Weakness persisted on the bourses in mid-morning trade on selling pressure in index pivotals. The Nifty hovered at the 17,850 level.
At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 495.26 points or 0.82% to 59,857.46. The Nifty 50 index fell 152.5 points or 0.85% to 17,864.70.
In the broader market, the S&P BSE Mid-Cap index lost 0.69% while the S&P BSE Small-Cap index fell 0.4%.
The market breadth was negative. On the BSE, 1337 shares rose and 1769 shares fell. A total of 136 shares were unchanged.
Buzzing Index:
The Nifty Realty index dropped 2.46% to 535.10, falling for second trading session. The realty index has lost 3.75% in two days.
DLF (down 3.22%), Prestige Estate Projects (down 3.09%), Oberoi Realty (down 3.07%), Godrej Properties (down 2.74%), Sunteck Realty (down 2.49%) and Phoenix Mills (down 2.31%) were top losers in realty space.
Earnings Impact:
Berger Paints rose 0.25%. On a consolidated basis, the company's net profit slipped 0.8% to Rs 219.21 crore on a 27.7% surge in net sales to Rs 2,225.01 crore in Q2 FY22 over Q2 FY21. PBDIT (profit before depreciation, interest and tax) excluding other income for the quarter ended 30 September stood at Rs 353.99 crore as against Rs 335.21 crore in the corresponding quarter last year, representing an increase of 5.60% Y-o-Y (year-on-year).
MOIL rose 2.47% to Rs 178.15 after the company's net profit surged to Rs 60.24 crore in Q2 FY22 from Rs 7.33 crore in Q2 FY21. Net sales during the quarter rose by 1.5% YoY to Rs 311.73 crore. Total expenses declined by 21.3% to Rs 255.54 crore in Q2 FY22 from Rs 324.55 crore in Q2 FY21. Profit before tax in Q2 FY22 stood at Rs 78.54 crore, which is significantly higher as compared with Rs 8.65 crore recorded in the same period last year.
The board of MOIL has approved a proposal to buyback of not exceeding 3,38,42,668 equity shares (representing 14.26% of the total number of fully paid-up equity shares in the paid-up share capital) of the company at a price of Rs 205 per share payable in cash for an aggregate consideration not exceeding Rs 693,77,46,940. The buyback would be done under shareholders approval route from all the equity shareholders of the company, as on the record date, on a proportionate basis through a tender offer route.
Primary Market:
The initial public offer (IPO) of Sapphire Foods India received bids for over 1.18 crore shares as against 96.63 lakh shares on offer on Thursday (11 November 2021), according to stock exchange data. The issue was subscribed 1.23 times.
Sapphire foods is one of YUM's franchisee operators in the Indian subcontinent. Company is also Sri Lanka's largest international QSR chain in terms of revenue for the financial year 2021 as also number of restaurants operated as of 31 March 2021. The IPO opened for bidding on Tuesday, 9 November and it will close on 11 November. The price is set at Rs 1120 to Rs 1180.
The initial public offer (IPO) of Latent View Analytics received bids for 14.48 crore shares as against 1.75 crore shares on offer, according to stock exchange data at 11:00 IST on Thursday (11 November). The issue was subscribed 8.26 times.
The issue opened for bidding on 10 November 2021 and it will close on 12 November 2021. The price band of the IPO is fixed at Rs 190-197. An investor can bid for a minimum of 76 equity shares and in multiples thereof. Ahead of the IPO, Latent View Analytics on 9 November 2021 finalized allocation of 1,35,53,898 equity shares to anchor investors at Rs 197 per share, aggregating to Rs 267.01 crore.
Global Markets:
Asian stocks were trading mixed on Thursday after data released overnight showed U.S. consumer inflation spiked in October.
Wall Street closed sharply lower on Wednesday as surging consumer prices curbed investor risk appetite and stoked worries of a protracted wave of red hot inflation.
Prices for U.S. consumers jumped 6.2% in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990. The year-over-year increase in the consumer price index exceeded the 5.4% rise in September, the Labor Department reported Wednesday
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