Newgen Software, a provider of a unified digital transformation platform, has received a purchase order worth Rs 32.44 crore from the Reserve Bank of India. The order is for the implementation and maintenance of the Regulatory Application Management System (RAMS) and spans a period of seven years. The company's stock has been performing well in the market, with a 69.69% surge in one year and a 532.78% gain in two years. With a one-year beta of 1.1, Newgen Software also exhibits very low volatility. The company's core products of NewgenONE platform include Contextual Content Services, Low Code Process Automation, Omnichannel Customer Engagement, and Artificial Intelligence Cloud.
The food and grocery delivery company Swiggy Ltd is set to debut on the stock exchanges with an initial public offering of Rs 11,300 crore, making it the second-largest issue in the primary markets this year. Analysts are predicting that Swiggy's shares may see a flat or negative listing, and are advising investors who have not been allotted shares to wait for the share price to settle before buying. Despite being a major player in the e-commerce and food delivery market, Swiggy's IPO received a sluggish response, with concerns over its negative cash flow business model and high competition leading to lackluster interest from non-institutional investors and retail investors.
Adani Group is under scrutiny for alleged violations of disclosure norms concerning a US bribery case and the subsequent cancellation of major deals by Kenya. While the conglomerate has denied any involvement in the case, stock exchanges have sought explanations and experts believe that the Securities and Exchange Board of India (SEBI) may launch an investigation. The allegations, which include a criminal indictment and a civil complaint, could have significant consequences for Adani Group's reputation and access to international markets.
Indian stock markets will shut down on November 20, 2024, due to the Maharashtra Legislative Assembly elections. This announcement by the Election Commission of India has led to a one-day market closure, with trading and settlements not taking place on the National Stock Exchange and the BSE. The next market holiday will be on December 25 for Christmas, followed by the final market holiday for the year. However, the Multi Commodity Exchange (MCX) and National Commodity & Derivatives Exchange (NCDEX) will also be closed for the day, with contracts expiring on November 20 settling a day earlier. As for the market recap on November 18, 2024, both benchmark indices ended in the red due to weak global cues and cautious investor sentiment ahead of the state elections.
Despite initial signs of recovery, the Indian stock market faced a decline in early trade on Monday due to persistent foreign fund outflows, IT stock sell-offs, and weak cues from US markets. The downward trend was reflected in both the Sensex and Nifty, with major companies like Infosys, Tech Mahindra, and Tata Consultancy Services among the major losers. The rupee also saw a slight recovery against the US dollar, but foreign investors continued to pull out funds from the Indian equity market, adding to the ongoing sell-off.
The Dow Jones Industrial Average and S&P 500 futures inched higher before the opening bell on Thursday, signaling a positive start for US stock markets. Analysts are anticipating the release of key economic data on jobless claims and crude oil stockpiles, which could have an impact on the course of benchmark interest rates. This comes after the Fed's decision to lower interest rates by 25 basis points, citing a strong economy and inflation nearing its target. Stay updated on all stock market news and more on Zeebiz.com.
Pokarna, a company with a market cap of Rs 2,231 crore, has announced a strategic investment of Rs 440 crore aimed at fulfilling the increasing demand for premium quartz surfaces worldwide. This marks the launch of the company's third Bretonstone production line from Italy's Breton S.p.A., which will set new standards for capacity and environmentally friendly production. However, the stock saw a decline of 9.96% in early trade as equity benchmark indices dropped due to a combination of factors such as retail inflation, muted quarterly earnings, and weak global markets.
With the US election results just around the corner, stock markets globally are experiencing volatility. Analysts have different opinions on whether a Trump or Harris win would be beneficial for India. While Nomura India sees Harris as net-positive, Emkay Global believes a Republican sweep would be good for India in terms of FPI positioning but the rally may not last. In terms of sectors, JM Financial predicts a rate cut by RBI in case of a Democrat win, which would benefit NBFCs, while a stronger dollar due to a Republican win could lead to a tighter interest rate regime in India.
The Reliance Group, headed by business tycoon Anil Ambani, made a major announcement on Wednesday regarding a plan to reduce its debt by up to Rs 12,000 crore. As part of this plan, Reliance Infra received a Rs 1,100 crore infusion from its promoters on Monday, leading to a 20% surge in its shares on stock markets. In addition, the group also revealed plans to form a joint venture with BlackRock for investment advisory, demonstrating its commitment to financial transformation.
The financial markets in both Asia and the United States were met with a massive sell-off this week, triggered by fears of a potential US recession and escalating antitrust investigations. With the dominant position of Nvidia's AI processors being the key focus of the probes, the chip giant saw its stock price plummet by 9.5%, losing a staggering $279 billion in market capitalization. This downward trend has also affected other major US tech companies, highlighting concerns about the sustainability of the AI-driven stock market rally. With the upcoming employment figures and continued economic uncertainty, investors are bracing for further market volatility.