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Tata Technologies IPO: GMP remains steady. Price, lot size, other details of upcoming IPO

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Tata Technologies IPO: the initial public offering (IPO) of Tata Technologies Ltd is going to hit primary market on 22nd November 2023. Bidding for Tata Technologies IPO will remain open till 24th November 2023. Hence, Tata Technologies IPO will open on Wednesday this week and it will remain open for bidders till Friday this week. The Tata group company has fixed Tata Technologies IPO price at ₹475 to ₹500 apiece levels.


Meanwhile, grey market has remained steady on Tata Technologies IPO. According to market observers, shares of Tata Technologies Ltd are available at a premium of ₹352 in grey market today.


Tata Technologies IPO GMP today

Market observers said that Tata Technologies IPO grey market premium (GMP) today is ₹352, which is almost unchanged as it is ₹17 lower from its weekend GMP of ₹369 per share. Market observers said that ₹17 dip should not be a worry for investors as Tata Technologies IPO GMP is still near 70 per cent of Tata Technologies IPO price band of ₹475 to ₹500. They said that Tata Technologies IPO date of subscription opening is fast approaching and stock market mood was also down on Friday. So, this ₹17 dip is comparatively good for the book build issue.


Market observers maintained that Tata Technologies IPO GMP today signals strong response from investors as 70 per cent premium is something that everybody would like to have in one's portfolio. However, they cautioned that probability of share allocation may go down if the Tata Technologies IPO subscription status remains high during Tata Technologies IPO date of subscription, which has been already announced from 22nd November to 24th November 2023.


However, stock market experts maintained that GMP is non regulated and completely speculative. They said that grey market has no connect with financials of the company and hence it is not a reliable data to decide an important decision like investing in the IPO. They advised investors to scan balance sheet of the company as it will give concrete fundamental picture of the company.


Tata Technologies IPO details

A bidder will be able to apply in lots and one lot will comprise 30 Tata Technologies shares. In the wake of T+3 schedule, Tata Technologies IPO allotment date is most likely on 27th or 28th November 2023 whereas Tata Technologies IPO listing date may fall on 29th November 2023.

Nifty Roundup For 15 Nov,2023

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Topic :- Share Market Closing Note


Nifty around 19,700, Sensex up 800 pts; all sectors in the green:

Indian benchmark indices ended higher on November 15 with Nifty above 19,650 amid buying across the sectors.


Eicher Motors, Tech Mahindra, Hindalco Industries, Tata Motors and Infosys were among the top gainers on the Nifty, while losers were Bajaj Finance, Power Grid Corporation, IndusInd Bank, Bajaj Finserv and Apollo Hospitals.


All the sectoral indices are trading ended in the green with capital goods, auto, metal, information technology, oil & gas and realty up 1-3 percent.


BSE Midcap and Smallcap indices up 1 percent each.


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Topic :- Time:3.00 PM


Nifty spot if holds above 19620 level on closing basis then expect some further upmove in coming session and if it closes below above mentioned level then some sluggish movement is likely to be seen. Avoid open positions for tomorrow.


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Topic :- Time:2.50 PM


Just In:

Baba Food Processing shares fall 5% after listing at IPO issue price of ₹76


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Topic :- Time:2.30 PM


ZINC Trading View:

ZINC is trading at 233.15. If it manages to trade and sustain above 233.20 level then expect more upmove in it and if it breaks and trade below 232.80 level then some decline can be seen.


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Topic :- Time:12.45 PM


Just In:

YES Bank shares rise 7%; stock up 21% in 5 sessions.


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Topic :- Time:12.35 PM


Just In:

Siemens shares surge 3% as Siemens AG to buy 18% stake for 2.1 billion euros


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Topic :- Time:12.30 PM


SILVER Trading View:

SILVER is trading at 72100. If it manages to trade and sustain above 72140 level then expect some upmove in it and if it breaks and trade below 72040 level then some decline can be seen in it.


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Topic :- Time:12.10 PM


Nifty is highly rangebound yet again after gap up opening. Nifty spot if manages to trade and sustain above 19640 level then expect some upmove and if it breaks and trade below 19600 level then some decline can be seen in the market.


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Topic :- Time:11.50 AM


Just In:

Adani Energy Solutions plans to raise Rs 3,000 cr, arm may buy back $120-mn bonds


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex surges 600 pts; Realty index jumps 3%, IT pack 2%

2. Tata to JSW focus on this tech to ensure 24x7 green energy supply

3. Subrat Roys death: Rs 25,000 cr with Sebi

4.  Russia steps up presence in Indian Ocean

5. Oyo to prepay over Rs 1,600 cr debt

6. FMCG supply chain gridlock: Demand declines and inventory adds up

7. Indias FDI share gain more than others in its backyard, shows data

8. Slew of inclusions to MSCI Smallcap index to attract inflows worth $142 million


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Topic :- Time:11.00 AM


After positive opening nifty is still trading with good gains. Nifty spot if manages to trade and sustain above 19640 level then expect some upmove in the market and if it breaks and trade below 19600 level then some decline can be seen.


Nifty opened near resistance and long should be preferred above day high. Currently nifty is rangebound and is expected to remain in range in first half


BANKNIFTY expiry today.


Market Wrap Up For 13 Nov, 2023

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Topic :- Share Market Closing Note


Sensex ends 325 points lower, Nifty50 below 19,450; smallcaps outperform:


Except Nifty Metal and Nifty Energy, all sectors are trading in red. Bajaj Finance, Infosys, Grasim are the biggest losers on the Nifty 50


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Topic :- Time:3.05 PM


Nifty spot if manages to hold above 19420 level on closing basis then expect some upmove in coming sessions and if it closes below above mentioned level then some sluggish moves can be seen in the market. Avoid open positions for Wednesday.


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Topic :- Time:2.50 PM


Just In:

Mutual funds load up on BSE, Dixon Tech in October, sell Suzlon Energy, Chola Finance



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Topic :- Time:2.30 PM


NATURALGAS Trading View:

NG is trading at 265.70. If it manages to trade and sustain above 266.50 level then expect some upmove in it and if it breaks and trade below 263.50 level then some decline can follow. However buying from dips is recommended in Ng for now.


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Topic :- Time:2.00 PM


Nifty is still in same trading range. Avoid big trades and wait for clear direction. No point in jumping into trade in sideways market.


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Topic :- Time:1.30 PM


GOLD Trading View:

GOLD is trading at 59710. If it holds below 59840 level then expect it to decline towards 59550-59500 levels quite soon and once it manages to trade and sustain above 59840 level then some upmove can be seen in Gold.


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Topic :- Time:1.00 PM


Nifty is still in sleeping mode and is not willing to get up.Traders should also wait and watch for the right direction. Nifty spot if manages to trade and sustain above 19460 level then expect some upmove in the market and if it breaks and trade below 19420 level then some decline can follow in the Nifty.


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Topic :- Time:12.50 PM


Just In:

Adani Group eyeing opportunities in neighbouring countries after Sri Lanka port, says Karan Adani


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Topic :- Time:12.40 PM


Just In:

Smog engulfs Delhi after Diwali celebration amid worsening air quality


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Topic :- Time:12.30 PM


CRUDEOIL Trading View:

CRUDEOIL is trading at 6394. If it holds below 6420 level then expect some decline in it and if it manages to trade and sustain above 6420 level then some upmove can be seen in the Crudeoil.


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Topic :- Time:12.12 PM


Just In:

UK PM Rishi Sunak hosts EAM Dr S Jaishankar at 10 Downing Street on Diwali. Jaishankar gifts Sunak a cricket bat signed by Virat Kohli.


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Topic :- Time:12.00 PM


Eicher continues to cruise fast:


Factors like the pent-up demand for motorcycles, growing preference for premium bikes, and increasing momentum in export demand make the companys prospects promising.



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Topic :- Time:12.00 PM


Nifty is highly rangebound and is not showing any movement as such. Nifty spot if manages to trade and sustain above 19460 level then expect some upmove in the market and if it breaks and trade below 19420 level then some decline can be seen. As there is lack of movement so traders should wait and watch for some time before taking any big position.


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Topic :- Time:11.30 AM


COPPER Trading View:

COPPER is trading at 698.10. If it breaks and trade below 697 level then expect some decline in it and if it manages to trade and sustain above 700.20 level then some upmove can follow in Copper.


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Topic :- Time:11.15 AM


Just In:

Rupee gains 2 paise to 83.32 against US dollar in early trade


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Topic :- Time:11.00 AM


News Wrap Up:

1. Sensex dips 400pts, Nifty below 19450; power stocks gain

2. Cello World shares are trading firmly above issue price.

3. Protean eGov shares list at issue price of Rs 792

4. American Towers set to sell loss-making India ops for $2.2 billion

5. ONGC stock trades flat despite 142% spike in Q2 consolidated net profit

6. Tata Motors stock trades lower despite Moodys ratings upgrade

7. Oil prices ease on worries of waning demand in US and China

8. Joe Biden will push China to resume military ties with US, official says


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Topic :- Time:10.30 AM


After negative opening nifty is still trading in red zone. Nifty spot if breaks and trade below 19400 level then expect some decline in the market and if it manages to trade and sustain above 19460 level then some upmove can be seen in the Nifty.


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Indian Stock Market Wrap Up For 10 Nov,2023:

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Topic :- Share Market Closing Note


Sensex, Nifty end marginally higher; Auto, IT drag, banks, metal, energy shine:


The Sensex settled72.48 points or 0.11 percent higherat 64,904.68, and the Nifty was ended with gains of30.00 points or 0.15 percent at 19,425.30.About 1,812 shares rose, 1,747fell, and 141 remained unchanged.


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Topic :- Time:3.05 PM


Just In:

M&M Q2 net profit rises 66.9% YoY at Rs 3,451.8 crore



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Topic :- Time:3.00 PM


Nifty spot if manages to close above 19360 level then expect some upmove in the market in coming days and if it closes below above mentioned level then some sluggish moves can further be seen.


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Topic :- Time:2.40 PM


Just In:

ED attaches properties worth ₹24 crore of Hero MotoCorp CEO Pawan Munjal


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Topic :- Time:2.30 PM


GOLD Trading View:

GOLD is trading at 60125. If it breaks and trade below 60080 level then expect some decline in it and if it manages to trade and sustain above 60160 level then some upmove can be seen in Gold.


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Topic :- Time:2.15 PM


Just In:

Hindalco Q2 profit rises 54.6% to Rs 847 crore on robust performance across business segments 


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Topic :- Time:2.00 PM


There is no movement in the market as such. Still one should wait and watch rather than booking loss.


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Topic :- Time:12.30 PM


COPPER trading View:

COPPER is trading at 703.70. If it manages to trade and sustain above 704.50 level then expect some upmove in it and if it breaks and trade below 702.80 level then some decline can follow in it.


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Topic :- Time:12.00 PM


Nifty is trading flat and dull yet again. Traders should wait for some movement before taking positions. Nifty spot is trading at 19380. If it manages to trade and sustain above 19400 level then expect some upmove in the market and if it breaks and trade below 19340 level then some decline is likely to follow in the Nifty.


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex down 100 pts, Nifty flat; M&M, Hero MotoCorp worst hit

2. Mamaearth faces investors ire as selloff shaves off Rs 1,300 cr mcap since debut

3. India may raise probe heat on MG Motor India, Vivo

4. Rupee plunges to record low, tracking Asian peers

5. India may clear 10 PLI bids from IT hardware cos

6. Adani Enterprises aims big on data centers

7. Import of cheaper solar modules on rise

8. No plans to change board after Religare buy: Dabur Chairman Mohit Burman



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Nykaa Q2 results: Net profit jumps 50% to ₹7.8 crore, revenue up 22%

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The company's revenue from operations in came in at ₹1,507 crore, as compared to ₹1,231 crore recorded in the corresponding quarter of the previous fiscal.

FSN E-Commerce Ventures, the operator of online beauty and fashion retailer Nykaa, on November 6 reported a net profit of ₹7.8 crore in the second quarter of fiscal year 2023-24 (Q2FY24). This is 50 percent higher as compared to ₹5.2 crore clocked in the year-ago period.



Sequentially, the net profit increased by 44 percent from ₹5.4 crore reported in the first quarter of the current fiscal.

The company's revenue from operations in Q2FY24 came in at ₹1,507 crore, higher by 22 percent from ₹1,231 crore recorded in the corresponding quarter of the previous fiscal year.

Quarter-on-quarter, the revenue from operations was 6 percent as against ₹1,422 crore reported in Q1FY24.

The total expenses during the quarter under review also increases by 22 percent on-year, as it came in at ₹1,502 crore as compared to ₹1,228 crore in Q2FY23.

Nykaa's total income during the September 2023 quarter came in at ₹1,516 crore, higher by 22.5 percent as against ₹1,237 crore reported in the year-ago period.

The earnings before interest, taxes, depreciation and amortisation (EBITDA) margin “expanded to 5.4 percent for the quarter, a growth of 32 percent YoY on the back of both direct and indirect costs efficiencies", a press release stated.

Indian Stock Market Wrap Up For 06 Nov,2023:

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 Share Market Closing Note


Nifty above 19,400, Sensex up 595 pts; mid, smallcaps shine, PSU Banks drag:


Benchmark indices ended higher for the third consecutive session on November 6 with Nifty above 19,400.


At close, the Sensex was up 594.91 points or 0.92 percent at 64,958.69, and the Nifty was up 181.20 points or 0.94 percent at 19,411.80. About 2378 shares advanced, 1285 shares declined, and 164 shares unchanged.


Biggest gainers on the Nifty included, Divis Laboratories, Hero MotoCorp, Eicher Motors, Larsen & Toubro and Axis Bank, while losers were SBI, HUL, Tata Motors, Cipla and Titan Company.


Except PSU Bank (down 1 percent), all other sectoral indices ended in the green with pharma, capital goods, metal, oil & gas, power and realty up 1 percent each.


BSE Midcap and Smallcap indices rose 1 percent each.


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Topic :- Time:3.00 PM


Nifty spot if manages to hold above 19360 level on closing basis then expect some upmove in coming sessions and if it closes below above mentioned level then some sluggish moves can be seen. Avoid open short positions for tomorrow.


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Topic :- Time:2.30 PM


NATURALGAS Trading View:

NG is trading at 283. If it holds above 280 level then it is likely to test 288-289 levels quite soon and if it breaks and trade below 280 level then some decline can be seen in Naturalgas.


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Topic :- Time:2.15 PM


Just In:

Byjus in talks to sell US unit to Joffre Capital for $400m


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Topic :- Time:2.10 PM


Just In:

Odd-Even scheme in Delhi from November 13 to 20 to combat air pollution


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Topic :- Time:2.00 PM


Nifty is still trading in a very small range. Traders should wait and watch right now. Let some movement come before taking any big position. 


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Topic :- Time:1.45 PM


Just In:

Profit drops 29% on higher expenses, misses estimates.


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Topic :- Time:1.30 PM


GOLD Trading View:

GOLD is trading at 60830. If it manages to trade and sustain above 60865 level then expect some upmove in it and if it breaks and trade below 60780 level then some decline can be seen in the Gold.


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Topic :- Time:1.30 PM


GOLD Trading View:

GOLD is trading at 60830. If it manages to trade and sustain above 60865 level then expect some upmove in it and if it breaks and trade below 60780 level then some decline can be seen in the Gold.


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Topic :- Time:1.00 PM


After gap up opening nifty is once again trading in a very small range. Nifty spot if manages to trade and sustain above 19360-19380 levels then expect some upmove in the market and if it breaks and trade below 19320-19300 levels then some decline can follow in the Nifty.


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER is trading at 711.40. If it breaks and trade below 710 level then some decline can be seen in the market however 708 holds the key support and if it manages to hold above 708 level then it is likely to head towards 716-718 levels quite soon. 


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Topic :- Time:12.00 PM


Nifty is rangebound now after gap up opening. Nifty spot if manages to trade and sustain above 19360 level then expect some upmove in the market and if it breaks and trade below 19320 level then some decline can be seen in the Nifty.


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex up 300 pts; PB Fintech, Nykaa gain 4%, Zomato 2%

2. Adani group said to be in talks to exit FMCG joint venture with Wilmar

3. Oct auto retail sales dip 8% due to Shraddh period; Navratri sales up 18%

4. Zomatos second straight quarter of profit sees brokerages raise price targets

5. Cello World lists at Rs 831, over 28% premium to IPO price

6. Adani in talks with FMCG firms to sell its full 43.97% stake in Wilmar JV

7. L&T gains as arm to divest stake in subsidiary

8. The taxman wants to know if Indians are wearing an FPI mask

9. Zerodha demat A/Cs hit with another technical glitch

10. Protean eGov Tech IPO


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Topic :- Time:11.00 AM


After gap up opening nifty is still trading in green with good gains however nifty is losing some of its gains now. Nifty spot if manages to trade and sustain above 19360 level then expect some upmove and if it breaks and trade below 19320 level then some decline can be seen.


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Topic :- Nifty Opening Note


Indian Stock Market Trading View For 06 Nov,2023:


Nifty is likely to turn volatile as the day progresses. Global cues to dictate trend. Good stock specific action is expected through out the day.


Nifty spot if manages to trade and sustain above 19260 level then expect some upmove in it and if it breaks and trade below 19180 level then some decline can be seen in the market. Please note this is just opening view and should not be considered as the view for the whole day.


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Nifty Trading Wrap Up for 03 Nov,2023

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Share Market Closing Note


Indian benchmark indices ended higher for the second consecutive session on November 3 with Nifty above 19,200.


At close, the Sensex was up 282.88 points or 0.44 percent at 64,363.78, and the Nifty was up 97.30 points or 0.51 percent at 19,230.60. About 2215 shares advanced, 1351 shares declined, and 124 shares unchanged.


Apollo Hospitals, Adani Ports, Eicher Motors, LTIMindtree and Titan Company were among major gainers on the Nifty while losers were Bajaj Finserv, Dr Reddys Laboratories, SBI Life Insurance, IndusInd Bank and Tata Steel.


All the sectoral indices ended in the green with oil & gas, realty up 1-2 percent each.


BSE Midcap index rose 0.7 percent and smallcap index up 1 percent.


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Topic :- Time:3.00 PM


Nifty spot if manages to sustain and close above 19200 level then expect some further upmove in market in coming sessions and if it closes below above mentioned level then some sluggish movement can follow in the Nifty. Avoid open short positions for Monday.


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Topic :- Time:2.30 PM


CRUDEOIL Trading View:

CRUDEOIL is trading at 6913. It will find its immediate support at 6880. If it manages to hold above 6880 level then expect it to test 6960-6980 levels quite soon. Buy on every dip till it holds above 6880 is recommended in it. Only if it breaks and trade below 6880 level then some decline can follow in it.


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Topic :- Time:2.20 PM


Just In:

Raymond forays into aerospace, defense & EV components biz with Rs 682-crore acquisition



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Topic :- Time:2.10 PM


Just In:

Kotak banks insurance stake sale to Zurich group a signature Uday Kotak deal



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Topic :- Time:2.00 PM


Nifty spot if manages to trade and sustain above 19280 level then expect some upmove in it and if it breaks and trade below 19240 level then some decline can be seen in the market.As movement is quite less one can trade in small quantity or can avoid for now.


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Topic :- Time:1.50 PM


Just In:

India debuts its 50-year bond at 7.46%



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Topic :- Time:1.30 PM


SILVER Trading View:

SILVER is trading at 71086. If it manages to trade and sustain above 71120 level then expect some upmove in it and if it breaks and trade below 71000 level then some decline can follow in it.


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Topic :- Time:1.00 PM


Overall after gap up opening market is flat right now. Traders are advised to wait and watch let Nifty move before taking big positions. Nifty spot if manages to trade and sustain above 19260 level then expect some upmove in the market and if it breaks and trade below 19220 level then some decline can follow in the Nifty. Currently Nifty spot is trading at 19249.


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER is trading at 712. If it breaks and trade below 711 level then expect some decline in it and if it manages to trade and sustain above 712.80-713 level then some quick upmove is expected in it.


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Topic :- Time:12.15 PM


Just In:

PM Fumio Kishida announced a 17 trillion yen ($113 billion) tax-cutting economic relief package to combat Inflation.


Japan is now forced to reduce its historic Military budget


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Topic :- Time:12.00 PM


Nifty is shedding some of its early gains. Nifty spot is trading at 19241. If it breaks and trade below 19220 level then some decline can be seen and if it manages to trade and sustain above 19260 level then some upmove can follow in the market.


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex jumps 400 points, Nifty above 19,250

2. Indias services activity slows to to 7-mth low in Oct

3. Go Firsts lenders stare at ₹6,500 crore in losses

4. Indian Bank extends deadline to invest in special FDs

5. UCO Banks loan defaulters wont get sweets

6. SpiceJet boosts network with 44 new flights

7. No nation buying more planes than India

8. FTX founder Bankman-Fried convicted of defrauding cryptocurrency customers

9. Chinas services activity picks up slightly in October, sales grow: Data

10. Tata Motors surges on robust Q2 results; brokerages upbeat


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Shareholders approve appointment of Isha, Akash and Anant Ambani to RIL board

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An exchange filing informed that over 98 percent of the shareholders were in favour of the appointment of Isha and Akash. However, Anant's appointment saw some pushback with over 7 percent votes against the resolution.


The shareholders of Reliance Industries (RIL) have approved the appointment of Isha Ambani, Akash Ambani and Anant Ambani to the board as non-executive directors, the firm announced in a BSE exchange filing on Friday. The resolutions were passed through postal ballot.


The filing informed that over 98 percent of the shareholders were in favour of the appointment of Isha and Akash. However, Anant's appointment saw some pushback with over 7 percent votes against the resolution but almost 93 percent were in favour.


Last year, RIL chairman Mukesh Ambani made way for his first-born Akash Ambani, to become the chairman of India's largest mobile firm, Reliance Jio Infocomm. Meanwhile, Isha was given Reliance's retail arm and Anant, the new energy business.


However, as per a Bloomberg report last week, Institutional Shareholder Services Inc., an international proxy advisory firm, had recommended that shareholders vote against the proposal to appoint Ambani’s youngest son, Anant Ambani.


“A vote against this resolution is warranted as Anant Ambani’s limited leadership/board experience of around six years, raises concerns on his potential contribution to the board," ISS had said, as per the report.


Meanwhile, it backed the board appointments of Isha and Akash Ambani in the shareholder vote, it stated.


ISS’s objections echoed the recommendations from Mumbai-based Institutional Investor Advisory Services, or IIAS, which said in an October 9 report, that “at 28 years of age," appointment of the young Ambani scion “does not align with our voting guidelines," the report added.


However, as per a Bloomberg report last week, Institutional Shareholder Services Inc., an international proxy advisory firm, had recommended that shareholders vote against the proposal to appoint Ambani’s youngest son, Anant Ambani.


“A vote against this resolution is warranted as Anant Ambani’s limited leadership/board experience of around six years, raises concerns on his potential contribution to the board," ISS had said, as per the report.


Meanwhile, it backed the board appointments of Isha and Akash Ambani in the shareholder vote, it stated.


ISS’s objections echoed the recommendations from Mumbai-based Institutional Investor Advisory Services, or IIAS, which said in an October 9 report, that “at 28 years of age," appointment of the young Ambani scion “does not align with our voting guidelines," the report added.



TCS Q2 earnings: 5 things to watch out for

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Tata Consultancy Services (TCS) is set to kick-start the IT sector earnings season for the second quarter of fiscal year 2024 on October 11.


This was a crucial quarter for the IT services bellwether, given the internal restructuring of its verticals and new vertical head appointments -– the first major leadership rejig under new CEO K Krithivasan.


While there were strong deal wins, especially among the top three IT companies --- TCS, Infosys and HCL Tech -- analysts expect the quarter that ended in September 30, 2023, to remain muted amidst the uncertainty in demand and continued caution on discretionary spending.


Analysts expect EBIT margins for most IT companies, including TCS, to improve this quarter as its wage hike cycle impact was taken in Q1. TCS is likely to see an improvement of 50-60 bps, touching an estimated 23.6 percent, according to CNBC-TV18’s poll.



Here are the five themes to watch out for in TCS’ Q2 performance:



Revenue growth


According to CNBC-TV18’s estimate poll, rupee revenue growth on a QoQ basis is expected to come in at 1.3 percent at Rs 60,160 crore, compared to Rs 59,381 crore in Q1.


Profit after tax (PAT) is estimated to be up by 0.8 percent QoQ at Rs 11,162 crore. Like the previous couple of quarters, this quarter, too, will remain subdued. All eyes will be on the management commentary on whether the worst is behind.


Demand outlook


TCS reported some of the largest new deals in 2023 as well as multi-year renewals with existing clients. Some of the major deals from the last quarter include the $1 billion deal from Jaguar Land Rover (JLR) and a $1.1 billion deal from the UK’s workplace pension scheme NEST. Driven by these numbers, analysts estimate TCS’ order book for Q2 to come in the range of $11-13 billion, up from the company’s guidance of $7-9 billion.


According to analysts at Kotak Institutional Equities, the management’s commentary on the revival of discretionary spending, outlook on macroeconomic challenges, cost takeout and vendor consolidation deal pipeline, geographic trends, especially in North America, and the impact of GCC ramp-ups will be looked into.


Sectoral trends


According to analysts at ICICI Securities, TCS gets nearly 53 percent of its overall revenue from sectors like BFSI, retail and telecom, which “continue to see macro pressures and have consequently slashed their discretionary spends while putting older projects under greater scrutiny.”


While deal flows have steadied, analysts believe growth will not be very democratic and will depend on a mix of verticals, services and the company’s ability to win large deals amidst exposure to affected customers.


A lot of the deals this quarter have also seen customers increasingly looking for embedded artificial intelligence (AI) and generative AI elements into it. Hence, IT companies, too, are aggressively betting on these features to win deals. For instance, TCS started a unit called TCS AI Cloud, combining all its public cloud units and Al initiatives.


Return to offices


Last month, TCS sparked off an industry-wide debate after it decided to end work from home, making it compulsory for certain teams to be in offices for five days a week. The IT sector major employs over 600,000 people, signalling an end to the work-from-home era for the IT industry in India.


This could lead to an increase in overhead costs on the campuses, and a fear of near-term increase in attrition as angry employees may consider resigning. The management’s views on this and how it is assessing the situation will be important.


Earlier, under former CEO Rajesh Gopinathan, TCS had announced its 25X25 vision. As per the model, by 2025, only 25 percent of its associates will need to work out of facilities at any point of time. Also, employees will not need to spend more than 25 percent of their time at work.


Hiring slowdown 


A direct reflection of slowing demand in the sector was the significant reduction in quarterly net headcount addition. In Q1, TCS was the only company to have a positive net addition of 523 people. Four out of the five IT majors in India, Infosys, HCLTech, Wipro, and LTIMindtree, reported a fall in headcount in Q1FY24, with the total numbers plunging by over 20,000 as compared to the same quarter last fiscal year.


TCS was also the only IT company to share its fresher hiring target of 40,000 for FY24. Any change or update in these plans will be closely monitored. TCS, however, had delayed onboarding of lateral hires by three months due to project commencement delays. CHRO Milind Lakkad had said last quarter that all of these offers will be honoured.


India suspends visa services in Canada citing ‘operational reasons'

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India on Thursday suspended visa services in Canada citing ‘operational reasons’. The move comes amid the souring relationship between India and Canada over the killing of Khalistani terrorist Hardeep Singh Nijjar. 


A private agency, BLS, hired for initial scrutiny of visa applications of Canadians put out a note on its website, conveying “Due to operational reasons, with effect from 21 September 2023, Indian visa services have been suspended till further notice. Please keep checking the BLS website for further updates."


The row over Khalistani terrorism


After the ‘not so pleasant’ discussion around the Khalistani issue between the prime ministers of India and Canada during the G20 meeting in Delhi earlier this month,  Canadian Prime Minister Justin Trudeau said Monday that his government was investigating “credible allegations" that Indian government agents were linked to the June 18 slaying, when Nijjar was gunned down outside a Sikh cultural center in Surrey, British Columbia. 


He also said though Canada is not trying to provoke India, strong measures need to be taken. 


“The government of India needs to take this matter with the utmost seriousness. We are doing that, we are not looking to provoke or escalate," Reuters quoted him as saying on Tuesday.


The tit-for-tat dynamic

India, however, denied any role in the killing, calling the allegations absurd.


The tension seems to be escalating further as both the countries are taking measures reflecting a tit-for-tat dynamic in their diplomatic relations. As Canada expels Indian diplomat; India responds with a reciprocal expulsion.


On Wednesday, India told its citizens to avoid travelling to parts of Canada, following a diplomatic row sparked by the allegation that New Delhi was involved in the killing of a Sikh separatist near Vancouver.

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