A multi-year contract has been signed between HCL Tech and SR Technics.

Opening Bell:

SGX Nifty is down by 64.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Shares in the Asia-Pacific mostly slid on Tuesday after a negative start to the week with investors watching developments in the unrest over China’s Covid restrictions. The Japanese Nikkei is down by 0.50 percent. South Korea’s Kospi is up by 0.38 percent. Hong Kong’s Hang Seng is up by 2.60 percent in the early morning trades.

US stocks ended sharply lower on Monday after protests in major Chinese cities against strict Covid-19 policies sparked concerns about economic growth, while Apple Inc slid on worries about a hit to iPhone production. S&P 500 lost 1.54 percent whereas Nasdaq composite dropped 1.58 percent on Friday.

Stocks News:

?Lupin’s Brazilian subsidiary MedQuimica has signed a definitive agreement to acquire all rights to nine medicines from BL Indústria Ótica Ltda, a subsidiary of Bausch Health Companies Inc. MedQuímica will acquire rights to nine products including Limbitrol, Melleril and Dalmadorm for central nervous system related conditions, Bacrocin, Glyquin, Solaquin, Oxipelle and Efurix as topical oncological treatments, and Cuprimine for the treatment of Wilson’s disease.

?Five Star Business Finance declared 22% quarter on quarter (QoQ) growth in its profit after tax (PAT) on 127% QoQ growth in disbursements. The company declared 22% QoQ growth in its PAT to Rs 144 crore while its disbursements jumped 127% QoQ to Rs 803 crore. The assets under management for the company stood at Rs 5,732 crore, up 24 percent year on year.

?HCL Tech has signed a multi-year contract with Switzerland-based maintenance, repair and overhaul service provider SR Technics to digitally transform its operations. SR Technics works with a network of partners and business development offices in Europe, Americas, Asia and the Middle East.

?Aditya Birla Groups brand picked up significant minority stakes in eight digital-first lifestyle brands for Rs 290 crore. The eight investments include Berrylush, Bewakoof, Juneberry, Natilene, Nauti Nati, Nobero, Urbano and Veirdo. It did not disclose the quantum of money invested or the stake picked up.

?Foreign institutional investors (FIIs) have net bought shares worth Rs 935.88 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 87.93 crore on November 28, as per provisional data available on the NSE.

Domestic and International Events

Global oil benchmarks pulled back from their lowest levels in nearly a year on Monday, with US crude ending positive, bolstered by talk of an OPEC+ production cut that offset concerns about strict Covid-19 curbs in China, the world’s biggest crude importer.
Citing a weak manufacturing sector coupled with the steep margin compression, SBI Research has pencilled in the country’s GDP growth for the second quarter at 5.8 percent, down 30 basis points from average estimates.
The Indian economy likely returned to a more normal 6.2 percent annual growth rate in July-September after double-digit expansion in the previous quarter, but weaker exports and investment will curb future activity, a Reuters poll showed.
Foreign brokerage firm Morgan Stanley sees Sensex hitting 80,000 by December 2023, if India is included in global bond indices which can result in $20 billion of inflows over the subsequent 12 months.