LIC bought additional 2.01% stake in the IT services company

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SGX Nifty is up by 64.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Shares in the Asia-Pacific mostly rose Wednesday after US stocks rose overnight. New Zealand’s central bank delivered a 75 basis point hike, matching expectations in a Reuters poll, and the biggest rate hike ever in the central bank’s history. South Korea’s Kospi gained by 0.36 percent. Hong Kong’s Hang Seng is added 0.53 percent in the early morning trades.

US stocks rallied on Tuesday, with the S&P 500 closing at its highest level in 2-1/2 months, as a sales forecast by Best Buy dampened concerns high inflation would lead to a dismal holiday shopping season while a bounce in oil prices helped lift the energy shares. S&P 500 lost 1.36 percent whereas Nasdaq composite dropped 1.36 percent.

Stocks News:

Life Insurance Corporation of India bought additional 1.95 crore shares or 2.01% stake in the IT services company through open market transactions. With this, LIC’s shareholding increased to 6.87%, from 4.86% earlier.

Nxtra Data, a subsidiary of Bharti Airtel, has started the construction of its new hyper-scale data centre in Kolkata. The company will invest Rs 600 crore in the development of the largest data centre in East India that will cater to the underserved markets of east and north-east regions along with the SAARC countries.

Portfolio management company ValueQuest Investment, and foreign investors TNTBC, Norges Bank, and Goldman Sachs have bought Rs 221 crore worth shares in Kaynes Technology India. Valuequest Investment Advisors bought 9.84 lakh shares at an average price of Rs 764.28 a piece, TNTBC as the trustee of Nomura India Stock Mother Fund purchased 6 lakh shares at an average price of Rs 723.1 per share, Norges Bank on account of the Government Pension Fund Global bought 9.24 lakh shares at an average price of Rs 751.16 per share, and Goldman Sachs Funds – Goldman Sachs India Equity Portfolio purchased 4.66 lakh shares at an average price of Rs 705.28 per share.

Siemens company recorded 20.7% year-on-year growth in consolidated profit at Rs 381.7 crore for the quarter ended September FY22 and revenue grew by 11.6% to Rs 4,657.1 crore compared to year-ago period on strong growth across businesses. For the financial year 2021-22, consolidated profit jumped 22.5% to Rs 1,262 crore and revenue increased 22.3% to Rs 16,138 crore compared to previous year.

Foreign institutional investors (FIIs) have net sold shares worth Rs 697.83 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 636.39 crore on November 22, as per provisional data available on the NSE.

Domestic and International Events

• India, with a growth rate of 6.6 percent in this financial year, is among the fastest growing economies in Asia amid a global slowdown triggered by a massive energy shock due to the ongoing Russia-Ukraine conflict, the OECD said on Tuesday.
• India’s holdings of US Treasury Securities increased 4.3% on-month and 1.9% on a year-on-year basis in August to $221.2 billion, according to the Securities and Exchange Board of India’s (SEBI) November Bulletin.
• Japan’s weighted median inflation rate, which is closely watched as an indicator on whether price rises are broadening, hit a record 1.1% in October in a sign of heightening inflationary pressure from rising raw material and labour costs. The data will likely keep alive market expectations the Bank of Japan (BOJ) may tweak its ultra-low interest rates if wages pick up in tandem with inflation next year.
• Britain’s government may need to pay the Bank of England more than 30 billion pounds ($36 billion) next year and also in 2024 to cover losses on its quantitative easing (QE) programme, a report released by the central bank on Tuesday showed. The BoE started buying government bonds in 2009 and the size of the QE programme peaked at 895 billion pounds in December 2021, including 20 billion pounds of corporate bonds.

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