IGI Logo

Stocks in News

* JSW STEEL: The company’s subsidiary raised its economic interest in M Res NSW HCC Pty to 83.33% from 66.67% by purchasing Class B shares for $24 million and subscribing to new shares worth $36 million. The funds were used by M Res NSW to acquire an additional 6% stake in Golden M NSW Pty, increasing its total holding to 36%.

* WIPRO: The company signed a multi-year deal with HanesBrands Inc to implement GenAI-driven IT 2.0 transformation.

* VEDANTA: The NCLT Mumbai heard Vedanta’s demerger petition and scheduled the final hearing for November 12. The company reaffirmed its plan to create independent, sector-focused entities across aluminium, oil & gas, power, and iron & steel.

* RELIANCE INFRASTRUCTURE: The group condemned Cobrapost’s alleged malicious campaign led by Aniruddha Bahal, calling it agenda-driven and aimed at misleading stakeholders and crashing stock prices.

* DR REDDY’S LABORATORIES: The company received a non-compliance notice from Canadian authorities over its Semaglutide injection ANDA filing and plans to respond promptly.

* TATA STEEL: The company acquired 159 crore shares of T Steel Holdings Pte for Rs.1,409 crore, making it a wholly owned foreign subsidiary.

* KIMS HOSPITAL: The company said its subsidiary, Arunodaya Hospitals, issued shares via preferential allotment, reducing KIMS’ stake from 70.67% to 64.36%.

* ADANI PORTS: The company clarified it has signed two non-binding MoUs with Jawaharlal Nehru Port Authority to explore container terminal and offshore projects at Vadhavan Port and will bid once tenders are issued, denying reports of a Rs.53,000 crore investment.

* ULTRAMARINE & PIGMENTS: The company will take part in Thirumalai Chemicals’ fundraise through an equity share issuance.

* TEXMACO RAIL & ENGINEERING: The company won orders worth Rs.33.89 crore from Central Railway and Rs.44.6 crore from Maharashtra Metro Rail Corporation.

Economic News

* India's soybean meal exports fall by 11% due to high prices: Indian soybean meal exports have experienced a notable decline, with international demand waning by 11 percent during the oil marketing year 2024-25. The primary contributor to this downturn is the elevated pricing compared to global rivals. Germany, France, Nepal, Bangladesh, and Kenya led the charge in imports, showcasing shifting dynamics that could affect India's standing in the international market.

Global News

* ECB to hold rates steady amid stable growth and near-target inflation: The ECB is set to keep rates unchanged for the third straight meeting as inflation stays near target and growth remains steady. Lagarde is expected to maintain that policy is “in a good place,” with no urgency for cuts despite trade uncertainties. While risks from weak industry and Chinese imports persist, stable growth, German fiscal support, and solid household savings back the outlook. Inflation may briefly dip but is seen normalizing, with clearer guidance expected in December.

Government Security Market:

* The Inter-bank call money rate traded in the range of 4.85%- 5.68% on Wednesday ended at 5.05% .

* The 10 year benchmark (6.33% GS 2035) closed at 6.5354% on Wednesday Vs 6.5357% on Tuesday .

Global Debt Market:

U.S. Treasury yields held steady on Wednesday as investors keenly awaited the Federal Reserve’s interest rate decision following its two-day meeting. At 6:17 a.m. ET, the benchmark 10-year Treasury yield was less than a basis point higher at 3.989%, while the 2-year Treasury note yield was also little changed at 3.502%. The 30-year bond yield was also up less than a basis point to 4.551%. Traders are pricing in a nearly 100% chance that Fed policymakers will cut rates after their meeting Wednesday. They are expected to reduce rates by a quarter percentage point to a range of 3.75% to 4.00%, according to the CME FedWatch Tool. Investors are also expecting another interest rate cut from the central bank at its December meeting. Fed Chair Jerome Powell’s speech at the press conference following the rate decision will also be closely watched, amid speculation over whether the central bank head will strike a more dovish tone. “With the U.S. government shutdown now in its fifth week, our economists anticipate that Chair Powell’s press conference will pivot away from economic data given its scarcity and instead focus on balance sheet policy, the policy framework review, and financial stability,” Deutsche Bank analysts said in a note. Investors are also keeping an eye on trade relations between the U.S. and China ahead of U.S. President Donald Trump’s meeting with Chinese President Xi Jinping in South Korea this week.

10 Year Benchmark Technical View :

The 10 year Benchmark (6.33% GS 2035) yield likely to move in the range of 6.5050% to 6.5250% level on Thursday.

SEBI Registration number is INH000000081.

Please refer disclaimer at https://geplcapital.com/term-disclaimer