Fed Chairman Jerome Powell appeared to signal that controlling inflation is now the key to sustaining economic expansion. Attention now turns to the policy announcements later Thursday from the European Central Bank and the Bank of England, which are also facing high inflation.
Clever Perspective: Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
Even though the Nifty opened with an upward spread, it is imperative that it close above 17500-17600 for a bullish trend to emerge. Until then, it would be sideways with a bearish bias. 17100-17150 is the patch of support which should hold as a breakout signaling the resumption of the downtrend.
ICICI Securities assigns SUBSCRIBE rating to Data Patterns IPO
Data models ” ??588 crore IPO is open for subscription from December 14th to 16th.
The company is focused on the development of complete systems and subsystem solutions in areas such as radar, electronic warfare, communication systems, RF and microwave, military COTS (digital receivers, processor boards , modules), avionics, missile and torpedo electronics, fire control systems. , etc
Solid order book of | 581.3 crore in all product categories supplying customers in the defense and aerospace industry
The current manufacturing facility consists of an approximately 100,000 square foot factory built on approximately 5.7 acres of land in Chennai. It is in the process of modernizing and expanding its facilities by doubling the floor area and facilities available.
Beneficiary of changing procurement and defense trends – Atmanirbhar Bharat, Make in India, new defense procurement policies, among others
The innovation-driven business model of Data Patterns, the great market opportunities in Indian defense and aerospace, a strong order book in all product categories, the consistency of profitable growth through a scalable business model should help improve its long-term growth and margins. At the higher end of the price bracket, it is valued at ~ 56x P / E for fiscal 21.
We assign a SUBSCRIBE rating to the IPO.
Sensex winners / losers at this time
Oil Prices Rise as Fuel Demand Rises in Major U.S. Consumers
Oil prices rose Thursday as implied demand for oil by U.S. consumers hit an all-time high among the world’s largest oil consumer, even as the Omicron variant of the coronavirus threatens to slash global oil consumption.
A signal from the US Federal Reserve to tackle inflation before it derailed the US economy also pushed up prices.
Brent crude oil futures rose 80 cents, or 1.1%, to $ 74.68 a barrel, while US West Texas Intermediate (WTI) crude futures rose 88 cents , or 1.2%, to $ 71.75.
Nifty opens above 17,300
Sensex increases 400 points on opening, dropping back above 58K
Clever nearly 17,300 in pre-opening
Sensex goes up in pre-opening; exceeds 58K
Spectrum availability, critical pricing for 5G success, telecom operators say
The availability of spectrum in all bands, rational pricing and easy payment terms are among the key requirements for making 5G technology successful in India, telecom operators said.
Business credit growth reverses: SBI
State Bank of India (SBI) Chairman Dinesh Khara, State Bank of India (SBI) Chairman Dinesh Khara, State Bank of India (SBI) Chairman improves after 20-month lull following the coronavirus epidemic. The SBI’s CD ratio improved by 4%, Khara said at the Mint’s annual banking conclave on Wednesday.
“Since the end of the festival season, we have been witnessing growth in the corporate cycle for the past two months. The credit-to-deposit ratio of all banks started to increase. We have seen an improvement in the loan-to-deposit ratio of 4%. Retail credit growth continues to do well, ”he said.
SBI is sitting on an unused credit limit of ??5,000 billion, he said. Businesses have started to take advantage of the limits, but much of the recovery in credit is due to increased public spending in the infrastructure sector. (Read here)
RIL obtains the green light from the CCI for the acquisition of SWREL
The Indian Competition Commission (ICC) has cleared the acquisition of Sterling and Wilson Renewable Energy Ltd (SWREL) by Reliance Industries Ltd (RIL) from its current shareholders, including the Shapoorji Pallonji group.
The deal announced in October involved Reliance New Energy Solar Ltd, a wholly-owned subsidiary of RIL, buying a stake in SWREL from the Shapoorji Pallonji group and making an open offer in accordance with takeover regulations.
CCI stated that the agreement contemplates the acquisition of 40% of the share capital of SWREL by Reliance New Energy Solar, but that the acquisition can go up to 51.07% of the share capital of SWREL if fully accepted. of the open offer. RIL announced in October that the deal involved a series of deals. Reliance New Energy Solar Ltd. is a newly incorporated entity which does not offer any service in India.
SGX Nifty futures rose 0.6% to 17,364.50 in early trades
Asian stocks are mixed; investors assess Fed policy tightening
Asian stocks were mixed on Thursday following a rally in US stocks spurred by speculation that the Federal Reserve’s policy tightening would help fight inflation without derailing economic growth.
Japan won, helped by a weaker yen, but Hong Kong slipped and China fluctuated as traders weighed down concerns over US sanctions against Chinese companies. The S&P 500 and Nasdaq 100 contracts faltered after tech stocks propelled Wall Street to a strong close, overcoming initial declines after the Fed’s statement.
The US central bank has announced that it will double the rate at which it cuts its bond purchases to $ 30 billion per month and forecast an interest rate hike of three quarters of a point in 2022, three more in 2023 and two. more in 2024. She also pointed out the economic risks associated with the omicron virus strain.
Japan’s Topix index rose 0.8%, the Australian S & P / ASX 200 index fell 0.6%, South Korea’s Kospi added 0.2%, the Hang Seng index of Hong Kong fell 1% and the Shanghai Composite Index remained stable.
Overnight on Wall Street, stocks rose after the Federal Reserve said it would speed up the withdrawal of the economic stimulus and likely hike interest rates three times next year to tackle the rise in the economy. inflation.
The S&P 500 rose 75.76 points, or 1.6%, to 4,709.85, the Dow Jones Industrial Average rose 383.25 points, or 1.1%, to 35,927.43 and the Nasdaq rose 327.94 points, or 2.2%, to 15,565.58.
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