Bulls are likely to attempt a comeback on Dalal Street and benchmark indices BSE Sensex and NSE Nifty 50 may open mildly in green, hinted SGX Nifty on Tuesday. Nifty futures traded 43 pts or 0.24% higher at 18248 on the Singapore Exchange. “This week markets are expected to be lacklustre in the absence of any major domestic event, while the monthly derivatives expiry may induce some volatile. Hence Investors would track global cues including Fed minutes, oil prices, and US bond yields,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services. Participants should see the dip as normal profit taking after the recent surge, said analysts.
Stocks in focus on 22 November, Tuesday
Adani group, NDTV: Adani group‘s open offer to acquire an additional 26% stake in the media firm New Delhi Television (NDTV) from the market would start from Tuesday. The offer, for which a price band of Rs 294 per share has been fixed, will open on 22 November and closes on 5 December, said a notice by JM Financial, the firm managing the offer on behalf of Adani Group firms. Markets regulator Sebi on 7 November granted its approval to the proposed Rs 492.81 crore-open offer.
Nykaa: Private equity player Lighthouse India will reportedly sell shares worth Rs 335 crore in FSN E-Commerce Ventures, which runs Nykaa, through a block deal on Tuesday. The Bank of America Corporation is the appointed banker for the deal. Lighthouse India is expected to sell the shares at a price band of around Rs 180-183.5 apiece, a 2% discount to Monday’s last closing price of the e-commerce beauty company.
Kaynes Technology: The Electronics manufacturing company will debut on bourses on Tuesday, Kaynes Technology shares are expected to put up a stellar performance despite recent volatility and consolidation in the equity market.The subscription numbers for the IPO, the government’s increased focus on defence sector, a healthy order book with good revenue visibility and a strong customer base hint at premium listing. The listing premium is likely to be in the range of 35-40 percent over issue price of Rs 587 per share, according to analysts.
Reliance: In a move that would result in the closure of Reliance Infratel’s (RITL) insolvency process, the National Company Law Tribunal (NCLT) has approved Mukesh Ambani-led Reliance Jio Infocomm’s (RJio) proposal to complete the resolution process of the debt-laden firm. The bankruptcy court has also asked RJio to deposit the total resolution amount of Rs 3,720 crore in an escrow account.
Power Finance Corporation: The company has incorporated two special purpose vehicles for the development of independent transmission projects. Both will be wholly owned subsidiaries of PFC Consulting, a wholly owned subsidiary of Power Finance Corporation. Subsidiary Raipur Pool Dhamtari Transmission Limited will develop Western Region Expansion Scheme – XXVII and another subsidiary Dharamjaigarh Transmission Limited will develop Western Region Expansion Scheme-XXVIII and XXIX.
Bharti Airtel: In order to achieve its target of monthly average revenue per user (Arpu) of Rs 200 within the current fiscal, Bharti Airtel has embarked on a market testing initiative. The country’s second-largest telecom service provider has raised the entry-level tariff in two circles – Haryana and Odisha – by a massive 57%. Accordingly, the starting tariff package (24 days) for 2G subscribers in these two circles is now Rs 155 from the earlier Rs 99.
Lupin: The pharmaceutical company’s subsidiary Lupin Human Welfare and Research Foundation has signed MoU with the Government of Rajasthan to strengthen healthcare system. It will address the prevalence of cardiovascular disease (CVD) and chronic obstructive pulmonary disease (COPD) in Alwar district.
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Delhivery: Morgan Stanley Asia (Singapore) Pte – ODI bought 48.54 lakh equity shares in the company at an average price of Rs 330 per share. However, investor CA Swift Investments sold 1.84 crore shares in the company at an average price of Rs 330.02 per share. CA Swift had held 5.07% or 3.68 crore shares in Delhivery as of September 2022.
JK Paper: The paper and packaging board company entered into Share Purchase and Shareholders’ Agreements (SPSHAs) for the acquisition of 85% shares of Horizon Packs (HPPL) and Securipax Packaging (SPPL). The balance 15% stake will be bought within a period of 3 years as per the respective SPSHAs.
