Sensex, Nifty end flat; broader indices up; IT shares weak, Adani rallies

Closing Bell on Friday, November 24: 8 of 10 Adani Group stocks surged as Sebi presented its findings in the Adani-Hindenburg case

11:02 AM

Tesla may invest $2 billion for manufacturing in India but with conditions

The report further said that Tesla is also likely to commit 20 per cent localisation in its Made-in-India cars in the first two years, and it may increase to 40 per cent in four years. READ MORE

10:52 AM

ALERT :: Suprajit Engg purchases industrial property at Jigani Industrial Area

>> Suprajit has made an outright purchase of industrial property with land measuring 1,75,000 sq.ft along with buildings measuring 70,000 sq.ft located at Jigani Industrial Area.

>> Jigani is one of the prime industrial areas in Karnataka on the outskirts of Bangalore with close proximity to certain key customers of Suprajit. 
 

10:40 AM

ALERT :: Gland Pharma receives EIR from USFDA

>> The company has received Establishment Inspection Report (EIR) from the USFDA indicating closure of the inspection

>> Inspection was held at the company's Pashamylaram Facility at Hyderabad between August 23, 2023 and August 26, 2023.

>> It covered USFDA's quality system/current good manufacturing practice regulations for medical devices 

10:28 AM

Suzuki Motor's stake in Maruti Suzuki to rise to 58.19% from 56.48%

Earlier, Maruti Suzuki recorded its highest-ever monthly sales, selling 199,217 units in October 2023. The company's total exports also registered an uptick of about 7 per cent year-on-year as the number went up from 20,448 units to 21,951 units for the month of October. READ MORE

10:16 AM

ALERT :: Paytm down 2.5% after bulk deal

10:11 AM

Stock of this B K Birla group company has zoomed 75% in four weeks

The stock of the B K Birla group company extended its winning run into fourth week, zooming 75 per cent during the period, from a level of Rs 73.97 hit on October 26. A combined 2.3 million equity shares of Kesoram had changed hands on the NSE and BSE till 09:31 AM. In comparison, the S&P BSE Sensex was up 0.08 per cent at 66,078. READ MORE

9:59 AM

Why FPI holding has hit a 10-year low despite India's strong fundamentals

"Currently, the drop in FPI holdings is due to sharp selling observed since Sep’23 and also underperformance due to their portfolio orientation (for example: Underperformance of their overweight position in high-quality relatively expensive financial stocks and outperformance of their underweight position in industrials). Also, the sharp outperformance of mid, small and microcaps where FPIs have lesser holdings has resulted in a dip in their holdings of overall Indian equities," explained ICICI Securities in a note. READ MORE

9:46 AM

Comment :: Here's why the next leg of rally will be driven by large caps

>> The dominant trend in the market this year is the huge outperformance of the mid and small caps. While Nifty is up only 8.82% YTD, Nifty midcap index and Nifty Smallcap index are up 33.38% and 41.66% YTD.

>> It is important to understand that Nifty is depressed by the poor performance of banks which have the largest weightage in Nifty. The Nifty Bank index is almost flat this year with measly growth of 0.87%.

 

>> Banks are underperforming despite very good results because they are over-owned and sustained FII selling is weighing on bank stocks.

>> Mid and smallcaps are under-owned and retail exuberance is largely driving these stocks. There is no valuation comfort in the broader market but valuations are fair in large caps.

>> Therefore, the next leg of the rally, driven by institutional money - both foreign and domestic- will be driven by large caps.

Views by: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

9:33 AM

Anup Engg slips in trade even as it receives nod for amalgation

>> The National Company Law Tribunal gave the nod for scheme of amalgamation between Anup Heavy Engineering Ltd and The Anup Engineering Ltd.  

9:31 AM

L&T Fin to receive funding from ADB worth $125 mn; stock in green

>>  The NBFC signed a financing agreement with the Asian Development Bank (ADB) on 23 November for $125 million to support financing in rural and peri-urban areas, particularly for women borrowers.

9:29 AM

Lupin gains over 2% on two green signals from USFDA

>> The pharma major has received approval from the USFDA for Bromfenac Ophthalmic Solution (0.07 per cent), and tentative approval from the USFDA for Canagliflozin tablets.

9:28 AM

Apar Industries likely opens QIP at discounted price; stock off lows

>> As per a report, Apar Industries has launched a QIP with issue size of Rs 1,000 crore and indicative price Rs 5,264, which is at a discount of 7.4 per cent to last closing price. 

9:24 AM

TCS turns ex-day buy buyback; stock in the red

>> The stock will turn ex-buyback today. It had approved a buyback of shares worth Rs 17,000 crore at a price of Rs 4,150 each.

9:22 AM

SmallCap Heatmap :: Index gains nearly 0.6%; check top gainers and losers

9:21 AM

MidCap Heatmap :: Index rises 0.4% in early deals; check top gainers and losers