Closing bell:- The BSE midcap and smallcap indices are trading unchanged. Auto, pharma, bank, and metal indices are all up 0.5-1 percent, while oil and gas and power are down.
Closing bell
Indian market news
Fii and Dii data
| Fii Sold | 95.20 Cr |
| Dii Bought | 167.04 Cr |
Indian market news
- Hindalco, Ultratech Cement, and Tata Motors drive the Nifty 50 to a new lifetime high of 21,594 points.
- The Nifty crosses 21,600 for the first time; Nifty Bank sets a new high.
- With a 25% increase in valuation this year, India surpasses the top ten markets at $4.16 trillion.
- In July-September, India’s current account deficit shrinks to $8.3 billion.
- For the first time, the market capitalization of UltraTech Cement exceeds Rs 3 lakh crore.
- Bharti Airtel awards Bondada Engineering a Rs 3.25 crore contract.
- Bank of Baroda is looking for a buyer to sell its entire stake in its New Zealand subsidiary.
- Oil prices remain stable while Red Sea developments are being observed.
- Gold remains stable as activity slows, on track for its best year in three years.
- Suzlon Energy receives a 100.8 MW order from Mahindra Susten.
- ICICI Prudential Life Insurance Company receives a Rs 269.86 crore GST demand notice:
- Bihar Education Project Council awards Railtel Corporation of India a work order of Rs 76.19 crore.
- SAIL ISP Burnpur awards NBCC a Rs 150 crore order.
- Adani Total Gas announces a memorandum of understanding with Flipkart to decarbonize its supply chain.
- Adani Green completes its joint venture with TotalEnergies and raises $300 million.
- According to reports, NBCC earns Rs 2000 crore from the sale of around 5000 Amrapali units.
- L&T scores a record-breaking order for Rs 5,000-10,000 crore.
- Vishnu Prakash R Punglia is the recipient of an award letter for projects worth Rs 899 crore.
- Credo Brands goes public at Rs 282 versus an IPO price of Rs 280.
- Kansai Nerolac Paints will sell a property tract in Mumbai to a Runwal Group subsidiary for Rs 726 crore.
- Ola Electric intends to use the IPO revenues to expand cell production capacity by Rs 1,226.43 crore.
- Maithan Alloys would buy 10 lakh NSE India equity shares.
Indian Market Stocks
| Sensex | 701.63 | +0.98% | 72,038.43 |
| Nifty 50 | 213.40 | +1.00% | 21,654.75 |
| Bank Nifty | 557.35 | +1.17% | 48,282.20 |
Market Movers
| Hindalco | 25.75 4.44% | NTPC | -3.55 -1.15% |
| UltraTechCement | 417.45 4.17% | ONGC | -1.80 -0.87% |
| Bajaj Auto | 245.10 3.79% | Adani Enterpris | -22.10 -0.77% |
| Tata Motors | 21.35 2.97% | UPL | -2.90 -0.49% |
| JSW Steel | 23.60 2.77% | Cipla | -5.20 -0.42% |
News updates
From July to September, India’s current account deficit decreased to $8.3 billion.
Data released on December 26 by the Reserve Bank of India (RBI) shows that in the second quarter of 2023–24, India’s current account deficit (CAD) decreased to $8.3 billion.
According to the report, the CAD represented 1.0 percent of India’s GDP from July to September. “Underlying the lower current account deficit on a year-on-year basis in July-September 2023 was the narrowing of merchandise trade deficit to $61.0 billion from $78.3 billion in July-September 2022,” the Reserve Bank of India stated.
April through June of 2023 saw $9.2 billion in CAD, or 1.1 percent of GDP. The massive $30.9 billion deficit, or 3.8 percent of GDP, was recorded between July and September of 2022.
Axis Bank petitions Zed Learn for insolvency
The education services business Zed Learn was the target of a plea seeking insolvency procedure from Axis Bank, which was reported on December 26 by the National Company Law Tribunal (NCLT).
“This is to inform you that a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been filed by Axis Bank Limited to initiate Corporate Insolvency Resolution Process (CIRP) of the Company, before the Hon’ble National Company Law Tribunal, Mumbai,” according to a regulatory filing.
According to Zed Learn, the Mumbai NCLT branch has sent it a notification in this regard. The company stated that it is gathering data to confirm the facts stated in the petition that Axis Bank submitted, and it will keep the exchanges informed of any updates about the matter’s ongoing developments.
Ola Electric intends to use the profits from its first public offering (IPO) to expand its capacity for cell production.
According to preliminary documents the firm filed with capital markets regulator Sebi, Ola Electric Mobility Ltd, which is scheduled for an initial public offering (IPO), intends to use Rs 1,226.43 crore of the proceeds of its Rs 5,500-crore public issue on capacity expansion of its cell manufacturing unit to 6.4 GWh from 5 GWh. In addition, the company plans to spend Rs 1,600 crore of the public funds raised for research and product development, and another Rs 800 crore for debt repayment. The company submitted the draft red herring prospectus (DRHP) last week.
The electric motorbike lineup, which included the Cruiser, Adventure, Roadster, and Diamondhead, was announced by Ola Electric Mobility (OEM) on August 15, 2023. The OEM anticipates starting delivery of the motorcycles in the first half of fiscal 2026. Phases one (a) and (b) of the establishment and growth of the Ola Gigafactory in the Krishnagiri area of Tamil Nadu, according to the company’s DRHP, will be financed by internal accruals and long-term loans obtained by its subsidiary Ola Cell Technologies Pvt Ltd (OCT).
On December 27, Mufti Menswear is anticipated to achieve significant listing gains.
Credo Brands Marketing (Mufti Menswear) is set to debut its Rs 550-crore public issuance on December 27, with strong investor demand. The company’s previous financial performance has been attributed to double-digit listing gains, fair valuations, strong subscription numbers, excellent brand image, and favorable market conditions. Qualified institutional buyers (QIBs) have been extremely bullish, purchasing 104.95 times the amount reserved for them. The quota allocated to high net worth individuals (HNIs) was filled 55.52 times, and the quota for retail investors was filled 19.94 times. Mufti IPO shares also generated significant demand in the grey market, trading for 35-40% more than the Rs 280 issue price per share.
Adani Group would contribute an equity of Rs 9,350 crore to Adani Green Energy.
The board of directors of Adani Green Energy (AGEL) approved the preferential issuing of warrants to the promoters on December 26 for a total of Rs 9,350 crore, at a price of Rs 1,480.75 per share. The corporation stated that the money will be used for both accelerated capital spending and deleveraging. It further stated that with 20.6 GW of locked-in capacity, over 2,00,000 acres of secured land (equivalent to over 40 GW of additional capacity) in resource-rich areas of India, and additional equity infusion of Rs 9,350 crore, AGEL is fully equipped to meet its stated target of 45 GW by 2030.
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TCS buyback acceptance percentage at 35%, better than prior time
Tata Consultancy Services (TCS) has decided the acceptance percentage of its buyback issue at roughly 35 percent, some investors who tendered their shares claimed.
The acceptance ratio refers to several shares accepted to be bought by the corporation against the number of tendered shares. The ratio was 24 percent during the 2022 buyback.
For small shareholders, the ratio of repurchase (i.e. eligible number of shares to be tendered for the number of shares owned) was fixed at one share for every six shares held as of the record date. For other stockholders, it was two shares for every 209 shares held by them.
The company planned to buyback 4.09 crore shares at Rs 4,150 apiece and received bids for 26 crore shares.
SpiceJet board meet to examine fundraising and Q2FY24 results adjourned till Dec 12
SpiceJet, once India’s second-largest carrier by market share, said that it has pushed out the board meeting to examine fundraising and Q2FY24 results to December 12. The airline was set to declare its Q2FY24 results on December 11.
Sterling & Wilson Renewable Energy publishes QIP; floor price at Rs 365.02 per share
Sterling and Wilson Renewable Energy Limited on December 11 announced the opening of a qualified institutional placement (QIP) issuance.
The Securities Issuance Committee agreed a floor price for the offer at Rs 365.02 per share following the computation stipulated by the Securities and Exchange Board of India, the business said.
Additionally, the worldwide pure-play, end-to-end renewable engineering, procurement and construction (EPC) solutions provider may consider granting a reduction of up to 5 percent on the floor price. A meeting is scheduled to establish the issuance price of the equity shares, it stated.