 2.1%) and Hindustan Unilever (down 1.82%) were the top losers.

Among the other losers were Nestle India (down 1.38%), Tata Consumer Products (down 0.7%), Colgate-Palmolive (India) (down 0.54%), United Spirits (down 0.44%) and Dabur India (down 0.02%).

On the other hand, Godrej Consumer Products (up 3.23%), Procter & Gamble Hygiene and Health Care (up 1.17%) and United Breweries (up 0.76%) edged higher.

Stocks in Spotlight:

Life Insurance Corporation of India (LIC) jumped 5.88%. The life insurance company reported net premium of Rs 1.32 lakh crore for the quarter ended September FY23 as compared to net premium of Rs 1.04 lakh crore for the quarter ended September FY22. The net profit for the quarter jumped to Rs 15,952 crore from Rs 1,434 crore last year. The company's other income stood at Rs 6,795 crore as against Rs 46 crore a year back for the quarter, including refund of income tax.

Zee Entertainment Enterprises (ZEEL) fell 2.61%. ZEEL reported consolidated net profit of Rs 112.8 crore in Q2 FY23 as against a net profit of Rs 266.1 crore in Q2 FY22. Operating revenue increased to Rs 2028.4 crore in Q2 FY23 from Rs 1978.8 crore posted in Q2 FY22.

Thermax slipped 3.76%. The company reported 24% rise in consolidated net profit to Rs 109 crore on a 41% increase in operating revenue to Rs 2,075 crore in Q2 FY23 over Q2 FY22.

Adani Power shed 0.32%. The Adani group firm reported profit after tax for Q2 FY23 at Rs 696 crore as against loss of Rs 231 crore in Q2 FY22, due to higher one-time income.

Consolidated total income for Q2 FY23 was higher by 52% at Rs 8,446 crore compared with Rs 5,572 crore in Q2 FY22. This increase in revenue was aided by improved tariffs under long term Power Purchase Agreements (PPAs) on account of higher import coal prices, as well as improved merchant/short term tariffs due to higher demand.

Trident tumbled 4.83%. The company's standalone net profit slumped 82.7% to Rs 39.66 crore on 14.6% decrease in revenue from operations to Rs 1,419.17 crore in Q2 FY23 over Q2 FY22. Trident has announced capex worth Rs 893 crore for capacity addition in Yarn, Bath linen & Chemical business.

Exide Industries advanced 4.91% after the company's consolidated net profit jumped 22.7% to Rs 241.20 crore on 13.3% increase in net sales to Rs 3,841.13 crore in Q2 FY23 over Q2 FY22.

Godfrey Phillips jumped 5.48%. The company's consolidated net profit surged 92.3% to Rs 201.82 crore on 60.2% rise in revenue from contracts with customers to Rs 1,012.13 crore in Q2 FY23 over Q2 FY22.

Global Markets:

European shares opened higher while Asian stocks settled on a mixed note on Monday. Investors cheered the US inflation reading, betting that the Federal Reserve would soon slow its aggressive tightening campaign.

Later this week, Japan is slated to report figures for gross domestic product, trade and consumer inflation, while Indonesia's central bank holds a monetary policy meeting.

US stocks ended sharply higher on Friday amid continued optimism over cooler-than-expected US inflation print.

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