PNB gets DIPAM approval for stake sale in UTI AMC.

Opening Bell:

SGX Nifty is down by 53 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian Markets were mixed in early morning as investors take a not of economic data published in the region. The economic data points include Tokyo CPI index and Singapore’s GDP numbers. The Japanese Nikkei is down by 0.20 percent. South Korea’s Kospi gained by 0.01 percent. Hong Kong’s Hang Seng is down by 1.24 percent in the early morning trades.

US markets were closed Yesterday and will be closed on Friday on account of Thanksgiving Holiday. S&P 500 gained 0.59 percent whereas Nasdaq composite added 0.99 percent on Wednesday.

Stocks News:

?State Bank of India (SBI) is considering to raise funds through issuance of infrastructure bonds worth up to Rs 10,000 crore during FY23, the country’s largest lender said in a regulatory filing on November 24. The total issuance includes Rs 5,000 crore greenshoe, and the bonds will be issued through public issue or private placement

?USFDA issues Form-483 with 8 observations for Lupin’s Mandideep facility. The USFDA has issued Form-483 with 8 observations for the drug product facility and API facility at Mandideep. The US drug regulator has inspected company’s Mandideep unit-1 facility during November 14-23, 2022.

?WF Asian Smaller Companies Fund buys 1.5% equity stake in Policybazaar operator. Hedge fund WF Asian Smaller Companies Fund bought 67.75 lakh shares in Policybazaar operator via open market transactions, which is 1.5 percent of total paid-up equity.

?Punjab National Bank gets DIPAM approval for stake sale in UTI AMC. The public sector lender has received approval of DIPAM, Ministry of Finance, for divestment of stake in UTI Asset Management Company in single or multiple tranches. As of now, PNB holds 15.22% stake in UTI AMC. The objective is to realise gain on investment.

?Foreign institutional investors (FIIs) net bought shares worth Rs 1,231.98 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 235.66 crore on November 24, as per provisional data available on the NSE.

Domestic and International Events

As per Moody’s recession is unlikely to hit APAC region however there will be challenges for the area amid higher interest rates and slower growth projections for the upcoming year. Moody’s pointed out that India is headed towards a slower growth. However, capex revival and improving capacity utilisation across sectors persists a ray of hope for the growth numbers.
Oil prices were lower on Thursday, hovering around its two-month low as the level of G7 cap on prices of Russian oil raised concerns about the flow of oil supply in the upcoming days. Increasing US oil inventories and slowdown from China amid Covid-19 resurgence have impacted oil prices negatively.
European Central Bank VP indicated that inflation will be hovering around current levels over the next few months before starting to retract in the first half of 2023.
Core consumer prices in Japan a key leading indicator gained at their fastest pace in 40 years in November and exceeded the central bank’s target of 2 percent for a sixth straight month, signalling inflationary pressures. Price increases were a major concern in food basket along with a broader range of goods.