Morning Update :– Among industries, the power index is up 2.5 percent, and the information technology and oil and gas indices are up 1 percent apiece, while the real estate, metal, car, and bank indices are down.
Sensex – Gains +314 Points at 69610
Nifty 50 – Gains +76 Points at 20932
Indian Market
FII AND DII
| FII Bought | 5,223.51 Cr |
| DII Sold | 1,399.18 Cr |
Indian Market News
- THE PRESENT The Nifty is at 21,000, indicating a positive start; Asian markets are higher.
- As the labor market cools, job openings in the United States have reached their lowest level since March 2021.
- As job vacancies indicate a slowing economy, Wall Street finishes mixed.
- Asian markets are higher, with the Nikkei gaining 1.6%.
- As traders examine labor data and interest rate expectations, the dollar remains solid.
- Oil prices are falling as a result of concerns about China and uncertainties over OPEC+ actions.
- Bitcoin’s value rises by 5% to $44,083.
- According to CNBC-TV18, 10.84 lakh shares were traded in a block transaction window in Delhi for Rs 393.50 per share.
- The Nifty 50 Net Total Return (NTR) Index has been launched by NSE Indices.
- SBI Capitals plans to acquire a 20% stake in SBI Pension Funds.
- Ethigen Inc. filed a case against ION Exchange in arbitration, which resulted in a favorable verdict for ION Exchange.
- Himadri Speciality will develop a lithium-ion battery component manufacturing factory.
- TPG and Norwest Ventures have invested in SK Finance, which plans a $250-300 million IPO in 2024.
- The Sebi has approved the initial public offerings of INOX India and Stanley Lifestyles.
Global Markets updates
GIFT Nifty
The GIFT Nifty suggests a flat start for the broader market with a gain of 20 points. GIFT Nifty futures traded at 21,019.50 points.
US Markets
Tuesday’s Wall Street finish was uneven as expectations that the US Federal Reserve might drop interest rates as soon as March were reinforced by new job data.At 4,567.18 points at the end of the day, the S&P 500 saw a 0.06 percent decrease.The Dow Jones Industrial Average fell 0.22 percent to 36,124.56 points, while the Nasdaq increased 0.31 percent to 14,229.91 points.
Asian Markets
In early trade on Wednesday, Asian indices were trading higher, with Japan’s Nikkei up 1.5 percent and South Korea’s Kospi up 0.3 percent.
Oil Prices
Due to fears over supply shortages and a stronger US dollar, oil prices plummeted to a nearly five-month low on Tuesday, sending the market into a tailspin for the fourth day in a row. OPEC+ approved voluntary supply cutbacks last week.US West Texas Intermediate (WTI) ended 72 cents, or 1.0 percent, lower at $72.32, while Brent crude oil futures dropped 83 cents, or 1.1 percent, to settle at $77.20 a barrel.
Dollar Index
The US dollar reached a one-week high against a basket of currencies on Tuesday, following a drop in job openings in October to the lowest level since early 2021. The Labor Department reported a drop of 617,000 to 8.733 million. The dollar index was last up 0.12% at 103.73, around one-week highs. Analysts believe this increase was partly due to a reversal of the heavy selloff that stripped 3% off the dollar index in November, its steepest monthly decline in a year.
Gold Prices
After reaching an all-time high the previous session, gold fell on Tuesday as investors avoided placing large bets ahead of crucial US jobs data that could provide additional insight into the direction of US interest rates. The dollar also gained ground.
By 9:45 a.m. ET (1445 GMT), spot gold was down 0.4 percent at $2,018.29 an ounce. On Monday, the price of gold reached a record high of $2,135.40. However, it fell more than $100 in a single day and ended the day 2% down.US gold futures dropped to $2,036.80, down 0.3 percent.
News Updates
SBI to purchase 20 percent share in SBI Pension Funds held by SBI Capitals
State Bank of India declared its plan to purchase a 20 percent share in SBI Pension Funds. SBI proposes to buy the 20 percent stake in SBI Pension Funds held by SBI Capital Markets.
SBI already owns a 60 percent stake in SBI Pension Funds. With this new deal, the business will control an 80 percent interest in SBI Pension Funds. SBI will make the transaction for 229.52 crore. SBI Funds Management has the rest of the 20 percent ownership in SBI Pension Funds.As of October 30, 2023, SBI Pension Funds has an AUM of Rs 3.83 lakh crore and PAT of Rs 35.03 crore.
SBI in the regulatory announcement has said that the central bank RBI and the Pension Fund Regulatory and Development Authority (PFRDA) have authorised the proposed transaction. They also noted that the proposed transaction is being done at a “arm’s length basis which is based on the valuation report of Deloitte Touche Tohmatsu India.”
US job vacancies fall to lowest level since March 2021 as labor market cools
US firms advertised 8.7 million job postings in October, the fewest since March 2021, in a sign that hiring is softening in the face of increased interest rates yet continues at a still-healthy pace.The Labor Department’s data indicated Tuesday that openings were down considerably from 9.4 million in September.Layoffs were up marginally in October. And the number of Americans who resigned their jobs which often signals confidence in their potential to obtain better income or working conditions elsewhere was down significantly.Despite falling in October, job opportunities remain at historically high levels. They have now exceeded 8 million for 32 straight months a milestone they had never attained before 2021.
Stocks in news
State Bank of India: For Rs 229.5 crore, SBI would buy SBI Capital’s 20% interest in SBI Pension Funds. SBI will now own 80% of SBI Pension Funds as a result of this deal.
Max Financial Services: On December 31, 2023, V Viswanand, Deputy MD, will conclude his term as MD and resign from both his position and the Max Life Insurance Company board of directors.
Bank of India: With a floor price of Rs 105.42 per share, the public sector lender has begun its qualified institutional placement (QIP).
GRM Overseas: The business has given its approval for Atul Garg to take over as MD of GRM Foodkraft, a subsidiary. For five years, Atul Garg will occupy the position.
Axiscades Technologies: For Rs 26.25 crore, the business bought a 100% share in Epcogen. Epcogen is involved in the engineering design and development of energy-related technologies.
JB Chemicals and Pharmaceuticals: Lakshay Kataria, the Chief Financial Officer and Key Managerial Personnel of JB Chemicals and Pharmaceuticals, has resigned from his position for personal reasons.
HDFC Bank: The biggest private lender in the nation has asked the shareholders for permission to reappoint Sashidhar Jagdishan as the bank’s managing director and chief executive officer and to name V Srinivasa Rangan as an executive director.
Power Grid Corporation of India: A letter of intent to develop an interstate transmission system project in Gujarat has been received by the public sector organisation.mn7
SBI: For Rs 229.5 crore, the lender will purchase a 20% share in SBI Pension Funds that was formerly owned by SBI Capital. SBI will now own 80% of SBI Pension Funds as a result of this deal. The purchase has been approved by the RBI and PFRDA, according to SBI, and it will be finalised on December 15.’
Powergrid: The company was awarded a Letter of Intent (LOI) to develop an interstate transmission system project for “the transmission system for the evacuation of an additional 7 GW of RE power from Khavda RE Park under Phase III Part B.” The project include building a brand-new 765/400 kV switching station in the Ahmedabad district’s Vataman.
Techknowgreen: The business surpassed its FY23 turnover when it received a Rs 18 crore work order from Duet India Hotels (Navi Mumbai). At TTC Industrial, 7,285 square metres will be covered by the work.
Axiscades Technologies: For Rs 26.25 crore, the business bought a 100% share in Epcogen. Epcogen is a company that works on engineering design and energy-related solutions.
Honasa Client: Investment Fund Fireside Ventures I have sold 60.88 lakh shares of Honasa Consumer, the parent company of Mamaearth, a line of beauty and personal care products, for Rs 230.15 crore. The shares were sold through open market transactions, with an average price of Rs 378 per share. On the other hand, 24.98 lakh shares of Honasa were purchased by Norges Bank at an average price of Rs 378 per share on behalf of the Government Pension Fund Global.
Sanghvi Motors: The company declared that the appeal against Sanghvi Motors that the VAT/Sales Department had filed had been denied by the Bombay High Court. In 2015, the business received a demand notice from the Assistant Commissioner of Sales Tax, claiming a VAT liability of Rs 120.26 crore for the “transfer of the right to use the goods.”
Swan Energy: A total of Rs 157.32 crore was invested in the company by SBI Life Insurance Company, which bought 20 lakh shares, and Societe Generale, a financial services provider based in Europe, which bought 18 lakh shares at an average price of Rs 414 per share. Nonetheless, Ares Diversified sold 54,99,319 shares at an average price of Rs 414.09 per share, Kasturi Vintrade offloaded 23,80,481 shares at an average price of Rs 432.28 per share, and 2I Capital PCC sold 30 lakh shares in Swan at an average price of Rs 414 per share.
Sapphire Foods India: Arinjaya (Mauritius) sold 27 lakh shares at an average price of Rs 1,400.01 per share, while the Foreign Investor Government of Singapore purchased 20,19,694 shares in Sapphire Foods through an open market transaction.
Ashok Leyland: As the initial tranche, the second-biggest commercial vehicle manufacturer in the nation invested 62.87 million pounds, or around Rs 662.5 crore, in equity shares of Optare Plc, UK. Owing to the allocation made by Optare Plc’s board of directors, Ashok Leyland’s ownership stake in the company has grown from 91.63 percent to 92.19 percent. On November 9, Ashok Leyland made the decision to use its parent company, Optare Plc, to invest Rs 1,200 crore in Switch Mobility as stock. The parent firm of Ashok Leyland’s electric vehicle projects, Switch Mobility UK and Switch Mobility Automotive, is Optare Plc.
Sanghi Industries: At an average price of Rs 121.9 per share, or Rs 1,627.3 crore, cement giant Ambuja Cements purchased 13,34,95,941 equity shares (51.68 percent stake) in the firm through open market transactions. Nonetheless, at the same price, 13,24,75,741 shares of the firm were sold by promoters Alok Sanghi, Sanghi Industries, Flarezeal Solutions LLP, Ravi Sanghi, Samruddhi Investors Services, Sanghi Polymers, and Aditya Sanghi.
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