Market Watch: Vikas Khemani, Founder, Carnelian Capital Advisors
In NBFC
I feel like NBFCs with a strong track record and a strong business model will be back; They may not all survive, but solid NBFCs like Bajaj Finance and many more will definitely make a comeback. They cater to a particular need that the bank cannot satisfy. So those niche NBFCs will continue to do well.
About car auxiliaries
Auto ancillary stocks are expected to perform well. From the perspective of the next three to five years, the automotive accessories industry can see a kind of volume growth of 15 to 20 percent contributed by domestic and international demand.
Opening bell: Sensex opens to a record, Nifty crosses 13,200 for the first time; financial lead
Indian indices open at an all-time high on Thursday and all key sectors see buying in morning trading. Gains were led by financial and metals indices, while all other sectors were also in the green. The Sensex rose to 335 points to hit a new high of 44,953, while the Nifty added 101 points to its recoed high of 13,215. The broader markets also gained at the open, with the Midcap and Smallcap indices rising more than half a percent each. GAIL, Hindalco, Tata Steel, Maruti and HDFC Life were the main winners in the Nifty50 index, while TCS, Infosys, Axis Bank, Powergrid and Bajaj Auto led the losses.
‘Honeygate’: CSE Alleges Most Top Brands Sell Adulterated Honey
Several brands of honey in India, including big names like Dabur and Patanjali, sell honey mixed with sugar syrup, according to research from the Center for Science and Environment (CSE). CSE is the company that has brought up the issue of pesticides in glue and antibiotics in honey in the past. At a press conference, CSE Director Sunita Narain said the company had sent samples from 13 laboratories for testing in a German advanced nuclear magnetic resonance (NMR) spectroscopy laboratory, where only three Saffola brands, Markfed Sohna and Societe Naturelle passed the adulteration test. One batch of Nature’s Hectar passed the test while another failed. The brands that failed the test, including those whose multiple batches were tested, are Dabur, Patanjali, Apis Himalaya, Baidyanath, Zandu, Dadev, Hi Honey, Societe Naturelle, Hitkari, and Ind native Honey. More here
CLSA’s Laurence Balanco expects Nifty to reach 14,100-14,200 if 13,800 are eliminated. He says short-term weakness will be capped at 12,470 in Nifty pic.twitter.com/1VT3cSJk0d
– CNBC-TV18 (@ CNBCTV18Live) December 3, 2020
DHFL Lenders Vote To Invite New Offers; set December 14 as the deadline
Bankruptcy lenders Dewan Housing Finance Limited (DHFL) have officially reopened bids for the troubled company, and a majority of the creditors’ committee voted in favor of the resolution, CNBC-TV18 has learned. Voting on the resolution to invite new bids from the four existing suitors in what will be the fourth round of bidding concluded at 7 p.m. tonight. This comes after three suitors from DHFL-Piramal Group, Oaktree Capital and SC Lowy protested against Adani Group’s surprise offer. The four existing suitors – Adani Group, Piramal Group, Oaktree Capital and SC Lowy – will be asked to submit their final best offer in the revised submission on or before December 14, according to two people in the know. More here
The Pfizer vaccine is unlikely to be available in India for long; this is why
The UK has licensed the COVID-19 vaccine from Pfizer and BioNTech, becoming the first country in the world to approve a COVID-19 vaccine for human use. Pfizer had claimed 95 percent efficacy for its vaccine. However, there are multiple reasons why the Pfizer vaccine is unlikely to be available in India for long. First of all, Pfizer has not requested or conducted any bridging clinical trials in India. Second, the strict storage transportation requirements of Pfizer vaccine make it difficult for a country like India to plan mass immunization. The vaccine needs an ultra cold chain of less than 70 degrees, which is lacking in India. A third deterrent for now is also the price. At nearly $ 20 per dose, it is more expensive than the others being considered. Watch the video for more
First, here is a quick update on what happened in the markets on Wednesday
Indian indices trimmed losses to end unchanged on Wednesday led by gains in the metals, auto and IT sectors. However, gains were limited by a loss in finance and banking, with both sectors falling more than one percent each. The Sensex closed 37 points lower at 44,618 while the Nifty rose 5 points to 13,114. The broader markets also outperformed the benchmarks with the Nifty Midcap Index rising half a percent. In the Nifty50 index, GAIL, ONGC, Asian Paints, Coal India and Titan were the main winners, while Kotak Bank, HDFC Bank, HDFC, Shree Cement and ICICI Bank led the losses.
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