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The country's first privately developed rocket Vikram-S blasted off on its maiden flight from the Indian Space Research Organisation’s Sriharikota spaceport, about 115 kms from Chennai, at 11.30 am on November 18.

The Mission Prarambh (the beginning) is a major milestone in India's space journey, making Skyroot Aerospace the first private company to launch its rocket two years after the sector was opened to private players.

Named after Vikram Sarabhai, the founder of India’s space programme, Vikram-S carries three satellites, including one by SpaceKidz India called FunSat, parts of which were developed by school students.

Its previous November 12 launch date was called off due to bad weather.

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Snacks company Bikaji Foods made a firm start on the bourses on November 16 as the stock traded 7.6 percent above the IPO price of Rs 300, listing at Rs 321.15 on the BSE and at Rs 322.80 on the National Stock Exchange.

The Rs 881-crore initial public offering (IPO) was subscribed 26.67 times during the November 3-7 period backed by qualified institutional buyers. QIBs subscribed more than 80 times their quota of shares and high net-worth individuals over seven times. The portions set aside for retail investors and employees were subscribed 4.77 and 4.38 times.

The ethnic snacks company had fixed the price band for the issue at Rs 285-300 a share.

Analysts like that the company leads in its core states (Rajasthan, Assam, and Bihar) and boasts an international footprint, a healthy top line and a strong management team

Speaking to CNBC-TV18, Rishabh Jain, CFO, Bikaji Foods said, “We are looking at double-digit margin in the second half of this year. We don’t need major capex for next 3-4 years. Core markets are 72 percent of total business and we will be focussing on growing that. Uttar Pradesh is the biggest market for us.”

Revenue from operations grew 22.90 percent to Rs 1,610.96 crore for FY22 from a year ago. However, net profit declined to Rs 76.03 crore in FY22 as against Rs 90 crore in FY21 on the back of high input costs. “Sustainability of margins going forward amidst stiff competition raises concerns,” said Manoj Dalmia, founder and director, Proficient Equities.

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Many developed countries, such as the United States, have opposed looking at finance for loss and damage as a ‘compensation’ for damages, and blocked negotiations on providing funds for it

Climate Change negotiations, formally called the 27th edition of Conference of Parties (COP27), begin on November 6 at Sharm El-Sheikh in Egypt.

To understand what issues will be the most difficult to resolve at COP27, we reached out to several Climate Change negotiators from developing countries. Here are five of the issues:

Climate Finance

In 2010, rich countries committed to providing $100 billion per year to poor countries by 2020. During COP26 in Glasgow in 2021, the rich countries admitted to have failed to mobilise these funds. The poor countries will ramp up pressure on the rich to deliver.

Then, there will be debates to pace up the work on deciding what should be the size of total funds to be mobilised. To begin with, decide a definition of what constitutes ‘climate finance’. The Like Minded Developing Countries group, which includes both India and China, has stressed on defining climate finance to ensure that rich countries are held accountable for their commitments. The absence of a definition has allowed rich countries to greenwash their finances, and also pass off loans as climate-related aid.

Loss And Damage

Irreversible damages caused due to Climate Change constitutes what is universally accepted as loss and damage . This includes extreme weather events, sea level rise, loss of biodiversity, and increase in temperature. Developing countries are more vulnerable to these events. But who will pay for the damages? To whom, and how? This year, as countries grapple with these questions, the stress will be on arranging funds that pays for these damages. Many developed countries, such as the United States, have opposed looking at this as a ‘compensation’ for damages, and blocked negotiations on providing funds for it.

Many developing countries are keen to see the establishment of a mechanism this year at Egypt to deliver funds to countries that suffer inevitable economic losses from Climate Change.

Article 2.1(c) the Paris Agreement

Article 2.1(c) of the Paris Agreement (PA) says that climate finance should be tied to low emissions-based development. This means that climate finance would be conditional on how funds are used; whether they’re being used for development that involves burning ‘dirty’ fossil fuels, or not.

Poor countries contest that this makes Article 2.1(c) ambiguous — as it would depend on how ‘low emissions-based development’ is defined. Say, for India, will funds be available for clean coal technologies or will that technology also get termed as dirty? This ambiguity also leads to inequalities in the distribution of funds.

Rich country groups, like the European Union, want a discussion on 2.1(c) as they feel it has not received due attention, and prevents everyone from building a clear understanding of how climate finance should be channelled.

Several large developing countries fear it’s a way of dictating their future economic trajectories, and even forcing them to adopt costly technologies that the rich nations want to sell without meeting their climate obligations to provide funds.

Global Goal On Adaptation

Adaptation means the ability of a country to respond to or deal with the impact of Climate Change. In 2015, under the PA, all nations decided to have a Global Goal on Adaptation (GGA) to increase the capacities of countries to adapt to Climate Change. The goal is still being worked out. The talks will see some trenchant arguments over:

• What criteria would be used to understand which country is more vulnerable?


• How will this goal be implemented?


• Where will the money come from?

Mitigation Work Program

At COP26, countries decided to start a new channel of negotiations called the Mitigation Work Program (MWP). Rich nations were keen upon it. Mitigation here implies reducing emissions.

Developing countries, however, argue that this channel of negotiations — the MWP — replicates the work that will be done under another one, called the Global Stocktake. The Global Stocktake is a formal and more holistic exercise to assess global progress on all commitments by nations — which includes finance, technology, mitigation and adaptation — they have made under the PA.

Developing countries worry that the MWP is being engineered to push them to constantly revise their climate targets without enhancing the supply of technology and finance for them. This will have an adverse impact on poor countries who do not have the money to invest in building expensive technologies.

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Developed economies could write off a developing economy’s debts, unburdening them of repayments and interest, allowing them to redirect the money towards supporting their own loss, and damage costs

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India's services PMI for October has come in above the key level of 50 for the 15th month in a row

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Topic :- Share Market Closing Note

Benchmark indices closed higher for the fourth consecutive session on November 1 with Nifty above 18,100.

At Close, the Sensex was up 374.76 points or 0.62% at 61,121.35, and the Nifty was up 133.20 points or 0.74% at 18,145.40. About 1765 shares have advanced, 1579 shares declined, and 129 shares are unchanged.

Adani Enterprises, Divis Labs, NTPC, Power Grid Corp and Grasim Industries were among the top Nifty gainers, while losers included Axis Bank, UPL, Eicher Motors, Reliance Industries and Maruti Suzuki.

Among sectors, Power, Metal, Pharma and Information Technology indices up 2 percent each, while Realty index up 1 percent.

The BSE midcap index rose 1 percent and smallcap index up 0.26 percent.

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Topic :- Time:3.10 PM

Upcoming FED meeting. Avoid holding overnight positions. Nifty spot close above 18160 level will result in some upmove and close below above mentioned level may result in some fall. 

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 50519. If it manages to trade and sustain above 50540 level then expect some further upmove in it and if it breaks and trade below 50480 level then some decline can follow in it.

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Topic :- Time:1.15 PM

Just In:

Credit Suisse is not for sale, says chairman Axel Lehmann.

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Topic :- Time:1.00 PM

Nifty is falling from its higher levels. Nifty spot if breaks and trade below 18080 level then expect some further decline in the market and if it manages to trade and sustain above 18100 level then some upmove can follow in the Nifty.

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Topic :- Time:12.55 PM

Just In:

Price hikes helped Castrol India counter impact of higher input costs in September quarter

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Topic :- Time:12.45 PM

Nykaa reports Q2 earnings.

Net profit down 8.9% at Rs 4.1 cr Vs Rs 4.5 cr (QoQ)    

Revenue up 7.2% at Rs 1,231 cr Vs Rs 1,148.4 cr (QoQ)    

EBITDA up 33% at Rs 61.2 cr Vs Rs 46 cr (QoQ)

Margin at 5% Vs 4% (QoQ)

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 658.30.If it breaks and trade below 657.80 level then expect some decline in it and if it manages to trade and sustain above 658.80 level then some upmove can further follow in it.

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Topic :- Time:12.10 PM

Just In:

1. EaseMyTrip clocks record sales as pent-up demand boosts travel agency

2. ASHOK LEYLAND OCT SALES ; TOTAL SALES UP 33 % At 14683 units (YOY)

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Topic :- Time:12.00 PM

Nifty is trading on a positive note. Nifty spot if manages to trade and sustain above 18160 level then expect some upmove in it and if it breaks and trade below 18120 level then some decline can follow in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex at days high, up 500pts; Nifty50 above 18,150

2. Indias Manufacturing PMI rises to 55.3 in October, hiring at 33-mth high

3. RBI starts pilot of its digital currency, allows 9 banks to use it

4. Trade data from China, India shows gaping hole of $12 billion

5. Indias gold demand declines as inflation depresses rural demand

6. Bain Capital likely to sell stake in Axis Bank through block deal

7. Axis Bank slips 2% after 1.2% equity changes hands on BSE via block deal

8. Wheat price climbs nearly 6% after Russia withdraws from Black Sea pact

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Credit Suisse’s $4 billion fundraising was always going to be painful for shareholders, but with a deep discount on the new stock, their choice is only about how much of their ownership they want to lose.

The capital-raising plan was unveiled last week alongside a high-risk strategic overhaul, which still only promised a weak target for a 6 percent return on tangible equity in three years’ time, if things go according to plan. That is far below the 10 percent cost of capital assumed for big banks. It means Credit Suisse expects to be destroying value when its restructuring is done.

But the details of the share sale, which the bank released on October 31, leave investors with no real choice at all. The fund raising kicks off with new shares for a group of strategic investors led by state-controlled Saudi National Bank, who together will put in about $1.8 billion for a 14.8 percent stake.

That’s to be followed by a $2.2 billion rights issue. That stock will be priced at just 2.52 Swiss francs ($2.51) per share, which is a 32 percent discount to the theoretical share price after all the new equity has been sold and based on the average share price over the final two days of last week. Having already seen new investors take a large stake, the rights issue will further dilute the claims of each share over Credit Suisse’s profit or book value by 22 percent.

Together, all the new shares lead to bottom-line dilution of earnings per share of almost 34 percent. That sounds horrible until you look at the dilution if shareholders don’t approve the strategic stake sale, which they are due to vote on at a November 23 meeting. Without the Saudi-led group, Credit Suisse would have to issue even more shares to raise the $4 billion it needs through a rights issue alone. The full dilution then would be 40 percent.

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Price of a 19-kg commercial LPG cylinder in the national capital is now Rs 1,744 from Rs 1,885, as per a price notification from state-owned fuel retailers