Patel Engineering shares fell nearly 5% to Rs 35.58 on Friday after a sharp two-day rally. The stock had surged nearly 20% earlier in the week following the award of coal excavation and transportation contracts worth Rs 798.19 crore for the Jhiria West OCP in Chhattisgarh by SECL, with a nine-year execution period.
The UAE has unofficially stopped issuing regular visas to Pakistani nationals, citing concerns over criminal activities by visitors. This move, confirmed by an Islamabad official, follows repeated incidents of unlawful behavior by Pakistani travelers. The restrictions impact Pakistan's overseas labor plans and add worry for families reliant on Gulf earnings.
Thyrocare Technologies shares slumped 66.7% to 492 on Friday as they began trading ex-bonus for the recently announced 2:1 bonus issue. The sharp drop is a normal adjustment due to the bonus issue and doesnt indicate any deterioration in fundamentals.
Mahindra & Mahindra shares surged following Nomura's Buy rating and a Rs 4,335 price target, driven by the launch of the feature-rich XEV 9S at a disruptive price. The brokerage anticipates strong SUV growth and sees the new vehicle as a catalyst for Mahindra's electric era, with bookings opening in January 2026.
Vidya Wires is launching its Rs 300-crore IPO on December 3 with a price band of Rs 4852. The issue includes fresh shares and an OFS, valuing the firm at a discount to industry peers. With strong FY25 revenues and solid profitability, the IPO offers attractive sector-linked growth potential.
Vedanta's ESL Steel is set to raise 2,000 crore via non-convertible debentures. This fundraising follows a previous 5,000 crore raise earlier this year. Vedanta's leverage remains a focus due to dividend outflows to its parent, Vedanta Resources. The company's net leverage has seen a reduction. Vedanta Resources has also reduced its debt significantly.
Global equities held firm, buoyed by expectations of faster Federal Reserve rate cuts and a return of risk appetite, with Bitcoin surging. Markets anticipate a year-end rally, supported by a positive macro outlook and decent corporate earnings. Tech shares led gains in Asia, while German equities rose on takeover interest.
Nifty hit a fresh intraday record, with analysts expecting the bullish trend to continue towards 26,500. Traders are advised to hold existing positions and focus on outperforming sectors like banking and financials. Strategies like buying at-the-money call options or bull-call spreads are suggested for potential gains.
After a 14-month period of underperformance compared to global peers, India's Nifty index has reached a new all-time high. During this time, silver and gold emerged as top-performing assets, while specific Indian sectoral indices like Capital Markets, PSU Bank, and Defence also saw significant gains.
Indian stock markets reached new heights on Thursday, with the Sensex and Nifty crossing previous records. This surge follows a 14-month period of consolidation. Investors are now looking towards a potential US-India trade deal and a decrease in foreign investor selling to fuel further market gains. Analysts suggest focusing on large-cap stocks for potential upside.
