Tata Tech debuts, Ant Group sells Zomato stake, Bank of Baroda bonds

Opening Bell:

Gift Nifty is up by 25.0 points in the early morning trade, indicating a positive opening for Indian stock market.

Asia-Pacific markets declined on Thursday ahead of key economic data releases. China’s November purchasing managers’ index is awaited, and Japan reported lower-than-expected October retail sales at 4.2% year-on-year. South Korea’s industrial output fell by 3.5%, surprising the market. Australia’s S&P/ASX 200 edged down, Japan’s Nikkei 225 slid 0.25%, South Korea’s Kospi fell 0.29%, and Hong Kong’s Hang Seng index futures pointed to a rebound after hitting a one-month low.

On Wednesday, US stocks closed with mixed results. A strong upward revision in GDP alleviated recession concerns, while remarks from Federal Reserve officials raised questions about the duration of the central bank’s tightening policy. The Dow Jones Industrial Average edged up by 0.04%, the S&P 500 dipped by 0.09%, and the Nasdaq Composite concluded lower by 0.16%.

European stocks closed higher on Wednesday, with the regional Stoxx 600 index rising by 0.43% at the close. The positive momentum in regional markets was attributed to investors assessing comments from US Federal Reserve board members. Autos stocks saw a notable increase, climbing by 2.3%.

Stocks News:

👉 Tata Technologies: The global engineering services company and a subsidiary of Tata Motors will make its stock exchange debut on Thursday. The issue price has been fixed at ₹500 per share. The ₹3,042.51 crore IPO was subscribed 69.43 times on the third and final day of bidding.

👉 Zomato: China’s Ant Group sold a 3.4% stake in Zomato for ₹3,337 crore on Wednesday through a series of deals on the exchanges. Alipay Singapore Holdings, part of the Ant Group, sold 297 million shares at ₹112.70 per share.

👉 Bank of Baroda: The lender will float 10-year bonds worth ₹5,000 crore on 30 November. The issue has a base size of ₹1,000 crore and retains over subscription of ₹4,000 crore. Bidding for these bonds will take place on 30 November, between 11am and 12pm on the electronic bidding platform of the National Stock Exchange of India.

👉 Thomas Cook (India): Promoter Fairbridge Capital (Mauritius) has proposed an offer for sale to sell up to 32 lakh equity shares, representing 6.8% of the total paid-up equity share capital of the company. In the event of oversubscription, an additional 80 lakh shares, representing a 1.7% stake, will be available. The floor price of the offer has been set at ₹125 apiece.       

👉 Foreign institutional investors bought shares worth Rs 71.91 crore, while domestic institutional investors purchased Rs 2,360.81 crore worth of stocks on November 29, provisional data from the National Stock Exchange showed.       

Domestic and International Events

• The US economy grew faster than initially thought in the third quarter, the report from the Commerce Department showed on Wednesday. US GDP increased at a 5.2% annualized rate last quarter, revised up from the previously reported 4.9% pace. It was the fastest pace of expansion since the fourth quarter of 2021.

• Japan’s industrial sector! In October, industrial production exceeded expectations, rising by 1% from the previous month, surpassing the anticipated 0.8% gain predicted by economists. On a year-on-year basis, there was a solid uptick of 0.9% in production compared to the same period last year.

• Oil prices rose on Wednesday as investors turned their attention to an OPEC+ meeting to decide on output policy, while supply disruption caused by a storm in the Black Sea and lower U.S. inventories drove buying. Brent crude futures rose 97 cents, or 1.19%, to $82.65 a barrel. US West Texas Intermediate, or WTI, crude futures rose $1.12, or 1.47%, to $77.53 a barrel.

• Gold steadied near its highest in about seven months on Wednesday as expectations that the US. Federal Reserve may cut interest rates by the first half of next year boosted the outlook for zero-yield precious metal. Spot gold was up 0.1% to $2,043.58 per ounce, after hitting its highest since May 5. US gold futures rose 0.3% $2,044.90.        

Key Equity Indices

EMERGING	LATEST	% 1D
Hang Seng	16,993	(2.1) %
Shanghai Composite	3,022	(0.6) %

DEVELOPED	LATEST	% 1D
Dow Jones	35,430	0.0 %
DAX	16,166	1.1 %
FTSE 100	7,423	(0.4) %
Nikkei	33,321	(0.3) %
Straits Times	3,085	0.6 %