Indian benchmark indices BSE Sensex and NSE Nifty 50 are likely to open on a muted note amid weak global cues. SGX Nifty was in red with Nifty futures trading 49 pts or 0.27% lower, hinting at a flat to negative start for the Indian share market. “We expect the prevailing trend to continue and expect Nifty to scale 18,700 first and then to a new milestone of 19,000. On the downside, the 18,100 zone would provide the needed support in case of any dip. Amid all, it would important to see how the broader market participation pans out as that would play a critical role in strengthening the trend. While we’re seeing mixed participation across sectors, we reiterate our preference for banking and IT and suggest remaining selective in others,” said Ajit Mishra, VP – Technical Research, Religare Broking.
Stocks in focus 28 November, Monday
Paytm: The Reserve Bank of India (RBI) has asked Paytm Payments Services to resubmit the application for a payment aggregator licence within 120 days. RBI has also asked Paytm Payments Services to not onboard new online merchants. According to RBI norms, all payment gateways must obtain a license to onboard merchants and offer payment services.
Adani Group: Adani Group aims to invest Rs 5,700 crore over five years for expanding its electricity distribution in the metropolitan region. The group will build the entire power network ground-up to compete with state-owned Maharashtra Electricity Distribution Company (MSEDCL) in the newer areas it seeks to operate in. In an advertisement, Adani Electricity Navi Mumbai (AENM) said it has approached the Maharashtra Electricity Regulatory Commission (MERC) for a distribution licence in areas like Navi Mumbai, Kharghar, Panvel and Thane district, along with its listed parent Adani Transmission.
HDFC-HDFC Bank: The merger of Housing Development Finance Corporation (HDFC) into HDFC Bank is likely to be completed in the next 8-10 months, a top official said on Friday. “We believe going by past practice and going by past trends, it will take at least 8-10 months for the merger to be completed,” Sashidharan Jagdishan said at the bank’s shareholder meeting. In April, HDFC announced that it will merge with subsidiary HDFC Bank. While the RBI gave its ‘no objection’ to the merger in July, analysts had pointed out then there was a need for more clarity on the housing financier’s subsidiaries.
Bajaj Finance: The NBFC has entered into a share purchase agreement to acquire up to 40% stake in Snapwork Technologies by way of primary and secondary transactions. The company intends to strengthen technology roadmap through this acquisition which will be completed by December 2022. The acquisition cost is Rs 93 crore.
Hero Motocorp: The company has announced that it will be increasing prices of its motorcycles and scooters soon. The price hike will vary as per specific models and markets and will be effective from December 1, 2022. As announced by the company, products will see a price rise of up to Rs 1,500. This will be the fourth time Hero Motorcycles will get a price hike. Last price increase was announced in September this year. The price was increased by up to Rs 1,000 then.
L&T Finance Holdings: L&T Finance Holdings has completed 100 percent stake sale in subsidiary L&T Investment Management and received Rs 3,484 crore ($425 million) as consideration for the sale of L&T Investment Management from HSBC Asset Management (India). The company also realised surplus cash balance of Rs 764 crore in L&T Investment Management.
Indian Oil Corporation: The oil marketing company has raised Rs 2,500 crore by issuing 25,000, 7.44% NCDs of Rs 10 lakh each on private placement basis. IOC will utilise funds for refinancing existing borrowing or funding capital expenditure.