Asian share markets followed US equities lower as investors weighed Covid developments in China and awaited a speech from Federal Reserve Chair Jerome Powell.

Shares fell in Japan, South Korea, and Australia indicating a pause in the optimism that drove a gauge of the region's shares higher in the previous session.

The Hang Seng gained 0.3% while the Nikkei is down 0.4%.

In US stock markets, wall street indices fell ahead of an upcoming speech by US Federal Reserve Chair Jerome Powell that could provide hints about the magnitude of future interest rate hikes.

Investors also focused on recent protests against Covid-19 curbs in China, including at the world's biggest iPhone factory.

The Nasdaq fell 0.6% while the Dow Jones ended on a flat note.

Here's a table showing the performance of US stocks and indices on Tuesday.

Source: Equitymaster

Back home, Indian share markets opened on a flat note following the trend on SGX Nifty.

The BSE Sensex is trading up by 16 points. Meanwhile, the NSE Nifty is trading higher by 14 points.

Tata Steel and Dr Reddy's Lab are among the top gainers today. HCL Tech, on the other hand, is among the top losers today.

The BSE Mid Cap index is up 0.4% while the BSE Small Cap is trading higher by 0.3%.

Sectoral indices are trading on a mixed note with stocks in the metal sector and auto sector witnessing most of the buying.

IT and energy stocks, on the other hand, are trading in the red.

Shares of CCL Products and HUDCO hit their 52-week highs today.

The rupee is trading at 81.62 against the US$.

Gold prices are trading up by 0.4% at Rs 52,540 per 10 grams.

Meanwhile, silver prices are trading up by 0.5% at Rs 61,427 per kg.
 

NDTV-Adani Takeover

In news from the media sector, amid the Adani Group's open offer to acquire New Delhi Television Limited (NDTV), Prannoy Roy and Radhika Roy have resigned as directors on the board of RRPR Holding Private (RRPRH) with effect from 29 November.

Prannoy Roy is the Chairperson of NDTV and Radhika Roy is an Executive Director.

The board of RRPR Holding has approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan as Directors on its board with immediate effect.

In August this year, Gautam Adani-led Adani Group acquired a 29.18% stake in the television channel NDTV and said it would launch an open offer as required by the market regulator to buy another 26% in the company.

On 22 November, the Adani Group launched its open offer, which is to remain open until 5 December 2022.

The single-largest shareholder of NDTV, besides Prannoy and Radhika and the Adani Group, is Mauritius-registered FII - LTS Investment Fund with a 9.75% stake. It bought this stake in the quarter ending September 2016.

Shares of NDTV have been on a roll this year, more so after the takeover was announced.

Even today, shares are locked in the 5% upper circuit band.
 

Uniparts India IPO Kicks Off

Moving on to the latest developments from the IPO space, the initial public offer of Uniparts India will kick off for subscription today.

The IPO by an engineered systems manufacturer will be the last IPO to open for subscription in November.

The bidding will continue till 2 December 2022. The anchor book opened for a day on 29 November.

The company has fixed a price band of Rs 548-577 per share.

The IPO is an offer-for-sale (OFS). The share sale is expected to fetch Rs 8.4 billion (bn) to the selling promoters and investors at the upper end of the price band.

Incorporated in 1994, Uniparts India is a global manufacturer of engineered systems and solutions. It is one of the leading suppliers of systems and components for the off-highway market in the agriculture and construction, forestry and mining (CFM), and aftermarket sectors.

In FY22, its customer base consisted of over 125 customers spread across 25 countries, having long-term relationships with global OEM players.

Stay tuned for more updates on this IPO and the other upcoming IPOs.
 

Is Updated PLI for Textile Sector on the Cards?

Moving on to news from the textile sector, reportedly, the government will replace its flagship incentive scheme for capital investments in textiles and garments - The amended Technology Upgradation Fund Scheme (ATUFS) - with one similar to the production-linked incentive (PLI).

This promotes domestic development and manufacturing of textile machinery.

The threshold for textile manufacturing units to be eligible for sops under the proposed scheme would be an investment in plant and machinery of Rs 1 crore to Rs 50 crore for MSMEs and above Rs 50 crore for non-MSMEs.

Incentives would be provided based on the turnover achieved after making the threshold investment in modernization through the installation of benchmarked technology.

The government had last year approved the Rs 106.8-bn PLI scheme for manmade fiber (MMF) apparel, MMF fabrics, and products of technical textiles.

The second edition of the PLI for textiles is underway wherein incentives are likely for the manufacturing of garments and home textiles such as blankets and bedspreads, and textile accessories like lace, button, and zippers.

This could give a big boost to the top textile stocks in India.

More By This Author: