Indices at 10:45 am
▲ Nifty50 12,419 (+1.2%) ▲ Sensex 42,367 (+1.1%)
▲ Nifty Midcap 100 17,860 (+0.3%) ▲Nifty Smallcap 100 5,890 (+0.5%)
Stocks in the news
IT stocks
- US President-elect Joe Biden plans to increase the number of H1-B visas, which is expected to benefit high skilled professionals especially in the IT industry.
- IT stocks are upbeat today. L&T Info (+2.8%), Infosys (+1.7%) and Mindtree (1.0%) are up and the Nifty IT index is up 1%.
Divi’s Labs hits record high
- Divi’s Laboratories Q2 revenues grew by 21% to ₹1,749 crore and net profit grew by 45.6% to ₹520 crore on a year-on-year basis.
- The stock, which hit a record high today, was a top gainer in the Nifty50 stocks and rose by 6.2%.
IPO: Gland Pharma
- Hyderabad-based Gland Pharma’s ₹6,480 crore IPO opens today for application. The issue will close on November 11.
- The price band for the offer is ₹1,490–₹1,500 per share.
- So far, in 2020, 11 companies have hit the D-Street, and 9 among them have delivered positive returns.
Disinvestment
- The government plans to sell up to 15% of its stake in railway PSU IRCON International as offer for sale.
- The government currently owns 89.1% in the company, and it could fetch nearly ₹550 crore by selling 15% stake in the company.
- The stock gained 0.9% today.
Global markets
- Key Asian markets have started the week on bullish note as the Japanese Nikkei 225 (+2.4%), China’s SSE Composite (+1.9%) and Hong Kong’s Hang Seng (+1.6%) are all up today.
Events in this week
Monday
- Earnings expected from IndiaMart, Oil India
Tuesday
- Earnings expected from Hindalco, IDFC, M&M
Wednesday
- Earnings expected from Aurobindo Pharma, Indraprastha Gas
Thursday
- Consumer Price Index (CPI), Index of Industrial Production (IIP)
- Earnings expected from Eicher Motors, Grasim
Friday
- Wholesale Price Index (WPI)
- Earnings expected from ONGC
Fact of the day
A single car has about 30,000 parts, counting every part down to the smallest screws.
Source: Toyota