Sensex advances 491 points, Nifty exceeds 21,650; realty outperform.

Sensex

On the sectoral front, Realty index up 6.6 percent, power index up 2 percent, bank, capital goods, healthcare and oil & gas up 0.5-1 percent.

Closing bell

Indian market news

Fii and Dii data

Indian market news

1. As buyers resume purchasing, Nifty recovers 21,600, while the Sensex gains 450 points.
2. BSE Healthcare index up 0.6 percent boosted by Max Healthcare, Panacea Biotec, Gujarat Themis Biosyn
3. Oil continues advances on Middle East supply fears
4. UK December Final Services PMI at 53.4
5. DCM Shriram inks MoU with Gujarat Government to spend Rs 12,000 crore by 2028
6. Defence Ministry inks deal worth Rs 473 crore with Jupiter Wagons and contract for Rs 329 crore with BEML.
7. Welspun Corp bags orders in India & US
8. Reliance & Disney commence anti-trust diligence on India Media business merger, Sources to Reuters.
9. For December, Indian Energy Exchange shows a 14.9% increase in overall volumes at 9,707 MU.
10. Gujarat, Uttarakhand, and Tamil Nadu’s GST officials send LIC a demand for Rs 667.5 crore.
11. Gold gains as the dollar declines; watch the jobs report for Fed signals.
12. In October 2023, Vodafone Idea loses 20.4 lakh users.
13. In October 2023, 31.6 lakh new subscribers join Reliance Jio.
14. In October 2023, Bharti Airtel adds 3.5 lakh new customers.
15. L&T completes the sale of STUP Consultants its whole stake in L&T Infrastructure Engineering. 
16. NBCC secures a Rs. 101 crore order.
17. With Gujarat, Torrent Power’s Rs 47,350-crore green energy agreement reaches a 52-week high.
18. Q3 disbursements from Poonawalla Fincorp increased by 159% to Rs 8,730 crore:
19. Q3 advances at Industrial Bank grew by 20% while deposits grew by 13%.
20. Adani Ports renames Gautam Adani as Executive Chairman and plans to use NCDs to finance up to Rs 5,000 crore.
21. Vedanta’s third-quarter mined metal output increased 7% year over year, with saleable silver rising 22%.
22. The Dhampur Sugar Board authorizes a maximum repurchase of Rs. 30 crore.
23. GMR Airports Infrastructure Large Trade | 2.9 crore shares (0.5 percent equity) worth Rs 243.5 crore change hands at Rs 84 per share via block, reported CNBC-TV18.

Indian Market Stocks

Market Movers

News updates

Adani Group shares continue to rise even after the Supreme Court rejects pleas on the Adani-Hindenburg issue.

After the Supreme Court dismissed applications to establish a Special Investigation Team (SIT) or CBI investigation into the Adani-Hindenburg controversy, shares of Adani group companies pared their gains during yesterday’s afternoon trading. The stocks maintained solid gains of up to 7% even as they decelerated from the day’s peak.

The FPI rules, which previously caused significant drops in share values, were deemed unjustifiable by the supreme court. On January 3, 2024, the Supreme Court declared, “No valid ground raised to revoke amendment to FPI, LODR recommendations, SEBI directed to complete remaining 2 probes within 3 months.”

Adani Enterprises’ flagship shares saw a morning surge of up to 7%, but they later pared those gains to trade 2% higher at midday. SEZ and Adani Ports saw an increase of over 0.5 percent. Adani Wilmar, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Energy Solutions, among other Adani group equities, had increases of two to six percent.

Vedanta Q3 update: 22% more sellable silver and 7% more metal produced year over year

Vedanta Ltd. reported a 22% increase in saleable silver output and a 7% YoY increase in mined metal production in Q3FY24. The increase was attributed to improved mined metal grades and higher ore production at Rampura Agucha and Sindesar Khurd Mines. The production of saleable silver reached 197 tonnes, a 22% YoY increase in line with lead metal production. Vedanta also recorded the highest-ever production of silver and mined metal in a nine-month period, with mined metal output of 780kt between April and December, a 2% YoY increase, and a 5% YoY increase in silver sales.

Backed by SoftBank In FY23, Unacademy’s losses drop by 41% while revenue growth slows.

The edtech firm Unacademy, financed by SoftBank, saw a 41% decrease in losses in FY23 (2022–2023) as a result of a roughly 40% decrease in employee benefit costs during a time when the business made significant cost-cutting efforts to increase its runway.

According to Unacademy’s financials obtained from the Ministry of Corporate Affairs, the company had a net loss of Rs 1,678.15 crore for FY22 as opposed to a net loss of Rs 2,848 crore the previous year. Employee benefit costs for the corporation decreased during that time, from Rs 1,771.64 crore in FY22 to Rs 1,281.28 crore.

Since the beginning of 2022, the test prep edtech company has let go of nearly 2,000 employees in an effort to cut costs amidst a persistent funding constraint that is particularly affecting the edtech industry in the startup environment. Unacademy’s employee benefit expenditures did, in fact, increase from Rs 749 crore to Rs 1,772 crore in FY22.

Abira Securities and Jio Financial-BlackRock submit mutual fund licence applications to SEBI.

In order to begin offering mutual funds in India, Jio Financial Services Ltd. and BlackRock Financial Management have submitted paperwork to the Securities and Exchange Board of India (SEBI), the capital market regulator.

Since the joint venture businesses filed an application on October 19, 2023, displaying the most recent list of mutual fund applications as of December 31, 2023, SEBI is currently reviewing the in-principle approval.

Abira Securities has also submitted a new application for the mutual fund licence. Abira Securities is a stock trading company situated in Kolkata that was founded in 2012. Abira had already submitted an application in April 2022 for an MF licence, but its name was absent from the ensuing lists.

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TCS buyback acceptance percentage at 35%, better than prior time

Tata Consultancy Services (TCS) has decided the acceptance percentage of its buyback issue at roughly 35 percent, some investors who tendered their shares claimed.

The acceptance ratio refers to several shares accepted to be bought by the corporation against the number of tendered shares. The ratio was 24 percent during the 2022 buyback.

For small shareholders, the ratio of repurchase (i.e. eligible number of shares to be tendered for the number of shares owned) was fixed at one share for every six shares held as of the record date. For other stockholders, it was two shares for every 209 shares held by them.

The company planned to buyback 4.09 crore shares at Rs 4,150 apiece and received bids for 26 crore shares.

SpiceJet board meet to examine fundraising and Q2FY24 results adjourned till Dec 12

SpiceJet, once India’s second-largest carrier by market share, said that it has pushed out the board meeting to examine fundraising and Q2FY24 results to December 12. The airline was set to declare its Q2FY24 results on December 11.

Sterling & Wilson Renewable Energy publishes QIP; floor price at Rs 365.02 per share

Sterling and Wilson Renewable Energy Limited on December 11 announced the opening of a qualified institutional placement (QIP) issuance.

The Securities Issuance Committee agreed a floor price for the offer at Rs 365.02 per share following the computation stipulated by the Securities and Exchange Board of India, the business said.

Additionally, the worldwide pure-play, end-to-end renewable engineering, procurement and construction (EPC) solutions provider may consider granting a reduction of up to 5 percent on the floor price. A meeting is scheduled to establish the issuance price of the equity shares, it stated.