Morning Update :– All sectoral indexes are trading in the green, with the power and oil & gas indices each up 2%, and the bank, capital goods, and metal indices each up 1%. Adani Enterprises, Adani Ports, ICICI Bank, Bharti Airtel, and SBI are among the Nifty’s top gainers.
Sensex – Gains  +911     Points at   68400
Nifty 50 – Gains   +270      Points at   20548
Indian Market
FII AND DII
| FII Bought | 1,589.61 Cr |
| DII Bought | 1,448.08 Cr |
Indian Market News
- The BSE Power index is up over 3%, driven by Adani Energy, Adani Green Energy, and Adani Power.
- Asian markets are trading in a mixed bag, with the Nikkei down 0.5% and the Straits Times and Kospi each up 0.5%.
- The S&P 500 reaches its best closing since 2023 on the back of rate-cut confidence.
- India’s foreign exchange reserves have increased by $2.538 billion to $597.935 billion.
- Oil prices rise as Middle East tensions resurface.
- Bitcoin surpasses $40,000 as momentum grows.
- Kross files draft documents with Sebi in order to raise Rs 500 crore through an IPO.
- Siemens AG will purchase an 18% share in Siemens India at a 21% discount.
- CAMS Large Trade | CNBC-TV18 reported that 90 lakh shares (19 percent equity) changed hands in a block deal window.
- Bharti Telecom increases its share in Bharti Airtel to 39.7% with an investment of Rs 8,301 crore.
- According to Eicher Motors, Royal Enfield sales increased 13% year on year in November to 80,251 units.
- According to Maruti Suzuki, total production fell 3.3% year on year in November.
- Hero MotoCorp reported a 25.6% year-on-year increase in November sales to 4.91 lakh units.
Global Markets updates
Gift Nifty
With a gain of 287 points, the GIFT Nifty shows that the wider index is off to a solid start. The GIFT Nifty futures were trading at 20,640.
US Markets
The S&P 500 index closed at its highest level of the year on Friday, indicating that the Federal Reserve may begin to cut US interest rates next year as inflation cools. The index rose 26.83 points or 0.59 percent, topping the previous high of July 31. US stocks rebounded in November after three months of decline, with better-than-expected earnings and evidence of easing inflation boosting bets on the Fed’s end of its monetary tightening campaign.
Asian Markets
During a busy week of economic data that will test market bets for early and dramatic rate reduction from major central banks next year, Asian shares began the week stronger on Monday, while gold reached another record high.
South Korea and Australia led gains in MSCI’s broadest index of Asia-Pacific equities outside Japan, which was still up 0.6 percent. The Nikkei in Japan fell 0.4 percent as the currency maintained its recent advances.
News Updates
Siemens AG will buy 18% share in Siemens at 21% discount in inter-se transfer
Siemens on December 1 announced Siemens AG (Siemens Aktiengesellschaft, Germany) will buy an 18 percent ownership in the company from Siemens Energy Holding BV for a price of Rs 2952.86 per share, which is a reduction of 21.32 percent to the latest closing price.The buyer would acquire 6,41,01,646 shares in the company and so the value of the deal will be Rs 18,928 crore.The action follows an earlier announcement when Siemens AG announced it sought to engage into a share purchase agreement with Siemens Energy to acquire the shareholding in its Indian affiliate. The purchase consideration was fixed at €2.1 billion.
India’s foreign exchange reserves surge $2.538 billion to $597.935 billion
India’s foreign exchange reserves grew $2.538 billion to $597.935 billion for the week ended November 24, the Reserve Bank reported on Friday. In the previous reporting week, the aggregate reserves had surged $5.077 billion to $595.397 billion.For the week ended November 24, the foreign currency assets, a major component of the reserves, increased $2.14 billion to $528.531 billion, as per the figures from the Reserve Bank of India (RBI). Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves were up $296 million to $46.338 billion during the week, the RBI said.
Bharti Telecom grows stake in Bharti Airtel with Rs 8,301 crore investment; expands shares to 39.7%
Bharti Telecom, the promoter of Bharti Airtel, has bought an additional 1.35 percent interest in the country’s second-largest telecom services provider for Rs 8,301 crore through an open market deal. The company purchased over 8.11 crore shares, equivalent to a 1.35 percent ownership in Bharti Airtel, at an average price of Rs 1,023 per share. Indian Continent Investment Ltd also offloaded the same amount of shares at the same price. As of the end of the September quarter, Bharti Telecom owned 38.35% of Bharti Airtel, while Indian Continent Investment Ltd maintained a 5.93% investment.
Kross files draft papers with Sebi to raise Rs 500 crore via IPO
Trailer axle and suspension assembly manufacturing company Kross has filed draft documents with the capital markets regulator to earn Rs 500 crore through an initial public offering.The IPO is a mix of a fresh issuance of shares worth Rs 250 crore by the company and an offer-for-sale (OFS) of shares worth Rs 250 crore by foundersPomoters Sudhir Rai and Anita Rai will be selling shares worth Rs 168 crore and Rs 82 crore respectively in the OFS.The Jharkhand-based forged and machined components maker may potentially contemplate fundraising of Rs 50 crore via pre-IPO placement. If the stated pre-IPO placement is completed, the fresh issue size will be decreased to the extent of Rs 50 crore.
Stocks in news
Computer Age Management Services: Great Terrain Investment, a subsidiary of Warburg Pincus, is set to sell ownership in CAMS, CNBC-TV18 said quoting sources. The base issue size is estimated to be at Rs 1,000 crore, and the floor price may be Rs 2,550 per share.
Hindustan Unilever: The FMCG major has inked a strategic agreement with Brookfield to set up a solar energy plant with 45 MW capacity in Rajasthan. This will help HUL in its road towards net zero.
Siemens India: Siemens AG (Siemens Aktiengesellschaft, Germany) will buy an 18 percent ownership in Siemens India from Siemens Energy Holding BV at a price of Rs 2,952.86 per share, which is a reduction of 21.32 percent to the latest closing price.
Eicher Motors: Sales of Royal Enfield in November grew by 13 percent to 80,251 units (motorcycles) against 70,766 units sold in same month last year. Exports climbed by 2 percent YoY to 5,114 units during the same time.
Hero MotoCorp: The world’s largest two-wheeler manufacturing company has registered sales at 4.91 lakh units for November 2023, up by 25.6 percent over 3.9 lakh units sold in same month previous year.
Tata Power: The Tata Group company has won the bid to acquire Bikaner-III Neemrana-II Transmission, a project special purpose vehicle (SPV) established up by PFC Consulting, a subsidiary of Power Finance Corporation.
Alkem Laboratories: The US Food and Drug Administration (US FDA) had performed an examination at the company’s API manufacturing facility at Mandva during November 27-December 1. At the end of the inspection, the company has received Form 483 with three (3) observations. There is no data integrity observation.
Maruti Suzuki India: The country’s largest automobile manufacturing company stated the total production in November declined by 3.3 percent to 1.47 lakh units, against 1.52 lakh units produced in the same month previous year. Passenger vehicles’ manufacturing declined 4.2 percent YoY to 1.45 lakh units.
Suzlon Energy: The BSE has included Suzlon Energy in its S&P BSE Power index. The adjustments will be implemented on December 18. BlackRock Inc. has grown its stake in the renewable energy solutions company to 5.01 percent from 4.99 percent earlier as it bought 24.73 lakh equity shares in the company via open market transactions on November 30.
UPL: BlackRock, Inc., on behalf of discretionary management clients, sold 2,77,681 equity shares in the agrochemical firm via open market transactions on November 30. With this, the stake of BlackRock in UPL was decreased to 3.04 percent from 3.08 percent before.
KPI Green Energy: Subsidiary Sun Drops Energia has acquired new orders of 4.40 MW for executing solar power projects under the captive power producer (CPP) sector. With this latest order, its cumulative orders of solar power projects till date have reached 148+ MW under the CPP segment
Ceat: Amansa Holdings sold 7 lakh shares of the tyre manufacturing company, which is equivalent to 1.73 percent of paid-up equity. These shares were sold by Amansa at an average price of Rs 2,115.86 per share, amounting to Rs 148.11 crore.
TVS Srichakra: The company has received an adverse order from the office of the Principal Commissioner of Customs, Mumbai, with a tax demand of Rs 11.02 crore, along with interest, penalties amounting to Rs 1.10 crore, and a redemption fine of Rs 3.84 crore, for the disputed tax period of October 13, 2017 to January 10, 2019.
GAIL (India): The state-owned petroleum industry corporation has filed an arbitration action against SEPE Marketing & Trading Singapore Pte Ltd. in the London Court of International Arbitration. The sum of claims stands at up to $1.817 billion and includes alternative reliefs, including non-monetary reliefs. The dispute is connected to the non-supply of LNG cargoes to GAIL under a long-term LNG contract.
Sterling and Wilson Renewable Energy: Shapoorji Pallonji and Company have made the entire payment against the indemnification claim amount of Rs 342.87 crore to Sterling and Wilson Renewable Energy. This sum has been utilised towards the repayment of loans, including the loan defaulted by the corporation.
Strides Pharma Science: Associate firm Stelis Biopharma has announced the closing of its deal with Syngene International. Stelis and Syngene have finalised the final agreements to transfer its Unit 3 multi-modal facility in Bengaluru to Syngene. The agreements were concluded with some adjustments, like the gross consideration adjusted from Rs 702 crore to Rs 617 crore. Stelis has received a payment of Rs 395 crore, and the remainder money will be received upon completion of certain post-closing measures and final adjustments, if any, which are expected in December 2023.
ASK Automotive: The automotive components manufacturing company has reported a consolidated net profit of Rs 41.2 crore for the quarter ended September FY24, declining 15.3 percent compared to the year-ago period, impacted by lower operating numbers with higher input costs, finance costs, and other expenses. Revenue from operations climbed by 6.5 percent YoY to Rs 794 crore, led by a rise in volume in the aluminium light weighing precise solutions and safety control cable egments. EBITDA for the quarter declined 10.8 percent YoY to Rs 74.5 crore, with the margin sliding 180 bps to 9.4 percent.
Brigade Enterprises: The company has launched a residential property, Brigade Sanctuary. Brigade Sanctuary is a collaborative development including 1,275 units with 1, 3, and 4-bedroom residences and has a gross income potential of Rs 2,000 crore. The overall development area will be roughly 2 million square feet.
HFCL: The company has received purchase orders worth Rs 67 crore for the sale of optical fibre cables to one of the domestic telecom service providers in the nation. The order is planned to be executed by April 2024.
Brand Concepts: Ace investor Ashish Rameshchandra Kacholia has purchased 1 lakh shares, or 0.94 percent interest, in Indore-based bags, backpacks, and fashion accessory makers via open market transactions. These shares were bought at an average price of Rs 657.55 per share, totaling to Rs 6.57 crore. In addition, RBA Finance also bought 94,192 equity shares in Brand Concepts at an average price of Rs 657.55 per share, whereas Tanam Investment Services offloaded 2 lakh shares in the company at the same price.
GPT Infraprojects: The joint venture business GPT Rahee JV, with a 57 percent stake, has received arbitration monies from IRCON International. The amount settled under the Vivad Se Vishwas II (the contractual dispute settlement plan) totaled at Rs 11.74 crore in the two Ganga bridge fabrication contracts.
Computer Age Management Services: Great Terrain Investment, a subsidiary of Warburg Pincus, is set to sell a share in CAMS, CNBC-TV18 said, quoting sources. The base issue size is likely to be Rs 1,000 crore, and the floor price may be Rs 2,550 per share.
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