Closing bell:- Although 2023’s final trading session finished without much excitement, the year saw gains of up to 20 percent for the leading indices, Sensex and Nifty 50. The Nifty Midcap and Nifty Smallcap indices surged to 50% in 2023, outperforming benchmark markets. The Nifty Realty index, which has surged by more than 80% year to date, is the sector leader for 2023.
Closing bell
Indian market news
Fii and Dii data
| Fii Bought | 4,358.99 Cr |
| Dii Bought | 136.64Â Cr |
Indian market news
- This fiscal year, coal production increases by more than 12% to 664.37 MT.
- Under the Modi administration, direct tax revenue will triple to Rs 19 lakh crore in ten years.
- For 2021–2022 AY, Redington receives a demand for income tax of Rs. 136 crore.
- Power Mech gains 5% with the award of two orders totaling Rs. 2190 crore.
- backed by SoftBank Meesho’s sales increased 77% to Rs 5,735 cr in FY23, while losses plummeted to Rs 1,675 cr.
- A three-year high for gold is expected due to Fed rate reduction.
- Zydus Wellness shares valued at Rs 127.3 crore are sold by Threpsi Care LLP:
- RailTel Corporation of India secures a 120.45 crore rupee work order.
- Alfa Transformers secures a Rs. 1.99 crore order.
- Rs 3,244 crore worth of orders are secured by Kalpataru Projects International.
- Info Edge plans to invest 25 crore rupees in Zwayam Digital, a subsidiary.
- Amounts of Rs 1,750 crore have been given to Techno Electric & Engineering Company.
- The Ministry of Defence has placed an order for marine electrical bags costing Rs 32 core.
- A work order worth Rs 258 crore is bagged by Shakti Pumps.
- Zee Entertainment Enterprises shares valued at Rs 165 crore are selected by Plutus Wealth Management.
- Nine Rivers Capital divests its 0.6% interest in GPT Infrastructure.
- RBI approves ICICI Prudential AMC and ICICI Prudential Life Insurance’s acquisition of up to a 9.95% share in IDFC FIRST Bank.
- Aditya Birla Fashion selects an extra 4.81% of Finesse International Design, a subsidiary.
- Bondada Engineering will think about purchasing a sizeable share in Atpole Technologies.
- A 1.17% share in Indiabulls Housing Finance is sold by SBI Mutual Fund and ICICI Prudential Fund.
- A 0.67% share in Azad Engineering is purchased by Abu Dhabi Investment Authority.
- Brainbees, the parent company of FirstCry, has filed IPO papers with the SEBI; M&M will sell 28 lakh shares.
- The RBI has approved ICICI AMC’s acquisition of up to 9.95% of Federal Bank.
- 1.65 million shares were exchanged in a single block transaction during the IRFC, according to Bloomberg.
Indian Market Stocks
| Sensex | -170.12 | -0.23% | 72240.26 |
| Nifty 50 | -47.30 | -0.22% | 21,731.40 |
| Bank Nifty | –216.30 | -0.45% | 48,292.25 |
Market Movers
| Tata Motors | 28.50 3.78% | BPCL | -15.15 -3.25% |
| TATA Cons. Prod | 38.80 3.73% | ONGC | -3.25 -1.56% |
| Bajaj Auto | 93.95 1.40% | SBI | -9.35 -1.44% |
| Adani Enterpris | 39.05 1.39% | Coal India | -4.95 -1.30% |
| Eicher Motors | 51.60 1.26% | Infosys | 30.15 1.14% |
News updates
India’s Financial Intelligence Unit issues a show-cause notice to Binance and eight other parties.
Nine offshore virtual digital asset service providers, including Binance, have received compliance show-cause notices from the Indian finance ministry, which has also instructed the information technology ministry to block their URLs for operating illegally in the nation without abiding by local money laundering regulations. Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex are the nine entities.
The finance ministry said in a statement on December 28 that offshore and onshore providers of virtual digital asset services operating in India that engage in the following activities: exchanging virtual assets for fiat money; transferring and administering virtual assets; or providing instruments that allow control over them; must register with the Financial Intelligence Unit-India; and adhere to the guidelines set forth in the Prevention of Money Laundering Act (PMLA), 2002.
Well-capitalized banks that can withstand shocks to the macroeconomy: RBI
According to the Reserve Bank of India’s (RBI) Financial Stability Report, which was published on December 28, schedule commercial banks have adequate capitalization and can withstand macroeconomic shocks for up to a year.
The aggregate CRAR of 46 major banks is predicted to decrease under the baseline scenario, from 16.6% in September 2023 to 14.8% in September 2024. A half-yearly publication, the financial stability report provides information on changes in the nation’s financial industry.
By September 2024, it might drop to 13.5% in the medium stress scenario and 12.2% in the severe stress scenario, still exceeding the minimum capital requirements, the analysis continued.
Stockbrokers have an extra day from SEBI to settle their clients’ running accounts.
After receiving comments from their Industry Standards Forum (ISF), the market authority has granted stockbrokers an additional day to settle the outstanding accounts of their clients.
Up until recently, on the first Friday of each month or quarter, clients’ unused money in the trading account had to be returned to their bank accounts. To protect the investors’ interests, this was done. But according to the brokers’ ISF, operational issues were being caused by a single day of settlement. Thus, they are permitted to settle the accounts by Saturday by the Securities and Exchange Board of India (SEBI).
RBI authorises ICICI AMC to purchase up to 9.95% of Federal Bank.
On December 28, the Federal Bank announced that the Reserve Bank of India (RBI) has given its permission for ICICI Prudential Asset Management Company (ICICI AMC) to purchase a cumulative holding of up to 9.95 percent of the bank. The RBI has confirmed that the pertinent provisions of the Banking Regulation Act of 1949 have been followed. Federal Bank MD and CEO Shyam Srinivasan is in charge of the development.
On September 22, 2024, Shyam Srinivasan, who assumed leadership of Federal Bank MD as its Managing Director (MD) and CEO in 2010 and has been there ever since, would step down from his position.
Draft regulations on bond forwards in government securities are released by RBI
The draft guidelines on bond forwards in government securities were announced by the Reserve Bank of India (RBI) on December 28 in an effort to increase the availability of interest rate derivative products in the market.
According to recommendations, the central bank should consider introducing bond futures for government securities. The goal of the draft guidelines for contracts delivering government securities forward is to give market players—especially long-term investors—more control over their interest rate and cash flow risk.
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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.