Indian Railway Finance Corporation shares hit 52-week high after 2.45 million shares changed hands in two bunch trades
Can Fin Homes to consider interim dividend on November 28
Can Fin Homes’ board of directors will hold a meeting to consider a proposal for payment of ‘interim dividend’ for FY23, on November 28. They will also fix record date for payment of interim dividend, if any.
Can Fin Homes was quoting at Rs 524.10, down Rs 1.20, or 0.23 percent.
IOL Chemicals gets patent for preparation of Sartan Drugs Of Formula:
The company informed that Controller of Patent, Indian Patent Office, Government of India has granted patent for invention entitled “An improved safe process for the preparation of Satran Drugs oF Formula I. Valsartan, Losartan, Irbesartan, Olmesartan, Candesartan and other Sartan drugs are a class of medicines
known as angiotensin II receptor blocker (ARBs) used to treat high blood pressure and heart failure. IOL Chemicals was trading at Rs 352.25, up Rs 21.50, or 6.50 percent on BSE. It has touched an intraday high of Rs 356.20 and an intraday low of Rs 331.05.
ICICI Bank to acquire 10% in a JV of IOC and Chennai Petro for Rs 50,000
Cipla: US FDA classifies company’s Goa manufacturing unit as official action indicated. – US FDA may continue to withhold product approvals from Goa facility- Product approvals from Goa may remain on hold till observations are resolved.
Market update at 11 AM: Sensex is up 329.90 points or 0.54% at 61840.48, and the Nifty jumped 103 points or 0.56% at 18370.30.
LIC of India picks additional 2.01% stake in M&M Financial Services
Life Insurance Corporation of India bought additional 2.01% shares in Mahindra & Mahindra Financial Services via open market transactions, increasing the shareholding to 7.02% from 5.01% earlier.
Mahindra & Mahindra Financial Services was quoting at Rs 205.30, down Rs 1.55, or 0.75 percent.
Ravindra V.Rao, CMT, EPAT VP-Head Commodity Research Kotak Securities:
WTI Crude oil trades flat near $77.80/bbl after a near 4% fall in the previous session. Price cap on Russian oil by G7 above the current market level is putting a downward pressure on price. As per the EU official they are considering a price cap on Russian oil between USD 65 to USD 70 which is around the level Russian crude is trading at. However, Russia has indicated that it will pull off the exports to nations who are joining the price cap. This will eventually be bullish for prices as supply tightness might trigger buying.
Additionally, oil price also got a hit amid rise in product inventories as indicated by the EIA inventory report. On the positive side crude oil got some support from US Dollar weakness after the release of FOMC minutes.
On the price front WTI crude oil didn’t sustain above USD 82/bbl level which was the resistance. However, the correction in oil prices might deepen further only if it closes and sustains below USD 75/bbl, the recent low which is also a double / identical bottom. Till then a range move expected between USD 82-76/bbl. Bulls need to close it above USD 82 if they want to take it to USD 85/bbl.
BSE Fast Moving Consumer Goods index added 0.5 percent led by the Avanti Feeds, Nath Bio-Genes (India), Advanced Enzyme Technologies
Insurance Companies In Focus:
The IRDAI has proposed another set of draft guidelines for the expenses of management and commissions for both life and non-life companies.
For general insurance and health insurance companies, the revised draft proposes a 30-35 percent expense cap. The big change in the revised draft commission guidelines is the proposal to remove commission caps for both life and non-life insurers.
A report from CLSA suggests this to be positive for PB Fintech as it substantially reduces regulatory risk for commission rates. For life insurers, it says that HDFC Life and Max Life have been paying more to their bank partners while in the case of SBI and ICICI Pru Life, the brokerage would like to watch if the parent bank ask for more commissions from their insurance partners.
PB Fintech was quoting at Rs 425.90, up Rs 25.25, or 6.30 percent on the BSE.
Oil drops as Russian price cap proposal eases tight supply fears
Oil trickled down on Thursday, hovering around two-month lows, as the proposed price cap on Russian oil from Group of Seven (G7) nations was considered higher than the current trading levels, alleviating concerns over tight supply.
A greater-than-expected build in U.S. gasoline inventories and widening COVID controls in China added to downward pressure.
Brent crude futures dipped 21 cents, or 0.3%, to $85.20 a barrel by 0431 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell by 16 cents, or 0.2%, to $77.78 a barrel.
Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level.
Gold advances as Fed signals slower rate hikes
Gold prices bounced above the key $1,750 an ounce level on Thursday, consolidating gains after minutes of the U.S. Federal Reserve’s latest meeting signalled slower interest rate hikes.
Spot gold rose 0.4% to $1,755.73 per ounce by 0321 GMT. U.S. gold futures advanced 0.6% to $1,755.90.