Sensex gains 307 pts, Nifty holds 19,750; IT stocks dazzle, PSBs decline

Closing Bell on November 16, 2023: Among sectors, the Nifty PSU Bank index fell 0.24 per cent, the Nifty FMCG 0.15 per cent, and the Nifty Bank 0.09 per cent

2:08 PM

ALERT:: RPP Infra Projects wins multiple orders; stock gains 2%

RPP Infra Projects in an exchange filing said the company has won multiple orders worth Rs 133.48 crore, including an order for work related to the BMRCL Metro Depot at Challaghatta, Bangalore worth Rs 80.85 crore.

1:57 PM

Centre cuts windfall tax on crude oil to Rs 6,300/tonne, halves for diesel

The Centre on Thursday cut the windfall tax on diesel and crude oil. According to a government notification, the windfall tax on crude oil has been slashed to Rs 6,300 ($75.70) per tonne from Rs 9,800 a tonne earlier. For diesel, the windfall tax has been halved to Rs 1 per litre from Rs 2 per litre. READ MORE

1:48 PM

Rs 450 cylinder subsidy for Ujjwala beneficiaries: BJP promises in Raj

Pledging a slew of schemes for girls and women, he said a 'mahila thana' will be set up in every district and 'mahila desk' in every police station besides an anti-romeo squad in every city. READ MORE

1:35 PM

Puravankara bags two redevelopment projects in Mumbai; stock up nearly 1%

Puravankara had posted a consolidated net loss of Rs 11.22 crore in the September quarter and clocked an over two-fold jump in its sales bookings to Rs 1,600 crore. READ MORE

1:26 PM

ALERT:: Hero MotoCorp registers highest-ever festive sales; stock up 2%

Hero MotoCorp in an exchange filing said the company recorded its highest-ever festive sales, clocking more than 14 lakh (1.4 million) units in retail sales during

the 32-day festive period - between the first day of the Navratras and Bhai Dooj – this year.

 

Riding on robust demand across rural markets as well as steady retail off-take in key urban centers, the company registered a 19 per cent growth over the previous year, and surpassed its previous highest retail of 12.7 lakh units which was recorded in the festive period of 2019, the release stated.

1:15 PM

Israel prez suggests deploying force in Gaza; US warns against occupation

Joe Biden said that he had made it clear to Israeli Prime Minister Benjamin Netanyahu that a two-state solution was the only way to resolve the Israel-Palestinian conflict. READ MORE

1:04 PM

TCS surges 4%; sets Nov 25 as record date for Rs 17,000-crore buyback issue

Shares of Tata Consultancy Services (TCS) jumped 4 per cent to Rs 3,523.20 on the BSE in Thursday’s intra-day trade after the company fixed November 25 as the record date for its Rs 17,000-crore share buyback. READ MORE

12:53 PM

PTC India to be debt free post divestment of PTC Energy to ONGC, says CMD

PTC India in October announced that the upstream firm ONGC had emerged as the successful bidder for acquiring its 100 per cent stake in PTC Energy for an enterprise value of Rs 2,021 crore. READ MORE

12:42 PM

Asian Market Update:: Hang Seng, Shanghai suffer notable losses

Source: Yahoo Finance

12:33 PM

Xi is dictator: Biden firm on past remark as US-China seek to cool tensions

The US President Joe Biden said on Wednesday he had not changed his view that Chinese President Xi Jinping was effectively a dictator, a comment likely to land with a thud in Beijing after the two leaders held straightforward summit talks after months of preparation. READ MORE

12:24 PM

ALERT:: Som Distilleries gains market share in MP beer market; stock up 2%

Som Distilleries in an exchange filing said it achieved a substantial and leading market share of 45 per cent in the overall beer industry in the state of Madhya Pradesh for the month of October 2023.

12:11 PM

COMMENT:: Markets tend to rally in run-up to elections

"During the last five General elections the markets had rallied in the run up to the elections with returns ranging from 3.1% to 30.4% in the six months to the elections. Sharp movements after the elections happen only when the election results are totally unexpected. This happened after the 2009 elections when the UPA govt got a thumping victory and the market set a record, hitting the upper circuit twice.

 

Markets like stability and, therefore, the market’s preference would be the continuation of the BJP regime. But if the I.N.D.I.A alliance succeeds in toppling the NDA, there will be a sharp correction in the market. But the probability of such an outcome is very low now."

 

- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

 

12:01 PM

Tata Motors hits new high, up 2% after setting price band for Tata Tech IPO

With Tata Motors holding 50 per cent plus stake in Tata Technologies post its partial stake sale in IPO, this is indeed value accretion event for Tata Motors, it said. Meanwhile, in another development, global rating agencies the S&P Global Ratings and Moody's Investors Service upgraded the Long-term issuer credit and issue ratings of Tata Motors and its wholly-owned subsidiaries (TML Holdings Pte. Ltd and Jaguar Land Rover Automotive Plc). READ MORE

11:51 AM

Record merchandise trade deficit in Oct likely to be a one-off: Analysts

On the increase in oil imports, IDFC First Bank said it probably "reflects some front-loading of imports" with crude oil prices having declined in October. On a monthly annualised basis, India's trade deficit rose to 10.4% of GDP in October from 6.4% of GDP in September. READ MORE

11:38 AM

ALERT :: Sebi has stepped up consultations, not regulations, says chairperson Madhabi Buch

Alert: She was speaking at a Ficci event