Asian shares started firmer on Monday while gold hit another record high in a busy week for economic data that will test market wagers for early and aggressive rate cuts from major central banks next year.The Nikkei is trading 0.7% lower while the Hang Seng index is trading 0.3% lower. The Shanghai Composite is trading flat.US stocks rebounded in November following three straight months of declines on better-than-expected earnings and as evidence of easing inflation boosted bets that the Fed was at the end of its monetary tightening campaign.Here’s a table showing how US stocks performed on Friday:
Source: EquitymasterAt present, the BSE Sensex is trading 1000 points higher and NSE Nifty is trading 310 points higher.Adani Enterprises and Coal India are among the top gainers today.Britannia and Maruti Suzuki on the other hand are among the top losers today.Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.9%.Sectoral indices are trading positive today, with stocks in the power sector, oil & gas sector, and energy sector witnessing the most buying.Shares of Bosch and Bajaj Auto hit their 52-week high today.The rupee is trading at Rs 83.33 against the US dollar.In commodity markets, gold prices are trading 0.9% higher at Rs 63,934 per 10 grams today.Meanwhile, silver prices are trading 0.2% higher at Rs 78,268 per 1 kg.
Hero MotoCorp registers 25% growth in NovemberHero MotoCorp sold 4,91,050 units in November 2023. The company sold 4,76,286 two-wheelers in the domestic market, as compared to selling 3,79,839 units in November 2022, registering a YoY growth of 25%.The company registered a double-digit growth of 26% over the corresponding month of the previous fiscal when it sold 390,932 units in November 2022.Hero MotoCorp expects the demand to be on a healthy trajectory in the coming months on account of favorable economic indicators, including the ongoing marriage season and positive consumer sentiments.In November 2023, Hero MotoCorp made a splash at the EICMA Motor Show in Milan, announcing a slew of strategic initiatives, including extensive growth plans to expand its footprint in electric mobility, enter new ICE vehicle categories, and foray into Europe.The company also recorded its highest-ever festive sales, clocking more than 14 lakh (1.4 million) units in retail sales during the 32-day festive period – between the first day of the Navratras and Bhai Dooj – this year.In the past month, the stock is up around 23%.This kind of surge is considered extraordinary for a large-cap stock.
BlackRock Boosts Suzlon Energy StakeInvestment firm BlackRock Inc.’s equity holding has surpassed the five percent level in renewable energy solution provider Suzlon Energy with the acquisition of about 2.4 m shares.The aggregate holdings of BlackRock, Inc. (on behalf of discretionary management clients) in Suzlon Energy Limited have moved above 5%.The filing showed that BlackRock has acquired 24,73,442 shares or 0.02% in Suzlon Energy, in addition to 68,02,13,598 shares or 4.99% already held in the company.After the acquisition of 24,73,442 shares on 30 November 2023, BlackRock’s aggregate holding has increased to 5.01% in Suzlon Energy.Suzlon Energy shares are up 195% in 2023 so far. T GAIL Sues SEFE in LNG Deal DisputeIndia’s largest gas firm GAIL (India), on Friday, said the company has filed an arbitration case against SEFE Marketing & Trading Singapore Pte (formerly Gazprom Marketing and Trading Singapore Pte Ltd) in the London Court of International Arbitration.The claims, filed on 30 November 2023, amount to US$ 1.8 bn and encompass issues related to the non-supply of LNG cargoes to GAIL under a long-term contract.GAIL, in 2012, signed a 20-year deal to buy 2.85 million tonnes per annum (MTPA) of liquefied natural gas (LNG) with Russian energy giant Gazprom.Supplies started in 2018, and the entire volume was to reach in 2023.The deal was signed with Gazprom Marketing and Singapore (GMTS), which at the time was a unit of Gazprom Germania, now SEFE. But in early April last year, Gazprom gave up the ownership of the German unit without giving a reason and placed parts of it under Russian sanctions.This followed the West slapping sanctions on Russia for its 24 February invasion of Ukraine. It invoked a force majeure and stopped supplies to India from June 2022.The transition from grey to green hydrogen is happening at a faster pace than expected. GAIL is contributing to this transition, making it among India’s Top Green Hydrogen Stocks.More By This Author:Sensex Today Ends 492 Points Higher, Nifty Hits Record HighSensex Today Trades Higher; L&T, NTPC Top GainersSensex Today Ends Near 67,000; Nifty Closes Above 20,100