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CORPORATE AND ECONOMY NEWS

* Reliance Industries: The NCLT gave its approval to Reliance Jio, the telecom arm of the company, to acquire Reliance Infratel, the holding company for tower and fibre assets of Reliance Communications.

* Lupin: The company signed an MoU with Rajasthan government for Collaboration to strengthen healthcare system, reduce prevalence and improve health outcomes for patients diagnosed with cardiovascular disease and chronic obstructive pulmonary disease in Alwar.

* Axis Bank: S&P Global Ratings upgraded the bank’s long-term and short-term issuer credit rating to 'BBB-/A-3' from 'BB+/B', with stable outlook on the long-term rating. The agency also upgraded the long-term issue rating on the bank's senior unsecured notes to 'BBB-' from 'BB+'.

* JK Paper Ltd: The paper and packaging board company has entered into a share purchase and shareholders’ agreements for acquisition of 85 percent stake of Horizon Packs (HPPL)and Securipax Packaging (SPPL). The company intends to acquire the remaining 15 percent stake within the next three years.

* Jubilant Foodworks: The food services company has received approval of its board to set up a subsidiary to run Domino's Pizza business in Nepal. The subsidiary will be set up under Jubilant FoodWorks International Luxembourg.

* Force Motors: The Pune-based automotive major said it has commenced the production of its next-generation shared mobility platform Urbania, developed at an investment of Rs 1,000 crore. It showcased the new shared mobility platform, then code-named T1N, at the Auto Expo in 2020.

* New Delhi Television: Adani group's open offer to acquire an additional 26% stake in the media firm from the market to start from November 22, and will close on December 5. The price band for the offer has been fixed at Rs 294 per share. Earlier this month, Sebi had granted its approval to the proposed open offer.

* Power Finance Corporation: The company has incorporated two special purpose vehicles for the development of independent transmission projects. Both will be wholly owned subsidiaries of PFC Consulting, a wholly owned subsidiary of Power Finance Corporation. Subsidiary Raipur Pool Dhamtari Transmission Limited will develop Western Region Expansion Scheme - XXVII and another subsidiary Dharamjaigarh Transmission Limited will develop Western Region Expansion Scheme-XXVIII and XXIX.

* FSN E-Commerce Ventures: Lighthouse India will sell shares worth Rs 335 crore of Nykaa via block deal on Tuesday at a price band of Rs 180- 183.50 per share. The Bank of America Corporation is banker to the deal. ? Sadbhav Engineering: Vasistha C Patel has resigned as Chief Executive Officer (CEO) of the company with immediate effect. Nitin R Patil also resigned as Executive Director and Chief Financial Officer of the company.

* MIC Electronics: The industrial electronics firm has received tender for supply, installation, testing, commissioning and comprehensive annual maintenance contract of telecom material at railway stations in Madhya Pradesh. The value of the said tender is Rs 2.02 crore.

* Delhivery: Morgan Stanley Asia (Singapore) Pte - ODI bought 48.54 lakh equity shares in the company at an average price of Rs 330 per share. However, investor CA Swift Investments sold 1.84 crore shares in the company at an average price of Rs 330.02 per share. CA Swift had held 5.07% or 3.68 crore shares in Delhivery as of September 2022.

* Kirloskar Electric Company: The company's Govenahalli unit has extended partial lay-off for 36 workmen out of 148 for 60 days, with effect from Nov. 20, 2022. All workmen laid-off at the Bhudihal unit have been recalled from Dec. 01, 2022. ? Kaynes Technology India: The electronics manufacturing company will make its debut on the bourses today. The issue price has been fixed at Rs 587 per share.

GLOBAL MARKETS

Global Market Update

Wall Street's main indices ended Monday roughly down amid fears that China could resume stricter measures to fight Covid-19 after it said it faces its most severe test of the pandemic. The Dow Jones Industrial Average fell 45.41 points, or 0.13 percent, to 33,700.28, the S&P 500 lost 15.4 points, or 0.39 percent, to 3,949.94 and the Nasdaq Composite dropped 121.55 points, or 1.09 percent, to 11,024.51.

Crude Oil

Oil prices rebounded from early losses on Monday after Saudi Arabia denied a report it was discussing an increase in oil supply with OPEC and its allies. Brent crude futures for January settled at $87.45, shedding 17 cents. US West Texas Intermediate (WTI) crude futures for December settled at $79.73 a barrel, falling 35 cents ahead of the contract's expiry later on Monday.

SGX Nifty:

Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 40 points. The Nifty futures were trading around 18,245 levels on the Singaporean exchange.

Nifty Outlook:Nifty opened gap down on Monday at 18262, made a high of 18246, made a low of 18133, and closed on a negative note at 18160 levels. For the day, support for the Nifty exists at 18100 and 18000 levels, whereas resistance for the Nifty stands at 18400 and 18500 levels.

Bank Nifty Outlook: Bank Nifty opened gap down on Monday at 42287 made a high of 42387, made a low of 42203, and closed on a negative note at 42347 levels. For the day, support for Bank Nifty exists at 42000 and 41800 levels, whereas resistance for Bank Nifty stands at 42600 and 43000 levels.

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