Experts Financial News

Stock market today: Yes Bank shares have been in uptrend for near one month. However, it seems that the private bank stock is still not in mood to stop its rally. Yes Bank share price today opened upside and went on to climb to a new 52-week peak of ₹23 per share levels on NSE, logging an intraday gain of near 5 per cent during Monday stock market deals.

At 10.57 am, the public issue was subscribed 2.34 times. The retail category was subscribed 3.60 times, while the NII portion garnered 1.92 times bids. There have been no bids from qualified institutional buyers so far. The issue, which is completely fresh equity of 2.74 crore shares, has created a strong buzz in the grey market as the company's shares are trading at over 180% premium compared to the offer price. «Considering Motisons' strong brand, proven track record, and growth plans, alongside the current market sentiment, we recommend applying for this IPO with cautious optimism,» said Swastika Investmart. The company mobilised Rs 36.3 crore from anchor investors, a day before the opening of the issue. Only two investors participated in the anchor book.

The NSE Nifty index was trading 9.45 points up at 21466.1, while BSE Sensex was up 29.79 points at 71513.54 at the time of writing this report. In the Nifty index, Bajaj Auto Ltd.(up 2.87 per cent), Sun Pharmaceutical Industries Ltd.(up 2.41 per cent), Eicher Motors Ltd.(up 1.46 per cent), Reliance Industries Ltd.(up 1.21 per cent) and Divi's Laboratories Ltd.(up 1.06 per cent) were among the top gainers.

Hamas has been the focus of a relentless Israeli onslaught in Gaza but with resilient and diverse finances, it is expected to have a significant war chest at its disposal as the conflict drags on. Israel's Prime Minister Benjamin Netanyahu has vowed to annihilate the Palestinian Islamist movement behind the October 7 attack — the deadliest in the country's history.

Page Industries Ltd. traded 1.84 per cent up at Rs 38500.6 on Monday at around 11:16AM (IST), while the benchmark BSE Sensex advanced 19.11 points to 71502.86. As many as 375 shares changed hands on the counter with a total value of Rs 1.43 crore.

Madhya Bharat Agro Products(up 6.59%), Khaitan Chemicals & Fertilizers(up 4.78%), Sikko Industries(up 3.41%), Nagarjuna Fertilizers & Chem(up 2.44%), Deepak Fertilizers & Petrochemicals(up 1.81%), Aries Agro(up 1.56%), National Fertilizer(up 1.38%), Southern Petrochemicals Industries(up 1.08%), Agro Phos(up 1.07%) and Fertilizers & Chemicals Tranvancore(up 0.83%) were among the top gainers. Gujarat Narmada Valley Fertilizers (down 0.86%), G S F C(down 0.67%), Madras Fertlizers(down 0.60%), Rashtriya Chemicals & Fertilizers(down 0.54%), Paradeep Phosphates(down 0.28%) and ZUARIAGRO(down 0.11%) were among the top losers.

Prataap Snacks(up 3.23%), Zydus Wellness(up 2.14%), Heritage Foods(up 2.03%), Patanjali Foods(up 1.88%), Vadilal Industries(up 1.67%), Varun Beverages(up 1.52%), Tasty Bite Eatables(up 1.45%), Nakoda Group(up 1.15%), Marico(up 1.02%) and Umang Dairies(up 0.69%) were among the top gainers. Sheetal Cool Products(down 1.84%), Bikaji Foods International(down 0.63%), JHS Svendgaard Laboratories(down 0.56%), Mrs Bectors Food Specialities(down 0.49%), ADF Foods(down 0.45%), Britannia Industries(down 0.31%), Adani Wilmar(down 0.30%), TATA CONSUMER PRODUCTS(down 0.19%), Emami(down 0.15%) and Parag Milk(down 0.08%) were among the top losers.

Marico Ltd. rose 1.1 per cent to Rs 540.65 in Monday's trade. It hit an intraday high of Rs 542.25 and low of Rs 531.85, respectively, during the day.

Nirmala Sitharaman will present the Union Budget 2024 on February 1 next year. It will be an interim Budget as the elections for the Lok Sabha are due early next year. The full Budget for FY25 will be presented after the formation of the new government.

rupee jumped 33 paise to settle at 83.00 a dollar, posting its biggest single-day gain in more than eight months. “Be wary of sudden drops that may follow persistent inability to clear 83.4. Slippage past 83.02 could expose 82.78, while pull back above 83.19 would restore upside bias," said Anand James, Chief Market Strategist at Geojit Financial Services.

Also Read: Don't use sugarcane juice and sugar syrup for ethanol production, govt asks distilleries In response to the updated order, major sugar stocks rose significantly in today's trade. Bajaj Hindusthan Sugar led the gains with a 7.7% gain to ₹30.20 apiece, followed by Dhampur Sugar Mills ( up 6.59%), Dalmia Bharat Sugar (up 6%), Uttam Sugar Mills (up 5.7%), Sakthi Sugars (5.2%), Balrampur Chini Mills (up 5.1%), Rajshree Sugars & Chemicals (up 5%), Praj Industries (up 4.46%), and Triveni Engineering (up 3.8%).

The BSE Sensex was trading 194 points or 0.27 lower at 71,289. Nifty50 was trading at 21,412, down 44 points or 0.21% at around 9.20 am. Among Sensex stocks, JSW Steel, ITC, M&M, Power Grid, ICICI Bank, and Axis Bank traded with cuts, while Titan, Sun Pharma, Nestle, and Bajaj Finance opened with gains. Mazagon Dock Shipbuilders shares opened 4.6% higher after the company signed individual shipbuilding contracts with European client worth approximately $42 million. Zee Entertainment Enterprises shares fell over 4% after the firm sought further extension of a merger deadline from the Indian arm of Japan's Sony Group to make the scheme effective. Experts view «There are two significant factors driving the ongoing strong rally in the market.

Hero MotoCorp Ltd. with a target price of Rs 4480.

VRL Logistics with a target price of Rs 910. The current market price of VRL Logistics is Rs 775.95. VRL Logistics Ltd., incorporated in the year 1983, is a Small Cap company (having a market cap of Rs 6778.37 Crore) operating in Logistics sector.

ITC Ltd, part of the S&P BSE Sensex index, has underperformed the benchmark index but is seen consolidating around the breakout area of the cup and handle pattern on the daily charts. The level of Rs 450 is acting as a crucial support for the ITC stock price and a bounce back could be possible around these levels as various technical parameters suggest that bulls are here to stay. The stock is down by about 0.5% in a week compared to over 2% gain seen in the S&P BSE Sensex in the same period. It rose more than 4% in a month compared to 9% gain seen in the benchmark index. Short term traders can look to buy the stock now or on dips for a possible target above 500 once Rs 499 is breached – which is the July record high. The stock hit a record high of Rs 499 on 24 July 2023 but it failed to hold on to the momentum.

Motisons Jewellers launched its Rs 151 crore IPO on Monday. The company has mobilised Rs 36.3 crore from anchor investors, a day before the issue's opening. Only two investors participated in the anchor book. The issue, which is completely fresh equity of 2.74 crore shares, has created a strong buzz in the grey market as the company's shares are trading at over 100% premium compared to the offer price. About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors. Motisons Jewellery is a hyperlocal jewellery retail chain in Jaipur with four showrooms (inclusive of one flagship showroom). The company primarily sources finished jewellery from third-party suppliers across India and its business involves sale of jewellery made of gold, diamond, kundan etc., The product portfolio comprises over 300,000 jewellery designs, including a wide range of gold, diamond and other jewellery items across different price points.

IPO) of Muthoot Microfin opened for subscription today and will be available for the public to bid till December 20. The company has bagged Rs 285 crore from 26 anchor investors ahead of the issue. The IPO comprises a fresh issue of Rs 760 crore and an offer-for-sale (OFS) of Rs 200 crore. Under the OFS, promoters Thomas John Muthoot, George Muthoot, Preethi John Muthoot, Remmy Thomas, and investor Greater Pacific Capital will offload shares. Muthoot Microfin is the fourth largest microfinance company in India in terms of gross loan portfolio. It is the third-largest in South India, with the largest in Kerala in terms of market share, and a key player in Tamil Nadu with an almost 16% share.

best time to lock your money into high-return term deposits. “We expect that the key policy rates will come down post-Q2 2024. Gradually, the market will start factoring this, which will have a downward impact on the FD returns of various banks, small finance banks, and NBFCs.

INOX India IPO: The initial public offering (IPO) of INOX India Limited opened for subscription on 14th December 2023 and it will remain open till 18th December 2023. This means, investors have just one day in hand to apply for the IPO as bidding for the public issue will end today evening. The cryogenic equipment maker and supplier company has fixed INOX India IPO price band at ₹627 to ₹660 per equity share.

global market cues. The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 21,482 level as compared to the Nifty futures’ previous close of 21,558.

Motisons Jewellers IPO: The initial public offering (IPO) of Motisons Jewellers Limited has opened today and it will remain open till 20th December 2023 i.e. till Wednesday this week. This means, Motisons Jewellers IPO date of subscription will remain open from Monday to Wednesday this week.