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CORPORATE AND ECONOMY NEWS

* Lupin: USFDA issues Form-483 with 8 observations for Lupin's Mandideep facility. The USFDA has issued Form-483 with 8 observations for the drug product facility and API facility at Mandideep. The US drug regulator has inspected company's Mandideep unit-1 facility during November 14-23, 2022. "We do not believe this will have an impact on disruption of supplies or the existing revenues from operations of this facility," the company said.

* Biocon: Biocon Biologics allots shares worth Rs 2,205.6 crore to parent company Biocon. Biocon Biologics has allotted equity shares worth Rs 2,205.63 crore to parent company Biocon. Its stake in Biocon Biologics will be 88.85% post allotment of shares.

* Punjab National Bank: Punjab National Bank gets DIPAM approval for stake sale in UTI AMC. The public sector lender has received approval of DIPAM, Ministry of Finance, for divestment of stake in UTI Asset Management Company in single or multiple tranches. As of now, PNB holds 15.22% stake in UTI AMC. The objective is to realise gain on investment.

* Indian Oil Corporation: ICICI Bank, ICICI Prudential Life Insurance, HDFC Life Insurance and SBI Life Insurance have entered into agreements to invest in seed capital of a proposed joint venture of Indian Oil Corporation and Chennai Petroleum Corporation.

* Allcargo Logistics: The company’s wholly owned subsidiary Allcargo Belgium NV has entered into a share purchase agreement with NBG Logistik Beteiligungs und Beratungsges mbH to acquire 75% stake in Fair Trade GmbH Schiffahrt, Handel und Logistik for €12 million (Rs 101.95 crore).

* Tata Steel Long Products: The company acquired additional 4.69 crore shares of subsidiary Neelachal Ispat Nigam at a premium of Rs 54 apiece for Rs 300 crore.

* HDFC Bank: The bank appointed Bhavesh Zaveri as executive director and redesignated Kaizad Bharucha as deputy managing director for a period of three years.

* West Coast Paper Mills: Icra revised the long-term rating to [ICRA] AA from [ICRA] AA-, with stable outlook.

* Laurus Labs: The pharma company has entered into share subscription agreement and shareholders' agreement with Ethan Energy India for buying 26 per cent stake in Ethan Energy India. This will enable the company to consume 100 percent of the solar energy to be supplied by Ethan Energy India from their 10 MW solar energy plant.

* Bharti Airtel: The company revised its foreign currency convertible bonds conversion price to Rs 521 per share.

* PVR: The company opened a 12-screen multiplex in Thiruvananthapuram, Kerala.

* Veranda Learning Solutions: The company has partnered with IIM Raipur and Society for Human Resource Management to launch an online MBA course in HR management for executives.

* Tube Investments of India: Tube Investments of India to pick 50% stake in start-up X2Fuels and Energy. The auto ancillary company will pick 50% stake in X2Fuels and Energy, a start-up company engaged in developing processes to convert waste to liquid/solid fuels, for Rs 6.15 crore. Tube Investments has signed shares' subscription agreement with X2Fuels and Energy, and its founders.

* State Bank of India: The central board of the bank will meet on Nov. 29 to consider raising Rs 10,000 crore, including a green shoe option of Rs 5,000 crore, via infrastructure bonds during the current fiscal.

* PTC India: The power trading solution provider's consolidated net profit more than trebled to Rs 157.11 crore in the March 2022 quarter, mainly due to lower expenses. The consolidated net profit of the company was Rs 49.77 crore in the quarter ended March 31, 2021.

GLOBAL MARKETS

Global Market Update

Shares in the Asia-Pacific traded mixed as investors digest economic data from the region, including Tokyo’s consumer price index and Singapore’s final gross domestic product readings. Markets in the US were closed for the Thanksgiving holiday and will close early on Friday. In Australia, the S&P/ASX 200 in Australia rose 0.15%. The Nikkei 225 fell 0.32% and the Topix also fell 0.21%. In South Korea, the Kospi fell 0.22%.

Crude Oil

Benchmark Brent oil edged lower on Thursday while West Texas Intermediate (WTI) crude held steady, hovering in sight of twomonth lows as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much it would limit supply. A bigger-than-expected build in US gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Brent crude futures were down 29 cents, or 0.3%, to $85.12 a barrel by 15.15 p.m. ET (2015 GMT), while US WTI crude futures rose 2 cents, to $77.96.

SGX Nifty :

Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 41 points. The Nifty futures were trading around 18,626 levels on the Singaporean exchange.

.Nifty Outlook: Nifty opened gap up on Thursday at 18326, made a high of 18530, made a low of 18294, and closed on a positive note at 18484 levels. For the day, support for the Nifty exists at 18300 and 18200 levels, whereas resistance for the Nifty stands at 18600 and 18650 levels.

Bank Nifty Outlook: Bank Nifty opened gap up on Thursday at 42838 made a high of 43163, made a low of 42770, and closed on a positive note at 43075 levels. For the day, support for Bank Nifty exists at 42750 and 42500 levels, whereas resistance for Bank Nifty stands at 43500 and 44000 levels.

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