Bajaj Finance shares purchase agreement to acquire up to 40% stake in Snapwork Technologies.

Opening Bell:

SGX Nifty is down by 76.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Stocks and oil weakened on Monday as rare protests in major Chinese cities against the country’s strict zero-Covid policy raised worries about management of the virus in the world’s second-largest economy. The Japanese Nikkei is down by 0.72 percent. South Korea’s Kospi declined by 1.24 percent. Hong Kong’s Hang Seng is down by 3.51 percent in the early morning trades.

The Nasdaq closed Friday’s shorter session lower with pressure from Apple Inc, while the dollar gained as investors shied away from risk as they worried about consumer spending and monitored China’s reaction to a resurgence of Covid cases. S&P 500 lost 1.14 percent whereas Nasdaq composite dropped 0.52 percent on Friday.

Stocks News:

?Bajaj Finance as entered into a share purchase agreement to acquire up to 40% stake in Snapwork Technologies by way of primary and secondary transactions. The company intends to strengthen technology roadmap through this acquisition which will be completed by December 2022. The acquisition cost is Rs 93 crore.

?HeroMotocorp has decided to make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective from December 1, 2022. The price increase will be up to Rs 1,500 and the exact quantum of increase will vary by specific models and markets. This will help the company offset any further cost impact, and drive improvement in margins.

?L&T Finance Holdings has completed 100 percent stake sale in subsidiary L&T Investment Management and received Rs 3,484 crore ($425 million) as consideration for the sale of L&T Investment Management from HSBC Asset Management (India). The company also realised surplus cash balance of Rs 764 crore in L&T Investment Management.

?Indian Oil Corporation has raised Rs 2,500 crore by issuing 25,000, 7.44% NCDs of Rs 10 lakh each on private placement basis. IOC will utilise funds for refinancing existing borrowing or funding capital expenditure.

?Foreign institutional investors (FIIs) net bought shares worth Rs 369.08 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 295.92 crore on November 25, as per provisional data available on the NSE.

Domestic and International Events

• Oil edged lower as unrest in China hurt risk appetite and the demand outlook, adding to stresses in an already-fragile global crude market.
• India wants to narrow its budget deficit by at least 50 basis points, according to people familiar with the matter, as authorities balance global investor scrutiny with the need for higher spending as the nation enters an election year.
• China’s industrial firms saw overall profits decline further in the January-October period as Covid-19 outbreaks flared up and cities imposed new virus curbs, including targeted lockdowns, dampening economic activity.
• Foreign portfolio investors have rediscovered their liking for Indian equities, making a net investment of Rs 31,630 crore in November on hopes of an end to the aggressive rate hikes, and positivity about overall macroeconomic trends. According to experts, after remaining net sellers in August and September, Foreign Portfolio Investors (FPIs) are unlikely to be major sellers going forward.

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