Morning Update :– UPL, Tata Steel, Tata Consumer Products, NTPC, and Britannia Industries were among the major gainers on the Nifty, while Infosys, Wipro, Tech Mahindra, TCS, and HCL Technologies were among the major losers.
Sensex – Profit +28 Points at 71,135
Nifty 50 – Profit +14 Points at 21,364
Indian Market
FII AND DII
| FII Sold | 2,828.94 Cr |
| DII Bought | 2,166.72 Cr |
Indian Market News
- Asian markets are generally unchanged; Taiwan gained 0.5%.
- Oil prices are little altered as investors focus on Middle East tensions and a US rate cut.
- Dollar struggles to gain traction in thin trade; yen remains stable
- Inflation in the United States is slowing, providing a boost to the economy.
- India’s economic expansion will enhance business demand: Ratings by Fitch
- Ola Electric files DRHP with Sebi, the first time an Indian EV company has done so.
- India’s foreign reserves increase by $9.112 billion to $615.971 billion.
- The S&P 500 finishes higher ahead of the long holiday weekend.
- JSW Energy has completed the installation of 51 MW of wind power capacity in Tamil Nadu.
- Gretex Share Broking submits IPO papers to SEBI in order to raise cash.
- According to Fitch, India might be among the fastest-growing countries in 2024-25.
- Dalal Street will see six IPOs and 14 listings in the last week of 2023.
- At the opening of its project Godrej Aristocrat in Gurugram, Godrej Properties sells nearly 600 properties worth Rs 2,600 crore.
- The Azad Engineering IPO was subscribed to more than 80 times: Check out the grey market premium and other details.
Global Markets updates
GIFT Nifty
The GIFT Nifty, which gained 12 points, or 0.06 percent, suggests that the Indian index as a whole is off to a flat start. The 21,421 mark was the focal point of the Nifty futures trade.
US Markets
US equities closed mixed on Friday due to lower-than-anticipated inflation statistics, reinforcing expectations of Federal Reserve interest rate reduction next year. After an initial surge in data indicating inflation is closer to the central bank’s objective, all three indices became less decisive in light trade. The Dow closed marginally lower, but the Nasdaq joined the S&P 500 in positive territory. The S&P 500 gained 7.88 points, the Nasdaq Composite advanced 29.11 points, and the Dow Jones Industrial Average dipped 18.38 points.
Asian Markets
Tuesday’s Asian markets were muted; Japan opened flat but is still expected to be among the top performers in the region this year.
Due to Boxing Day, several markets were closed, including those in Australia, New Zealand, and Hong Kong.
South Korea’s Kospi and Japan’s Nikkei 225 both opened flat.
Oil Prices
Tuesday saw minimal movement in oil prices as investors’ attention was drawn to the Middle East’s geopolitical unrest and hopes that the US Federal Reserve would soon begin reducing interest rates, which would boost the world economy and drive demand.
U.S. West Texas Intermediate crude was up 3 cents to $73.59 per barrel by 01:15 GMT, while Brent crude futures dropped 26 cents, or 0.3%, to $79.13 a barrel.
US Dollar
Under pressure from indications that inflation in the greatest economy in the world is slowing down, the dollar was attempting to find a floor on Tuesday in holiday-shortened trade, which will probably allow the Federal Reserve to raise interest rates in 2019.
News Updates
India’s foreign exchange reserves increase by $9.112 billion to $615.971 billion.
According to RBI data, India’s foreign exchange reserves increased by $9.112 billion to $615.971 billion in the week that concluded on December 15. This growth is one of the largest for a single week. The total reserves had increased by $2.816 billion to $606.859 billion over the previous reporting week.
The nation’s foreign reserves hit an all-time high of $645 billion in October 2021. The reserves suffered as a result of the central bank using the kitty to protect the rupee from pressure brought on mostly by events that have occurred globally since last year. According to Reserve Bank of India (RBI) figures issued on December 22, the foreign currency assets, which make up a significant portion of the reserves, climbed $8.349 billion to $545.048 billion for the week ending December 15.
US inflation slowing down to support the economy
US prices decreased in November for the first time in over three and a half years, bringing the yearly inflation rate below 3%. This has raised expectations for a Federal Reserve interest rate drop in March next year. The Commerce Department’s report showed that declining inflationary pressures have continued, providing households with more disposable income, supporting consumer spending and the economy. The personal consumption expenditures (PCE) price index showed a 0.1% decrease in inflation, the first monthly fall since April 2020.
According to Fitch, one of the fastest-growing countries in 2024–2025 may be India.
Fitch predicts India’s GDP growth to be 6.5% in 2024-25, making it one of the fastest-growing countries in the world. The report also predicts a 6.9% GDP growth for the current fiscal year. Demand for cement, electricity, and petroleum products is expected to remain strong, with high-frequency data in 2023 well above pre-Covid-19 levels. Steel demand is expected to rise alongside India’s growing infrastructure spending. Car sales are expected to continue rising, despite moderation after robust growth in 2023. India’s economy is currently the fifth largest in the world, with projections showing it surpassing Japan as the second-largest economy in the Asia-Pacific region by 2030.
Stocks in news
Infosys: The multinational corporation has decided not to pursue the Master Agreement and to end the Memorandum of Understanding with Infosys. By utilising Infosys platforms and AI technologies, Infosys was intended to offer improved digital experiences in addition to modernization and business operations services. An estimated $1.5 billion was spent on the customer target during a 15-year period.
UPL: The agrochemical business announced that the Board of Directors has given the go-ahead to raise up to Rs 4,200 crore by issuing equity shares to qualifying equity shareholders on a rights-issue basis.
Tata Steel: The Indian Steel & Wire Products and Tata Steel merger plan will be discussed in a shareholder meeting scheduled for January 25, 2024, according to the Tata Group company.
Biocon: Biocon Biologics, a subsidiary, and Sandoz inked a distribution contract that gives the former the only authority to market, sell, and provide Adalimumab BS for subcutaneous injection in Japan. The global biosimilars portfolio of Viatris, which includes Adalimumab, has been acquired by the subsidiary.
Zydus Lifesciences: Following an inspection at the company’s API site in Changodar, Ahmedabad, the US Food and Drug Administration (USFDA) made six observations. The USFDA PAI-cum-GMP inspection took place from December 14–22. No observations pertaining to data integrity or recurrences of findings from the prior inspection were found.
KPIT Technologies: Following a primary investment of 2.7 million euros and a subsequent investment of 0.3 million euros, the company has acquired a 13 percent interest in N-Dream. Swiss-based N-Dream AG is a provider of cloud-based gaming aggregation platforms. The business may choose to acquire even more shares in N-Dream.
Reliance Industries: In order to combine their Indian media businesses, Reliance Industries and Walt Disney inked a non-binding term sheet. Through the merger, Disney would own the remaining 49% of the company, giving Mukesh Ambani’s Reliance group additional authority. Reliance would possess 51% of the company through a combination of shares and cash. Disney and Reliance did not immediately reply to calls for comment from Reuters.
Adani Power: The resolution plan proposed by a consortium, of which Adani Power is a part, has been approved by the Committee of Creditors (COC) of Coastal Energen (CEPL), a corporation subject to the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. The resolution professional has sent a letter of intent to the Adani Power consortium.
Adani Wilmar: According to CNBC-TV18, promoters Adani Commodities LLP and Lence Pte Ltd. declared their plan to sell a 1.24 percent share in the large edible oil company. Promoters are selling their shares in order to meet minimum public shareholding requirements.
Vedanta: The Office of the Joint Commissioner, Bilaspur, has confirmed the demand for GST worth Rs 84.7 crore for FY2017–18 on behalf of various interpretational issues under the pertinent provisions of the Central Goods and Services Tax Act. The subsidiary Bharat Aluminium Company (BALCO) has received this order.
New Delhi Television (NDTV): The parties have reached a friendly settlement through a settlement agreement dated December 22. Ankiti Bose filed a civil suit before the Hon’ble Bombay High Court, seeking a permanent injunction and damages of Rs. 820 crore against NDTV Convergence, the company’s material subsidiary. As a result, the plaintiff will drop its lawsuit against NDTV Convergence in the Bombay High Court, and the network will remove the contested piece from its website.
Cipla: The pharmaceutical company has been hit with an order imposing a penalty of Rs 11.59 crore from the Office of the Commissioner of Central Tax, Central GST Howrah Commissionerate, Kolkata.
TTK Prestige: The organisation has chosen to divide the managing director and managing director responsibilities. As a result, it has named Venkatesh Vijayaraghavan as managing director, who will answer to Chandru Kalro, the present Managing Director. The effective date of this management transition is January 2024. Venkatesh served as CEO and board director of CavinKare for five years during his most recent employment.
Suraj Estate Developers: On December 26, the Mumbai-based real estate company will float its equity shares on the exchanges. The price per share for the final issue has been set at Rs. 360.
Aurobindo Pharma: From December 11–22, Eugia US Manufacturing LLC, a step-down wholly owned subsidiary of Aurobindo Pharma, held a pre-approval inspection (PAI) at its new injectable plant in East Windsor, New Jersey. (US FDA). Ten observations marked the end of the inspection. The observations are of a procedural nature, and a response will be sent within the allotted time. The facility has not yet begun to operate for profit.
V-Guard Industries: 45 lakh equity shares, or 1.03 percent of paid-up equity, have been sold through open market transactions by promoter Chittilappilly Thomas Kochuouseph. At an average price of Rs 286 per share, these shares were sold for a total value of Rs 128.7 crore. Aditya Birla Sun Life Mutual Fund, on the other hand, purchased 35 lakh shares at the same price, for a total market value of Rs 100.1 crore.
Sansera Engineering: At an average price of Rs 966.10 per share, foreign venture capital investor CVCIGP II Employee Ebene sold 12 lakh equity shares, or 2.25 percent interest, in the firm through open market transactions. At an average price of Rs 965 per share, HDFC Standard Life Insurance Company acquired 8.25 lakh shares, or 1.5 percent of the business.
Talbros Automotive Components: The auto component company announced that its board of directors has authorised the sale of its whole forty percent share in Nippon Leakless Talbros, its joint venture. Following Talbros’ interest sale, Nippon Leakless will own a 100% ownership share in the joint venture. Talbros’ whole 40% equity stake sale as a joint venture business priced at Rs 204.5 crore will bring in Rs 81.8 crore.
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