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Indian Stock Market Wrap Up For 06 Nov,2023:

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 Share Market Closing Note


Nifty above 19,400, Sensex up 595 pts; mid, smallcaps shine, PSU Banks drag:


Benchmark indices ended higher for the third consecutive session on November 6 with Nifty above 19,400.


At close, the Sensex was up 594.91 points or 0.92 percent at 64,958.69, and the Nifty was up 181.20 points or 0.94 percent at 19,411.80. About 2378 shares advanced, 1285 shares declined, and 164 shares unchanged.


Biggest gainers on the Nifty included, Divis Laboratories, Hero MotoCorp, Eicher Motors, Larsen & Toubro and Axis Bank, while losers were SBI, HUL, Tata Motors, Cipla and Titan Company.


Except PSU Bank (down 1 percent), all other sectoral indices ended in the green with pharma, capital goods, metal, oil & gas, power and realty up 1 percent each.


BSE Midcap and Smallcap indices rose 1 percent each.


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Topic :- Time:3.00 PM


Nifty spot if manages to hold above 19360 level on closing basis then expect some upmove in coming sessions and if it closes below above mentioned level then some sluggish moves can be seen. Avoid open short positions for tomorrow.


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Topic :- Time:2.30 PM


NATURALGAS Trading View:

NG is trading at 283. If it holds above 280 level then it is likely to test 288-289 levels quite soon and if it breaks and trade below 280 level then some decline can be seen in Naturalgas.


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Topic :- Time:2.15 PM


Just In:

Byjus in talks to sell US unit to Joffre Capital for $400m


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Topic :- Time:2.10 PM


Just In:

Odd-Even scheme in Delhi from November 13 to 20 to combat air pollution


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Topic :- Time:2.00 PM


Nifty is still trading in a very small range. Traders should wait and watch right now. Let some movement come before taking any big position. 


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Topic :- Time:1.45 PM


Just In:

Profit drops 29% on higher expenses, misses estimates.


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Topic :- Time:1.30 PM


GOLD Trading View:

GOLD is trading at 60830. If it manages to trade and sustain above 60865 level then expect some upmove in it and if it breaks and trade below 60780 level then some decline can be seen in the Gold.


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Topic :- Time:1.30 PM


GOLD Trading View:

GOLD is trading at 60830. If it manages to trade and sustain above 60865 level then expect some upmove in it and if it breaks and trade below 60780 level then some decline can be seen in the Gold.


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Topic :- Time:1.00 PM


After gap up opening nifty is once again trading in a very small range. Nifty spot if manages to trade and sustain above 19360-19380 levels then expect some upmove in the market and if it breaks and trade below 19320-19300 levels then some decline can follow in the Nifty.


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER is trading at 711.40. If it breaks and trade below 710 level then some decline can be seen in the market however 708 holds the key support and if it manages to hold above 708 level then it is likely to head towards 716-718 levels quite soon. 


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Topic :- Time:12.00 PM


Nifty is rangebound now after gap up opening. Nifty spot if manages to trade and sustain above 19360 level then expect some upmove in the market and if it breaks and trade below 19320 level then some decline can be seen in the Nifty.


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex up 300 pts; PB Fintech, Nykaa gain 4%, Zomato 2%

2. Adani group said to be in talks to exit FMCG joint venture with Wilmar

3. Oct auto retail sales dip 8% due to Shraddh period; Navratri sales up 18%

4. Zomatos second straight quarter of profit sees brokerages raise price targets

5. Cello World lists at Rs 831, over 28% premium to IPO price

6. Adani in talks with FMCG firms to sell its full 43.97% stake in Wilmar JV

7. L&T gains as arm to divest stake in subsidiary

8. The taxman wants to know if Indians are wearing an FPI mask

9. Zerodha demat A/Cs hit with another technical glitch

10. Protean eGov Tech IPO


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Topic :- Time:11.00 AM


After gap up opening nifty is still trading in green with good gains however nifty is losing some of its gains now. Nifty spot if manages to trade and sustain above 19360 level then expect some upmove and if it breaks and trade below 19320 level then some decline can be seen.


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Topic :- Nifty Opening Note


Indian Stock Market Trading View For 06 Nov,2023:


Nifty is likely to turn volatile as the day progresses. Global cues to dictate trend. Good stock specific action is expected through out the day.


Nifty spot if manages to trade and sustain above 19260 level then expect some upmove in it and if it breaks and trade below 19180 level then some decline can be seen in the market. Please note this is just opening view and should not be considered as the view for the whole day.


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Nifty Trading Wrap Up for 03 Nov,2023

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Share Market Closing Note


Indian benchmark indices ended higher for the second consecutive session on November 3 with Nifty above 19,200.


At close, the Sensex was up 282.88 points or 0.44 percent at 64,363.78, and the Nifty was up 97.30 points or 0.51 percent at 19,230.60. About 2215 shares advanced, 1351 shares declined, and 124 shares unchanged.


Apollo Hospitals, Adani Ports, Eicher Motors, LTIMindtree and Titan Company were among major gainers on the Nifty while losers were Bajaj Finserv, Dr Reddys Laboratories, SBI Life Insurance, IndusInd Bank and Tata Steel.


All the sectoral indices ended in the green with oil & gas, realty up 1-2 percent each.


BSE Midcap index rose 0.7 percent and smallcap index up 1 percent.


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Topic :- Time:3.00 PM


Nifty spot if manages to sustain and close above 19200 level then expect some further upmove in market in coming sessions and if it closes below above mentioned level then some sluggish movement can follow in the Nifty. Avoid open short positions for Monday.


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Topic :- Time:2.30 PM


CRUDEOIL Trading View:

CRUDEOIL is trading at 6913. It will find its immediate support at 6880. If it manages to hold above 6880 level then expect it to test 6960-6980 levels quite soon. Buy on every dip till it holds above 6880 is recommended in it. Only if it breaks and trade below 6880 level then some decline can follow in it.


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Topic :- Time:2.20 PM


Just In:

Raymond forays into aerospace, defense & EV components biz with Rs 682-crore acquisition



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Topic :- Time:2.10 PM


Just In:

Kotak banks insurance stake sale to Zurich group a signature Uday Kotak deal



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Topic :- Time:2.00 PM


Nifty spot if manages to trade and sustain above 19280 level then expect some upmove in it and if it breaks and trade below 19240 level then some decline can be seen in the market.As movement is quite less one can trade in small quantity or can avoid for now.


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Topic :- Time:1.50 PM


Just In:

India debuts its 50-year bond at 7.46%



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Topic :- Time:1.30 PM


SILVER Trading View:

SILVER is trading at 71086. If it manages to trade and sustain above 71120 level then expect some upmove in it and if it breaks and trade below 71000 level then some decline can follow in it.


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Topic :- Time:1.00 PM


Overall after gap up opening market is flat right now. Traders are advised to wait and watch let Nifty move before taking big positions. Nifty spot if manages to trade and sustain above 19260 level then expect some upmove in the market and if it breaks and trade below 19220 level then some decline can follow in the Nifty. Currently Nifty spot is trading at 19249.


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER is trading at 712. If it breaks and trade below 711 level then expect some decline in it and if it manages to trade and sustain above 712.80-713 level then some quick upmove is expected in it.


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Topic :- Time:12.15 PM


Just In:

PM Fumio Kishida announced a 17 trillion yen ($113 billion) tax-cutting economic relief package to combat Inflation.


Japan is now forced to reduce its historic Military budget


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Topic :- Time:12.00 PM


Nifty is shedding some of its early gains. Nifty spot is trading at 19241. If it breaks and trade below 19220 level then some decline can be seen and if it manages to trade and sustain above 19260 level then some upmove can follow in the market.


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex jumps 400 points, Nifty above 19,250

2. Indias services activity slows to to 7-mth low in Oct

3. Go Firsts lenders stare at ₹6,500 crore in losses

4. Indian Bank extends deadline to invest in special FDs

5. UCO Banks loan defaulters wont get sweets

6. SpiceJet boosts network with 44 new flights

7. No nation buying more planes than India

8. FTX founder Bankman-Fried convicted of defrauding cryptocurrency customers

9. Chinas services activity picks up slightly in October, sales grow: Data

10. Tata Motors surges on robust Q2 results; brokerages upbeat


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Abu Dhabi weighs investment pledges worth $50 billion for India

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The United Arab Emirates is considering investing as much as $50 billion in India, its second-largest trading partner, as part of a broader bet on the world’s fastest-growing major economy.

Provisional pledges from the UAE could be announced early next year, people familiar with the matter said, asking not to be named as the information is not public.

Any new investments would follow Narendra Modi’s meetings with UAE President Sheikh Mohammed bin Zayed in July.

The countries have been seeking to bolster ties over the past decade, and aim to increase non-oil bilateral trade to $100 billion. Modi’s recent visit to Abu Dhabi marked his fifth trip to the Gulf nation since he took over as prime minister in 2014.

The last Indian premier to visit the UAE before him was Indira Gandhi in 1981.

Deals being discussed include stakes in key Indian infrastructure projects and state-owned assets, with announcements likely before Modi seeks a third term in federal elections due next year, the people said. Some of the investments could involve sovereign wealth funds such as the Abu Dhabi Investment Authority, Mubadala Investment Co. and ADQ, they said.

The pledges are unlikely to have clear timelines for a large chunk of the investments, the people said. No final decisions have been made on the size or timing of the announcements.

As part of the push, entities overseen by Sheikh Tahnoon bin Zayed Al Nahyan have held early-stage talks on investing billions of dollars in India, one of the people said. Sheikh Tahnoon is the UAE president’s brother and chairman of International Holding Co., which disclosed a 5% stake in Gautam Adani’s flagship conglomerate last month. That came days after IHC sold down holdings in two Adani firms, though the firm reiterated its commitment to India at the time.

Representatives for India’s finance and trade ministries, the UAE government, and Sheikh Tahnoon’s private investment firm Royal Group didn’t respond to requests for comment. ADIA, ADQ and Mubadala declined to comment.

Growth Engine
Royal Group has long prized India, and executives there have called the country a potential growth engine of the next decade, Bloomberg has reported. Sheikh Tahnoon is also chairman of ADQ as well as ADIA — one of the world’s largest wealth funds, with close to $1 trillion in assets.

Lured by a rising middle class and seeking to diversify away from traditional investment destinations like Europe, Gulf state-backed investors have boosted ties with India. Others including the Qatar Investment Authority and Saudi Arabia’s Public Investment Fund have also emerged as prominent investors in the country.

The UAE’s plan is a further indicator of the government’s push to position itself as a country that avoids taking sides in a world increasingly split between Washington and Beijing.

As one of few countries to manage close to $1.5 trillion in sovereign wealth, the UAE is a vital ally to the world’s most populous nation, which is seeking to bridge infrastructure gaps. For India, any large foreign investments would help Prime Minister Modi highlight his efforts to bolster the economy ahead of the 2024 vote.

Earlier this year, the UAE announced plans to support Turkey’s embattled economy with a $51 billion investment pledge, including about $30 billion in energy. Talks over one deal in that sector — just one part of the broader bilateral push — have collapsed, Bloomberg News has reported.

Shareholders approve appointment of Isha, Akash and Anant Ambani to RIL board

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An exchange filing informed that over 98 percent of the shareholders were in favour of the appointment of Isha and Akash. However, Anant's appointment saw some pushback with over 7 percent votes against the resolution.


The shareholders of Reliance Industries (RIL) have approved the appointment of Isha Ambani, Akash Ambani and Anant Ambani to the board as non-executive directors, the firm announced in a BSE exchange filing on Friday. The resolutions were passed through postal ballot.


The filing informed that over 98 percent of the shareholders were in favour of the appointment of Isha and Akash. However, Anant's appointment saw some pushback with over 7 percent votes against the resolution but almost 93 percent were in favour.


Last year, RIL chairman Mukesh Ambani made way for his first-born Akash Ambani, to become the chairman of India's largest mobile firm, Reliance Jio Infocomm. Meanwhile, Isha was given Reliance's retail arm and Anant, the new energy business.


However, as per a Bloomberg report last week, Institutional Shareholder Services Inc., an international proxy advisory firm, had recommended that shareholders vote against the proposal to appoint Ambani’s youngest son, Anant Ambani.


“A vote against this resolution is warranted as Anant Ambani’s limited leadership/board experience of around six years, raises concerns on his potential contribution to the board," ISS had said, as per the report.


Meanwhile, it backed the board appointments of Isha and Akash Ambani in the shareholder vote, it stated.


ISS’s objections echoed the recommendations from Mumbai-based Institutional Investor Advisory Services, or IIAS, which said in an October 9 report, that “at 28 years of age," appointment of the young Ambani scion “does not align with our voting guidelines," the report added.


However, as per a Bloomberg report last week, Institutional Shareholder Services Inc., an international proxy advisory firm, had recommended that shareholders vote against the proposal to appoint Ambani’s youngest son, Anant Ambani.


“A vote against this resolution is warranted as Anant Ambani’s limited leadership/board experience of around six years, raises concerns on his potential contribution to the board," ISS had said, as per the report.


Meanwhile, it backed the board appointments of Isha and Akash Ambani in the shareholder vote, it stated.


ISS’s objections echoed the recommendations from Mumbai-based Institutional Investor Advisory Services, or IIAS, which said in an October 9 report, that “at 28 years of age," appointment of the young Ambani scion “does not align with our voting guidelines," the report added.



Illegal loan apps: MeitY urges RBI to design more detailed KYC to ensure traceability

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Ministry of Electronics and Information Technology has recommended that Reserve Bank of India design a detailed Know Your Digital Finance App (KYDFA) process that companies have to undertake before they access the Indian banking system


In a bid to tackle the growing menace of illegal instant loan apps, the Ministry of Electronics and Information Technology (MeitY) has urged the Reserve Bank of India (RBI) to design for banks a more detailed KYC process that companies will have to furnish. It will help trace errant loan apps, the ministry believes.


On October 13, the MeitY conveyed this to Department of Financial Services (DFS) and RBI in a meeting held in this regard.


"We have recommended the RBI, within their regulatory framework, to design a detailed KYC for companies, which we refer to as Know Your Digital Finance App (KYDFA), in the same manner that customers have to undergo detailed KYC for opening a bank account," Minister for State for Electronics and Information Technology Rajeev Chandrasekhar told Moneycontrol. He chaired the meeting with the RBI and DFS.


"This will ensure that only legitimate and scrutinised financial apps can access and use the Indian banking system and further, if there is any violation of law, the KYDFA process will help in establishing traceability and origin of the app for action under law," he said.



This comes at a time when several people have fallen into the trap of predatory loan apps, often driving the victims to suicide. The pull point of these apps is that they offer money instantly as loan, as opposed to more traditional methods such as through banks.


However, what these loan apps offer in terms of speed and accessibility to money, they also compromise when it comes to security and privacy of individuals. It has been well documented that these apps, when installed get access to huge amounts of smartphone data, including one's entire contact list.


There have been cases when recovery agents of such loan apps, when the borrower fails to return the money within the stipulated time, has harassed the victim by reaching out to their relatives.


In some cases, recovery agents of such apps even threaten to circulate digitally altered, poronographic images of the victims among his or her relatives.


Such incidents have often driven victims to suicide. Apart from that, police have found that several such illegal lending apps have connections to Chinese nationals, raising concerns of national security .


Both the government and app stores, where such lending apps are hosted, have taken cognisance of issues associated with such apps, and over the few years, have taken steps to address them.


The government has been sending several advisories to Google and Apple app stores to take action against such apps as they contravene several sections of the Indian Penal Code and the Information Technology Act.


Google and Apple's app stores have been identifying and removing such apps regularly. Earlier this year, Google said that it has removed more than 3,500 personal loan apps in 2022 for violating its Play Policy requirements.


The finance ministry had last year proposed that the RBI will prepare a whitelist of such applications and that the government will only allow those applications to be hosted on app stores.


However,  these measures have fallen short as complaints against such lending loan apps have increased over time. The number of complaints against such apps have more than doubled to 1,062 in FY 23, the finance ministry informed the Lok Sabha recently.


The MeitY's latest recommendation to the RBI marks a new method through which the government aims to tackle the ever-growing menace of instant loan apps.



Bajaj Finance Q2 Results LIVE Updates: Net profit rises 27.8% to ₹3,550 crore, NIIs up 26% to ₹8,841 crore

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Bajaj Finance Q2 Results LIVE Updates: The leading non-banking finance company (NBFC), announced its financial results for second quarter of FY24 today, 17 October, 2023. Bajaj Finance's net profit rose 27.8 per cent to ₹3,550 crore, compared to ₹2,781 crore in the corresponding period last year.


Analysts had expected the NBFC to report stable asset quality and strong loan growth. The company's net interest income (NII) also increased by 26.4 per cent to ₹8,841 crore, compared to ₹6,997 crore in the year-ago period.

TCS Q2 earnings: 5 things to watch out for

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Tata Consultancy Services (TCS) is set to kick-start the IT sector earnings season for the second quarter of fiscal year 2024 on October 11.


This was a crucial quarter for the IT services bellwether, given the internal restructuring of its verticals and new vertical head appointments -– the first major leadership rejig under new CEO K Krithivasan.


While there were strong deal wins, especially among the top three IT companies --- TCS, Infosys and HCL Tech -- analysts expect the quarter that ended in September 30, 2023, to remain muted amidst the uncertainty in demand and continued caution on discretionary spending.


Analysts expect EBIT margins for most IT companies, including TCS, to improve this quarter as its wage hike cycle impact was taken in Q1. TCS is likely to see an improvement of 50-60 bps, touching an estimated 23.6 percent, according to CNBC-TV18’s poll.



Here are the five themes to watch out for in TCS’ Q2 performance:



Revenue growth


According to CNBC-TV18’s estimate poll, rupee revenue growth on a QoQ basis is expected to come in at 1.3 percent at Rs 60,160 crore, compared to Rs 59,381 crore in Q1.


Profit after tax (PAT) is estimated to be up by 0.8 percent QoQ at Rs 11,162 crore. Like the previous couple of quarters, this quarter, too, will remain subdued. All eyes will be on the management commentary on whether the worst is behind.


Demand outlook


TCS reported some of the largest new deals in 2023 as well as multi-year renewals with existing clients. Some of the major deals from the last quarter include the $1 billion deal from Jaguar Land Rover (JLR) and a $1.1 billion deal from the UK’s workplace pension scheme NEST. Driven by these numbers, analysts estimate TCS’ order book for Q2 to come in the range of $11-13 billion, up from the company’s guidance of $7-9 billion.


According to analysts at Kotak Institutional Equities, the management’s commentary on the revival of discretionary spending, outlook on macroeconomic challenges, cost takeout and vendor consolidation deal pipeline, geographic trends, especially in North America, and the impact of GCC ramp-ups will be looked into.


Sectoral trends


According to analysts at ICICI Securities, TCS gets nearly 53 percent of its overall revenue from sectors like BFSI, retail and telecom, which “continue to see macro pressures and have consequently slashed their discretionary spends while putting older projects under greater scrutiny.”


While deal flows have steadied, analysts believe growth will not be very democratic and will depend on a mix of verticals, services and the company’s ability to win large deals amidst exposure to affected customers.


A lot of the deals this quarter have also seen customers increasingly looking for embedded artificial intelligence (AI) and generative AI elements into it. Hence, IT companies, too, are aggressively betting on these features to win deals. For instance, TCS started a unit called TCS AI Cloud, combining all its public cloud units and Al initiatives.


Return to offices


Last month, TCS sparked off an industry-wide debate after it decided to end work from home, making it compulsory for certain teams to be in offices for five days a week. The IT sector major employs over 600,000 people, signalling an end to the work-from-home era for the IT industry in India.


This could lead to an increase in overhead costs on the campuses, and a fear of near-term increase in attrition as angry employees may consider resigning. The management’s views on this and how it is assessing the situation will be important.


Earlier, under former CEO Rajesh Gopinathan, TCS had announced its 25X25 vision. As per the model, by 2025, only 25 percent of its associates will need to work out of facilities at any point of time. Also, employees will not need to spend more than 25 percent of their time at work.


Hiring slowdown 


A direct reflection of slowing demand in the sector was the significant reduction in quarterly net headcount addition. In Q1, TCS was the only company to have a positive net addition of 523 people. Four out of the five IT majors in India, Infosys, HCLTech, Wipro, and LTIMindtree, reported a fall in headcount in Q1FY24, with the total numbers plunging by over 20,000 as compared to the same quarter last fiscal year.


TCS was also the only IT company to share its fresher hiring target of 40,000 for FY24. Any change or update in these plans will be closely monitored. TCS, however, had delayed onboarding of lateral hires by three months due to project commencement delays. CHRO Milind Lakkad had said last quarter that all of these offers will be honoured.


Israel-Hamas War Updates: Death toll surpasses 2400, as Palestinians seek ‘safe’ shelter amid airstrikes

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Israel-Hamas War LIVE Updates: Hamas fighters on Saturday fired more than 5,000 rockets from the Gaza Strip toward Israel, killing at least 1,100 people and wounding several others, setting off air raid sirens across the country and raising the likelihood of a new round of heavy fighting. Israel has declared a complete seizure of Gaza imposing a complete blockade on the strip, as Palestinians brace for 'living another Nakba’. Now, a senior official informed that the Hamas group is ready for discussions over truce talks with Israel. 


Israeli military says ‘Hamas has nowhere to hide’


The Israeli military continued their intensive airstrikes on the Gaza strip. On Tuesday the military said that Hamas operatives had “nowhere to hide" in Gaza and that its air force was carrying out intensive airstrikes in waves every four hours.


“We will reach them everywhere," Reuters reports chief military spokesperson Rear Admiral Daniel Hagari said in a briefing.



Gaza's death toll goes past 770 owing to Israel airstrikes

Relentless airstrikes ordered by PM Benjamin Netanyahu's government on Gaza strip in retaliation to the deadly Hamas attack on Israel, has killed over 770 people, taking the total death toll on both sides of the fence to over 2000. 


At least 770 Palestinians have been killed and 4,000 wounded in Israeli air strikes, Gaza’s Health Ministry has said.


Among the dead are 140 children and 120 women, a ministry spokesperson said.


At least another 18 people were killed and 100 injured in the occupied West Bank since Saturday, the ministry added.


Nifty Round up for 03 Oct,2023

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Topic :- Share Market Closing Note


Nifty below 19,550, Sensex down 320 pts; capital goods, PSU Bank outshine.


The BSE midcap index ended flat, while smallcap index rose 0.6 percent.



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Topic :- Time:3.10 PM


Just In:

Delhi Earthquake Today: Massive earthquake tremors felt in Delhi-NCR


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Topic :- Time:3.00 PM


Nifty spot if manages to close above 19520 level then expect some upmove in coming sessions and if it closes below above mentioned level then some sluggish movement is further likely to be witnessed. Avoid open positions fo r tomorrow.


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Topic :- Time:2.40 PM


IPO Alert:

Valiant Laboratories IPO subscribed 11.92 times on final day



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Topic :- Time:2.30 PM


GOLD Trading View:

GOLD is trading at 56923. If it manages to trade and sustain above 56950 level then expect some upmove in it and if it breaks and trade below 56880 level then some decline can be seen in the Gold.


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Topic :- Time:2.25 PM


Just In:

World Cup 2023: PVR INOX in talks with ICC to live screen India matches, finals in theatres


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Topic :- Time:2.00 PM


Nifty spot is at 19541. If it manages to trade and sustain above 19560 level then expect some further upmove in the market and if it breaks and trade below 19520 level then some decline can be seen in the Nifty.


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Topic :- Time:1.45 PM


Just In:

Anil Agarwal Exclusive: Vedanta chairman aims to complete sale of steel asset by March 2024


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Topic :- Time:1.30 PM


CRUDEOIL Trading View:

CRUDEOIL is trading at 7368.If it holds above 7330 level then expect it to test 7400-7420 levels quite soon. Buy on every dip till it holds above 7330 is recommended in it.


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Topic :- Time:1.00 PM


Nifty spot if manages to trade and sustain above 19560 level then expect some upmove in the market and if it breaks and trade below 19520 level then some decline can be seen. Currently Nifty spot is trading at 19541.


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER is trading at 702. If it manages to trade and sustain above 705 level then expect it to rise and if it breaks and trade below 700 level then it will head towards 695-693 levels quite soon.


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Topic :- Time:12.05 PM


Just In:

Vedanta shares surge after initial volatility on demerger plans, up over 10% in two sessions


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Topic :- Time:12.00 PM


Nifty spot if manages to trade and sustain above 19520 level then expect some upmove in the market and if it breaks and trade below 19480 level then some decline can be seen in the Nifty.


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Topic :- Time:11.50 AM


Just In:

Bandhan Bank reopens online and debit card services after 3 days but customers complain of disruptions


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex falls 400 points, Nifty below 19,550

2. Vedanta shares jump after demerger plan.

3. India asks Canada to withdraw dozens of diplomats

4. Indias factory activity grows at slowest pace in 5 mths

5. Jio adds another ₹16,640 crore ammo for 5G boost

6. JSW Infrastructure shares debut at 20% premium

7. PNB Housing stock price up 109.3% in last one year

8. Adani Ports shares rise 1% after 1HFY24 cargo hits lifetime high of 202.6 MMT


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Topic :- Nifty Opening Note


Indian Stock Market Opening View For 03 Oct,2023:


Nifty is likely to remain volatile and is expected to follow global cues. Nifty spot if manages to trade and sustain above 19680 level then expect some upmove in the market and if it breaks and trade below 19580 level then some decline can be seen in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.


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JSW Infrastructure IPO booked 37 times on final day, retail portion subscribed 9.91 times

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The initial public offering (IPO) by JSW Infrastructure, part of the JSW Group, has been subscribed 36.96 times on the final day of bidding.


Retail investors, who have 10 percent reservation in the public issue, have bought 9.91 times the allotted quota, while the portion set aside for high networth individuals, which is 15 percent of the total offer, was subscribed 15.94 times.


Qualified institutional buyers (QIB), who are generally considered medium-to-long term investors, have bid 56.49 times their reserved portion which is 75 percent of the issue size.


The quota for QIB was reduced after anchor investors bought Rs 1,260 crore worth of shares, which is 60 percent of the total QIB book, on September 22. HSBC, Morgan Stanley, ICICI Prudential Mutual Fund, Government of Singapore, LIC Mutual Fund, SBI Mutual Fund, Fullerton, The Master Trust Bank of Japan, Monetary Authority of Singapore, Goldman Sachs, Sunil Singhania-owned Abakkus, and HDFC Mutual Fund were amongst the marquee names who participated in the anchor book.

The port-related infrastructure company intends to raise Rs 2,800 crore through its public issue, which so far has subscribed 2.13 times in the first two days of bidding, i.e. September 25 and 26.


The price band for the offer is Rs 113-119 per share.


The maiden public issue comprises only a fresh issue component. Hence, the entire fresh issue proceeds, excluding IPO expenses, will go to the maritime-related services company.


India's second largest commercial port operator will reduce its debt burden by Rs 880 crore through the fresh issue funds. At the end of June 2023, it had total outstanding borrowings at Rs 4,228.4 crore on a consolidated basis.


Further, Rs 1,029.04 crore will go towards expansion or upgradation works at Jaigarh Port, owned by subsidiary JSW Jaigarh Port, and the Rs 151.05 crore will be utilised for the Mangalore Container Terminal owned by subsidiary JSW Mangalore Container Terminal.


And the remaining amount will be used by the firm for general corporate purposes going ahead.


JSW Infrastructure, the fastest-growing port-related infrastructure company with diversified operations in terms of cargo profile, geography, and assets, has recorded a 62.3-percent CAGR growth in net profit during FY21-FY23, and 41-percent CAGR growth in revenue from operations during the same period.


The company benefits from a strong corporate lineage of the JSW Group having strategically located assets in close proximity to JSW Group customers and industrial clusters supported by multi-modal evacuation infrastructure, Sharekhan said.


The market capitalisation post issue, at the upper price band, will be Rs 24,990 crore, while peer Adani Ports and Special Economic Zone has a market cap of Rs 1,77,243 crore on September 26's closing.


JSW Infrastructure has expanded its operations from one Port Concession at Mormugao, Goa in 2002, to nine Port Concessions as of June 2023 across India, making them a diversified maritime ports company. Its installed cargo handling capacity in India grew at a CAGR of 15.27 percent from 119.23 MTPA in March 2021 to 158.43 MTPA in March 2023.


JSW Infrastructure IPO Grey Market Premium


The company will finalise the basis of allotment of IPO shares by October 3, and equity shares will be credited to demat accounts of eligible investors by October 5.


The trading in its equity shares will commence with effect from October 6, which is the old T+6 timeline, as per the IPO schedule.


This will be the first listing from the JSW Group since 2010, when it had listed its energy business separately.


Henceforth, whether the company is going to adopt voluntarily the new T+3 timeline for listing or not will be closely watched by participants. Companies launching IPOs since September 1, 2023 can voluntarily list shares in the T+3 timeline, while it will be mandatory for all companies launching IPOs with effect from December 1, 2023.


JSW Infrastructure shares were available at around a 15-percent premium over the upper price band, in the grey market, an unofficial platform for trading in IPO shares till the listing, analysts said on anonymity.

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