Asian shares opened higher today after Wall Street rebounded in a pre-holiday session.The Nikkei is trading 0.7% higher while the Hang Seng index is trading lower by 1%. The Shanghai Composite is trading 0.5% lower.US stock markets were closed on Thursday, 23 Nov 2023 in observance of the Thanksgiving holiday.The Nasdaq and New York Stock Exchange will be closed Thursday and will reopen Friday, albeit with reduced hours.Back home, Indian share markets are trading on a flat note.At present, the BSE Sensex is trading lower by 18 points, while the NSE Nifty is trading around 19,800 levels.NTPC and JSW Steel are among the top gainers today.Tata Motors and HCL Tech on the other hand are among the top losers today.Broader markets are trading on a positive note. The BSE Mid Cap index is trading 0.3% higher and the BSE Small Cap index is trading higher by 0.4%.Sectoral indices are trading mixed with stocks in the energy and IT sectors witnessing selling pressure.While healthcare stocks are trading in the green after a day’s fall. Yesterday, pharma giant Cipla’s shares plunged over 7%.Shares of TVS Srichakra and Colgate hit their 52-week high today.The rupee is trading at Rs 83.34 against the US dollar.In commodity markets, gold prices are trading 0.1% higher at Rs 61,131 per 10 grams today.
Tesla’s Massive Investment in IndiaIn news from the electric vehicle space, Tesla is willing to invest up to US$2 billion (bn) for setting up a local factory in India if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations.According to reports, Tesla has approached the union government with a detailed proposal linking the quantum of investment to the number of cars it can import at lower duty.The company is willing to invest up to US$500 million if the government extends the concessional tariff for 12,000 vehicles and can increase this up to US$2 bn if the reduced duty is approved for 30,000 vehicles.The Indian government is planning to reduce the number of cars that can be imported at a concessional tariff, compared to the numbers proposed by Tesla.It is evaluating if concessional tariffs should be restricted to 10% of the total EVs projected to be sold in India in the current fiscal year (10,000 units) and it can be increased by 20% for the second year.Around 50,000 EVs were sold in FY23 and this is expected to go up to 100,000 in FY24.After years of anticipation, Tesla’s entry into the Indian waters is finally within sight.Tesla’s entry into Indian markets will provide multifold benefits. It will accelerate the adoption of EVs and boost the growth of Indian auto component manufacturers.Tesla is already sourcing components from several Indian companies, and this trend will continue if it starts its operations in India.
Cement Prices Fall as Demand SlowsMoving on to news from the cement sector, cement prices have corrected across most regions by an average of 2% in November 2023 so far as demand has slowed down amid the festive season and elections in some states.The moderation in prices comes after a sharp rally of around 20% as prices remained higher in September and October due to steady demand.The government’s massive push towards infra and making roads better is supporting cement demand.In the first half of the current fiscal, cement production is up 11.5% from a year earlier, according to the core sector data released by the government last month.
IREDA IPO Receives Strong Demand – All Eyes on ListingThe Rs 21.5 bn initial public offering (IPO) of IREDA was subscribed 38.8 times on Thursday – the last day of the issue.This was led by strong demand from all investor categories.The highest bids came from the QIB category, which was subscribed nearly 105 times. The non-institutional investor (NII) category was subscribed 24 times, while the retail investor category was subscribed 7.7 times.Three out of the other four IPOs that are still open also saw more bids flowing in on the second day of the offer after getting fully subscribed on the opening day.The IPO of Tata Technologies and Gandhar Oil Refinery was subscribed approximately 15 times each on Thursday.Tata Tech was one of the most anticipated IPOs of the year. The IPO opened for subscription on 22 November and it will close today.More By This Author:Sensex Today Ends Flat; Nifty Below 19,850Sensex Today Ends 93 Points Higher; BPCL & NTPC Top GainersSensex Today Trades Marginally Higher; BPCL & Cipla Top Gainers
