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Stock Market today | Share Market Live Updates – Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 15 December 2023.
KCP Ltd informed about the partial resumption of operations at Heavy Engineering Unit at Tiruvottiyur, Chennai, following temporary disruption of operations due to Cyclone Michaung. KCP stock is up by 0.68% on the NSE, trading at ₹148.05.
Jeera (cumin) prices will likely head south further after dropping 50 per cent from the record high of ₹65,000 a quintal witnessed in August on the National Commodities and Derivatives Exchange (NCDEX) as supplies are expected to rise in 2024.
On Thursday, jeera futures expiring in March were quoted at ₹32,500 a quintal, while spot rates at Unjha, the hub of the spice in Gujarat, were quoted by NCDEX at ₹39,314.20.
The surge continues. Nifty 50 retains its momentum and has risen further today. The index is trading at 21,295, up 0.53 per cent.
Outlook is bullish. Support will now be in the 21,250-21,200 region.
The National Centre for the Performing Arts (NCPA) has partnered with Brihanmumbai Municipal Corporation (BMC) and Westside to announce the return of its community outreach initiative – ‘NCPA@ThePark’.
RailTel Corporation of India Ltd. has received the work order from Directorate of Geology and Mining, Government of Madhya Pradesh for Implementation of AI-based Smart Enforcement System to curb illegal transportation of minerals with 3 years of operation and maintenance. The total Contract value for 3 years is ₹25.30 Crore. The stock rises by 1.15% on the NSE, trading at ₹302.65.
The rupee traded flat at 83.30 against the US currency in the opening session on Friday amid a rebound in crude oil prices.
Read more here.
Adani Renewable Energy Holding Nine Limited, a Wholly-owned subsidiary of Adani Green Energy, has incorporated 2 (two) Wholly-owned subsidiaries, namely, Adani Renewable Energy Fifty Six Limited (“ARE56L”) and Adani Renewable Energy Fifty Seven Limited (“ARE57L”).
Adani Green Energy stock rose by 1.57% on the NSE, trading at ₹1,532.
Genus Power Infrastructures stock rose by 4.99% on the NSE, trading at ₹234.50. The company secured an order worth ₹1,026.31 crore.
Gateway Distriparks Limited (GDL) has announced the addition of a new high-capacity container. The stock is up by 1.61% on the BSE, trading at ₹104.40.
Infibeam Avenues Ltd’s shares rose 6.51 per cent after the company reported acquiring a 49 per cent equity stake in Pirimid Fintech by investing ₹25 crore. The company reported that this move aligns with the growing demand for advanced AI-backed software in global capital markets.
Read more here.
Bharat Heavy Electricals Limited (BHEL) stock gains by 1.85% on the NSE, trading at ₹184.75. The company and Central Manufacturing Technology Institute (CMTI) had entered into a collaboration on technology development in the areas of Hydrogen value chain and IIoT solutions for predictive maintenance of machines & manufacturing processes.
Suzlon Group has announced a new order win for the development of a 100.8 MW wind power project for a leading global utility company. Suzlon will install 32 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each. The project is located in Gujarat.
The stock declines by 2.14% on the NSE, trading at ₹36.55.
J. Kumar Infraprojects is in receipt of Letter of Acceptance for the project: Construction of 4 Lane Elevated Corridor in Grand Southern Trunk Road from Km 6/0 to 9/2 (Teynampet to Saidapet) on Engineering, Procurement & Construction (EPC) Mode from The Superintending Engineer, Highway Department, Construction and Maintenance, Chennai Circle, Chennai, for the total contract cost over ₹582 crore.
The stock rises by 2.84% on the NSE, trading at ₹452.30.
State Bank of India has executed transactions documents for purchase of 3,70,644 shares (6.35 per cent) of Ahmedabad-based Canpac Trends Private Limited at Rs 1,349 per share aggregating Rs 49.99 crore.
Most significant change in draft guideline issued by regulator is calculation methodology for surrender value of non-linked savings policies
Surrender value paid to customers under new method will be higher; est. range could be anything between 10%-2x higher
IRDA proposed a higher surrender value on non-linked products.
Regarding investor concern on impact on VNB margins of especially non-participating business, prima facie see multiple mitigating options with industry
Divergence in val & earnings growth in 2023 looks set to deepen next yr
Pricing power is key; staples to keep underperforming discretionary
Key ideas for 2024: Avenue Supermarts, Asian Paints, Colgate (upgrade to Buy), Titan, & Nykaa
Maintain Buy on Sobha (TP raised Rs 1240) and Prestige (TP raised to Rs 1270)
Hold on DLF ( TP Raised to Rs 740) & GPL (TP Raised to Rs 2040)
Reduce on Oberoi (TP Raised to Rs 1310)
Initiate Buy, Target Rs 7,700
Co Well Diversified With Large Opportunity In Mobile And IT Hardware
Co Trades At 63x FY25 PE
Believe The Higher Valuation Is Justified By Strong 41% Earnings CAGR In FY24-26
Execution Is a Key Risk
Initiate Buy, Target Rs 4,075
Pivot To Components & Electronics Adds Drivers And Sustainability
Expect Healthy Demand In the Consumer Durables Segment
Expect Healthy Demand As Rising Frequency Of Heatwaves Should Support AC Demand
Expect Healthy Demand Due To Potential Upside In Exports, Electronics & Mobility Products
Key Risks Include Customer Concentration, Labour Relations
Key Risks Include Commodity Price Volatility & Competition
Key Upside Drivers Are Stronger Consumer Demand, Higher Exports & Vertical Integration
Buy Call, Target Rs 205
Order Run-rate Trending Higher, Visible Re-rating Drivers
Robust Order Pace, FY24-25 Run-rate Shifting North
Raise FY24/25 Intake By 10%/11%, Co’s Long-term Pipeline At Rs 2.0 Lk Cr+
Believe Co Is Set Surprise Positively On Order Inflow Run Rate From FY24
Consensus Expectations For FY24/25 Order Intake Are `22,600/26,400, Respectively
Consensus Expectations Expect To Be Revised Up Given Current Momentum In Defence Orders
A Prime Beneficiary Of An Expanding Defence Manufacturing Ecosystem
Downgrade To Equal-Weight, Target Rs 1,015
Valuation Is Full After Strong Trailing Performance
See No Signs Yet That Bull Case Scenario Can Play Out
Overall, See Balanced Risk-reward At This Price
Would Accumulate Stock Below Rs 800/Sh
Already Assuming An ARPU Increase Of >20% Cumulatively Over Next 24-30 Months
ARPU Increase Of >20% Is Well Reflected In Current Stock Price
Major gainers on the NSE at 9:30 am:
Hindalco (2.74%); JSW Steel (2.17%); UPL (2.03%); Tata Steel (1.82%); Infosys (1.74%)
Major losers:
HDFC Life (-2.20%); Nestle India (-0.62%); Axis Bank (-0.61%); Kotak Bank (-0.36%); SBI Life (-0.30%)
The Reserve Bank of India has rejected Religare Enterprises’ proposal to buy 87.5 per cent stake in Religare Housing Development Finance Corporation Limited (RHDFCL), a subsidiary company of Religare Finvest Ltd, and asked it to submit a fresh application.
Religare Finvest Limited (RFL) is a wholly owned subsidiary of Religare Enterprises.
With the Indian markets reaching uncharted territories, large-cap stocks i.e. shares of the top 100 companies by market capitalisation, today offer better valuation comfort than mid-caps and small-caps. In this scenario, large-cap funds are a prudent choice for those building a long-term portfolio or seeking to grow their portfolio with incremental investments.
Adani Ports and Special Economic Zone Limited has entered into Share Purchase Agreement on with Mundi Limited, an indirect subsidiary of Terminal Investment Limited and associate of Mediterranean Shipping Company, for divestment of 49% stake in Adani Ennore Container Terminal Private Limited.
Fed’s newly minted dovishness adds another bullish leg to the market. The earnings impact of lower rates is muted and is likely to play out with higher FPI flows driving the re-rating. This combines with post-election policy stability and continued strength in the capex and manufacturing cycle.
Expect continued strength in equities, and use any technical corrections to add exposure. The best beneficiaries of falling rates are mid-size lenders (IndusInd Bank) and IT (Infosys), while our other top picks are Hero MotoCorp, Piramal Enterprises, and Zomato (new addition).
Rate cycle turning. Fed’s dovish comments yesterday portend three rate cuts in CY24 and have turned market sentiment decisively. We expect the RBI to follow suit with concurrent rate cuts. The impact would be more pronounced at the short end, given that long bonds have not tracked policy rates on the way up.
Limited impact on real economy. The impact on real economy should be muted, given the low levels of corporate leverage. Households benefit from lower mortgage rates but also lose on income from savings, while non-mortgage personal loans will see limited rate cuts. This is, therefore, an atypical rate cycle and the impact on corporate earnings is limited. Key beneficiaries: a) Banks with low floating rate loans, b) Non-housing NBFCs, with short-end funding, c) Life insurance, as non-par policies become more attractive, d) Real estate, as housing loan rates fall quickly.
Trigger for FPI flows. FPI flows have been strong for most of 2HCY23. We see the momentum intensifying as risk on trades comes back into play. India will remain one of the most attractive emerging markets given its size and growth profile, especially considering the challenges of investing in China. Historical trends noisy. The initial leg of rate-cut cycles has had mixed results for equities over the last 15 years (see Exhibit 2 on page 2). The strike rate for a positive reaction is 3/4, mostly captured in the run-up to the cut. The additional wrinkle in this cycle is that we are entering the rate-cut cycle on the back of strong growth. The sectoral performance around the rate cycle’s peaks is also mixed (Exhibit 4 on page 2).
Key themes and sectors:. Re-rating is an obvious trigger, but it is hard to find candidates if we apply additional filters like earnings visibility, growth sustainability, and relative valuations to history. We filter down to mid-size financials, IT, and real estate as the best plays. Beyond the immediate impact of the rate cycle, we like SMIDs and manufacturing and are cautious on consumption, except autos. IndusInd, Piramal Enterprises, and Hero MotoCorp stay as our top picks. We add a) Infosys, as we see little near-term earnings risk and valuations are reasonable w.r.t. history and b) Zomato, as we see continued business momentum and a relatively strong play on consumption.
Reliance Industries has informed that Moody’s has reaffirmed the credit rating of “Baa2” with a “Stable” outlook issued by it, for the Senior Unsecured US$ Denominated Fixed Rate Notes of the Company.
India’s benchmark indices, Nifty and Sensex, initiated the day on a strong note, hitting all-time highs on Friday, in line with the worldwide upsurge in stocks. This surge was propelled by heightened speculation of a U.S. rate cut by March 2024 after the Federal Reserve’s recent policy meeting.
The BSE Sensex surged 310.60 points to 70,824.80 in early trading, while the NSE Nifty climbed 97.20 points to 21,279.90.
Gainers in the Nifty index included Infosys, Hindalco, JSW Steel, Tata Steel, and Eicher Motors. Conversely, HDFC Life, PowerGrid, Bharti Airtel, Nestle, and BPCL lagged behind.
Wall Street ended positively, potentially marking a seventh consecutive week of growth. European markets trended upward following the European Central Bank and Bank of England’s decision to maintain stable rates. Similarly, Asian markets began the day on an optimistic trajectory.
Fed Chair Jerome Powell’s recognition of the risks tied to delaying rate adjustments on Wednesday amplified expectations of a 25 basis point rate cut by March 2024, further boosting the global stock market.
Zydus Lifesciences Limited has received final approval from the USFDA for Darunavir Tablets 600 mg and 800 mg, and tentative approval for 75 mg and 150 mg tablets.
Zydus Lifesciences stock is up by 0.80% on the NSE, trading at ₹648.95.
BANK NIFTY opened higher at all time high levels and witnessed minor pullback from the highs of 47,943 to close near the opening levels of the day.
The previous last week’s top of 47,200 will act as strong support while on the higher side the round number of 48,000 and weekly pivot will act as resistance.
RSI and other key technical indicators have moved to the higher end of the range at 82 levels and overbought on hourly charts.
Bank Nifty 48,000 CE has the highest OI while on the downside has moved lower to 47,000 for the put OI.
NIFTY-50 has broken on the higher side with strong positive momentum which could take the index towards 21,300-21,500 levels.
The hourly average support has moved to 20,950 levels followed by 20,700 the last week’s double bottom lows.
RSI and other key technical indicators have moved upwards from the average line after a strong up move over the previous day after a time correction.
Highest call OI has moved to 21,300 strike while on the downside the highest put OI is at 20,800 for the weekly expiry.
Expects rally on Indian bourses to continue on account of solid FIIs buying interest, US Fed indicated to begin cutting interest rates next year, strong domestic micro data, cooling down oil price to 5-month low and across the global markets rally.
Gift Nifty is showing 60 points upside after a dream run yesterday while Sensex ended milestone to close above 70000 level. FIIs were net buyers over Rs 20000cr during the month of December, just nine trading sessions – highest among the last five months. Moreover, FIIs long short position is favorable at 56%. Yesterday, the Asian Development Bank raised India’s GDP growth projection to 6.7% for the current Fiscal.
Most of the global rating agencies raised India’s GDP growth forecast which indicates domestic fundamentals remain strong. Among the global markets, overnight US and European markets advance between 0.5% to 1%.
The Bank of England and ECB kept interest unchanged at 5.25% and 4.5% respectively US 10-Year bond yield fell to 5-month low to 3.9% and Dollar Index declined to 4-month low to below 102 level. It means a rally in the US market to continue on ahead of rate cuts next year and fall in US bond yield.
Oil Price Update –.Brent Crude gained 1% to $76/bbl after dovish signals from the Federal Reserve on Wednesday unleashed a bullish pulse across markets.
Gold Price Update – Gold advances 0.5% to $2035/ounce dominated by the Federal Reserve’s strongest indications yet that it will pivot to easing monetary policy next year.
The Jefferson County Port Authority expects to issue its Economic Development Revenue Bonds (JSW Steel USA Ohio, Inc. Project), Series 2023, in the aggregate principal amount of $145,000,000, the proceeds of which will be utilised for extending a loan to JSW Steel USA Ohio, Inc., incorporated under the laws of Ohio, a wholly owned indirect subsidiary of JSW Steel Limited.
Sterling and Wilson Renewable Energy Limited (SWRE) has announced the completion of a fundraise of ₹1,500 crore through Qualified Institutions placement (QIP) route.
DOMS Industries issue will close today for public subscription. The ₹1,200-crore initial public offering from stationery maker saw a robust response in the initial two days. At the end of Day 2, the IPO was subscribed 16.44 times. The price band for the issue has been fixed at ₹750-790 a share and the market lot is 18 shares.
The IPO received bids for 13.43 crore shares as against an issue size of 88.37 lakh shares.
IFL Enterprises Ltd
Bonus issue 1:10
Previous day Closing Price – Rs. 2.8
Ex Bonus 18 December 2023 (Monday)
Last date Trade for Before Bonus Today
1 BALRAMCHIN
2 DELTACORP
3 HINDCOPPER
4 IBULHSGFIN
5 INDIACEM
6 MANAPPURAM
7 SAIL
8 ZEEL
Ex/record date Buyback: Somany Ceramics.
Ex/record date AGM: Orissa Minerals Development Company, Suven Pharmaceuticals, Max Estates.
Moved into a short-term ASM framework: GMR Airport Infrastructure, GTL Infrastructure.
Moved Out of short-term ASM framework: Cantabil Retail India, Datamatics Global Services, Manoj Vaibhav Gems N Jewellers, Techno Electric and Engineering.
Ajanta Pharma: Promoter Ravi Agrawal released a pledge of 28,607 shares on Dec. 13.
Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji and Co. released a pledge of 51 lakh shares on Dec. 8.
Genus Power Infrastructure: Promoter Kailash Chandra Agarwal released a pledge of 25 lakh shares on Dec. 12.
SMS Pharmaceuticals: Promoter group Vamsi Krishna Potluri released a pledge of 12.62 lakh shares on Dec. 12. Promoter group Potluri Infra Projects LLP released a pledge of 38 lakh shares on Dec. 12.
Kalyan Jwellers: Promoter Trikkur Sitarama Iyer Kalyanaraman bought 15,685 shares on Dec. 13. Promoter group TS Balaraman sold 15,685 shares on Dec. 13.
Choice International: Promoter group NS Technical Consultancy bought 3.5 lakh shares on Dec. 13.
Advance Enzyme Technologies: Promoter group Advanced Vital Enzymes sold 2.74 lakh shares on Dec. 12.
Thirumalai Chemical: Promoter group Narayan Santhanam sold 9,225 shares on Dec. 13.
Bharat Bijlee: Promoter group Anand J. Danani sold 7,539 shares on Dec. 13.
Shalimar Paints: Promoter group Hina Devi Goyal sold 99,880 shares between Dec.12 and 13.
Fusion Micro Finance: Honey Rose Investment sold 64.57 lakh shares (6.39%) and Creation Investments Fusion LLC sold 38.41 lakh shares (3.8%) at Rs 555.6 apiece. HDFC Mutual Fund bought 31.29 lakh shares (3.09%), Morgan Stanley Asia Singapore Pte bought 17.8 lakh shares (1.76%), Franklin Templeton Mutual Fund bought 9 lakh shares (0.89%), Societe Generale bought 8.8 lakh shares (0.87%), Kotak Mahindra Life Insurance bought 7.12 lakh shares (0.7%), Bajaj Allianz Life Insurance bought 6 lakh shares (0.59%) at Rs 555.6 apiece.
Onward Technologies: Onward Software Technologies Pvt. sold 10.99 lakh shares (4.9%) at Rs 563.75 apiece. Whiteoak Capital Mutual Fund bought 4.78 lakh shares (2.13%), White Oak India Equity Fund IV bought 2.21 lakh shares (0.98%), India Acorn India Acorn Fund Limited bought 2.21 lakh shares (0.98%), Ashoka India Equity Investment Trust PLC bought 1.77 lakh shares (0.79%) at Rs 563.75 apiece.
GMR Power and Urban Infra: ASN Investments sold 75 lakh shares (1.24%) at Rs 52.75 apiece and Setu Securities bought 40 lakh shares (0.66%) at Rs 52.5 apiece.
Senco Gold: Oman India Joint Investment Fund sold 6 lakh shares (0.77%) at Rs 746.19 apiece.
Zen Technologies: Tata AIA Life Insurance bought 20 lakh shares (2.37%) and Kishore Dutt Atluri sold 2.5 lakh shares (0.29%), Ravi Kumar Midathala sold 2.5 lakh shares (0.29%), Tara Dutt Atluri sold 15 lakh shares (1.78%) at Rs 725 apiece.
Inox India: The cryogenic tank maker’s public issue was subscribed 2.79 times on day 1. The bids were led by non-institutional investors (4.57 times), retail Investors (3.61 times), and institutional investors (0.04 times).
DOMS Industries: The pencil-maker’s public issue was subscribed 15.20 times on day 2. The bids were led by retail Investors (41.18times), non-institutional investors (25.83 times), portion reserved for employees (17.85 times), and institutional investors (1.18 times).
India Shelter Finance: The company’s public issue was subscribed 4.36 times on day 2. The bids were led by non-institutional investors (7.35 times), retail investors (5.08 times), and institutional investors (0.84 times).
Adani Enterprises: Israel-based defence electronics company Elbit Systems Ltd. picked up a 44% stake in an Adani Defence Systems and Technologies Ltd. unit to develop and manufacture various autonomous aerial technologies and systems for defence applications.
* Hero MotoCorp:* The two-wheeler maker appointed Vivek Anand as chief financial officer. The company also approved the additional acquisition of a 3% stake in Ather Energy for Rs 140 crore.
* State Bank of India:* The public sector lender to acquire 3.7 lakh shares (6.35% stake) of Canpac
Trends at Rs 1,349 apiece.
* Dr. Reddy’s Laboratories:* The company becomes the first Indian pharma company to debut on the Dow Jones Sustainability World Index.
* Genus Power Infra:* The company’s unit received a letter of intent worth Rs 1,026 crore for the appointment of advanced metering infrastructure service providers for the supply, installation, and commissioning of a million smart prepaid metres.
* Jupiter Wagons:* The company received an order worth Rs 1,617 crore from the Ministry of Railways to manufacture and supply 4000 BOXNS wagons.
* Mahindra and Mahindra Finance:* The company said that it will enter the life, health, and general insurance segments to diversify its sources of income away from its primary vehicle lending business.
* Texmaco Rail Engineering:* The company received an order worth Rs 1,374.41 crore from the Ministry of Railways to manufacture and supply 3,400 BOXNS wagons.
* Vedanta:* The board will meet on Dec. 19 to consider NCD issuance on a private placement basis.
* Bharat Heavy Electricals:* The company signed a MoU with the Central Manufacturing Technology Institute for hydrogen value chain development and IIOT solutions for predictive maintenance of machines and manufacturing processes.
* Jammu and Kashmir Bank*: The company approved the closure of qualified institutional placement after raising 750 crores at an issue price of Rs 107.60 per equity share, which indicates a discount of 4.49% to the floor price of 112.66 per share.
* Religare Enterprises:* The RBI has rejected the company’s proposal to buy an 87.5% stake in Religare Housing Development Finance Corp., a subsidiary company of Religare Finvest Ltd., and asked it to submit a fresh application.
* Exide Industries:* The company invested 100 crores in its unit, Exide Energy Solutions. The company’s total investment in its unit is Rs 1,780 crore.
* Infibeam Avenues:* The company announced its strategic foray into the capital markets and digital lending software market by acquiring a 49% stake in Pirimid Fintech for Rs 25 crore to solidify this strategic partnership.
* Jayaswal Neco Industries:* Kotak Strategic Situations India Fund to invest Rs 1,500 crore via
NCDs as part of Rs 3,200 crore financing the company seeks for refinancing existing debt.
* IRB Infra Trust:* The company emerged as the preferred bidder for the project of tolling, operation, maintenance, and transfer of the Kota bypass and cable stay bridge toll. The company will pay a Rs 1,683 crore upfro concession fee to NHAI.
Mazagon Dock Shipbuilders: The company collaborated with NavAlt Kochi and launched the MDL solar electric boat, which is the nation’s fastest solar-electric boat.
* LTIMindtree:* The company opened a new delivery centre in Mexico City as part of expanding its presence in Latin America.
* Satin Credit Care Network:* The company opened qualified institutional placement and set the floor price at Rs 242.81 per share, which indicates a discount of 2.31% to the stock’s previous close of Rs 248.55 on the NSE.
* Cochin Shipyard:* The company fixed Jan. 10 as the record date to determine the eligibility of shareholders for a split in the ratio of 1:2.
* Ami Organics:* The company announced the inauguration of its manufacturing plant in Ankleshwar, Gujarat. It also signed another definitive agreement with Fermion to manufacture a couple of additional advanced pharmaceutical intermediates for Fermion.
India Pesticides: Anand Swarup Agarwal resigned from the position of chairman of the company.
* Syrma SGS Technology:* The company incorporated Syrma Strategic Electronics as a wholly-owned subsidiary company.
* PB Fintech:* Income tax officials visited unit Paisabazaar on Dec. 13 and 14 to inquire about vendors in Paisabazaar. The operations of the unit continue as usual and have not been impacted.
* Sterling and Wilson:* The company received a settlement amount of Rs 254.2 crore from Jinko
Solar over an ongoing dispute.
* Aditya Birla Capital:* The company made an additional investment of Rs 50.99 crore in its unit, Aditya Birla Sun Life Insurance.
* Paisalo Digital:* The board will meet on Dec. 19 to consider fundraising.
HSBC on Colgate: Upgrade to Buy on Company, raise target price at Rs 2650/sh (Positive)
HSBC on Asian Paints: Maintain Buy on Company, raise target price at Rs 4020/sh (Positive)
HSBC on DMart: Maintain Buy on Company, raise target price at Rs 4630/sh (Positive)
HSBC on Berger Paints: Maintain Buy on Company, raise target price at Rs 660/sh (Positive)
HSBC on Kalyani Jewel: Maintain Buy on Company, raise target price at Rs 390/sh (Positive)
HSBC on Sobha: Maintain Buy on Company, raise target price at Rs 1240/sh (Positive)
HSBC on Prestige: Maintain Buy on Company, raise target price at Rs 1270/sh (Positive)
HSBC on DLF: Maintain Hold on Company, raise target price at Rs 740/sh (Positive)
HSBC on Godrej Prop: Maintain Hold on Company, raise target price at Rs 2040/sh (Positive)
HSBC on Oberoi Real: Maintain Reduce on Company, raise target price at Rs 1310/sh (Positive)
UBS on Amber: Initiate Buy on Company, target price at Rs 4075/sh (Positive)
UBS on Dixon: Initiate Buy on Company, target price at Rs 7700/sh (Positive)
Sparc on Arvind: Initiate Buy on Company, target price at Rs 352/sh (Positive)
HSBC on Nestle: Downgrade to Hold on Company, raise target price at Rs 25200/sh (Neutral)
MS on Bharti Airtel: Maintain Equal weight on Company, target price at Rs 1015/sh (Neutral)
Buzzing Stocks: SBI, Adani Enterprises, Hero MotoCorp, Ather Ind, Religare Enterprises, Jayswal Neco, BHEL, Texmaco Rail, Jupiter Wagons, Jindal Saw, Genus Power, Infibeam Avenues, Exide Industries, M&M Finance, Sterling & Wilson, PB Infotech, Syrma SGS, Aditya BIrla Capital, J&K Bank, Ami Organics
Adani Enterprises has announced a fresh investment of around Rs 8,000 crore in Bihar, as a part of the over Rs 50,500-crore investment proposals envisaged under various memorandums of understandings (MoUs) signed during the two-day Bihar Business Connect summit in Patna.
The summit also saw the State Government signing MoUs with Bharat Petroleum for an investment of over Rs 7,000 crore, with Patel Agri for investment of over Rs 5,200 crore, with Holtech International for investment of over Rs 2,200 crore, and with Indo European Heart Hospitals & Research Institute for over Rs 2,000, among others. As many as 300 companies signed MoUs.
Kotak Strategic Situations India Fund II (KSSF II) on Thursday said that it has led the ₹3,200 crore investment in Jayaswal Neco Industries Limited (JNIL) in the form of non-convertible debentures (NCDs).
This Alternate Investment Fund, which is managed by Kotak Alternate Asset Managers Limited (KAAML), has invested ₹ 1,500 crore in JNIL, thus helping the company refinance its existing debt of ₹3,200 crore. The other investors in this financing transaction include Global Pension Funds.
Happy Forgings has a fixed price band of ₹808 to ₹850 per equity share for its proposed initial public offering, which opens for subscription on Tuesday.
Investors can bid for a minimum of 17 equity shares and in multiples of 17 equity shares thereafter.
The public issue comprises a fresh issuance of equity shares up to ₹400 crore and an offer for sale of up to 7,159,920 equity shares.
The bull run in the equity market is backed by a strong expectation of earnings growth and is not led by euphoria like in the previous rally witnessed in 2000 or 2008, said Nilesh Shah, Managing Director, Kotak Mahindra Asset Management Company.
The risk premium on investment in India is much lower compared to other emerging markets such as Russia, China, Brazil, and South Korea. India is one country where foreign portfolio investors have managed to move out $35 billion without any restriction, he said.
The tractor industry reported a 6 per cent increase in domestic sales year-on-year in November. However, volumes fell 38 per cent cent when compared to October.
Total domestic tractor sales stood at 72,266 units in November this year, when compared to 67,940 units in November 2022 and 118,232 units in October 2023, according to the data provided by the Tractor & Mechanisation Association (TMA).
Credo Brands Marketing has fixed the price band at ₹266 to ₹280 per equity share for its initial public offer. The IPO will open on December 19 for subscriptions and close on December 21.
Investors can bid for a minimum of 53 equity shares and in multiples of 53 equity shares thereafter. The offer of a face value of ₹2 per equity share is entirely an offer for sale up to 1,96,34,960 equity shares.
The government’s net direct tax collection rose over 23 per during the first eight months of the current fiscal, Finance Ministry said on Thursday. With this, over 56 per cent of the budget estimate has been achieved. Officials say if the present trend continues, collection at the end of the fiscal year will exceed the budget estimate.
Direct taxes include personal income tax (PIT) and corporate income tax (CIT), besides taxes such as securities transaction tax (STT).
Shree Cement, the second-largest cement-maker in India, on Thursday commissioned a new klin at its integrated production facility in Nawalgarh, Rajasthan. The plant, set up at ₹3,500 crore can produce 3.5 million tonnes of cement per annum. In a statement to the bourses, Shree Cement said, the klin has a rated capacity of 11,500 tonnes per day.
Prices of pulses are likely to witness a softening trend in the new year with harvest of key varieties such as tur and urad and the imports including the yellow peas set to boost the domestic supplies. This is even as the chana crop for 2023-24 rabi season may see a decline of 10-15 per cent over the previous year’s output mainly on drop in acreage, according to the trade.
The stalemate over Punit Goenka’s appointment as the CEO of the proposed Zee-Sony merged entity continues with both sides unwilling to relent. While Goenka has made it clear that the merger can through only with him leading the company, Sony is pushing Goenka to take on a non-executive role.
Sources said talks between the two media enterprises have hit a wall ahead of the December 21 deadline for the merger to be completed.
Federal Bank is eyeing to be among the top five private sector lenders in the country and the bank is making right steps towards achieving this goal, its Managing Director and CEO Shyam Srinivasan said on Thursday.
The short-term outlook for Indus Towers is bullish. The stock had surged about 7 per cent on Thursday. This has taken the share price well above ₹197, a key resistance. The region is between ₹197 and ₹195. Intermediate dips are likely to see fresh buyers coming into the market in the above-mentioned support zone.
Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI
The India Shelter Home Loans (ISHL) IPO, which is open from December 13–15, comes at a time when both Nifty and Nifty Bank are at a lifetime high. We list five relevant things about the home finance issue. The NBFC is promoted by PE investors WestBridge Crossover (20.3 per cent stake post-issue), Aravali Investment (26.6 per cent) and Anil Mehta (1.5 per cent).
Current: 0.3%
Expected: -0.1%
Previous: -0.1%
U.S. Unemployment Claims
Current: 202K
Expected: 219K
Previous: 220K
(DATA ARE BETTER THAN ESTIMATES)
Fii: + Rs 3570 cr
Dii: + Rs 553 cr
Cyient DLM Ltd: Anthony Montalbano, CFO
Our Outlook Is Similar To Industry Growth Levels Of 30-50%: Cyient DLM
https://www.youtube.com/watch?v=hAYQeK93LBo
Gulf Oil India : Ravi Chawla, MD
Expect Industry Growth At 2-3% This Year, Company Will Continue To Gain Market Share: Gulf Oil
https://www.youtube.com/watch?v=R77EctqoPws
Inox India Ltd: Siddharth Jain, Promoter & Non Executive
Currently Have 3 Operating Facilities, Will Start Our 4th Facility: INOX India
https://www.youtube.com/watch?v=pJJDVJgVzoA
NLC Nalco India : Prasanna Motupalli, CMD
Renewable Capacity Needs To Be Doubled By 2030 On A Global Scale: NLC India
https://www.youtube.com/watch?v=ebHL5bbiLtM
PG Electroplast: Vikas Gupta, ED MD
Room AC Biz Can Generate ?1,500 Cr Revenue In FY25: PG Electroplast
https://www.youtube.com/watch?v=A8W9tX5ea7U
Symphony: Nrupesh Shah, ED-Corporate Affairs
Fund Infusion In Symphony AU To Be Used For Debt Repayment & Working Capital: Symphony
https://www.youtube.com/watch?v=tKU9gGBgPRU
TTK Prestige: TT Jagannathan, MD
Will Grow In Double Digits In The Second Half Of This Year: TTK Prestige
https://www.youtube.com/watch?v=bAq3ywQ7s8I
DOMS Industries: Santosh Rasiklal Raveshia, MD
Total Capex Close To ?450 Cr, Will Focus On Domestic Market To Drive Sales: Doms Industries
https://www.youtube.com/watch?v=m7GoMENvSr0
Fedbank: Anil Kothuri, MD CEO
Small Mortgage Business Will Continue To See Growth Momentum: Fedbank Financial Services
https://www.youtube.com/watch?v=7-SqIKOSNyY
Inox India Ltd: Siddharth Jain, Promoter & Non Executive
INOX India IPO: Price Band Fixed At ?627-660
https://www.youtube.com/watch?v=zpLBRu1FIxw
Events today…
https://www.researchbytes.com/Default.aspx?cc=event
Results today…
https://www.researchbytes.com/Default.aspx?cc=result
Replays available at www.researchbytes.com
Asian shares surged as investors interpreted the Federal Reserve’s signals as the strongest indication yet of an approaching shift towards rate cuts.
Japanese stocks initiated the day with gains, drawing confidence from the upward momentum on Wall Street.
The Nikkei 225 index rose by 1.07%, equivalent to 351.32 points, reaching 33,037.57 in early trading, while the broader Topix index increased by 0.54% or 12.65 points, hitting 2,334. South Korea’s Kospi climbed by 1.02%, or 26.04 points, trading at 2,570.22, and Australia’s S&P ASX200 index surged by 0.89% or 65.60 points, reaching 7,443.50.
Earlier on Thursday, U.S. stocks closed higher, marking a second consecutive record high for the Dow Jones Industrial Average. The boost came from positive expectations of reduced borrowing rates next year, spurred by the Federal Reserve’s more dovish stance. The day’s indexes closed as follows: S&P 500 up by 0.26%, Nasdaq by 0.19%, and Dow by 0.43%.
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Stock Market Live Updates 15 December 2023: Nifty and Sensex set for record open amid global rate cut speculation – BusinessLine
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