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Nifty struggles to hold 8100 as Nov FO starts, FMCG weak


TheNewsInternational Team

10:40 am IDFC Bank listing:

IDFC said that shares of its newly launched IDFC Bank are expected to list and trade on November 6.

“Shareholders will have to wait for IDFC Bank shares to list and trade to evaluate the value of their combined IDFC and IDFC Bank shareholding,” it said in a release.

The release follows email sent to shareholders and bondholders today updating them about impact of demerger of its financial unit into a separate bank company.

On October 1, 2015, it transferred all assets and liabilities of its lending business (Financing Undertaking) to IDFC Bank Limited and simultaneously launched the Bank.

However, the formal inauguration was on October 19. It said post demerger, its networth stands at Rs 9,580 crore.

10:20 am Interview: Bharat Forge will achieve its 2018 revenue guidance on the back of very strong technology driven order pipeline and new innovative products says Amit Kalyani, Executive Director of the company.

Speaking to CNBC-TV18, Kalyani says he expects maximum softness in the export segment in the third quarter and is hesitant to give an outlook on exports due to volatility. 

On the Europen market, Kalyani says the company has grown 6-7 percent in the region. However, the outlook remains soft due to immigrant issues and fragile economic conditions, he adds.

Meanwhile, he expects maximum growth recovery in North America and India in the near future.

Also read – BOJ votes 8-1 to keep monetary policy steady

10:00 am Market Check

The market is finding difficult to hold feet as weak corpoarte earnings dent sentiment. The Nifty is struggling to hold 8100 as November F&O series. The 50-share index is down 4.25 points at 8107.50 and the Sensex slips 15.18 points at 26822.96.

NTPC, Dr Reddy’s Labs, ICICI Bank, Cipla and Sun Pharma are top gainers while Vedanta, ONGC, Tata Motors, M&M and Infosys are among losers in the Sensex.

Gold held near its lowest in three weeks and looked set to post its worst week in two months on expectations that the Federal Reserve would raise US interest rates this year.

More downside is expected, analysts and traders said, with the looming US rate hike set to hit demand for the non-interest-paying asset, and also as the technical picture has weakened. Gold has been under pressure after the Fed on Wednesday surprised with a direct reference to its next policy meeting as a possibility for the first US rate hike in nearly a decade.


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