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Nifty ends tad above 18,400 level; Keystone Realtors IPO subscribed 1.97 times
(15:35, 16 Nov 2022)

The domestic equity benchmarks ended with minor gains after a volatile session on Wednesday. The Nifty closed tad above the 18,400 level. Banks and financials managed to end in the green while metals, oil & gas, healthcare and consumer durable stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, advanced 107.73 points or 0.17% to 61,980.72. The Nifty 50 index added 6.25 points or 0.03% to 18,409.65.

The two benchmarks hit fresh 52-week highs on Wednesday at 18,442.15 for Nifty 50 index and 62,052.57 for Sensex. Further, the Nifty Bank index also recorded its fresh record high today at 42,611.75.

In the broader market, the S&P BSE Mid-Cap index shed 0.66% while the S&P BSE Small-Cap index fell 0.34%.

The market breadth was positive. On the BSE, 1441 shares rose, and 2075 shares fell. A total of 123 shares were unchanged.

Global Markets:

Markets in Europe and Asia mostly declined on Wednesday as political instability gripped the region after a missile hit Polish territory, raising tensions between Russia and NATO.

Ukraine experienced a wave of missile strikes across the country on Wednesday and in the evening Poland said a Russian-made missile had struck Polish territory, killing two people. Moscow denied responsibility for the strike. President Andrzej Duda described it as “an isolated incident,” adding an investigation is underway.

The United States and its NATO allies are investigating the blast that killed two in Poland, but early information suggests it may not have been caused by a missile fired from Russia, U.S. President Joe Biden reportedly said.

Meanwhile, world leaders have gathered in Bali, Indonesia for a second day of the Group of 20 summit.

In Europe, U.K. inflation jumped to a 41-year high of 11.1% in October, exceeding expectations as food, transport and energy prices continued to squeeze households and businesses.

U.S. equities advanced on Tuesday, supported by gains in the technology, consumer services and oil & gas sectors.

U.S. producer price inflation fell to its lowest in over a year in October. The producer price index rose 0.2% in October. On a year-over-year basis, PPI rose 8% compared to an 8.4% increase in September.

Buzzing Index:

The Nifty Metal index fell 1.94% to 6,461.60. The index had gained 4.29% in the past three sessions.

Steel Authority of India (down 4.23%), National Aluminium Company (down 2.43%), Hindalco Industries (down 2.34%), Hindustan Copper (down 2.1%) and Vedanta (down 2.06%) were the top losers.

Among the other losers were Adani Enterprises (down 2.04%), Tata Steel (down 1.93%), JSW Steel (down 1.92%), Jindal Steel & Power (down 1.83%) and Ratnamani Metals & Tubes (down 1.14%).

On the other hand, Hindustan Zinc Ltd (up 1.54%), APL Apollo Tubes Ltd (up 1.53%) and MOIL (up 0.98%) advanced.

Primary Market:

The initial public offer (IPO) of Keystone Realtors received bids for 1.70 crore shares as against 86.47 lakh shares on offer, according to stock exchange data 15:36 IST on Wednesday (16 November 2022). The issue was subscribed 1.97 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 514-541 per 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.

New Listing:

Shares of Bikaji Foods International closed at Rs 317.45 on the BSE, a premium of 5.82% as against the issue price of Rs 300.

The scrip was listed at Rs 321.15, representing a premium of 7.05% to the initial public offer (IPO) price.

So far, the scrip has hit a high of Rs 335 and a low of Rs 314. Over 20.92 lakh shares of the company have changed hands in the counter.

The IPO of Bikaji Foods International was subscribed 26.67 times. The issue opened for bidding on 3 November 2022 and it closed on 7 November 2022. The price band of the IPO was fixed at Rs 285-300 per share.

Shares of Global Health closed at Rs 415.65 on the BSE, a premium of 23.71% as against the issue price of Rs 336.

The scrip was listed at Rs 398.15, representing a premium of 18.50% to the initial public offer (IPO) price.

So far, the scrip has hit a high of Rs 424.90 and a low of Rs 391.05. Over 22.27 lakh shares of the company have changed hands in the counter.

The IPO of Global Health (Medanta) was subscribed 9.58 times. The issue opened for bidding on 3 November 2022 and it closed on 7 November 2022. The price band of the IPO was fixed at Rs 319 to 336 per share.

Stocks in Spotlight:

Tata Consultancy Services (TCS) rose 0.81%. TCS has been selected as a strategic partner by TAP Air Portugal, the flag carrier airline of Portugal and a member of Star Alliance, to accelerate its digital transformation and drive innovation.

Wipro added 0.26%. The company announced new retail solutions, built on the Microsoft Cloud and Cloud for Retail, and a new Retail Innovation Experience in Mountain View, California. This physical, virtual, and hybrid Experience will deepen collaboration between Wipro and Microsoft to accelerate delivery of new solutions that will enable retailers to grow their business and build stronger customer relationships.

IOL Chemicals and Pharmaceuticals fell 1.18%. On a standalone basis, net profit of IOL Chemicals & Pharmaceuticals declined 49.19% to Rs 15.67 crore on 0.66% increase in net sales to Rs 541.41 crore in Q2 September 2022 over Q2 September 2021.

The company's board has approved the formation of a wholly owned subsidiary in United Kingdom (UK), which gives better business growth opportunities and would help in promoting business globally.

Bharat Electronics added 1.17%. The PSU signed separate memorandum of understandings (MoU) with Hindustan Shipyard, SVC Tech Ventures, US-based Profense, and Yantra India to meet the requirements of Indian Defence and export markets.

The MoU has been signed to carry out joint development, manufacturing and product upgrades of identified products / systems and to capitalise on the emerging opportunities in the domestic defence, nondefence and export markets.

Bharat Rasayan fell 1.19%. The company reported a 13.4% decline in consolidated net profit to Rs 22.93 crore despite of 8.4% rise in net sales to Rs 291.77 crore in Q2 FY23 over Q2 FY22. Profit before tax skid 13.5% year on year to Rs 31.06 crore in the quarter ended 30 September 2022.

Rajesh Exports slipped 1.35%. The company's consolidated net profit rose 27.9% to Rs 372.96 crore on a 94.62% jump in revenues to Rs 80,270.06 crore in Q2 FY23 over Q2 FY22. Consolidated profit before tax increased 32.63% to Rs 394.84 crore in Q3 FY22 as compared to Rs 297.70 crore in Q2 FY22. EBIDTA for the quarter stood at Rs 418.97 crore.

DCX Systems fell 3.74%. The company reported 32% drop in stadalone net profit to Rs 7.88 crore in Q2 FY23 from Rs 11.64 crore in Q2 FY22. Revenue from operations declined by 8% YoY to Rs 173.88 crore during the quarter.

KEC International added 1.65%. The RPG Group company said that it had secured new orders of Rs 1,294 crore across its various businesses.

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