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CORPORATE AND ECONOMY NEWS

* Ircon International: The company emerged as the lowest bidder for construction of balance work of Bahuti Canal Project by Water Resource Department, Madhya Pradesh government on turnkey basis. ? Asian Paints: The company has entered into technology and other allied agreements with Kellogg Brown & Root for manufacturing of Vinyl Acetate Monomer in India.

* Aurobindo Pharma: The U.S. FDA inspection of the company’s API non-antibiotic manufacturing facility in Pydibhimavaram, Srikakulam District, Andhra Pradesh has been completed with the reception of an establishment inspection report.

* Tata Motors: Thierry Bollor, the CEO of Jaguar Land Rover and independent director of Tata Motors, has resigned, effective December 31. Adrian Mardell will take over as interim CEO at Jaguar Land Rover.

* Balrampur Chini Mills: The company has commenced commercial production of industrial alcohol in its new distillery at Maizapur unit, with a capacity of 320 KLPD (kilo litre per day). With the said addition, the total distillation capacity of the company now stands at 880 KLPD.

* Tata Power: Tata Power Solar Systems, a subsidiary of Tata Power Renewable Energy, has tied up with Union Bank of India, to help MSME sector switch to solar solutions. The objective of this collaboration is to improve access to green energy and save on the cost of electricity, thus making MSMEs more profitable.

* Wipro: The IT services company has reached an agreement with employee representatives on setting up a European Works Council (EWC). Wipro’s EWC is the first to be established by an India-headquartered company. The creation of an EWC follows a request by employees under an EU directive establishing the opportunity in companies with more than 1,000 employees across multiple European locations.

* Hindustan Zinc: The metal player's board of directors approved second interim dividend of Rs 15.50 per share that is, 775 per cent on face value of Rs 2 per share for FY23 amounting to Rs 6,549.24 crore. ? Timken India: The company will set up a 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.

* Page Industries: The apparel manufacturer said it will invest Rs 290 crore to set up two facilities in Telangana. The new units will provide a total employment to 7,000 local youngsters. It will manufacture garments which include sportswear and athleisure wear.

* Tera Software: The microcap IT company has received work orders worth Rs 46.7 crore from Bharat Electronics, for scanning & digitizations - E Mahabhoomi Polygons in 14 districts of Maharashtra. The period for completion of work will be 19 months.

* Suven Life Sciences Ltd: The company announced the randomiation of first patient in the Phase-3 global clinical trial of Masupirdine for the treatment of agitation in patients with dementia of the Alzheimer's type.

* State Bank of India: The bank has signed a €150 million (Rs 1,240 crore) agreement with German development bank KfW. The loan agreement will finance solar power projects in India under Indo-German solar partnership.

* One97 Communications Ltd: According to a report by Bloomberg, SoftBank is looking to sell $215 million worth of shares in Paytm as the fintech's lock-in for preIPO investors ends later this week.

* Gujarat Themis Biosyn: The company’s board will convene on Nov. 21 to consider a dividend for the current fiscal.

GLOBAL MARKETS

Global Market Update

Wall Street's main indices ended lower on Wednesday as a grim outlook from Target spurred fresh concerns about retailers heading into the crucial holiday season, while semiconductor shares slid after Micron's supply cut. The Dow Jones Industrial Average fell 39.09 points, or 0.12 percent, to 33,553.83, the S&P 500 lost 32.94 points, or 0.83 percent, to 3,958.79 and the Nasdaq Composite dropped 174.75 points, or 1.54 percent, to 11,183.66.

Crude Oil

Oil prices settled more than a dollar lower on Wednesday after Russian oil shipments via the Druzhba pipeline to Hungary restarted and as rising Covid-19 cases in China weighed on sentiment. Brent crude futures settled a dollar lower at $92.86 a barrel, down 1.1 percent. US West Texas Intermediate (WTI) crude futures slid by $1.33, or 1.5 percent, to settle at $85.59 a barrel.

SGX Nifty:

Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 67 points. The Nifty futures were trading around 18,413 levels on the Singaporean exchange.

Nifty Outlook: Nifty opened flat on Wednesday at 18398, made a high of 18442, made a low of 18344, and closed on a flat-to-positive note at 18410 levels. For the day, support for the Nifty exists at 18300 and 18200 levels, whereas resistance for the Nifty stands at 18500 and 18600 levels.

Bank Nifty Outlook: Bank Nifty opened flat on Wednesday at 42372 made a high of 42612, made a low of 42296, and closed on a positive note at 42535 levels. For the day, support for Bank Nifty exists at 42300 and 42000 levels, whereas resistance for Bank Nifty stands at 42800 and 43000 levels.

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