Morning Update :– The MPC has kept the repo rate unchanged at 6.5 percent and maintained stance of ‘Withdrawal Of Accommodation with 5: 1 majority. Standing Deposit Facility and Marginal Standing Facility rates also remain unchanged at 6.25 percent and 6.75 percent, respectively.
Sensex – Profit  +286   Points at   69,808
Nifty 50 – Profit   +81      Points at   20,980
Indian Market
FII AND DII
| FII Sold | 1,564.03 Cr |
| DII Sold | 9.66 Cr |
Indian Market News
- Asian markets are mainly up, with the Kospi, Straits Times, and Taiwan Weighted up almost 1% each, but the Nikkei is down 1.4 percent.
- The Nasdaq closes significantly higher as Alphabet and AMD drive the AI rally.
- Weekly jobless claims in the United States rise marginally.
- Oil prices are set to fall for the week as signs of weakening Asian demand emerge.
- The RBI’s MPC is likely to maintain the repo rate unchanged and may alter the GDP growth prediction.
- SoftBank is expected to sell $135 million in Zomato shares in a block sale.
- Cropnosys, an agrochemical startup, receives a Rs 375 crore investment from Kotak’s arm.
- Zomato shares worth Rs 1,125 crore were sold in a block sale; Softbank is the most likely seller.
- Government decides to exercise the greenshoe option in IRCON’s OFS issue, to sell additional 4% stake via OFS
- IRB Infra & IRB Infrastructure Trust reports 19.4% YoY growth in toll collections at Rs 437 crore in November
Global Markets updates
GIFT Nifty
Trends in the GIFT Nifty anticipate a flat start for India’s broader index, with an 11-point rise. The Nifty futures were trading at roughly 21,088.00.
US Markets
On Thursday, the Nasdaq finished significantly higher as Alphabet and Advanced Micro Devices started a megacap rally on renewed optimism in artificial intelligence.
Alphabet (GOOGL.O) shares rose 5.3 percent as analysts applauded the release of the Google-parent company’s newest AI model, while AMD rose nearly 10% after the company predicted the potential market for its data centre AI processors may reach $45 billion this year.
The Nasdaq Composite increased 1.37 percent to 14,339.99, while the Dow Jones Industrial Average increased 0.18 percent to
Asian Markets
In the early hours of December 8, Asian markets were divided, with the Nikkei down 1.5 percent, the Kospi up 0.7 percent, and the Shanghai Composite trading flat.
Oil Prices
Oil prices plummeted to six-month lows on Thursday, as investors concerned about slow energy demand in the United States and China, while US supply continues at record highs.
Brent crude prices have fallen 25 cents to $74.05 per barrel. West Texas Intermediate crude futures in the United States slipped 4 cents to $69.34. Both benchmarks have dropped to their lowest levels since late June.
Gold Prices
Gold rose on Thursday as the dollar fell ahead of U.S. non-farm payrolls data, as speculators waited for evidence of a weakening employment market, which would increase the likelihood of a rate decrease by the Federal Reserve as soon as March.
By 2:25 p.m. ET (1925 GMT), spot gold was up 0.3 percent to $2,029.92 per ounce. Gold futures in the United States finished 0.1 percent lower at $2,046.40.
News Updates
RBI’s MPC expected to maintain repo rate constant, may adjust GDP growth prediction
The Reserve Bank of India’s Monetary Policy Committee (MPC) will come out with its decision on key interest rates on December 8 in what would be the last review before the budget (vote on account) is presented for the financial year 2024-25 .
Economists expect the MPC to retain status quo at a time when concerns over high interest rates damaging economic development have faded with the second quarter GDP growth coming in at a solid 7.6 percent.
US monthly unemployment claims increase marginally
The number of Americans applying for unemployment benefits increased less than expected last week due to a stagnant labor market and declining demand. Initial requests for state unemployment benefits rose 1,000 to 220,000 for the week ending December 2, compared to 222,000 predicted by economists. The employment market is stagnating, with 1.34 job opportunities for every unemployed person in October, the lowest since August 2021. The US central bank is expected to maintain steady rates next Wednesday, having lifted its policy rate by 525 basis points since March 2022.
SoftBank set to sell Zomato shares worth $135 million via block transaction
Japan’s SoftBank is expected to sell Zomato shares worth $135 million in a block deal, sources told CNBC-TV18. In rupee terms, this equates to Rs 1,125.5 crore. The shares will be auctioned at a price of Rs 120.50 per share.
Stocks in news
Zomato: Sources told CNBC-TV18 that Zomato’s $135 million worth of shares are expected to be sold by Japan’s SoftBank in a block sale. This is equivalent to Rs 1,125.5 crore in rupees. The price per share at which the shares will be sold is Rs 120.50.
Olectra Greentech: Vasai Virar City Municipal Corporation, Mumbai, has awarded the electric bus maker a Letter of Award for the supply and upkeep of forty electric buses. This order is for 40 electric buses, which will be delivered over the course of seven months, on an outright sale basis. The supply of these forty electric buses would be valued at Rs 62.80 crore.
Five-Star Business Finance: According to reports cited by CNBC-TV18, Matrix Partners is expected to sell a 5.87 percent stake in the company through a block deal. The stake sale size can be increased by matrix by up to 8.81 percent. A price of Rs 730 per share has been decided for the issuance.
IRCON International: The Indian government has opted to sell an additional 7% of its share in the offer-for-sale (OFS) of IRCON International, which was launched on December 7, in order to activate the greenshoe option in the OFS. On December 7, the OFS issue became available to non-retail investors, and it quickly attracted 4.6 times the amount of the base issue. Retail investors can access the OFS starting on December 8.
Container Corporation of India: A Memorandum of Understanding (MoU) was signed by NTPC Vidyut Vyapar Nigam (NVVN) and Container Corporation of India (CONCOR) to establish PV Solar renewable energy projects in CONCOR terminals.
GlaxoSmithKline Pharmaceuticals: To increase efficiency and leverage technology to reach more target segments, the business formed an omnichannel team. In keeping with its goal of increasing operating savings, it has also finished the voluntary retirement scheme (VRS) for field sales and HO personnel in the commercial function, incurring one-time costs of Rs 156.57 crore.
Suzuki Maruti India: The Gujarat Goods and Services Tax (GST) Authority has ordered the country’s largest automaker to drop an earlier show-cause notice, requesting Rs 1.79 crore on September 29 for the period of July 2017 to March 2018 due to the company’s filing of tax returns that need to be reconciled.
TVS Electronics: The office of the Commissioner of Customs (Audit), Chennai, has placed an order for Rs 35.58 crore with the TVS Group company. In addition to fines and penalties for the corporation, its Customs House Agent, corporation Secretary, and other authorities, this ruling imposes differential duty of Rs 10.02 crore. The business is currently preparing to file an appeal with the Chennai CESTAT.
Shriram Finance: Under the co-lending scheme, the company has executed a master agreement with the Small Industries Development Bank of India (SIDBI) for the co-lending of loans to micro, small, and medium enterprises (MSMEs) borrowers through back-to-back assignments of loans and loan portfolios in tranches.
IIFL Securities: The company said that a June 19 Securities and Exchange Board of India (SEBI) judgement that barred it from accepting new clients for two years with regard to its stock brokering operations has been overturned by the Securities Appellate Tribunal (SAT). The adjudicating officer’s sentence has been lowered to Rs 20 lakh.
Birla Corporation: The firm announced that, effective February 1, 2024, Aditya Saraogi’s term as the company’s chief financial officer has been extended for an additional four years by the Nomination and Remuneration Committee and Audit Committee. According to business policy, Aditya Saraogi’s tenure as CFO will end on January 31 when he reaches the age of superannuation.
IRB Infrastructure Developers: In November 2023, the transport infrastructure developer, IRB Infrastructure Developers, and IRB Infrastructure Trust (private InvIT) reported a combined toll collection of Rs 437 crore, up 19.42% from Rs 366 crore in the same month the previous year.
Sterlite Technologies (STL): According to the June 2020 Master Agreement between STL and Aksentt, the business is claiming an unpaid balance of Rs 254 crore, along with cost overruns and interest on the value of delivered items and rendered services. Under Packages A and C of the MahaNet Project, they signed a Master Agreement for the deployment of optical fibre in 1960 Gramme Panchayats in Maharashtra.
Sanghi Industries: The company’s chairman and managing director, Ravi Sanghi, has resigned. With effect from December 7, Aditya Sanghi and Alok Sanghi also resigned from their positions as executive directors of the business. With effect from December 7, 2023, Sukuru Ramarao is named Whole-Time Director and CEO, while Sanjay Kumar Khajanchi is named CFO.
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