Indian benchmark indices BSE Sensex and NSE Nifty 50 are likely to open lower on weekly F&O expiry amid weak global cues. SGX Nifty hinted at a flat negative start for domestic share market as Nifty futures traded 48 pts or 0.26% down at 18431 levels. “The recent move in the index lacks decisiveness and shows an early sign of exhaustion too however we recommend following the trend until it reverses. We’re seeing select heavyweights and midcap counters attracting buying interest while the rest are either trading in a range or witnessing pressure. We feel it’s prudent to restrict positions and focus on overnight risk management,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on 17 November, Thursday
Paytm: Japanese investment major SoftBank will sell a part of its stake in Paytm parent One97 Communications via a block deal valued at around $215 million. It will be looking to offload 4.5% in the price band of 555-601.55. That would amount to a discount of 7.72% at the lower end of the band to the closing price of the stock on Wednesday of Rs 601.45. SoftBank will hold a stake of 12.9% or 84 million shares in the company. As of September 30, it held a 17.45% stake through SVF Holdings (Cayman).
ITC: Govt may not offload a portion of its stake in ITC held through the Specified Undertaking of the Unit Trust of India (SUUTI) in the current financial year, sources told FE. In terms of value, the ITC stake is the prized holding of SUUTI as its 7.87% equity at the current market price is worth about Rs 33,570 crore.
HDFC: HDFC Capital, an arm of Housing Development Finance Corporation, on Wednesday said it will invest in 15 startups, which were the part of the real estate tech innovation summit. The company has already invested in three startups — Loyalie, HomeExchange and Monsoon Credit, according to a statement. The company had made the investments through its tech platform, Housing and Affordable Real Estate and Technology (H@ART).
Coal India: Coal India is targeting 50 million tonne sales through the e-auction route in the second half of the current fiscal. The coal behemoth had sold around 30 million tonne via e-auction in the first six months of the 2022-23 financial year. “We are targeting another 50 million tonne in e-auction sales for the year,” Coal India Chairman Pramod Agrawal said on the sidelines of Global Mining Summit 2022, organised by CII.
Timken India: The company will be setting up new manufacturing facility at Bharuch, Gujarat to manufacture spherical roller bearings and cylindrical roller bearings and components thereof. It already has manufacturing plant at Bharuch, wherein primarily tapered roller bearings and its components are manufactured.
Aurobindo Pharma: The company has received Establishment Inspection Report from USFDA for unit XI, an API non-antibiotic manufacturing facility at Pydibhimavaram, Andhra Pradesh. The unit was inspected by the USFDA in February 2019 and issued a warning letter in June 2019. The said unit was further inspected by USFDA during 25 July 25 – 2 August and issued a Form 483 with 3 observations.
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Hindustan Zinc: The company said the Board of Directors approved second interim dividend of Rs 15.50 per share i.e. 775 percent on face value of Rs 2 per share for FY23 amounting to Rs 6,549.24 crore.
