One 97 Communications (Paytm) slumped 10.31% on high volumes

The Markets Today in a nutshell

• Domestic benchmark indices ended with modest losses.
• Global cues were negative amid geopolitical tensions in Poland. A stronger US retail sales data also spooked investors as it could encourage US Fed to continue with aggressive rate hikes. PSU banks, realty and metal shares advanced. However, autos, consumer durables and media shares declined.

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News you could use

? One 97 Communications (Paytm) slumped 10.31% on high volumes
Japanese conglomerate SoftBank Group plans to sell 2.9 crore shares, or 4.5%, of Paytm through a block deal on Thursday (17 November 2022). The price range for the sale has been set at Rs 555-601. The sale will likely fetch SoftBank at least Rs 1,628.9 crore ($200 million).

? TATA Motors fell 2 percent 
Thierry Bolloré tendered his resignation as the CEO of Jaguar Land Rover Automotive Plc, UK (JLR), a wholly owned subsidiary of Tata Motors, due to personal reasons, with effect from 31 December 2022. Separately, Tata Motors said it will supply the 52-seater fully built BS6 diesel buses in a phased manner, as per the contract. Tata Motors said the e-bidding process was carried out through the Government tender process.

? Timken India surged 20%, on capex announcement
The company will set up new facility at Bharuch in Gujarat to manufacture spherical roller bearings (SRB) and cylindrical roller bearings (CRB) and components thereof. The company will invest about Rs 600 crore from internal accruals. The commercial production is expected from January 2025.

News from the IPO world?

• Fairfax weighing Bangalore Airport IPO at $3.7 billion report
• Medanta operator Global Health Surges 19% on debut
• Five Star Business Finance IPO share allotment expected today

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