Indices at previous closing
Nifty50: 17,503 ▲+86 (+0.5%)
Sensex: 58,664 ▲+198 (+0.3%)
Nifty Bank: 37,272 ▲+144 (+0.3%)
For more updates on F&O, click here.
TVS Motor signs MoU for EV business
The Chennai-based two-wheeler major has signed an MoU with the Tamil Nadu government to invest ₹1,200 crore in future technologies and electric vehicle space. Over the next four years, the investments will be made for designing, developing and manufacturing new products and expanding capacity in the EV space.
The company aims to lead the way for electrification of the two wheeler segment in the country. The shares of TVS Motor closed 0.5% higher yesterday.
Berger Paints hikes prices again
According to reports, the paint company will take another price hike to offset the impact of rising cost of raw materials and energy. The price hike, which will be across its portfolio, is expected to be in the range of 4-5%. This might come into effect from the first week of December. Recently, Asian Paints also announced a similar rate hike to ward off inflationary pressures.
The paint maker has said that it has no option other than increasing the prices to protect margins. The paint sector in India is usually considered to have a very high pricing power. Shares of Berger Paints closed 1.1% lower yesterday.
NRB Bearings rallies on EV focus
Shares of the Mumbai-based bearing supplier rose 12% intraday yesterday, hitting their two-year high. This comes after the company said that it has positioned its capex investments of ₹200 crore and plans to grow its market share as the shift to EVs intensifies.
Meanwhile, the company reported robust September quarter numbers. It’s net profit soared 143% year-on-year to ₹22 crore. The sharp growth in the bottom line was aided by a 30% in the revenue to ₹242 crore. The company has a strong export orderbook and expects significant growth in exports. Its exports currently account for 30% of the total revenues. Shares of the company pared some early gains and closed 9.3% higher.
Sectoral indices (November 23)
| Top gainers | Top losers |
| Nifty Metal ▲ 3.3% | NA |
| Nifty PSU Bank ▲ 2.3% | NA |
Global markets (at 8:15 am today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.3% |
| Nikkei 225 (Japan) | ▼ 1.1% |
| Hang Seng (Hong Kong) | ▼ 0.1% |
| SSE Composite (China) | ▼ 0.1% |
| Dow Jones (US) (November 23) | ▲ 0.5% |
| NYSE (US) (November 23) | ▲ 0.3% |
| Nasdaq (US) (November 23) | ▼ 0.5% |
| S&P 500 (US) (November 23) | ▲ 0.1% |
Fact of the day
Sportswear brand Nike's famous logo was designed by a student for just $35 in 1971.
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