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CORPORATE AND ECONOMY NEWS

* Bharat Electronics: The company has signed an MoU with Advanced Weapons and Equipment India o jointly address domestic and export opportunities in the areas of air defence, artillery gun systems, medium caliber weapons, small arms and related systems. The company has also signed an agreement with Armoured Vehicles Nigam for collaboration in in the areas of combat vehicles, main battle tanks, infantry fighting vehicles, armored fighting vehicles and related systems.

* UltraTech Cement: The cement company has commenced operation at its third Birla White Wall Care Putty plant in Rajasthan with a capacity of 4 LMT per annum, at a total cost of Rs 187 crore. Now it has a Wall Care Putty capacity of 13 LMT per annum.

* Blue Dart: The transportation and distribution company has opened more than 19 retail outlets in Tier I and II towns as part of its expansion plans. These stores are located in 14 states including Uttarakhand, Haryana, Uttar Pradesh, Rajasthan, Punjab, Telangana, Andhra Pradesh, Maharashtra and Karnataka.

* Fortis Healthcare: Malaysia's IHH Healthcare on Thursday said Sebi has advised it to proceed with its stalled open offer to acquire 26.1% market share in Fortis Healthcare only after obtaining an order from the Delhi High Court. IHH Healthcare had acquired a 31.1% stake in Fortis by infusing fresh capital of ?4,000 crore in November 2018. The company is waiting for a go-ahead to proceed with its stalled open offer to acquire an additional 26.1% stake in Fortis.

* CSB Bank: The bank has received approval from the Reserve Bank of India for appointment of Bhama Krishnamurthy as part-time chairperson with effect from November 17. She will serve in this capacity till September 28, 2024.

* Aditya Birla Fashion and Retail: The company enteed into a strategic partnership with Galeries Lafayette to open luxury department stores and a dedicated ecommerce platform in India.

* Mahindra Lifespace Developers: The real estate company has launched its residential project - Mahindra Citadel Phase 1, at Pimpri Chinchwad, Pune.

* R Systems International: US private equity firm Blackstone Group has agreed to invest $359 million (Rs 2,904 crore) to take a majority stake in the digital IT services firm from its existing promoters and will launch an open offer to take the company private in the first such M&A deal after the market regulator amended delisting rules last December.

* PTC India Financial Services: State-run PTC India on Thursday reported an over 5- fold growth in its net profit for FY22 at crore ?129.98 crore. “PAT of Rs.129.98 crore for FY22 against ?25.60 crore for FY21 (over 400%). The Company is now positioned to focus on growth and performance," the company said. PTC India's Profit before Tax (PBT) stood at ?33.53 crore and Profit after Tax (PAT) stood at Rs. 24.98 crore for Q4FY22.

* Bajaj Auto: Life Insurance Corporation of India sold 56.68 lakh shares or a 2% stake in the automobile company, Bajaj Auto, via open market transactions, according to reports. With this, LIC's shareholding in the company stands reduced to 5.2% from 7.2% earlier.

* FSN E-Commerce Ventures Ltd: Investor Mala Gopal Gaonkar has sold stake in Nykaa worth Rs 1,009 crore via open market transaction. Canada Pension Plan Investment Board bought 1.7 crore shares in the company. Additionally, American investment company TPG Capital is expected to sell shares worth Rs 1,000 crore on Friday. The companies pre-IPO lock-in period expired on November 10.

* Ahluwalia Contracts (India): The company has secured two contracts cumulatively worth Rs 530.05 crore.

* Vedanta: The board of the company will meet on Nov. 22 to consider and approve third interim dividend for the current fiscal.

GLOBAL MARKETS

Global Market Update

Wall Street's main indices ended modestly lower on Thursday in a choppy session as hawkish comments from a US Federal Reserve official and data showing the labor market remained tight led some investors to worry about more aggressive interest rate hikes. The Dow Jones Industrial Average fell 7.51 points, or 0.02 percent, to 33,546.32, the S&P 500 lost 12.23 points, or 0.31 percent, to 3,946.56 and the Nasdaq Composite dropped 38.70 points, or 0.35 percent, to 11,144.96.

Crude Oil

Oil prices fell more than 3 percent on Thursday, with demand squeezed by mounting Covid-19 cases in China and fears of more aggressive hikes in US interest rates. Brent crude fell $3.08 to settle at $89.78 a barrel, down 3.3 percent. US West Texas Intermediate (WTI) crude slid $3.95, or 4.6 percent, to settle at $81.64 per barrel.

SGX Nifty:

:Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 42 points today. The Nifty futures were trading around 18,417 levels on the Singaporean exchange.

Nifty Outlook: Nifty opened gap down on Thursday at 18359, made a high of 18418, made a low of 18313, and closed on a negative note at 18344 levels. For the day, support for the Nifty exists at 18200 and 18000 levels, whereas resistance for the Nifty stands at 18400 and 18500 levels.

Bank Nifty Outlook: Bank Nifty opened gap down on Thursday at 42400 made a high of 42623, made a low of 42367, and closed on a negative note at 42458 levels. For the day, support for Bank Nifty exists at 42000 and 41800 levels, whereas resistance for Bank Nifty stands at 42800 and 43000 levels.

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