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Research Periodic Report PVR Inox expansion spree, IDFC First Bank received approval for amalgamation

PVR Inox expansion spree, IDFC First Bank received approval for amalgamation

Written by - Fisdom Research

November 15, 2023 3 minutes

Opening Bell:

Gift Nifty is down by 19.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asia-Pacific markets jumped Wednesday, taking cues from Wall Street after a soft US inflation reading boosted hopes of the Federal Reserve nearing the end of its interest rate-hiking cycle. Japan’s Nikkei 225 rose 1.58 percent at open, while the Topix added 1.24 percent. South Korea’s Kospi gained 1.83 percent, and the Kosdaq led gains with a 2.15 percent rise at open.

US stock futures ticked higher on Tuesday night. Futures tied to the S&P 500 rose 0.1 percent. Dow Jones Industrial Average futures climbed 28 points, or nearly 0.1 percent, while Nasdaq 100 futures also advanced 0.1 percent.

European markets closed higher on Tuesday after the US inflation print for October came in cooler than expected. The pan-European Stoxx 600 index ended up 1.4 percent, with almost all sectors and major bourses in positive territory. Retail stocks added 3.1 percent to lead gains, while oil and gas stocks dropped 0.2 percent.

Stocks News:

👉 Grasim Industries has reported a 17.6 percent on-year decline in standalone profit at Rs 795 crore for the quarter ended September FY24, impacted by lower realisations in the caustic soda business in line with the sharp decline in global prices.

👉 Biocon: Subsidiary Biocon Biologics has received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA) in the UK for marketing YESAFILI, a biosimilar of Aflibercept. Yesafili, an ophthalmology product, is used in the treatment of neovascular (wet AMD) and age-related macular degeneration.

👉 IDFC First Bank has received in-principle approval from the Pension Fund Regulatory and Development Authority (PFRDA) for the proposed composite scheme of amalgamation of IDFC and IDFC Financial Holding Company into and with IDFC FIRST Bank.

👉 PVR-INOX as opened a six-screen multiplex Maison INOX at Jio World Centre in Mumbai and a four-screen multiplex at Utkal Kanika Galleria Mall, Bhubaneswar, Odisha. With these launches, PVR INOX now operates the largest multiplex network with 1,711 screens across 359 properties in 114 cities (India and Sri Lanka).

👉 Foreign institutional investors sold shares worth Rs 1,244.44 crore, while domestic institutional investors bought Rs 830.40 crore worth of stocks on November 13, provisional data from the National Stock Exchange showed.

Domestic and International Events

  • The government will invite bids for 20 critical mineral blocks, including for lithium and graphite, in next two weeks, Mines Secretary V L Kantha Rao said on November 14 to news agency PTI. Last month, the Centre had approved royalty rates of three per cent each for lithium and niobium and one per cent for Rare Earth Elements (REEs). Critical minerals have become important for the nation’s economic development and national security.
  • The so-called core consumer price index, which excludes food and energy costs, increased 0.2 percent from September, Bureau of Labor Statistics data showed Tuesday. Economists favor the core gauge as a better indicator of underlying inflation than the overall CPI. That measure stalled, restrained by cheaper gasoline
  • Oil prices firmed on Tuesday after the International Energy Agency raised its demand growth forecasts, adding to bullish sentiment from the previous day’s OPEC guidance, while US data showed inflation in the world’s biggest economy was slowing.
  • Gold prices gained 1 percent on Tuesday as the dollar and Treasury yields retreated after softer-than-expected US consumer inflation data fuelled more bets that the Federal Reserve may be done hiking interest rates.   

Key Equity Indices

Hang Seng17,397(0.2) %
Shanghai Composite3,0560.3 %
Dow Jones34,8281.4 %
DAX15,6141.8 %
FTSE 1007,4400.2 %
Nikkei32,6960.3 %
Straits Times3,105(0.1) %

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