Trade Financial News

Canara Bank 1.28 per cent to Rs 106.50 in Wednesday's session as of 10:20AM (IST) even as the equity benchmark Sensex traded 329.82 points at 81175.57. Earlier in the day, the stock witnessed a gap up start to the session. The stock quoted a 52-week high price of Rs 129.35 and a 52-week low of Rs 82.66 on NSE. Around 496606 shares changed hands on the counter till 10:20AM (IST).

sustainability, inclusivity and security are now playing an important role in global trade discussions and they would dictate the future talks, a senior official said on Tuesday. Additional Secretary in the Department of Commerce L Satya Srinivas also emphasised on the importance of adopting a holistic perspective on the commercial significance of free trade agreements (FTAs) for the country. «On the plate of trade, there are vast new dimensions getting added...How do we deal with those new dimensions...These new regulations and new focus areas of present will dictate our trajectory towards the future,» he said at CII's Partnership Summit here. Earlier in trade discussions, the main issues which used to figure included reduction or removal of customs duties and non-tariff barriers.

Domestic benchmark index NSE Nifty gained 88.7 points to 24545.85, while the BSE Sensex traded 332.97 points up at 81178.72.

Ajay Bagga, Market Expert, says he is expecting cryptos and gold to go up. There will be a flight to safety. Both the yen and the dollar will get bought into. In US treasuries, one can expect the yields to go down. Today we saw French yields reaching the Greece yield levels. We are seeing China borrowing at cheaper rates than Japan. We are expecting the Bank of Japan to come in and raise rates at its next meeting in the next fortnight. Following the political developments in South Korea and martial laws being put in place and then revoked, the Samsung stock is under heavy selling pressure. How do you expect global investors to react in the short term? Could this spark a broader risk aversion in emerging markets? Ajay Bagga: The Korean exchange has said they will function as normal. The party leader of the president has opposed this on a Facebook post and the defence minister has called for the military. So, we really do not know what is happening right now. It actually came out of the blue. There have been political wranglings on the budget and this is a minority government which would not survive a floor test. So, overall, it is a very big surprise and I am sure the allies of South Korea from Japan to Europe are working on the back channels to see how this situation can be diffused. It is not a dictatorial country. It is a very strong democracy standing up to its communist neighbours. So, it is very critical that democracy is protected.

ICICI Securities has a buy call on Bajaj Finance with a target price of Rs 8500. The current market price of Bajaj Finance is Rs 6651.1. Bajaj Finance., incorporated in 1987, is a Large Cap company with a market cap of Rs 411672.79 crore, operating in NBFC sector. Bajaj Finance's key products/revenue segments include Interest, Fees & Commission Income, Other Operating Revenue, Income From Sale Of Share & Securities and Service Charges for the year ending 31-Mar-2024.

Sensex and Nifty50, traded higher on Wednesday for the fourth consecutive session, supported by gains in index heavyweights HDFC Bank, ITC, and L&T, ahead of the Reserve Bank of India's interest rate decision later in the week. As of 9:50 am, the BSE Sensex was up by 317 points, or 0.39%, at 81,162.75, while the Nifty50 gained 96.15 points, or 0.39%, trading at 24,550.

The report projects the Nifty to reach 26,500 in CY25, implying a return of less than 9%, with potential underperformance against US equities in USD terms. The Nifty50 closed at 24457 on 3 December 2024.

Reliance Industries (RIL) is ending 2024 on a muted note and is down about 18% from its July peak as investors fear that the quick commerce disruption may impact billionaire Mukesh Ambani's ambitions in retail business. While refining margins, which fell sharply from June, have rebounded on the O2C side of the conglomerate’s business, Reliance Retail (RR) growth continues to disappoint and brokerages are reluctant to give it a premium valuation against other retail peers on lower near-term growth, real estate costs and capex intensity.

Defence stocks will be in spotlight on Wednesday after the Defence Acquisition Council (DAC), under the chairmanship of Defence Minister Rajnath Singh, accorded Acceptance of Necessity (AoN) for five capital acquisition proposals worth over Rs 21,772 crore. This included the procurement of Water Jet Fast Attack Crafts, Fast Interceptor Craft, Electronic Warfare Suite, Next Generation Radar Warning Receiver and Advanced Light Helicopters.

Vedanta shares are in focus today, December 4, after Crisil Ratings upgraded its rating on the company's long-term bank facilities and debt instruments from 'AA-' to 'AA'. The upgrade reflects improved capital structure, better financial flexibility, and robust volume growth. Crisil highlighted significant improvement in Vedanta's consolidated operating profitability (EBITDA) and reduced debt and leverage below rating thresholds as key factors behind the revision.

equity markets, our NRI clients have raised some concerns about the near to medium term outlook for Indian assets in their portfolio,” says Samir Bahl, CEO — Investment Banking, Anand Rathi Advisors. In an interview with ETMarkets, Bahl said: “Over the long term, we strongly believe that the India story is going to play out very well with aggressive reforms expected to be pushed through by the government” Edited excerpts:

Indian market is likely to consolidate on Wednesday tracking mixed global cues. The Nifty future closed positive with gains of 0.43% at 24,534 levels on Tuesday. India VIX fell more than 2% to close at 14.37 in the previous session.

The recent correction has opened up some upside, even after considering the earnings cuts, says Venkatesh Sanjeevi, Senior Vice President & Portfolio Manager – Emerging Markets Equity — India, Franklin Templeton. «Our investment approach is to capitalise on such near-term weaknesses to build positions into high quality companies which can compound their earnings for many years ahead,» he says.

hold call on RBL Bank with a target price of Rs 160. The current market price of RBL Bank is Rs 155.95. RBL Bank, incorporated in 1943, is a banking company (having a market cap of Rs 9477.41 Crore). RBL Bank's key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2024.

buy call on Hindustan Unilever Ltd. with a target price of Rs 2870. The current market price of Hindustan Unilever is Rs 2,479. Hindustan Unilever, incorporated in 1933, is a Large Cap company, with a market cap of Rs 582498.92 crore, operating in the FMCG sector. Hindustan Unilever's key products/revenue segments include Personal Care and Other Operating Revenue for the year ending 31-Mar-2024.

Bank stocks are in the spotlight on Wednesday, December 4, after the Lok Sabha passed the Banking Laws (Amendment) Bill, 2024 on Tuesday during Parliament's winter session, introducing significant changes to banking regulations. «Banks are being professionally run today. The metrics are healthy so they can go to the market and raise bonds, raise loans & run their business accordingly,» said Finance Minister Nirmala Sitharaman in her address at the Lower House of the Parliament.

Abha Power and Steel will debut on the NSE SME platform on Wednesday. Ahead of the listing, the company's shares were trading with a GMP of Rs 15 in the grey market. Considering the upper price band of Rs 75, the stock is expected to see a listing premium of just over 20%.

Girija Shankar Ray, Vice President Equity Research, Yes Securities, says among top picks within the cement sector, ACC can be recommended. The second one is Shree Cement. These two companies are going to do well, even though there is trouble in the industry right now. A lot of cost initiative programmes are going to happen. But for UltraTech and Ambuja, valuations are higher and for Ambuja, whatever acquisitions they have done, it is going to ultimately benefit ACC. So, ACC is his top pick. Ambuja will have a sell rating, as will UltraTech because it has very high valuations. One can add Birla Corp, Dalmia in their portfolio. There are reports doing rounds that there has been a price hike of almost Rs 10 to Rs 30 taken in December so far. What are your channel checks suggesting? Is that something that you are picking up as well? Girija Shankar Ray: So, yes, in November, a price hike was what the Street and the dealers and distributors were expecting for cement, but there was no price hike. In fact, in October and November, on a month-on-month basis, the prices are flattish. The prices are five years below the line right now. And the major impact was in southern regions. In the north and eastern regions, prices are more or less stable. In the other three regions, the prices have actually declined. There was a sharp correction. I believe the prices have bottomed out.

Deven Choksey, MD, DRChoksey FinServ Pvt. Ltd, says the assets the Adani group owns, whether it's in power generation, distribution, or even things like roads, airports, data centers, and ports, all have huge growth potential ahead. They've built up a solid capacity and are reinvesting a good chunk of cash flow back into the business, which is a smart move. They might tweak their growth strategies a bit, but using their free cash flow to fuel future expansion in these areas would be a great idea. The recent drop in stock prices is a solid buying opportunity for investors. Adani stocks fell and they have recovered. Can we ignore the news and just move on? Deven Choksey: From day one, I have been making a viewpoint that fundamentals do not change because of whatever the allegations have come up from the Department of Justice in the US court. In my viewpoint, the fundamentals remain strong. With Rs 85,000 crore EBITDA and growing at the rate of 20% per annum on a 2,40,000 crore debt, the balance sheet of the group itself is very solid with the cash flow generation that they have.

Apex Ecotech will debut on the NSE SME platform on Wednesday. Ahead of the listing, the company's shares were trading with a GMP of Rs 45 in the grey market. Considering the upper price band of Rs 73, the stock is expected to see a listing premium of just over 60%.

NSE SME platform Thursday. The Rs 98 crore SME IPO received a massive subscription of over 300 times at close, driven by strong bidding from retail and non-institutional investors. Firstly, here's how you can know the status on NSE