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CORPORATE AND ECONOMY NEWS

* Biocon: The company entered a semi-exclusive partnership agreement with European pharmaceutical company Zentiva for the commercialisation of its vertically integrated, complex formulation, Liraglutide, a drug-device combination for the treatment and management of type 2 diabetes and obesity. The company has also issued commercial papers worth Rs 2,250 crore on private placement basis at a coupon of 7.75%.

* Tamilnad Mercantile Bank: The bank has entered into corporate agency agreement with Cholamandalam MS General Insurance Company and Max Life Insurance Company for marketing, distribution and selling life and general insurance products.

* SBI Cards and Payment Services: Aparna Kuppuswamy, chief risk officer of the company, has tendered her resignation. Her last working day with the company will be Feb. 10, 2023.

* Neuland Laboratories: The board appointed Abhijit Majumdar as chief financial officer and key managerial person. The board also approved transfer of company’s property spanning 1.75 lakh square feet in Nanakramguda, Hyderabad to various parties via perpetual lease for an overall consideration of Rs 117.96 crore.

* HG Infra Engineering Ltd: The company received a letter from Adani Road Transport Ltd regarding declaration of appointed date by authority as November 3 for a project worth Rs 4,970.99 crore. It involves execution of civil and associated works on engineering procurement & construction basis for development of an access-controlled six lane Ganga expressway in Uttar Pradesh on DBFOT (toll) basis under PPP.

* Reliance Industries Ltd: Telecom major Reliance Jio Infocomm Ltd on Wednesday said it has launched fifth-generation (5G) services in Pune starting November 23.

* Glenmark Pharmaceuticals Ltd: The company announced that the US drug regular has issued a warning letter for the company’s Goa facility. US FDA has earlier issued an Official Action Indicated status to the facility.

* Poonawalla Fincorp: The company clarified that the statement by Poonawalla Housing Finance’s MD & CEO Manish Jaiswal quoted in the media report of its housing arm being put on the block was in the context of the earlier in-principle approval granted by the board for raising funds in the unit.

* Zee Entertainment Enterprises: The company said the petition filed against it by Invesco and OFI before the NCLT has been dismissed.

* PVR/Inox Leisure: The Mumbai bench of NCLT will take up hearing and final disposal of PVR-Inox Leisure merger on Dec. 15, 2022.

* Adani Enterprises/Adani Power/Tata Power: Supreme Court upheld Aptel order on Rs 7,000 crore transmission contract awarded by MERC to Adani Electricity Mumbai Infra. Tata Power had challenged this order in April 2021.

* Raj Rayon Industries: The company commenced commercial production of textured yarn at its Silvassa plant.

* IIFL Wealth Management Ltd: General Atlantic Singapore Fund Pte Ltd sold 15.1 percent stake in the company via off market transactions reducing its shareholding to 5.8 percent, from 20.96 percent earlier.

* InterGlobe Aviation: The operator of IndiGo launched flight services to Portugal and Switzerland via Istanbul under its codeshare partnership with Turkish Airlines. These new routes and frequencies, effective from November 23, will offer new options and more capacity for customers exploring travel between India and Europe.

* Fusion MicroFinance: The board will convene on Nov.8 to raise funds by issue of NCDs aggregating up to Rs 145 crore on private placement basis.

* Keystone Realtors: The real estate development company will debut on the bourses today. The issue price for the IPO has been fixed at Rs 541 per share.

GLOBAL MARKETS

Global Market Update

Wall Street's main indexes ended Wednesday with solid gains after the Federal Reserve's November meeting minutes showed interest rate hikes may slow soon. The Dow Jones Industrial Average rose 95.96 points, or 0.28%, to 34,194.06, the S&P 500 gained 23.68 points, or 0.59%, at 4,027.26 and the Nasdaq Composite added 110.91 points, or 0.99%, at 11,285.32.

Crude Oil

Oil prices fell more than 3% on Wednesday, continuing a streak of volatile trading, as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level and as gasoline inventories in the United States built by more than what analysts expected. Brent futures for January delivery fell $2.95, or 3.3%, to settle at $85.41 a barrel. US crude fell $3.01, or 3.7%, to $77.94 per barrel. In early trade, both contracts had risen by over $1 a barrel.

SGX Nifty :

Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 78 points. The Nifty futures were trading around 18,332 levels on the Singaporean exchange.

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 up on Wednesday at 18325, made a high of 18325, made a low of 18246, and closed on a positive note at 18267 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 up on Wednesday at 42669 made a high of 42861, made a low of 42556, and closed on a positive note at 42729 levels. For the day, support for Bank Nifty exists at 42500 and 42000 levels, whereas resistance for Bank Nifty stands at 42850 and 43000 levels.

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