Bank and NBFC stocks slump, JSW Infrastructure rises on new port deal & more

NIFTY50: 19,731 ▼ 33 (-0.1%)
SENSEX:  65,794 ▼ 187 (-0.2%)

• Benchmark indices snapped two-day winning run
• In all, 22 of the NIFTY50 stocks closed in the red
• The yield on the 10-year US Treasury note fell to a two-month low of 4.4% amid expectations that the Federal Reserve may end its interest rate hike cycle

Among the NIFTY sectoral indices, Pharma (+0.9%) and FMCG (+0.8%) were the top gainers, while PSU Bank (-2.3%) and Bank (-1.3%) were the top losers.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ Bank and NBFC stocks fall post RBI’s norms on personal loans

The Reserve Bank of India (RBI) on Thursday tightened norms for personal loans and credit cards in the form of higher capital requirements. The central bank has increased the risk weightage on consumer loans to 125% from 100%. This means, lenders have to set aside more money for every consumer loan. Following the announcement, shares of banks and NBFCs, including RBL Bank (-7.6%), Axis Bank (-3.2%), SBI Card (-4.9%), and Bajaj Finance (-1.9%) witnessed a substantial fall as they have a substantial exposure to unsecured loans.

⭐Brigade Enterprises rises on new JV for residential project 

The real estate firm has inked a new joint development agreement (JDA) with Krishna Priya Estates Private Ltd and Micro Labs Ltd to develop a residential housing project in North Bengaluru, spread across 14 acres. As per the company, this project could have a Gross Development Value (GDV) of ₹2,100 crore. Shares of the reality firm closed 4.3% higher today. 

⭐ JSW Infrastructure to develop new port

Shares of JSW Infrastructure closed 3.5% higher today, rising to a new 52-week high after the company received an order from the Karnataka Maritime Board. The order involves the development of an all-weather, deep-water, greenfield port in Karnataka on a public-private partnership (PPP) basis. The project’s estimated cost is ₹4,119 crore, with an initial capacity of 30 million tonnes per annum (MTPA).

⭐ AGS Transact Technologies wins big order from SBI

Shares of the payment solution providers rose nearly 20% today, hitting a fresh 52-week high. This comes after the company secured a new order worth ₹1,100 crore. As part of the order requirement, the company will deploy 2,500+ ATMs for the State Bank of India (SBI) over seven years starting from next calendar year. On a year-to-date basis, the company's shares are up over 45%.

IPO Corner

⭐ The ₹2,150 crore IPO of Indian Renewable Energy Development Agency (IREDA) will open for subscription between 21 to 23 November. Click here to pre-apply for the IPO.

⭐ Tata Group company, Tata Technologies will launch its ₹3,042 crore IPO on 22 November. This will be the first IPO from Tata Group in nearly two decades. This IPO will remain open till 24 November.

⭐ The IPO of Gandhar Oil Refinery India, a prominent manufacturer of white oils will be open for subscription between 22 to 24 November. The company plans to raise ₹500 crore through this public issue. 

⭐ Fedbank Financial Services—a subsidiary of Federal Bank—which primarily offers gold and MSME loans, will launch its IPO on 22 November. ₹1,092 crore IPO will remain open till 24 November.

⭐ Flair Writing IPO opens for subscription on 22 November. The writing instruments company plans to raise ₹593 crore through this IPO.

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What is a block deal?

Block deals are large delivery-only share transactions with a minimum value of ₹5 crore or 5 lakh shares of a listed company. These transactions generally take place between institutional investors such as mutual funds or insurance companies. Investors often track block deals to see sentiments and the interest of big investors in a stock.

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