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Equity Alert: Excelsoft Technologies jumps 19% after listing at 12% premium

MUMBAI--1030 IST--Shares of Excelsoft Technologies rose nearly 19% to a high of INR 142.65 after their debut on the bourses Wednesday. The stock listed at INR 135 on the BSE, at a premium of nearly 12.5% to its issue price of INR 120. At 1012 IST, the stock was trading 16% higher at INR 138.55 on the BSE and around 4.3 million shares had changed hands so far on the exchange.

The technology company's initial public offering ended Friday and was subscribed over 43 times, with the investors placing bids for 1.33 billion shares against the 30.10 million shares on offer. Ahead of the initial public offering, the company had raised INR 1.50 billion from anchor investors by allotting 12.50 million shares at INR 120 per share. 

The initial public offering comprised a fresh issue of shares worth up to INR 1.80 billion and an offer for sale of shares worth up to INR 3.20 billion. The company will use the net proceeds to fund the purchase of land and construction of a new building located in Mysore, upgrade and enhance external electrical systems at its existing facility, and strengthen its information technology infrastructure.

Excelsoft Technologies is a software services provider focused on the learning and assessment market through artificial intelligence-based solutions. For the June quarter, the company reported a consolidated net profit of INR 60.09 million on revenue of INR 557.18 million. (Gopika Balasubramanium)

Equity Alert: Indices open up mirroring gains in Asian peers; metals shine

MUMBAI--1000 IST--Domestic benchmark equity indices opened higher Wednesday, mirroring gains in other Asian indices in early trade. Globally, sentiment is positive after expectations of an interest rate cut by the US Federal Reserve after data showed retail sales in the US rose less than expected. However, domestic indices underperformed most of the other Asian indices, which rose over 1%. Gains in heavyweight stocks also supported domestic indices.

At 1000 IST, the Nifty 50 was at 26082.25 points, up 197.45 points, or 0.8%. Majority of the Nifty 50 constituents opened in the green. The BSE Sensex was at 85189.38 points, up 602.37 points, or 0.7%. All the sectoral indices were higher in early trade, with the Nifty Metal index gaining the most -- nearly 2%. Broader market indices also opened higher, up nearly 1% each.  

Heavyweights such as HDFC Bank, Reliance Industries, and ICICI Bank, which together, constitute nearly 30% weightage, lifted the Nifty 50 index. Reliance Industries and ICICI Bank rose nearly 1% each in early trade.

Metal stocks gained the most in early trade, with all the Nifty Metal constituents opening higher. JSW Steel was the top gainer in the Nifty 50 index, up nearly 3% and Tata Steel rose over 1%. However, Welspun Corp. gave up initial gains and traded slightly lower after it lost an investment opportunity in Qatar as its joint venture partners failed to comply with norms. 

The Nifty PSU Bank was the second-largest gainer among sectoral indices, up over 1%, with all its constituents opening in the green. Indian Overseas Bank was the top gainer among them, up over 2%. The bank received a tax refund order for INR 8.35 billion from the Income Tax Department on Monday, it informed exchanges Tuesday after market hours.

Bharti Airtel was the biggest drag on the Nifty 50 index, down over 2%, after two large deals on the NSE. Media reports had said that its promoter group, Indian Continent Investment, planned to sell 0.6% stake in the company Wednesday through block deals for up to INR 72 billion.  (Arundathi A R)

Equity Alert: Indices in Asia gain as chances of US Fed rate cut increase

MUMBAI--0818 IST--Equity indices in Asia were higher in early trade Wednesday, tracking gains on Wall Street as expectations of an interest rate cut by the US Federal Reserve gained momentum after data showed retail sales in the US rose less than expected and consumer confidence weakened. Japan's Nikkei 225 and South Korea's Kospi extended Tuesday's rally and were up around 2% each. 

"There was a sea of green across major equity markets with futures pointing to a solid start to today's session in the local market," Reuters quoted analysts from Westpac, as saying. "Sentiment received a boost amid increasing bets the US Fed would cut again in December, following the decline in US consumer confidence and soft retail trade numbers." Fed funds futures traders are pricing in an 84% probability of a 25-basis-point interest rate cut by US central bank in its next meeting on Dec. 10, compared to a 50% chance a week ago, according to the CME Group's FedWatch tool.

Technology stocks in Japan were higher for the second consecutive session. Shares of semiconductor testing equipment supplier Advantest were up nearly 2% and those of Tokyo Electron traded almost 1% higher. Shares of Lasertec and chipmaker Renesas Electronics rose more than were up 1% and 3%, respectively. Technology investment company SoftBank Group rose almost 6% after a substantial slide in the previous session. Shares of Kioxia slumped 9% amid reports that US private equity firm Bain Capital was planning to unload about $2.24 billion worth of its shares in the memory chipmaker, CNBC reported.

Taiwan's Taiex index was 1.3% higher. Shares of Hon Hai Precision Industry, or Foxconn, were up 3%. The company Wednesday said it had secured regulatory approval to invest an additional $569 million in the state of Wisconsin to meet rising demand for AI servers, according to media reports.

Australia's S&P/ASX200 was 1% higher. The country's inflation increased in October, beating analysts' estimates and rising to its highest in seven months, according to the data from the Australian Bureau of Statistics. The consumer price index rose 3.8% year on year in October, higher than a 3.6% increase expected by a Reuters poll of economists.

Following were the levels of key Asian indices at 0815 IST:

(Eshitva Prakash)

Equity Alert: Indices likely to open tad up, weakness to linger in near term

MUMBAI--0814 IST--Analysts expect benchmark equity indices to open a tad higher, but they are unlikely to sustain gains. While the near-term sentiment in the domestic market is bearish, globally the mood is upbeat, especially after bets of an interest rate cut by the US Federal Reserve increased. The rupee's fall to a record low, uncertainty about progress in an India-US trade deal, and selling pressure from foreign investors soured market sentiment. However, analysts said the fall should be considered normal as the indices saw a rally last week. 

"...support near 25,800 is likely to offer temporary stability (to the Nifty 50)," Dhupesh Dhameja, derivatives research analyst at SAMCO Securities, said in a note. However, the bullish sentiment can be revived only if the benchmark index sustains above 25800 points, he said. On the upside, 26000–26100 points, which was once the important support band, has now turned into a stiff resistance level, he added. 

The Nifty 50 has fallen well beyond the current levels of the November contract of the GIFT Nifty and hence it signals a positive move when compared to the benchmark index's closing level on Tuesday. At 0738 IST, the contract was at 26165 points, down 4.5 points from its previous close but about 280 points higher than the Nifty 50's close on Tuesday. The Nifty 50 ended at 25884.80 points, down 74.70 points or 0.3%. The BSE Sensex closed at 84587.01 points, down 313.70 points or 0.3%.

On Tuesday, foreign investors were net buyers of Indian equities and bought shares worth up to INR 7.85 billion. Domestic investors continued to be net buyers and bought stocks worth INR 39.12 billion. 

Overnight, US indices ended higher as investors cheered the likelihood of a cut in interest rate by the US Federal Reserve. Rate cut expectations rose after a Bloomberg report said Kevin Hassett, who is currently the White House National Economic Council Director, was being considered as the next Fed chairperson. Following this, Asian indices were also higher in early trade. Japanese and South Korean indices gained the most among their peers, largely led by a rise in semiconductor stocks. (Gopika Balasubramanium)

Equity Alert: US mkt ends up Tue as weak econ data strengthens rate cut hope

MUMBAI--0730 IST--Equity indices in the US ended higher Tuesday as some economic data strengthened the possibility of an interest rate cut by the US Federal Reserve at its next policy meeting in December. Data showed the US retail sales in September slowed down from a month ago, rise in wholesale inflation, and weak consumer confidence for the month of November. Benchmark equity indices ended higher for the third consecutive session, but gains were limited in the technology-heavy Nasdaq Composite after the heavyweight Nvidia slumped.

The US retail sales rose 0.2% on month in September after an unrevised 0.6% increase in August, failing to meet the expectation of a 0.4% rise economists had projected, Reuters reported. As per the Labour Department's data, wholesale prices moved 0.3% higher in September, in line with economists' expectations and followed a 0.1% decline in August. Also, a separate data release from the US Conference Board showed that consumer confidence declined to 88.7 in November from 95.5 in October, below economists' expectations of 93.2.

"Overall, there is just enough softness in today's two reports — with respect to the economy's resilience and inflation — to keep market expectations primed for another Fed rate cut" next month, as per Sal Guatieri, economist at BMO Capital Markets, Bloomberg reported. Fed fund futures traders were pricing in an 84% chance of a 25-basis-point rate cut, up from a 50% chance seen a week ago, according to CME Fedwatch Tool.

Rate cut expectations were also bolstered after Bloomberg reported that White House National Economic Council Director Kevin Hassett is being considered as the frontrunner to become the next Fed chairperson. Traders view Hassett as more likely to push the central bank towards a lower rate regime.

Shares of Nvidia fell almost 3% after a report indicated that the artificial intelligence chipmaker will likely have more competition from Google. Shares of Google's parent Alphabet rose almost 2% after media reports said that Meta Platforms was in discussions to use Google's AI chips in its data centres from 2027. Shares of Meta Platforms were up almost 4%.

Among other gainers, shares of department store chain Kohl's surged almost 43% and those of clothing retailer Abercrombie & Fitch jumped nearly 38%, after both companies hiked their annual earnings forecasts, Reuters reported.

Following are the closing levels of US indices Tuesday: 

(Eshitva Prakash)

End

US$1 = INR 89.20

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Subhojit Sarkar

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