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Indian share markets traded on a cautious note today as investors awaited the gross domestic product (GDP) data and the US Fed's speech due later in the day.

However, markets registered sharp gains in the last hour of trade following expectations that the Indian economy likely returned to a more normal 6.2% annual growth rate in July-September after double-digit expansion in the previous quarter.

Both the benchmark indices Sensex and Nifty hit their record high and registered gains for the seventh day in a row.

At the closing bell, the BSE Sensex stood higher by 418 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 140 points (up 0.8%).

M&M, Hindalco, and UltraTech Cement were among the top gainers today.

IndusInd Bank, SBI, and HCL Tech, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,880, up by 120 points, at the time of writing.

Broader markets settled on a firm note. The BSE MidCap gained 1.1% while the BSE SmallCap index ended 0.6% higher.

All sectoral indices ended on a positive note with stocks in the metal sector, power sector, and auto sector witnessing heavy buying.

Shares of HUDCO and Varun Beverages hit their 52-week highs today.

Shares of rice producers, such as Chaman Lal Setia, GRM Overseas, KRBL, and LT Foods surged after the government exempted organic non-basmati broken rice from export curbs.

Market participants were also tracking shares of gas-related companies after the government-appointed gas price review panel headed by Kirit Parikh recommended a price band of US$4-6.50/unit for gas from old fields.

The panel also suggested the removal of caps on gas prices in three years.

Asian share markets ended on a mixed note after China's factory activity contracted at a faster-than-expected pace.

The Hang Seng rose over 2% extending sharp gains from the previous session while the Shanghai Composite index ended flat. The Nikkei fell 0.2%.

US stock futures rose as investors awaited Powell's speech. Dow futures are trading up by 0.2% while Nasdaq futures are up by 0.4% or 45 points.

The rupee is trading at 81.41 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.6% at Rs 52,600 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.7% at Rs 61,537 per kg.
 

Dharmaj Crop Guard IPO Subscription Status

In the latest developments from the IPO space, the IPO of agrochemical company Dharmaj Crop was subscribed 22.2 times by the afternoon of 30 November, the final day of bidding.

Investors bid for 177.7 million (m) shares against an offer size of 8 m shares.

The offer size was reduced after the company raised Rs 750 m through the anchor book on 25 November.

Retail investors bought shares 17.62 times the allotted quota and employees bid 6.36 times the portion set aside for them in the offer.

High net-worth individuals (non-institutional investors) also provided strong support to the offer, putting in bids 39 times the portion reserved for them. Qualified institutional buyers (QIBs) bought 17.8 times the shares of their allotted quota.

Market experts have said that the company has reasonable valuations, strongly branded products, stable relationships with institutional customers, and healthy financial performance.

The government's aim to reduce dependency on China and improve self-sufficiency is expected to support the industry's backward integration and thus its growth, some pointed out.
 

Gland Pharma Slips 5%

Moving on to news from the pharma space, the share price of Gland Pharma slipped 5% today after the company entered into a Put Option Agreement to acquire 100% of Cenexi Group for an equity value not exceeding Euro 120 million (Enterprise Value of Euro 230 million).

Gland Pharma will acquire Cenexi Group through its wholly-owned subsidiary Gland Pharma International PTE, Singapore.

Cenexi is primarily engaged in the business of Contract Development & Manufacturing Organisation (CDMO) of pharmaceutical products with expertise in sterile liquid and lyophilized fill-finished drug, including capabilities in oncology and complex products.

Reports state that Gland Pharma's ability to support future investments in expanding its manufacturing footprint will help build Cenexi as a major CDMO player in the European market.

This could be the news that Gland Pharma investors must be waiting for as the company has suffered throughout 2022.

It has fallen more than 50%.

HDFC Bank Likely to Conduct Largest Fundraise of FY22

Moving on to news from the banking sector, HDFC Bank is likely to raise up to Rs 150 billion (bn) through the issue of Basel-III compliant tier-2 bonds on Thursday.

This will make the largest such debt issuance this financial year.

The planned bond issuance, which is of 10-year maturity, includes a base size of Rs 10 bn and a green-shoe option of Rs 140 bn, according to sources.

This activity by India's largest private sector bank comes amid a slew of similar plans announced by banks over the last few days.

Just last week, the country's largest lender SBI announced plans to raise Rs 100 bn via 10-year infrastructure bonds.

While two other PSU banks - Union Bank of India and Punjab National Bank have outlined plans for raising funds through tier-2 bonds.

With credit growth outstripping rises in deposits, banks face pressure to mobilize funds and meet the booming demand for loans.

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