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ICICIdirect Research Posted on 09:04am 17-Nov-2020

Sanjiv Bajaj, the Chairman of Bajaj Finance, said in an interview that the current situation provides a good scope for widening the banking licences...

* Market Outlook

Indian markets are likely to see a flat to positive opening on the back of strong global cues amid upbeat news on the Coronavirus vaccine front. However, global news flows and sector specific developments will be key monitorables.

* Markets Yesterday

• Domestic markets were closed on Monday due to Diwali Balipratipada holiday. Domestic markets ended higher on Saturday tracking gains across sectors in the Muhurat trading session

• US markets ended higher amid encouraging development in Covid-19 vaccine trials


* Key Developments  

• As per provisional data for PSUs, India's diesel demand in the first fortnight of November was down 5% YoY while petrol demand was flat in the same period. MoM, diesel demand was up 7.7% while petrol demand was up 4.7%

• HDFC Bank and IndusInd Bank have been put in the ‘red flag’ list, a system used for monitoring foreign portfolio investor (FPI) limits. A listed company enters the list when the available legroom for overseas investment is less than 3% of the permissible limit. FPIs can invest up to 74% in both HDFC Bank, IndusInd Bank. The current FPI shareholding in case of HDFC Bank is 71.3% while that of IndusInd Bank is 73.1%, data provided by depository firm NSDL shows

• Ratnamani Metals & Tubes has received a domestic order of | 140.00 crore in carbon steel for the supply of CS pipes for the oil & gas sector. The order is to be executed between January, 2021 and May, 2021

• HDFC Mutual Fund’s board has approved the appointment of Navneet Munot as its next managing director and chief executive officer. Mr Munot, who was the chief investment officer of SBI Funds Management, will succeed the present managing director Milind Barve

• The government has invited bids from eligible companies for the appointment of an actuarial firm to determine the embedded value of Life Insurance Corporation of India. LIC needs to develop an Indian Embedded Value (IEV) reporting framework for the necessary disclosures in the proposed IPO as per the Department of Investment and Public Asset Management request for proposals. The last date for submission of proposals is December 8 and the bids will be opened the next day

• Sanjiv Bajaj, the Chairman of Bajaj Finance, said in an interview that the current situation provides a good scope for widening the banking licences and he also mentioned that they would evaluate new guidelines as and when it comes and act accordingly

• As per media reports, Vodafone Idea (Vi) is considering increasing tariffs 15-20% by the end of the year or early next year. This is on the expected lines as the company is struggling with cash burn and aiming fund raise

• PVR has launched four new screens (including revamp of one single screen) leading to a total of 835 screens across 175 properties

• Zomato has raised US$3.6 billion (~| 1455 crore) from 6 investors valuing it at US$3.6 billion. Info Edge's shareholding in the company now stands at 20.8% from earlier ~22%

• As per media reports, Gail's Kochi Mangalore pipeline is completed and is likely to be commissioned soon. This is likely to benefit Petronet LNG as capacity utilisation of Kochi LNG terminal will increase

• As per media sources, IT companies are carving out specific revenue units corresponding to their cloud hyperscale partners like Google, Azure and AWS to tap cloud migration and consulting opportunities. Most IT companies have signed a number of cloud partnership in the past few quarters, are now doubling down on revenues from specific practices in their cloud units

• As per media sources, Odisha Government has signed a memorandum of understanding with Tata Consultancy Services (TCS) to provide online education to students of class IX and X in 214 model schools and 101 Utkarsh schools

• Media reports indicate Out-of-home(OOH) advertising is gradually recovering with festive ad spend at 30-50% of last year levels

• Ministry of I&B has directed digital media entities with FDI to share details of company and shareholding pattern. It has also asked entities with FDI exceeding 26% to bring down the foreign investment to 26% by October 2021


* Today's Highlights

Events: Japan trade balance, Japan imports, Japan exports, US retail sales, US industrial production, US manufacturing production, US capacity utilisation