Produced by: Aseem Thapliyal Designed by: Mohsin Shaikh
Vinod Nair, Head of Research at Geojit Financial Services said, "The market took a breather, the investors are in a wait-and-watch mode ahead of the monetary policy announcement. A better-than-estimated Q2 GDP growth, ease in global oil prices and drop in global bond yield will be the silver lining for the MPC. However, the expectation of a rise in domestic November inflation, drop in Rabi cultivation and increase in foodgrain prices will influence RBI to adopt a cautious approach in the short-term."
On the stock-specific front, HUL, Focus Lighting, REC, IRCON, Wheels India and some other counters will be in focus today.
Jefferies has assigned a hold call to the stock with a target of Rs 2720 per share. Channel checks & industry interactions indicate October demand trends remained similar to Q2 , said the brokerage, adding that much anticipated growth pick-up during festive season has not materialised. Rural continues to be a drag. The impact of weak monsoon becomes evident, with real wages under pressure.
Morgan Stanley has purchased shares worth Rs 32.87 crore in Kesoram Industries. Morgan Stanley Asia Singapore Pte has bought 21.32 lakh shares or 0.68% of paid-up equity at an average price of Rs 154.17 per share.
IRCON’s non-retail portion of the offer for sale (OFS) was subscribed 4.63 times of the base size on the first day. The government has decidesd to exercise the green shoe option. The retail investors will bid in the OFS today, December 8, 2023.
Natco Pharma said operations at Manali Unit in Chennai have been shut temporarily due to cyclone.
The company has won a work order worth Rs 101.67 crore for a project at GIFT city Gandhinagar, Gujarat.
The company has introduced ‘Optical’ a revolutionary technology set to redefine the landscape of the outdoor lighting market.
ICRA Limited, a Credit Rating Agency, has withdrawn the ratings assigned to the bank facilities of erstwhile Sundaram Hydraulics Limited as it has been amalgamated with Wheels India.
Rural Electrification Corporation (REC) plans to raise up to Rs 6,000 crore by issuing two bonds, said a report. REC plans to raise up to Rs 4,000 crore through the first bond, which includes Rs 3,300 crore in a greenshoe option. The bond matures in 15 years or on November 30, 2038. Through the second bond, the company will raise up to Rs 2,000 crore, which includes Rs 1,500 crore in a greenshoe option.
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