Market Update- Stock markets opened the day on a negative note the BSE Sensex is trading at 33,651, down by 24 points, while NSE Nifty is trading at 10,437 down by 15 points. Metal, Telecom, and Oil & Gas sectors lose steam, while Pharma sector gains in the morning hours. Markets are lined up with some major Q2 earnings like SBI, Tata Motors, BHEL, Cipla, CIL and NHPC among others.
Stock News and Stock Watch out:- ONGC Ltd and Oil India Ltd: The oil ministry is likely to approach the govt to allow private companies take 60% stake in producing oil and gas fields of ONGC and Oil India Ltd, with the view that they would increase production above the baseline estimate.
Reliance Industries: The Company said that it proposes to make an offer for the issuance of NCDs aggregating to Rs 5,000 crore on PP basis on 8 Nov 2017.
Mahindra & Mahindra IPO: M&M said that the offer price for the IPO of its subsidiary Mahindra Logistics has been fixed at Rs 429 per share. The IPO of Mahindra Logistics was subscribed 5.54 times and concluded on 2 November 2017. M&M also considers bonus issue along with posting its Q2 results.
Shipping Corpn of India: The Company has reported a net loss of Rs 76.18 crore in Q2 Sept 2017, higher than the net loss of Rs 17.77 crore in Q2 Sept 2016.
Reliance Nippon Life Asset Management: its shares will be listed on the exchange today, 6 Nov 2017 after its IPO had received bids for 349.29 cr shares, against total issue size of 4.28 cr, as per NSE.
Rupee Watch: The Indian rupee was trading weaker against the USD in opening trade, today. It opened at 64.66 a dollar and was trading at 64.67 v/s USD, down 0.20 percent from its last close of 64.55.