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Banks see opportunity in Paytm implosion, look to corner QR code, sound box business

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Seeing an opportunity in the pickle Paytm Payments Bank (PPBL) finds itself in following action by the Reserve Bank of India (RBI), some banks are moving in to corner a larger share of the QR code and sound box business.


Recently,  frequently asked questions (FAQs) released by the central bank  on the PPBL issue had clarified that in order to continue receiving payments, merchants need to obtain fresh QR codes linked to an account with a different bank or wallet before March 15, 2024.


On January 31, the RBI imposed major business restrictions on PPBL, including a bar on accepting fresh deposits and doing credit transactions after February 29. On February 16, it extended the deadline to March 15.


A senior Bank of India (BoI) official told Moneycontrol that the lender has told all branches to work on greater penetration of its QR codes after the Paytm crisis.


“We have asked all our branches to increase the penetration of QR codes across India,” the official said on condition of anonymity.


Also, BoI has hired an agency to advise the bank on increasing the penetration of sound boxes, the official said. He, however, did not mention the agency’s name. Per BoI’s December quarter investor presentation, the bank has 1.8 crore UPI users.


Similarly, YES bank has started promoting its UPI application and QR codes after the PPBL crisis.


“We have launched Yes Pay Next recently, and the initial response has been encouraging enough for us to continue investment in this app, and service the UPI needs of customers,” Naveen Chaluvadi, Chief Digital Officer, Yes Bank told Moneycontrol.


Chaluvadi said that of late, the bank has seen a surge of enquiries regarding QR codes at its branches.


“However, we shall offer the merchant solution only where we believe it will help us service a wider range of merchant needs, and not just remain as a one-point solution provider to the merchant,” he explained.


He added that YES Bank has been issuing QR codes in the market through aggregators like Phonepe, Bharatpe, and others, and has been a leading player in this space.


An email sent to Bank of India remained unanswered.

Deepfake scam: Company loses around Rs 207 crore after employee connected to a video call

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multinational company based in Hong Kong has incurred a colossal loss of $25 million (around Rs 207 crore) due to a sophisticated deepfake scam. According to reports, scammers utilized advanced deepfake technology to deceive an unsuspecting employee at the Hong Kong branch.


The elaborate scheme unfolded in January when an employee in the company's finance department received a message purporting to be from the company's UK-based chief financial officer, as reported by the South China Morning Post (SCMP) and Business Insider. Subsequently, the employee engaged in a video call with the alleged CFO and other company employees, only to discover later that all participants were skillfully crafted deepfake personas.


During the manipulated video call, the employee received instructions that led to the transfer of HK$200 million (equivalent to $25.6 million/ Rs 207 crore) across 15 transactions to various Hong Kong bank accounts, as outlined by SCMP. The fraudulent activity remained undetected until a week into the scam when the deceived employee, sensing something fishy contacted the company's headquarters.

The Hong Kong police, refraining from disclosing specific company and employee details, disclosed that the scammers generated deepfakes of meeting participants using video and audio footage that were available online. Remarkably, the victimized employee did not recognize the artificial nature of the deepfakes during the video conference.


Investigations are currently underway, but as of now, no arrests have been made, highlighting the challenges authorities face in combating such technologically advanced cybercrimes.


The incident underscores the growing threat of deepfake technology in perpetrating financial fraud and corporate deception. Beyond financial scams, deepfake videos have become a global concern, as highlighted by the recent wave of sexually explicit deepfake videos involving international pop sensation Taylor Swift circulating on platforms like X and Telegram.


Just recently, prominent personalities such as Alia Bhatt, Katrina Kaif, Rashmika Mandanna and more have become the victim of deepkfakes that raised a lot of security as well as privacy concerns in the country. The latest one to fall in this was Akshay Kumar who expressed disappointment as a deepfake of him promoting a game app circulated online. He also took legal action and filed a cyber complaint against the unauthorized use of his identity. It now remains to be seen how the issue of deepfakes will be countered globally to prevent it from happening.


Bajaj Auto Q3FY24 net profit up 37% YoY at Rs 2,042 crore on robust sales

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The Q3 results exceeded analysts’ expectations as the average estimate of six brokerage firms suggested that the automaker's net profit will increase by 32.25 percent on-year to Rs 1,976 crore

Bajaj Auto Ltd reported a 37 percent year-on-year (YoY) increase in net profit for the third quarter of FY24 at Rs 2,041.88 crore driven by robust sales of its two-wheelers, price hikes and higher realisations amid consistent demand. Its PAT during the corresponding period last year stood at Rs 1,491.42 crore.

Aided by a better product mix in favour of premium vehicles, leading to a higher average selling price (ASP), the Pune-based automaker’s revenue also increased by 30.1 percent to Rs 12,114 crore during October-December 2023. Its turnover during Q3FY23 stood at Rs 9,315 crore.

The Q3 results exceeded analysts’ expectations as the average estimate of six brokerage firms suggested that Bajaj Auto’s net profit will increase by 32.25 percent on-year to Rs 1,976 crore. The estimates had projected the company’s revenue to rise 28.5 percent on-year to Rs 11,971 crore.

Furthermore, its earnings before interest, tax, depreciation and amortisation (EBITDA), increased 36.8 percent YoY to Rs 2,430 crore against Rs 1,776 crore in the year-ago period. Its operating margin also increased to 20.1 percent from 19.1 percent in Q3FY23.


On the back of strong momentum in the domestic market, the automaker reported a 32 percent YoY growth in sales at 12,00,997 units in the December quarter. The company reported a total sales of 3,26,806 units in December 2023, registering a growth of 16 per cent from 2,81,514 units sold in December 2022

Bajaj Auto’s share price went up 1.71 percent at Rs 7,211.40 on BSE when the Q3 results were announced.

Market Wrap Up For 03 Jan,2024

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Share Market Closing Note


Sensex slumps 535 pts, Nifty settles below 21,550; Bajaj Auto surges 5%, top gainer:


At close, the Sensex was down 535.88 points or 0.75 percent at 71,356.60, and the Nifty was down 139.60 points or 0.64 percent at 21,526.20.

About 1917 shares advanced, 1390 shares declined, and 79 shares unchanged.


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Topic :- Time:3.00 PM


Nifty spot if manages to hold above 21500 level on closing basis then expect some pull back in the market tomorrow and if it closes below above mentioned level then some sluggish move may continue to happen.

One can take IRCTC as BTST from here.


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Topic :- Time:2.45 PM


Just In:

Bajaj Autos board is set to deliberate on a share buyback in the scheduled meeting on January 8, as disclosed to the exchanges on January 3.


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Topic :- Time:2.30 PM


CRUDEOIL Trading View:

CRUDEOIL is trading at 5840.If it manages to trade and sustain above 5860 level then expect some upmove in it and if it breaks and trade below 5800 level then some further decline is possible in Crudeoil.


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Topic :- Time:1.30 PM


SILVER Trading View:

SILVER is trading at 73739.  If it manages to trade and sustain above 73840 level then expect some upmove in it and if it breaks and trade below 73600 level then some decline can be seen.


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Topic :- Time:1.10 PM


Just In:

Truth has prevailed, says Gautam Adani after SC judgment


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Topic :- Time:1.00 PM


Nifty is likely to turn volatile now. Nifty spot if manages to trade and sustain above 21580 level then expect some upmove in it and if it breaks and trade below 21540 level then some decline can be seen in it.


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER is trading at 729. If it manages to hold above 726.50 level then expect some quick upmove in it and is likely to test 733-734 levels soon and once it breaks and trade below 726.50 level then some decline can follow in it.


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Topic :- Time:12.10 PM


Just In:

Adani-Hindenburg case: Supreme Court tells SEBI to see if the US short seller broke any Indian law


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Topic :- Time:12.00 PM


After negative start nifty is still trading in red zone. Nifty spot if breaks and trade below 21540 level then some decline can be seen in the market and if it manages to trade and sustain above 21600 level then some upmove can follow in the Nifty.


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex dips 300 pts; Adani stocks soar post SC verdict

2. Adani Group stocks surge up to 11% after SC dismisses pleas for further probe in Hindenburg case

3. Bumper Listing | Shri Balaji Valve debuts at double the IPO price

4. Warburg Pincus-backed NBFC Avanse taps 6 bankers to launch Rs 4,000-cr IPO 

5. Indias manufacturing PMI hits 18-month low of 54.9 in December

6. Sumitomo may exit Samvardhana Motherson, hires banker for Rs 10,000-cr deal

7. Indian banks too quick to rejig rates with RBI tweaks

8. Indias Dec palm oil imports hit 4-month high as sun oil doubles-dealers

9. Obstructing closure of metro doors may cost you Rs 10,000, warns DMRC

10. Hotel stay in India may cost you 7-10% more in 2024, 15% in Delhi, Mumbai


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FPIs pour Rs 68,663 cr in debt instruments in 2023, turn positive after 3 years

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FPI investment in debt remained positive in all months of 2023 except in March, which experts attributed to year-end outflows.

Investments by foreign portfolio investors (FPI) in debt instruments turned positive in 2023 after three years due to attractive yields and the upcoming inclusion of Indian bonds in JPMorgan’s index, experts said.

FPI investment in debt stood at Rs 68,663 crore in 2023 compared to Rs 15,911 crore of outflows in 2022, according to data from the National Securities Depository Ltd. The last time debt investments by FPI were positive was in 2019 when inflows stood at Rs 25,882 crore, the data showed.

The FPI investment in debt in 2023 is also the highest since 2017 when it was about Rs 1.49 lakh crore in positive inflows.

“Globally, policy rates will start tapering down, so bond yields in emerging economies will be more attractive to investors. Also, inclusion in the JPMorgan index has been a major driver of FPI inflows in debt,” said Ajay Manglunia, managing director and head of investment group at JM Financial.

Venkatakrishnan Srinivasan, founder of Rockfort Fincap, said key reasons for the positive inflows in debt are the attractive yields on Indian debt instruments as the spread between US treasury and Indian government bond yields widen, improved economic outlook, currency stability, favourable regulatory changes, and improved market sentiment.On September 22 JPMorgan said that it would include Indian government bonds in its widely tracked emerging market index starting June 28, 2024. The inclusion of India’s sovereign bonds could potentially draw $30 billion of foreign inflows into the country.

Investments by FPIs in debt remained positive in all months of 2023 except March, which experts attributed to year-end outflows. FPIs pulled out Rs 2,505 crore from Indian debt instruments in March 2023.

Impact on bond yields

The FPI inflows helped yields on 10-year benchmark bonds to remain in the range of 7.15-7.45 percent. At the start of 2023, the yield on Indian bonds, especially the 10-year benchmark, was in the range of 7.00-7.44 percent due to higher inflation and rate increases by the Reserve Bank of India, experts said.

The yields started falling in April after the central bank paused rate hikes due to better economic conditions and a lower inflation trajectory. At that time, the yield on the 10-year benchmark bond fell to below 7 percent from 7.44 percent.

In July, the yields started going up gradually, which experts said was due to expectations of more interest rate hikes by the US Federal Reserve and the RBI’s announcement of Incremental Cash Reserve Ratio (I-CRR) to drain out liquidity, among other factors.

Manglunia said the inclusion in the JPMorgan index may result in demand for sovereign bonds exceeding supply, which may lead to a moderation in yields.

Expected inflows in 2024

Money market dealers expect $25 billion to $27 billion to be invested in Indian bonds after the inclusion of Indian government securities in JPMorgan’s Government Bond Index-Emerging Markets. Based on this, Manglunia expects FPI investment in debt to remain positive in 2024.

Srinivasan said in 2024, this trend could potentially attract more foreign investment to India, provide greater liquidity to its bond market, and contribute to the country's economic growth.

Reverse merger with Go First can end all SpiceJet woes

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If the EoI is accepted, SpiceJet will get access to the data room of Go First, which could help the Ajay Singh-led airline to benchmark its own current situation and what its future would be like.


SpiceJet, which recently announced a fund infusion of Rs 2,250 crore, has requested the Resolution Professional of Go First to allow it to submit EoI (Expression of Interest) so that it can submit a credible revival plan with a definite timeline for the grounded airline. SpiceJet shared this information with the BSE Ltd after news reports indicating SpiceJet’s interest made rounds yesterday.


For an airline that is struggling to stay afloat, is fighting multiple cases including those which have been filed for insolvency and also locked in a bitter battle over payments to Marans - the past owners, the interest in a carrier which is grounded and has no real asset is full of surprise.


The fund infusion is less than the accumulated losses just since COVID started and does not help in improving its net worth which has been negative for a long. Under such circumstances to take up another liability is a proposition which cannot be justified, yet the share price was up over 4 percent at midday today on the BSE.



SpiceJet has its own troubles



Nearly half the fleet of SpiceJet has been grounded and it has struggled on every front, from On Time Performance to slot utilisation and payment of salaries to mandatory government dues. Amidst this, if the airline expresses interest for an airline which has been grounded since May and has no aircraft on its own books, is locked in a battle with lessors for maintenance – it raises eyebrows like no other.


SpiceJet’s slump sale of its cargo arm and fund infusion, which was announced but not completed, has not had a large impact on operations. The airline is yet to induct MAX aircraft, the order which still reflects with Boeing but has seen little progress. Only one of its lessors agreed to its offer of converting dues to equity and others remain engaged for either unreached settlement or court cases.


Data is the new oil


If the EoI is accepted, SpiceJet will be given access to the data room of Go First as part of due diligence. Amongst other things these would show liabilities but also the route level data to an extent which will give a glimpse of the route profile of the airline where it made money. While strictly under Non Disclosure Agreements, route profiles can be built up over a period of time.


The data room will also give access to contracts, deals and a lot more which could help SpiceJet benchmark its own current situation and what its future would be like.


A reverse merger?


A resolution for unlisted entities like Go First could mean the lessors taking a huge haircut. As per data submitted in the Rajya Sabha, Go First has a long-term debt of 16,249,203,844, or Rs 1,624 crore. The banks could opt for a significant haircut to this to ensure that at least some amount is recovered.


Will this then make it possible to merge itself with the now lean and trim Go First and rename it SpiceJet? Kingfisher Airlines had done a reverse merger with Air Deccan and renamed it Kingfisher Airlines as it wanted the older Airline Operating Permit (AOP) to complete five years in domestic skies before flying international – one of the reasons why Vijay Mallya purchased Air Deccan.


If it happens, this could turn out to be the end of all woes for SpiceJet as it allows itself to be bigger at a fraction of the cost amongst other things. With the government focusing on the Insolvency and Bankruptcy Code and the revival of sick industries, this could be a golden way out to show a win-win situation.


Tail Note


For any transaction to go ahead, the airline will face challenges from stakeholders and courts. SpiceJet has informed the courts about its precarious financial position, and coming up with a plan to purchase and turn around a grounded carrier without first paying pending dues to Marans, creditors and lessors will be a challenge difficult to bypass.


There may be a glimmer of hope for Go First employees, some of whom are still with the airline. Does it mean going from one challenge to another since there are salary issues with SpiceJet as well? More importantly, how will the SpiceJet employees react to this news?

Indian Stock Market Wrap Up For 13 Dec,2023:

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 Share Market Closing Note


Sensex, Nifty end mildly higher amid fag-end buying ahead of Fed outcome:


Markets erased losses in the last few minutes of the session with the S&P BSE Sensex ending at 69,585 levels, up 34 points or 0.05 per cent, and the Nifty50 shutting shop 20 points, or 0.1 per cent, higher at 20,926 levels.


NTPC, Power Grid, M&M, L&T, Sun Pharma, SBI, Titan, Tata Steel, Tata Motors, ITC, and Maruti Suzuki were the top gainers on the Sensex index as they rose up to 3.6 per cent. 


TCS, Infosys, Ultratech Cement, Bajaj Finserv, Axis Bank, Tech M, HCL Tech, Wipro, Bajaj Finance, JSW Steel, and ICICI Bank, meanwhile, were the top laggards, down up to 2 per cent.


Meanwhile, the broader market space remained upbeat with the BSE MidCap and SmallCap indices ending 1.06 per cent and 0.73 per cent higher, respectively. 


Among sectors, the Nifty IT index declined 1.3 per cent, followed by the Nifty Private Bank index (down 0.07 per cent). On the upside, the Nifty Pharma, and Auto indices gained 1 per cent each. 


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Topic :- Time:3.00 PM


Nifty spot if holds above 20860 level on closing basis then expect some further upmove in the market in coming sessions and if it closes below above mentioned level then some sluggish movement can follow. Avoid open short positions for tomorrow.


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Topic :- Time:2.30 PM


CRUDEOIL Trading View:

CRUDEOIL is trading at 5680. If it holds above 5640 level then expect it to rise till 5940-5960 levels soon and once it breaks and trade below 5640 level then some decline can follow in it.


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Topic :- Time:2.15 PM


Just In:

Major security breach inside Lok Sabha. House adjourned till 2 pm


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Topic :- Time:2.00 PM


Nifty is showing strong recovery and has recovered sharply from its day lows. Nifty spot if manages to trade and sustain above 20900 level then expect some further upmove in the market and if it breaks and trade below 20860 level then some decline can happen.


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Topic :- Time:1.55 PM


Just In:

Gnfc Buy Back 42% Accepted


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Topic :- Time:1.30 PM


SILVER Trading View:

SILVER is trading at 71700. If it breaks and trade below 71580 level then expect some decline in it and if it manages to trade and sustain above 71800 level then some upmov can follow in it.


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Topic :- Time:1.00 PM


Nifty spot if manages to trade and sustain above 20840 level then expect some upmove in the market and if it breaks and trade below 20800 level then some decline can be seen in the market.


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER is trading at 713. If it breaks and trade below 712 level then expect some decline in it and if it manages to trade and sustain above 714.50 level then some upmove can be seen in it.


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Topic :- Time:12.00 PM


After flat opening nifty is now trading 120 points in negative zone. Nifty spot if breaks and trade below 20760 level then expect some further decline in the market and if it manages to trade and sustain above 20800 level then some upmove can be seen in the Nifty.


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex off lows, down 200 pts; NTPC, ITC lend support

2. Indian developer community cheers Epic Games win against Google in the US

3. Axis Bank falls after ₹3,400-crore worth block deals

4. DOMS IPO sails through in 1 hr of bidding process

5. Adani to invest $100 billion on green energy shift

6. Retail inflation quickens 5.5% in November 

7. Aye Finance to raise Rs 310 crore in equity

8. ITCs cigarette sales volume nears old peak


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Indian Stock Market Wrap Up For 12 Dec,2023:

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Share Market Closing Note


Sensex falls 378 pts, Nifty at 20,900; realty, power, oil & gas major drag:


Indian equity indices ended lower in the volatile session on December 12 with Nifty around 20,900.

Biggest losers were BPCL, Apollo Hospitals, Maruti Suzuki, Sun Pharma and Eicher Motors, while gainers included HDFC Life, UltraTech Cement, Bajaj Auto, SBI Life Insurance and Axis Bank.


Except Metal, all other sectoral indices ended in the red with capital goods, oil & gas, power and realty down 1 percent each.


The BSE midcap index shed 0.4 percent and smallcap index fell 0.2 percent.


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Topic :- Time:3.20 PM


Just In:

Googles Epic legal defeat threatens $200 bn app store industry | Google maintained monopoly: US Court


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Topic :- Time:3.00 PM


Nifty future if holds above 21000 on closing basis then expect some recovery in coming sessions and if it closes below above mentioned level then some sluggish movement may happen. Avoid open positions for tomorrow.


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Topic :- Time:2.55 PM


Just In:

SpiceJet approves Rs 2,250-crore fundraise from 64 investors.


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Topic :- Time:2.50 PM


Just In:

Infosys CFO Nilanjan Roy resigns, effective March 31, 2024. Jayesh Sanghrajka takes over from April 1. Top-level exits trend continues in major IT players like Wipro.


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Topic :- Time:2.30 PM


CRUDEOIL Trading View:

CRUDEOIL is trading at 5981. If it manages to trade and sustain above 6005 level then expect some upmove in it and if it breaks and trade below 5955 level then some further decline can be seen in Crudeoil.


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Topic :- Time:2.15 PM


Stock Idea: ZEE Entertainment - CMP 295

1. The Company was reeling under pressure on profitability front due to management paralysis.

2. Merger with Sony is in final stage and expected to conclude soon. The Company already has NCLAT and CCI approval in place. SEBI issue barring Subhash Chandra and Puneet Goenka from holding director position is the only hurdle. Looking at the present scenario, existing promoter Chandra family have to relent the management position in favor of Sony.

3. Post merger Sony will hold more than 50% in the mergerd entity and Chandra family will hold little over 3.5%. 

4. Sony-Zee will be largest entertainment network in India with 70 TV channels, two video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India)


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Topic :- Time:2.15 PM


Just In:

Adani Ports board approves issuance of NCDs worth ₹5,000 crore


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Topic :- Time:2.00 PM


Nifty spot is trading at 20951. If it breaks and trade below 20920 level then expect some decline in the market and if it manages to trade and sustain above 20980 level then some upmove can follow in it.


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Topic :- Time:1.15 PM


Just In:

IREDA scales Rs 100-mark, up 200% from IPO price.


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Topic :- Time:1.00 PM


Nifty future is trading at 21047 not able to sustain higher level. Immediate support for Nifty future is at 21035. If it breaks and trade below it then next critical support is at 20070-20960 levels. As per current market situation buying from lower levels is still recommended.


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Topic :- Time:12.45 PM


Just In:

India Shelter Finance IPO: India Shelter Finance is trading at a premium is ₹150 in the grey market, down from a premium of ₹200 yesterday.


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER is trading at 717. If it manages to hold above 714.80 level then expect it to rise till 721-722 levels quite soon and if it breaks and trade below 714.80 level then some decline can follow in it.


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Topic :- Time:12.00 PM


Nifty is trading flat. Nifty spot if manages to trade and sustain above 21020 level then expect some upmove in the market and if it breaks and trade below 20980 level then some decline can follow in the Nifty.Due to less movement traders are advice to trade in less quantity and should wait for some movement.


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Topic :- Time:11.45 AM


Just In:

USFDA issues 5 observations after inspecting Torrent Pharmas Gujarat manufacturing facility


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex, Nifty flat; media top sectoral gainer

2. Adanis under-probe contractor resurfaces with a new name

3. Desperate retail investors drive options craze

4. Kinetic Green to raise $30-40 million

5. Dixon Technologies shares rally 5% to hit 52-week high on Lenovo contract

6. Mahindra and Mahindra gains on higher production, sales volumes

7. L&T Tech shares gain on signing multi-year pact with global energy firm BP

8. Rupee opens marginally higher at 83.37 against US dollar



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Motisons Jewellers IPO to hit Dalal Street on Dec 18, plans to raise Rs 151 crore

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The IPO comprises only a fresh issue component of 2.74 crore equity shares. Hence, the entire issue proceeds will go the company.


aipur-based Motisons Jewellers has finalised December 18 as the opening date for its upcoming initial public offering (IPO). The company may be planning to raise around Rs 151 crore via public issue, if the offer price is considered as Rs 55 per share reported at the time of fund raising via pre-IPO placement.


The price band for the offer will be announced in coming days.


The public issue will be closing on December 20, while the anchor book will be opened for a day on December 15.


The IPO comprises only a fresh issue component of 2.74 crore equity shares. Hence, the entire issue proceeds will go the company.


The Jaipur-based Chhabra family-owned jewellery retail company will utilise the net fresh proceeds for repaying debts amounting to Rs 58 crore, and working capital requirements of Rs 71 crore. And the remaining funds will be kept for general corporate purposes.



Before filing the red herring prospectus, the company has raised Rs 33 crore via pre-IPO placement of 60 lakh equity shares at a price of Rs 55 per share. And accordingly, the issue size as disclosed in the draft red herring prospectus, up to 3.34 crore equity shares has been reduced by 60 lakh equity shares to 2.74 crore equity shares.


Half of the offer size has been reserved for qualified institutional buyers, 15 percent for high networth individuals and the remaining 35 percent shares for retail investors.


Motisons Jewellers that started its jewellery business in 1997 with a single showroom in Jaipur and later expanded network to 4 showrooms under the Motisons brand has reported better financial numbers in the past years, with net profit in the year ended March FY23 rising 50.5 percent to Rs 22.2 crore and revenue increasing 16.5 percent to Rs 366.2 crore compared to previous year.


Profit in the first quarter ended June FY24 reported at Rs 5.5 crore on revenue of Rs 86.7 crore.


Meanwhile, after closing the issue on December 20, the company will finalise the basis of allotment of IPO shares by December 21 and the equity shares will be credited to demat accounts of eligible investors by the end of December 22.


Motison will make its debut on the bourses on December 26 due to Christmas holiday on December 25, as per the IPO schedule.This will be the third jewellery retailer coming out with the IPO and listing in the current calendar year, after Senco Gold and Vaibhav Jewellers.


Holani Consultants is the only merchant banker to the issue, while Link Intime India is the registrar to the offer.

Global cost-of-living crisis continues as prices rise; Singapore, Zurich on top: EIU

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On average, prices have risen by 7.4% year on year in local currency terms for over 200 commonly used goods and services, a drop from the record 8.1% increase last year but still significantly higher than the trend in 2017-2021, it said in a report.


Singapore and Zurich tied for the world's most expensive city this year, followed by Geneva, New York and Hong Kong, the Economist Intelligence Unit (EIU) said on Thursday as it cautioned that the global cost-of-living crisis was not yet over.


On average, prices have risen by 7.4% year on year in local currency terms for over 200 commonly used goods and services, a drop from the record 8.1% increase last year but still "significantly higher than the trend in 2017-2021," it said in a report.


Singapore regained the top of the rankings for the ninth time in the past eleven years due to high price levels across several categories.


The city state has the world's highest transport prices, owing to strict government controls on car numbers. It is also amongst the most expensive for clothing, groceries and alcohol.


Zurich's rise reflected the strength of the Swiss franc and high prices for groceries, household goods and recreation, it said.


Geneva and New York tied for third place, while Hong Kong was fifth and Los Angeles in sixth.


Asia continues to see relatively lower price increases on average compared to other regions, it said.


Chinese cities have fallen in its rankings with four cities - Nanjing, Wuxi, Dalian and Beijing - among the biggest movers down the rankings this year along with Osaka and Tokyo in Japan.


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