X

Oil companies surge, SpiceJet shows interest in GoFirst Airline & more

NIFTY50: 21,453 ▲ 34 (+0.1%)
SENSEX: 71,437 ▲ 122 (+0.1%)


Among the NIFTY sectoral indices, FMCG (+1.4%) and Oil & Gas (+0.8%) were the top gainers, while IT (-0.9%) and Auto (-0.7%) were the top losers.

What's Up

Top gainers Today's change
Coal India
369 ▲ 21 (+6.1%)
Nestle India 25,499 ▲ 1,144 (+4.7%)
NTPC
309 ▲ 6.4 (+2.1%)

What's Down

Top losers Today's change
Adani Ports
1,075 ▼ 19 (-1.7%)
Wipro 438 ▼ 7.0 (-1.5%)
Adani Enterprises
2,940 ▼ 40 (-1.3%)

Market Sentiment

USD-INR 83.17 ▲ 0.02 (+0.03%)
NIFTY MIDCAP 100 45,512 ▼ 172 (-0.3%)
NIFTY SMALLCAP 100 14,951 ▼ 17 (-0.1%)
India VIX 13.87 ▼ 0.03 (-0.2%)

Stock Buzz


⭐ Oil companies surge on windfall tax cut

Shares of the upstream oil companies, including Oil India (+7%) and Reliance (+1.4%), rose today after the government trimmed the windfall tax on domestically produced crude oil to ₹1,300 from ₹5,000 per tonne. Taxes on diesel exports were reduced to ₹0.50 from ₹1 per litre, while levy on export of jet fuel or ATF has been hiked to ₹ 1 per litre from nil earlier. Other than this, the rise in Brent Crude oil prices in the last two days also supported the oil companies rise.

⭐ Shankara Building Products rises on demerger plan

Shares of the Shankara Building Products closed 6.9% higher today. This came after the company approved the demerger of its trading business into a new company, Shankara BuildPro, to unlock shareholder value. This demerger will result in two separate entities focused on building materials marketplace and manufacturing. The shareholders of Shankara Building Products will get one share of Shankara BuildPro for each share held in the parent company.

⭐ JB Chemicals signs new deal with Novartis

JB Chemicals has entered into a trademark licence agreement with pharmaceutical giant Novartis for ophthalmology drugs. This deal is worth ₹1,089 crore, out of which ₹964 crore will be paid to Switzerland-based Novartis Innovative Therapies, while ₹125 crore to Novartis Healthcare Private Limited, India. As per IQVIA’s September 2023 data, sales for these brands were at ₹207.8 crores. Following the announcement, JB Chemicals shares closed 0.1% lower today. Meanwhile, the company's shares are up over 51% on a year-to-date basis.

⭐ India Glycols bags ethanol supply order

Shares of the ethanol maker closed 8.5% higher today after it secured orders worth ₹1,164 crore to supply ethanol to oil marketing companies (OMCs), including BPCL, HPCL, Indian Oil and Reliance Industries. The company will supply 16.55 crore litres of ethanol between 1st November 2023 to 31st October, 2024.

⭐ SpiceJet shows interest in GoFirst Airline

SpiceJet has confirmed its interest in acquiring the grounded airlines, Go First. The company said it is in talk with the resolution professionals of Go First. The company will submit its bid post diligence. Last week, SpiceJet management approved a fundraising proposal worth ₹2,250 crore to strengthen its financial position and provide resources to invest in growth plans.


IPO Corner

The IPO of Happy Forgings was subscribed 2.3 times on Day 1. To know more and apply for the IPO, click here.

The RBZ Jewellers was subscribed 2.2 times on the first day . To know more and apply for the IPO, click here.

The IPO of Credo Brands Marketing was subscribed 2.0 times on Day 1 . To know more and apply for the IPO, click here.

The Muthoot Microfin IPO subscribed 2.8 times on Day 2. Tomorrow is the last day to apply for this IPO. To know more and apply for the IPO, click here.

The IPO of Motisons Jewellers was subscribed 51.4 times on the second day of subscription. Tomorrow is the last day to apply for this IPO. To know more and apply for the IPO, click here.

Meanwhile, the IPO of Suraj Estate received a subscription of 2.4 times on Day 2. Tomorrow is the last day to apply for this IPO. To know more and apply for the IPO, click here.


Learn with Upstox

What is the windfall tax?

A windfall tax is a higher tax imposed by the government on specific industries when they unexpectedly make significant profits, often due to unforeseen events like wars. It targets industries experiencing sudden and unanticipated revenue spikes, not attributed to their business activities. For instance, during the Russia-Ukraine war, the government imposed a tax on the windfall profits made by the oil and gas industries.


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Categories: Market Recap