Nifty50: 18,159 ▼ 147 (-0.8%)
Sensex: 61,144 ▼ 518 (-0.8%)
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- Benchmark indices closed lower for the third straight day amid weak global cues.
- In all, 36 of the Nifty50 stocks closed in the red.
- Investors await US manufacturing and services PMI data to be released on Wednesday.
Among the Nifty sectoral indices, PSU Bank (+1.4%) and Media (+0.2%) saw gains, while IT (-1.5%) and Realty (-1.2%) were the top losers.
| Top gainers | Today's change |
| BPCL | 310 ▲ 6.4 (+2.1%) |
| Bharti Airtel | 851 ▲ 14 (+1.7%) |
| Axis Bank | 869 ▲ 10 (+1.1%) |
| Top losers | Today's change |
| Adani Ports | 870 ▼ 18 (-2.1%) |
| Tech Mahindra | 1,038 ▼ 22 (-2.1%) |
| Hero MotoCorp | 2,668 ▼ 54 (-2.0%) |
What’s trending
⭐ Maruti eyes SUV pie
MARUTI (NSE): 8,856 ▲ 8.9 (+0.1%)
Maruti Suzuki plans to introduce more models in the sports utility vehicles segment (SUV). India’s largest car maker now wants to have the largest market share. The company’s share in the SUV segment has been increasing — from 7.1% in July 2022 to 10.8% in August, 13% in September, and 14.4% in October. The management has said that it is important for the company to gain share in the SUV market to regain an overall higher market share in the passenger vehicle market. The SUV segment is about 45% of India’s passenger vehicle market.
⭐ Lay-offs at Zomato now
ZOMATO (NSE): 64.3 ▼ 2.8 (-4.2%)
Shares of Zomato declined by nearly 5% intraday after the company announced that its co-founder Mohit Gupta has quit the company. This is the third high-profile exit from Zomato. Earlier this month, Rahul Ganjoo, Head of New Initiatives, and Siddharth Jhawar, Head of Intercity Legends quit the company. In addition to this, the company has also confirmed that it will lay off around 3% of its workforce.
⭐ RHIM to buy refractory biz
RHIM (NSE): 695 ▲ 49 (+7.6%)
RHI Magnesita, supplier of refractory products, systems and services, is planning to acquire the refractory business of Dalmia Bharat Refractories (DBRL) in India. The acquistion will be worth ₹1,708 crore and will be done via a share swap. DBRL will transfer its business to Dalmia OCL (DOCL). Under the agreement, RHI Magnesita will acquire all outstanding shares in DOCL in exchange for 27 million new shares in RHI Magnesita India Limited. The acquisition will increase RHI Magnesita’s presence in the fast-growing Indian refractory market.
⭐ Goldman Sachs: India growth to slow
India’s economic growth could slow down in the calendar year 2023, according to a Goldman Sachs estimate. The investment bank has lowered India's growth forecast to 5.9% from its earlier estimate of 6.9%. The Indian economy has been among the fastest growing economies globally. Goldman expects rising interest rates and high inflation to hit demand, thus impacting growth. However, the firm does expect investments to pick up, leading to a rebound in the second half of the year.
In Focus
Indian steel is a ‘steal’ now!
In a highly significant move over the weekend, the Indian government rolled back hefty export duties on iron ore pellets and certain steel products.
The Finance Ministry slashed export duty on iron ore with less than 58% iron content has been reduced from 50% to zero. Duty was cut to 30% on iron ore with more than 58% iron content and the export duty levied on pig iron, hot-rolled and cold-rolled alloy and other steel products has been slashed to nil from 15%.
These duties were imposed in May 2022 when the Russia-Ukraine conflict began. This was done to control rising prices in the domestic market. Following the duty hike, Indian steel exports had become less competitive. Exports declined 53% YoY in the first half of FY23 to 5 million tonnes against 11 million tonnes in H1FY22.
The timely removal of export duties is expected to bring some respite. It will make Indian steel exports more competitive compared to global counterparts. A pickup in exports will give additional revenue to steel makers as well as support steel prices in the domestic market.
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Good to know
What is a share swap?
Share swap is a kind of barter transaction that usually takes place during an acquisition or merger. In such transactions, instead of cash, shares are used as currency to make payments. The acquiring company gives some of its shares to the shareholders of the company being acquired. To make the deal fair, each company’s shares are accurately valued and the final swap ratio is set.
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