Experts Financial News

OPEC's share in India's oil imports in October hit a 10-month high as refiners bought more crude from Saudi Arabia and the United Arab Emirates after discounts narrowed for Russian oil that month, trade data showed. Russia's share of the Indian market in October slipped to the lowest in nine months, according to Reuters calculations based on ship tracking data from trade sources. India, the world's third-biggest oil importer and consumer, typically relies on producers in the Middle East for most of its oil needs and has encouraged refiners to diversify to cheaper alternatives to cut costs. The South Asian nation has emerged as the top buyer of the Russian seaborne oil sold at a discount after Western nations stopped buying from Moscow following its invasion of Ukraine. India imported about 4.7 million barrels per day (bpd) of crude in October, up 8.4% from the previous month as refiners increased purchases to meet higher local fuel demand during the festive season, the data showed. Imports from Saudi Arabia and the United Arab Emirates jumped to a 7-month high, up about 53% and 63% respectively in October from the previous month, the data showed. That helped lift the share of the producers in the Organization of the Petroleum Exporting Countries to 54% in October, up from 50% in September, according to the data. India imported on average 1.56 million barrels per day (bpd) of Russian oil in October, up 1.2% from the previous month, the data showed. Despite the increase, Russian oil's share in India's October imports slipped to 33% from 35% in September. Russia was the top oil supplier to India in April to October, the first seven months of this fiscal year to March 2024, followed by Iraq and Saudi Arabia. Higher

Shalby, India’s leading multi-specialty hospital, rewarded their shareholders handsomely over the last six months. During this period, the shares have moved from ₹139 apiece to the current position of ₹311.15, translating into a gain of 124%.

Vishal Goenka, Co-Founder of IndiaBonds.com believes that the Fed will be in a long pause mode now and the long-end interest rates will be in a 4.50-5 per cent range. In an interview with Mint, Goenka said with the advent of regulated Online Bond Platform Providers (OBPPs), investors now have a wide choice of fixed-income investments. Edited excerpts: The recent surge in US yields was market acceptance of the fact that inflation is here to stay and interest rates will remain higher for longer.

Domestic benchmark index NSE Nifty ended 28.45 points up at 19811.85, while the BSE Sensex closed 92.47 points up at 66023.24. On the other hand, CG Power & Ind., Compucom Soft, Shanthi Gears, Tube Investments and Coral India Finance stocks hit their fresh 52-week highs today.

Agro Phos(up 6.46%), Chambal Fertilisers & Chemicals(up 0.53%), ZUARIAGRO(up 0.42%), Sikko Industries(up 0.39%), Coromandel International(up 0.36%) and Deepak Fertilizers & Petrochemicals(up 0.07%) stood among the top gainers. Bohra Industries(down 4.99%), Gujarat Narmada Valley Fertilizers (down 2.26%), Aries Agro(down 1.66%), Madras Fertlizers(down 1.48%), Rashtriya Chemicals & Fertilizers(down 1.41%), Mangalore Chemicals & Fertilizers(down 1.25%), Madhya Bharat Agro Products(down 0.92%), Fertilizers & Chemicals Tranvancore(down 0.87%), National Fertilizer(down 0.87%) and Rama Phosphates(down 0.71%) were among the top losers of the day.

Benchmark NSE Nifty closed 28.45 points up at 19811.85 amid buying in frontline bluechip counters. However, stocks such as Bohra Industries, Rajesh Exports, Ester Ind, ASK Automotive and Mangalam Drugs, touched their fresh 52-week lows.

Shares of Tube Investments of India Ltd.(up 16.71 per cent), Bharat Forge Ltd.(up 1.76 per cent), Balkrishna Industries Ltd.(up 1.37 per cent), Bajaj Auto Ltd.(up 1.15 per cent) and Hero MotoCorp Ltd.(up 1.09 per cent) ended the day as top gainers in the pack. On the other hand, Sona BLW Precision Forgings Ltd.(down 1.25 per cent), Mahindra & Mahindra Ltd.(down 1.04 per cent), Samvardhana Motherson International Ltd.(down 0.9 per cent), Maruti Suzuki India Ltd.(down 0.38 per cent) and Eicher Motors Ltd.(down 0.27 per cent) finished as the top losers of the day.

Gujarat Mineral Dvpt Corporation(up 8.10%), Madhav Marbles and Granites(up 3.05%), Orissa Minerals Development Company(up 2.98%), Ashapura Minechem(up 2.18%), NMDC Ltd(up 1.06%), KIOCL(up 1.03%), 20 Microns(up 0.92%) and Pokarna(up 0.62%) stood among the top gainers. Lexus Granito(down 3.80%), MOIL(down 3.25%), Oriental Trimex(down 2.04%), Sandur Manganese & Iron Ores(down 2.00%), Aro Granite Industries(down 1.03%) and Coal India(down 0.61%) were among the top losers of the day.

Dinshaw Irani, CIO, Helios MF, says “the RBI circular on raising risk weightages for various lending, made banks go back to the pre-Covid levels. The only thing was they came down heavily on the NBFCs rather than anything else. So that is the good part about the RBI move. I think they have done a wonderful job in controlling the asset quality within the system as such. That is one thing one should look out for. ” Have you picked anything up or looked at any interesting companies? There have been a lot of debuts this week? I would not like to comment on this, since now we are running a mutual fund, but I do not think we are too excited in the IPO market as of now. I would stay away from that. What else are you avoiding completely, where you say valuations are higher even though business is good? Basically, FMCG is one area which one needs to avoid. I do not think sustenance of 60-70 PEs for most of these stocks – I am talking about one-year forward PEs – is possible, given that even the rural markets are not firing and the growth rates are in low teens or even high single digits as such. So, that is one area that you need to avoid.

₹30 to ₹32 per equity share of face value of ₹10. IREDA IPO lot size is 460 equity shares and in multiples of 460 equity shares thereafter. With non-institutional investors (NIIS) leading the way and retail investors following, the IREDA IPO maintained strong momentum from the first day of subscriptions on day 2.

Shares of Persistent Systems Ltd.(up 1.98 per cent), Infosys Ltd.(up 1.3 per cent), Tech Mahindra Ltd.(up 0.9 per cent), MphasiS Ltd.(up 0.67 per cent) and LTIMindtree Ltd.(up 0.6 per cent) ended the day as top gainers in the pack. On the other hand, L&T Technology Services Ltd.(down 0.64 per cent) and Wipro Ltd.(down 0.09 per cent) finished as the top losers of the day.

Shares of Gland Pharma Ltd.(up 3.98 per cent), Aurobindo Pharma Ltd.(up 2.77 per cent), Natco Pharma Ltd.(up 2.57 per cent), GlaxoSmithKline Pharmaceuticals Ltd.(up 2.09 per cent) and Sanofi India Ltd.(up 1.65 per cent) ended the day as top gainers in the pack. On the other hand, Granules India Ltd.(down 1.1 per cent), Divi's Laboratories Ltd.(down 0.53 per cent), Torrent Pharmaceuticals Ltd.(down 0.38 per cent), Lupin Ltd.(down 0.24 per cent) and Abbott India Ltd.(down 0.19 per cent) finished as the top losers of the day.

The NSE Nifty index closed 28.45 points up at 19811.85, while BSE Sensex ended up 92.47 points at 66023.24. On the other hand, IndusInd Bank Ltd.(down 2.11 per cent), Hindalco Industries Ltd.(down 1.30 per cent), Kotak Mahindra Bank Ltd.(down 1.22 per cent), Adani Ports & Special Economic Zone Ltd.(down 1.18 per cent) and Adani Enterprises Ltd.(down 1.09 per cent) were among the top losers of the day.

Shares of Axis Bank Ltd.(up 0.63 per cent) ended the day as top gainers in the pack. On the other hand, Punjab National Bank(down 2.17 per cent), IndusInd Bank Ltd.(down 2.1 per cent), IDFC First Bank Ltd.(down 1.65 per cent), Kotak Mahindra Bank Ltd.(down 1.21 per cent) and Federal Bank Ltd.(down 0.85 per cent) finished as the top losers of the day.

Bharti Airtel has started the process of taking its wholly-owned subsidiary Bharti Hexacom public, a media report stated. The move is aimed at facilitating an exit to Telecommunication Consultants of India Limited (TCIL), which has a 30% stake in the company and is a Government of India enterprise, the report said. The report further said Bharti Hexacom's valuation is likely to be pegged at Rs 20,000 crore and the listing process will likely be completed by early 2024. Bharti Airtel's holding in Bharti Hexacom stands at 70%.

Jyotivardhan Jaipuria, Founder & MD, Valentis Advisors, says Whenever there is consensus on something, it is always one of the most dangerous sectors to go into. It is marked by over ownership. We like under ownership whenever there is consensus buy, this over ownership we are very sceptical about. But there are two-three things which are going for the bank sector. The earnings are done with. The Fed trajectory we pretty much know. The war is playing out per script and state elections too is something which seems to be factored in for now. What could be the next trigger point for the market or the next key monitorable to watch out for? Our view has been that the market is going to be range-bound. Essentially, valuations are not on the cheap side. They are probably higher than fair value and to that extent probably what we will have is earnings continue to be very good but market being range-bound, it just has valuations come back to little more fair value levels.

A U.S. navy surveillance plane trying to land at a military base in Hawaii overshot the runway and ended up floating in the waters of Kane’ohe Bay on Monday. The plane is still floating there as of Tuesday morning as it sits on top of a reef in shallow water, according to local media.

In the rapidly evolving world of cryptocurrency, Bitcoin’s market dynamics have taken a notable turn. On Wednesday, Bitcoin’s trading value experienced a 3% decline, dropping to $36,190. This downward shift in Bitcoin’s trajectory coincides with significant developments in the crypto sphere, including the unexpected dismissal of Binance CEO Changpeng Zhao, a prominent figure in the industry, due to US offenses.

DLF Ltd. traded 0.87 per cent down at Rs 629.4 at 01:49PM (IST) on Wednesday, even as BSE benchmark Sensex dropped 124.61 points to 65806.16.

trading session, the following five stocks witnessed a build of fresh long positions. Lets first understand how this conclusion is reached that whether the stock has seen a buildup of fresh long position or not. When the stock prices move up and open interest on the counter also moves upwards, it is taken as a sign of a long buildup.