Titan gains on CCI nod, CG Power hits upper circuit & more

NIFTY50: 19,811 ▲28 (+0.1%) 
SENSEX:  66,023 ▲92 (+0.1%) 

• Benchmark indices ended marginally higher amid volatility
• In all, 29 of the NIFTY50 stocks closed in the green
• Brent crude oil prices fell 3.6% to $79.5 per barrel amid a build up of crude inventory in the US as well as possibility of supply cuts by OPEC.

Among the NIFTY sectoral indices, IT (+0.7%) and Auto (+0.6%) were the top gainers, while PSU Bank (-1.1%) and Metal (-0.9%) were the top losers.

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Stock Buzz

⭐ Titan gains on stake purchase in Caratlane

Shares of the watch and jewellery retailer closed 1% higher today. The stock rallied for the sixth consecutive trading session. This was followed by the approval from the Competition Commission of India (CCI) for the company's request to purchase an additional stake in online jewellery retailer Caratlane. With an investment of ₹4,621 crore, the company increased its shareholding in Caratlane from 71% to 98.28%.

⭐ Aurobindo Pharma rises after USFDA nod

Shares of the pharma major hit a fresh 52-week high today and closed 2.6% higher after its subsidiary Acrotech Biopharma along with Evive Biotech, received an approval from the USFDA for the Ryzenuta injection, which is used to treat chemotherapy-induced neutropenia. On a year-to-date basis, shares of the company are up 136%.

⭐ Ugro Capital rises after clarification on RBI circular

Ugro Capital's shares rose by 3% as the company provided clarification that the RBI circular addressing heightened credit risk would not impact its loan books. Emphasising that its assets under management fall under PSL classification, the company stated that this classification should not result in additional costs when borrowing from banks. Ugro Capital also affirmed that the increased risk weightage outlined in the RBI circular will have negligible impact on its capital adequacy ratio, return on equity ratio, and return on asset ratio.

⭐ CG Power hits upper circuit on semiconductor plant proposal

Shares of CG Power and Industrial Solutions hit a 20% upper circuit today. This was after the company filed an application with the government to set up an outsourced semiconductor assembly and test (OSAT) facility. The company intends to implement this project in collaboration with joint venture partners upon approval. As per the company, this project could require an estimated investment of $791 million over a period of five years, funded through a combination of subsidy, JV partners’ equity contribution and debt.

⭐ Allcargo Logistics falls on low monthly volumes

Shares of the logistics service provider closed 2.6% lower after it reported a 4% year-on-year drop in its less than container load (LCL) volumes in October. The company has also mentioned that this fall in volumes was due to the Golden Week holidays in China. 

IPO Corner

⭐ Tata Technologies IPO receives strong investor interest

On Day 1, Tata Technologies IPO was subscribed 6.3 times. The retail segment has been subscribed 5.2 times, while the portion for non-institutional investors has been subscribed 11.1 times. The QIB (qualified institutional buyers) segment has been subscribed 4 times.

The ₹3,042 crore IPO is open for subscription from 22 November to 24 November 2023. The price band for the IPO is ₹475 to ₹500 per share. The lot size is 30. Click here to apply for the IPO.

⭐ The IPO of Gandhar Oil Refinery, a prominent manufacturer of white oils, was subscribed 5.5 times on the first day. The retail segment has been subscribed 6.9 times, while the portion for non-institutional investors has been subscribed 7.7 times. The QIB (qualified institutional buyers) segment has been subscribed 1.3 times.

The company plans to raise ₹500 crore through this public issue, which is open for subscription from 22 to 24 November. Click here to apply for the IPO.

⭐ On Day 1, Fedbank Financial Services’ IPO was subscribed 0.38 times. The retail segment has been subscribed 0.6 times, while the portion for non-institutional investors has been subscribed 0.2 times. The QIB (qualified institutional buyers) segment received no subscription.

The company is a subsidiary of Federal Bank—which primarily offers gold and MSME loans. The ₹1,092 crore IPO will remain open till 24 November. Click here to apply for the IPO.

⭐ Flair Writing Instruments IPO has been subscribed 2.1 times on its first day. The retail segment has been subscribed 2.8 times, while the portion for non-institutional investors has been subscribed 2.7 times. The QIB (qualified institutional buyers) segment has been subscribed 0.5 times.

The writing instruments company plans to raise ₹593 crore through this IPO. Click here to apply for the IPO.

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