IIFL Wealth has acquired of 91% equity stake in MAVM Angels Network

Opening Bell:

SGX Nifty is down by 42 points in the early morning trade, indicating a negative opening for Indian stock market.

Shares in the Asia-Pacific fell on Wednesday as world leaders gathered in Bali, Indonesia for a second day of the Group of 20 summit. Polish authorities said a Russian-made missile killed two citizens, just hours after Ukrainian President Volodymyr Zelenskiy delivered a video speech to world leaders at the meeting. The Japanese Nikkei is down by 0.65 percent and South Korea’s Kospi is down by 0.98 percent. Hong Kong’s Hang Seng is down by 0.62 percent in the early morning trades.

Wall Street indices gained on Tuesday, shaking off an unconfirmed report of Russian missiles crossing into Poland that sparked volatility, as investors seized on softer-than-expected inflation data that raised hopes of a pullback in rate hikes by the US Federal Reserve. S&P 500 lost by 0.87 percent whereas Nasdaq composite dropped 1.45 percent.

Stocks News:

?TAP Air Portugal, the flag carrier airline of Portugal, has selected TCS as a strategic partner, to accelerate its digital transformation and drive innovation. The company will establish an Airline Digital Center (ADC) in Portugal, staffed with consultants with deep domain knowledge of the airline industry, solution architects and technology experts.

?FSN E Commerce Ventures Segantii India Mauritius offloads 33.73 lakh shares in FSN E-Commerce Ventures. Hermes Investment Funds Public Limited Company EMUM acquired 25.82 lakh equity shares in the Nykaa Fashion operator at an average price of Rs 198.48 per share. However, Segantii India Mauritius sold 33.73 lakh shares in the company at an average price of Rs 199.24 per share.

?IIFL Wealth Management has completed acquisition of 91% equity stake in MAVM Angels Network. In July this year, the company has executed share purchase and shareholders’ agreement with MAVM Angels Network (MANPL) and its shareholders to acquire 91% stake. With this, MANPL has become a subsidiary of the company.

?Bikaji Foods International, the country’s third largest ethnic snacks company will make its grand debut on the bourses on November 16. The issue price has been fixed at Rs 300 per share.

?Foreign institutional investors (FIIs) have net sold shares worth Rs 221.32 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 549.28 crore on November 15, as per provisional data available on the NSE.

Domestic and International Events

• The direct tax collection in the current fiscal is likely to exceed the budget target of Rs 14.20 lakh crore by about 30 percent, a senior official said on Tuesday. Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta also said that the Budget for next fiscal could bring about some tweaks in the TDS provision for online gaming to check tax evasion.
• India’s merchandise trade deficit widened to $26.91 billion in October as exports crashed by 17 percent year-on-year to $29.78 billion while imports rose by 6 percent, data released by the commerce ministry on November 15 showed. The trade deficit stood at $17.91 billion in October 2021.
• Oil prices rose on Tuesday and settled higher after news that oil supply to Hungary via the Druzhba oil pipeline has been temporarily suspended due to a fall in pressure. Brent crude futures rose 72 cents to settle at $93.86 a barrel, while US West Texas Intermediate crude rose $1.05 to $86.92.
• Britain’s unemployment rate unexpectedly rose and vacancies fell for a fifth report in a row as employers worried about the outlook for the economy, official data showed on Tuesday, ahead of a tough government budget plan later this week.

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