Week Financial News

Buy or sell stocks: The domestic equities benchmark indices, Nifty 50, and the Sensex ended in green on Friday's sessions led by gains in banking and IT stocks, and after Reserve Bank of India's (RBI) maintained its policy rates and stance, as expected. The RBI raised its forecast for GDP growth in the fiscal year 2024, maintained the policy stance of "withdrawal of accommodation," and left the repo rate at 6.5% unchanged.

NR Narayana Murthy doesn't seem perturbed by the kerfuffle he sparked by suggesting recently that youngsters ought to work 70 hours a week to boost productivity and enhance India's competitiveness. He himself had put in the hours when setting up Infosys in 1981, said Murthy, 77.

Here are the top themes and stories from Mint’s journalists this week: The week began early, with results from this round of state elections coming in on Sunday. You may have had your fill of political punditry on what this means for next summer’s parliamentary elections.

₹9285.11 crore. Last week, FIIs snapped their three month -sustained selling streak which was over global headwinds. The return of FIIs, along with the monetary policy announcement of the Reserve Bank of India (RBI) were among key factors which drove the benchmark Nifty 50 to hit its fresh record high of 21,006.10 in the intraday session on Friday, December 8.

Next week is expected to be another volatile one, as investors brace for two of the biggest economic events that remain for 2023.

In November, nonfarm payrolls in the U.S. rose by a seasonally adjusted 199,000, surpassing the Dow Jones estimate of 190,000 and outpacing the October gain of 150,000.

IRB Infrastructure Developers were locked at over 3 per cent upper circuit at ₹40.95 apiece on the BSE, hitting its new 52-week high mark on Friday, December 8. This came after India's largest toll operator reported a 20 percent on year rise in gross toll collections in November 2023. The company clocked in toll collections worth ₹437.05 crore in November compared to ₹366 crore in the year-ago period.

funding winter this week, with $108 million being pumped into across 12 rounds, according to data from market intelligence firm Tracxn. The week, however, recorded the largest fundraise for an India-based AI startup with a $41 million investment in Sarvam AI. Investment in startups fell 79% in the December 4-8 week, from $514 million across 38 funding rounds in the same period a year ago. Sequentially, however, funding activity saw a surge of 81%, compared to $59 million raised across 18 rounds, last week.

By Phuong Nguyen

Earlier the market regulator had alleged that IIFL Securities failed to segregate client funds, and mixed its own funds with client funds, and misused credit balances in clients’ funds for the benefit of clients having a debit balance. Sebi had alleged that IIFL Securities used pool accounts. Meanwhile, in the latest order, SAT has said there has been no misuse of client funds and «since there is no failure on the part of the appellant to segregate monies of the client nor monies of the client have been misused by the appellant for its own purposes, no penalty could be imposed.» However, it added that IIFL Securities failed to change the nomenclature of the bank accounts of the client as required to be done under the 1993 circular. «Considering the aforesaid that it is only a technical breach, we are of the opinion that in the given circumstances for the two show cause notices, a penalty of Rs 20 lakh in total would be sufficient for the purpose of this case,» it said. The company further clarifies that the issue about the nomenclature of the client accounts has been rectified and the company is compliant with the applicable Regulations/Circulars. At 11.46 am, the scrip was trading 6.6% higher at Rs 125.8 on BSE.

DOMS IPO: The initial public offering (IPO) of DOMS Industries Limited is going to hit primary market on 13th December 2023 i.e. on Wednesday next week. As per the DOMS IPO date of subscription, the public issue will open on 13th December 2023 and it will remain open for bidding till 15th December 2023.

Domestic benchmark index NSE Nifty gained 77.25 points to 20978.4, while the BSE Sensex traded 266.84 points up at 69788.53. On the other hand, Aakash Exploration, FCS Software, Orchid Pharma, Indian Renewable and Spencer's Retail stocks hit their fresh 52-week highs today.

Archies, released on Netflix. Besides, the musical thriller Chamak, Manoj Bajpayee‘s intense drama Joram, and Timothée Chalamet’s Wonka are other exciting OTT releases that have been released this week. Theatrical releases score over web originals on OTT The movie revolves around Archie Andrews and his group of friends who try to save a park in Riverdale.

Tata Power Share Price Today: Shares of Tata Power were locked at over 10 per cent upper circuit at ₹332 apiece on the BSE, hitting its 52-week high-mark on Thursday, December 7. Domestic brokerage firm JM Financials has upgraded its rating from ‘hold’ to ‘buy’ on the stock and raised the target price by 59 per cent over the recent uptrend in share price.

LIC share price: Life Insurance Corporation or LIC share price has been in uptrend after hitting life-time low of ₹530.05 on NSE on 31st March 2023. LIC shares bottomed out at the end of FY23 and witnessed huge buying interest among Dalal Street bulls. However, it seems that LIC shares still posses some steam in it.

₹2499 or a weekend pass for ₹2999 by visiting the official website of IBW. This motorcycling festival is organized by Seventy EMG in collaboration with Gulf Syntrac. The motorcycling festival features six diverse tracks, including three race tracks sponsored by CEAT.

cisce.org. Last year, the date sheet was announced on 1 December while the ICSE Class 10 exams were held from 27 February-29 March while the ISC Class 12 were conducted from 13 February-31 March.

Domestic benchmark index NSE Nifty fell 67.45 points to 20870.25, while the BSE Sensex traded 261.42 points down at 69392.31. On the other hand, Aakash Exploration, HLV Ltd., Vertoz Advertising, IVP Ltd and Dredging Corp stocks hit their fresh 52-week highs today.

Rescuers say a man has been pulled alive out of a Zambian mine nearly a week after dozens of informal miners were trapped under landslides caused by heavy rain

₹572 apiece on the BSE, as the leading ferro chrome producer received its final compensation order worth over ₹350 crore from the Coal Ministry on Wednesday, December 6. On Wednesday, shares of Indian Metals and Ferro Alloys Ltd opened at ₹539.00 and gained 6.12 per cent to hit its 52-week high-mark of ₹572, against a previous close of ₹528.65 on the BSE.

JSW Infrastructure Share Price Today: Shares of JSW Infrastructure were locked at 8 per cent upper circuit at ₹245 apiece on the BSE, hitting its 52-week high mark on Wednesday, December 6. Domestic brokerage firm JM Financials has reiterated its ‘buy’ rating for the stock and raised the target price by 2 per cent over the recent uptrend in share price. At a current market price (CMP) of ₹238, JM Financials has given a revised target price of ₹255 for JSW Infrastructure, which is 2 per cent higher than the previous target of ₹250 given in March 2023 and sees a potential upside of 12.3 per cent on the stock.