Morning Update :–NTPC, JSW Steel, BPCL, Tata Steel, and SBI Life Insurance were among the major gainers on the Nifty, while Eicher Motors, UltraTech Cement, Bajaj Auto, Infosys, and Britannia Industries were among the major losers.
Sensex – Gains +305 Points at 72,252
Nifty 50 – Gains +85 Points at 21,722
Indian Market
FII AND DII
| FII Bought | 2,926.05 Cr |
| DII Sold | 192.01 Cr |
Indian Market News
- Asian markets are mainly up; the Straits Times and Hang Seng are both up 1%, while the Nikkei is down 0.5%.
- Wall Street makes just minor gains, with the S&P 500 hovering at an all-time closing high.
- Oil prices are rising due to concerns about intensifying hostilities in the Middle East.
- Adani Green completes its joint venture with TotalEnergies and raises $300 million.
- HUDCO signs an agreement with the Gujarat government to invest up to Rs 14,500 crore.
- The BSE and NSE have issued a ‘No Objection Letter’ for the scheme of arrangement between Inox Wind Energy and Inox Wind.
- Exide Industries invests Rs 40 crore in Exide Energy Solutions, a subsidiary.
- Canara Bank plans to list Canara Robeco AMC on the stock exchange.
- Hinduja Renewables has been awarded a 140-MW solar project.
Global Markets updates
GIFT Nifty
With a gain of 81 points, the GIFT Nifty predicts a somewhat favourable start for the broader market. The GIFT Nifty futures contract closed at 21,751 points after reaching a high of 21,792 points.
US Markets
S&P 500 futures are near flat Wednesday night as the benchmark index closed in on a fresh all-time high. Futures connected to the benchmark index and Nasdaq 100 were both little changed. Dow Jones Industrial Average futures fell 6 points, also near flat.
The event followed a mildly successful day on Wall Street. The S&P 500 ended up 0.1 percent, pushing closer to record heights. The Nasdaq Composite climbed roughly 0.2 percent in the day, while the 30-stock Dow finished 0.3 percent higher. While the swings were moderate, they came as investors head toward to finish of what’s been a solid year for stocks.
With just two sessions left in the trading year, the blue-chip Dow and the S&P 500 are expected to finish higher by more than 13 percent and 24 percent, respectively. The latter is within 0.5 percent of its greatest closing level, which was recorded in January 2022.
European Markets
European markets closed higher on Wednesday to kick off the final trading week of 2023, as major indexes around the world lingered near record highs. The pan-European Stoxx 600 index closed up 0.27 percent. Energy and technology were the leading industries, increasing roughly 0.61 percent and 0.7 percent.
The European blue-chip index traded around the 478.87 level, not far behind the index’s record closing high of 483.44 recorded in November 2021. Stock markets in Europe were closed on Monday and Tuesday in celebration of Christmas Day and Boxing Day.
Stateside, the S&P 500 is likewise eyeing an all-time high after another winning day on Wall Street on Tuesday. U.S. markets were slightly moved Wednesday. Shares in Asia-Pacific climbed overnight, with Chinese and Hong Kong indices rising on the strength of a good performance for video gaming stocks. Australia’s S&P/ASX 200 touched its highest level since April 2022.
Asian Markets
Australia markets opened off Thursday on a strong note, hovering near two-year highs, while Japan shares dipped at the open after gaining the day before. Markets like Australia and Hong Kong resumed trading Wednesday following a Christmas break, both closing higher, while China equities were bolstered by a rise in online gaming stocks.
Australia’s S&P/ASX 200 index climbed 0.33 percent, maintaining at its highest level since late April 2022. The index is set to end the year considerably higher at 7.7 percent. Japan’s Nikkei 225 lost 0.69 percent at begin, after finishing more than 1 percent higher in the previous session. The wider Topix index fell 0.45 percent. Retail sales data from Japan showed a 5.3 percent gain in November, better than a Reuters poll prediction of 5 percent.
Oil Prices
Oil prices stabilized on Wednesday after the previous day’s sharp gains as investors observed Red Sea developments, with several large vessels resuming passage via the trade route amid persistent attacks and broader Middle East tensions.
Brent crude futures was down 55 cents, or 0.68 percent, at $80.52 a barrel. US West Texas Intermediate crude slipped by 74 cents, or 0.98 percent, to $74.83 a barrel. The benchmarks finished more than 2 percent up in the previous session as additional attacks on ships in the Red Sea caused fears of shipping interruption, with further price support from predictions of U.S. interest rate reduction that might boost economic growth and fuel demand.
Dollar Index
The Dollar index traded 0.59 percent down in futures at 100.87, but the value of one dollar held near Rs 83.28.
Gold Prices
Gold prices steadied on Wednesday as trade was modest in the last week of the year, but bullion was headed for its best year in three on hopes the Federal Reserve will lower rates in the first quarter of 2024.
Spot gold remained unchanged at $2,067.14 per ounce, not far from an almost two-week high of $2070.39 achieved on Friday. Bullion was on course to register an over 10 percent rise this year — its largest since 2020. US gold futures increased 0.5 percent to $2,079.20 per ounce.
News Updates
India to be world’s third-biggest economy by 2032, greatest by end of the century: CEBR
India is poised to become the world’s third-biggest economy by 2032 and will eventually surpass China and the United States to become the “world’s largest economic superpower” by the end of this century, as per a projection released by the Centre for Economics and Business Research (CEBR) on December 27.
India would sustain “robust economic growth”, averaging 6.5 percent from 2024 to 2028, CEBR claimed in its ‘World Economic League Table 2024’ study. This will result in the country surpassing Germany to become the fourth-largest economy in 2027 and overcoming Japan to become the third-largest economy by 2032, it added.
SEBI extends Dec 31 deadline for mutual fund and demat account nomination
With barely a few days remaining for the December 31 deadline for mutual fund (MF) and stock market investors to complete nomination for their investments, the securities market regulator SEBI has again extended this deadline.
As per a circular released on December 27, the regulator has extended the last deadline to June 30, 2024. By this date, investors must either designate a nominee/s or explicitly opt out of nomination by making a declaration.
CCI clears IndusInd Bank-Reliance Capital merger
The Competition Commission of India (CCI) has approved the planned acquisition of a controlling stake in Reliance Capital by IndusInd International Holdings Ltd, IIHL BFSI (India) Ltd, and Aasia Enterprises. Reliance Capital is an RBI-registered non-banking, non-deposit-taking systemically important business. The deal will allow IndusInd Bank and other businesses to have a controlling share in Reliance Capital. In July, Hinduja group-owned IndusInd International Holdings launched a $1.5-billion capital-raising plan to fund the acquisition and increase its ownership in the lender. The board of Mauritius-registered IIHL also agreed to expand its holding in Reliance Capital to 26%. In June, lenders of Reliance Capital accepted a revised bid of Rs 9,661 crore. In November 2021, the Reserve Bank of India replaced the board of Reliance Capital due to payment defaults and governance concerns. Deals exceeding a specific threshold require clearance from the regulator to ensure fair competition and prevent unfair business practices.
Vedanta makes interest payment on NCDs as company navigates through debt concerns
Mining conglomerate Vedanta Limited made the interest payment for secured redeemable non-convertible debentures (NCD) due on December 27, as the company navigates through debt repayment problems.
The NCDs had a face value of Rs 1,00,000, aggregating upto Rs 2,500 crore, the business said in an exchange filing. The Anil Agarwal-owned company which is struggling under a debt mountain, managed to reduce its net debt by Rs 1,420 crore sequentially to Rs 57,771 crore as of the end of the September quarter.
Stocks in news
Azad Engineering: On December 28, the manufacturer of turbines and aeronautical components will offer its equity shares on the stock exchanges. The price per share for the final issuance has been set at Rs 524.
Reliance Capital: IndusInd International Holdings Limited, IIHL BFSI (India) Limited, and Aasia Enterprises LLP have been given permission by the Competition Commission of India (CCI) to acquire a portion of Reliance Capital. Insolvency resolution procedures for Reliance Capital have been started in accordance with the Insolvency and Bankruptcy Code.
Coromandel International: Following an ammonia leak at its facility late on December 26, the Tamil Nadu government temporarily suspended operations at the Coromandel International factory in Ennore, near Chennai. The Tamil Nadu Pollution Control Board reported that no other pipeline leaks have been discovered. Before starting the ammonia transfer process again, the corporation must find and fix any defects, according to a government directive.
Canara Bank: Initiating the process of listing its mutual fund subsidiary Canara Robeco Asset Management Company in stock exchanges through an initial public offering (IPO) has been approved by the public sector lender. We’ll decide on the listing procedures when the time comes.
Tata Power firm: The Tata Group firm has purchased a 100% equity position in the project special purpose vehicle Bikaner III Neemrana II Transmission through the execution of a Share Purchase Agreement. The purchase price comes to Rs 18.6 crore. The June 2023 special purpose vehicle will construct, own, run and transfer an electrical power transmission system in Rajasthan between Bikaner and Neemrana.
IIFL Finance: On June 16 and December 22, foreign investor FIH Mauritius Investment sold 27 lakh shares, or 7.2 percent of the firm, through open market transactions. Following this stake sale, FIH’s ownership of the company decreased from 22.32 percent to 15.12 percent.
Power Grid Corporation of India: Power Grid paid Rs 18.47 crore to the bid process coordinator, PFC Consulting, to acquire Neemrana II Bareilly Transmission (NIIBTL), the project special purpose vehicle (SPV) to establish transmission system for power evacuation from Rajasthan REZ Ph-IV (Part-1) (Bikaner Complex): PART-D. The project include building a new 765 kV D/C transmission line that will go through Uttar Pradesh and Rajasthan in addition to related bay extension work. Additionally, Power Grid purchased Bikaner III Neemrana Transmission for Rs 18.82 crore. This project SPV established a transmission infrastructure for the purpose of evacuating power from Rajasthan REZ Ph-IV (Part-1) (Bikaner Complex): PART-A.
Apollo Hospitals Enterprise: At a price of Rs 22 per share, Apollo Hospitals Enterprise and the company’s promoter, Prathap C. Reddy, received 70,73,518 equity shares from Apollo Home Healthcare, an unlisted subsidiary of the business. Following the aforementioned share allocation, the company’s 89.69 percent stake in Apollo Home Healthcare has been whittled down to 74 percent.
Sula Vineyards: The biggest wine producer in the nation reported that 12,000 people visited its wine tourist destinations in Bengaluru and Nashik between December 23 and 25. Dec. 24 set a new record for revenue in a single day, bringing in Rs. 85 lakh. Between December 23 and 25, it brought in Rs 2.28 crore in income.
Oil India: Numaligarh Refinery has received the second call payment of Rs 5,50,94,75,262.50 (or Rs 27.50 per equity share) from the state-owned oil and gas exploration business. Under a rights issue allotment, Numaligarh Refinery has assigned 20,03,44,555 partially paid-up equity shares to Oil India. The ownership of Numaligarh Refinery is 69.63 percent owned by Oil India.
Swan Energy: Through open market sales, Hypnos Fund, a foreign portfolio investor, sold 32,82,958 equity shares of the company. At an average price of Rs 500.58 per share, these shares were sold for a total of Rs 164.33 crore. As of September 2023, the fund owned 32,92,758 equity shares, or 1.25 percent of Swan.
Petronet LNG: Petronet LNG and Goplapur Ports have signed legally binding deal contracts for the establishment of a 4 MMTPA (Phase-1) floating storage regasification unit (FSRU) based LNG terminal in Odisha, with the option to convert to a 5 MMTPA land-based terminal. PLL is now building its first LNG terminal in Gopalpur, Odisha, on the country’s east coast. This would increase the nation’s capacity for regasification overall.
GE Power India: The company has orders from Bokaro Power Supply Company and NTPC for the supply of spare parts for generators. The order from Bokaro Power Supply is worth Rs 9.91 crore, and the order from NTPC is for Rs 10.47 crore.
Peninsula Land: To the Delta Corp Limited, a member of the company’s promoter group, 1.5 crore equity shares worth Rs 66 crore and 77.27 lakh 0 percent unsecured compulsorily convertible debentures (CCDs) worth Rs 40 crore have been accepted for allotment by the Peninsula Land Allotment Committee.
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