M&M Financial Services reports 75% growth in November disbursements

Opening Bell:

SGX Nifty is up by 48.0 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian indices edged higher on Monday as investors hoped steps to unwind pandemic restrictions in China would eventually brighten the outlook for global growth and commodity demand, even if full freedom could be months away. The Japanese Nikkei is up by 0.16 percent. South Korea’s Kospi is up by 0.22 percent. Hong Kong’s Hang Seng is up by 2.92 percent in the early morning trades.

Major wall street indices rallied from their days low levels, as the November payrolls report fueled expectations the Federal Reserve would maintain its path of interest rate hikes to combat inflation. However, S&P 500 closed lower on Friday. S&P 500 lost 0.12 percent whereas Nasdaq composite dropped 0.18 percent on Friday.

Stocks News:

?Societe Generale, Morgan Stanley pick Rs 243 crore shares in PB Fintech. Societe Generale and Morgan Stanley Mauritius Company picked Rs 243 crore worth of shares in the Policybazaar operator. Societe Generale bought 26 lakh shares in PB Fintech and Morgan Stanley Mauritius Company purchased 27.3 lakh shares.

?Bank of India raises Rs 1,500 crore via additional Tier-I bonds. The public sector lender has raised Rs 1,500 crore by allotting Basel-III compliant additional Tier-I bonds, to seven investors. The bonds issue opened on December 1 received good response from investors, getting bids worth Rs 6,367 crore against offer size of Rs 1,500 crore.

?M&M Financial Services reports 75% growth in disbursement for November. The company said in November 2022, the business continued its momentum with disbursement of approximately Rs 4,500 crore, delivering a 75% YoY growth on positive macro environment.

?Inox Green Energy Services Q2 loss widens to Rs 11.87 crore. The wind power operation and maintenance service provider posted net loss of Rs 11.87 crore on consolidated basis for quarter ended September FY23, increasing from loss of Rs 11.58 crore in previous quarter. Revenue from operations rose marginally to Rs 61.9 crore, from Rs 61.79 crore in same period.

?Foreign institutional investors (FIIs) net bought shares worth Rs 214.76 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 712.34 crore on December 2, provisional NSE data shows.

Domestic and International Events

• Japan’s service sector activity grew in November at slowest pace in three months, as relentless inflation dampened a part of the economy that was benefiting from the return of domestic and foreign shoppers and easing COVID-19 restrictions.
• India’s foreign exchange reserves rose for the third consecutive week due to easing pressure on the rupee after comments from US Federal Reserve Chair about slower rate hikes and a fall in crude oil prices. During the week ending November 25, the forex reserve rose $2.89 billion to $550.14 billion, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI).
• After pulling out money from Indian equities market in the past two months, FPIs made a strong come back in November with a net investment of Rs 36,329 crore on weakening of the US dollar index and positivity about overall macroeconomic trends.
• Britain’s economy is on course to shrink 0.4% next year as inflation remains high and companies put investment on hold, with gloomy implications for longer-term growth, the Confederation of Business Industry forecast on Monday.

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