Sensex
The BSE Midcap index finished unchanged, while the Smallcap index gained 0.3 percent.
Closing bell
Indian market news
Fii and Dii data
| Fii Bought | 16.03 Cr |
| Dii Bought | 155.96 Cr |
Indian market news
- The Nifty Bank index fell 0.3 percent, weighed down by AU Small Finance Bank, IDFC First Bank, and HDFC Bank:
- The dollar remains stable, as bitcoin maintains its advances ahead of the ETF approval deadline.
- Tata Motors Q3 Group Global Wholesales increased by 9% year on year to 3.38 lakh units.
- Global CV Wholesales and Tata Daewoo increased by 1% year on year to 98,679 units.
- According to CNBC-TV18, the I-T department alleges Rs 200 crore in tax evasion, citing sources.
- The majority of Adani stocks have risen as part of a Rs 42,768-crore investment plan for Tamil Nadu.
- Indian Bank receives RBI approval to execute call option on RS 600 crore Tier 2 bonds.
- Oil seeks to recoup ground as the Middle East situation and OPEC production come into focus.
- Gold recovers from a three-week low as the dollar falls.
- IRB Infra reaches a 52-week high as toll collections increase 26% in December.
- IRM Energy inks a memorandum of understanding with the Tamil Nadu government to invest Rs 858 crore.
- Coal India extends the term of its fuel delivery deal to ten years:
- On January 10, Power Grid Corp would issue 10-year bonds worth up to Rs 2,200 crore.
- Adani Group stocks are being targeted for a Rs 42,768 crore investment in Tamil Nadu.
- Tata Motors JLR reports a 27 percent increase in Q3 sales year on year.
- L&T Construction receives an order of Rs 1,000-2,500 crore.
- BEML shares rise after the company received Rs 330 crore in defense ministry orders.
- The board of directors of Bajaj Auto has approved a share repurchase of up to Rs 4,000 crore through a tender offer at Rs 10,000 per share.
- JSW Steel Q3 Update | Consolidated crude steel output increased 12% year on year and 8% quarter on quarter to 6.87 million tons.
- The $10 billion deal between Zee and Sony may be put off.
- According to CNBC-TV18, Zee Entertainment Enterprises Large Trade |1.35 crore shares (1.4 percent equity) worth Rs 340.1 crore change hands at an average price of Rs 252 per share.
Indian Market Stocks
| Sensex | 30.99 | +0.04% | 71,386.21 |
| Nifty 50 | 31.85 | +0.15% | 21,544.85 |
| Bank Nifty | -207.60 | -0.44% | 47,242.65 |
Market Movers
| Hero Motocorp | 103.00 2.57% | Britannia | -54.95 -1.06% |
| Adani Ports | 28.25 2.42% | Nestle | -26.70 -1.02% |
| Apollo Hospital | 115.65 2.04% | Asian Paints | -30.90 -0.94% |
| SBI Life Insura | 28.30 1.99% | Bajaj Finserv | -13.90 -0.82% |
| Adani Enterpris | 51.10 1.72% | HDFC Bank | -12.95 -0.78% |
News updates
Indian government bonds may be included in Bloomberg indices in 2024, following JPMorgan.
With Bloomberg intending to include Indian government bonds in its indices beginning in September 2024, the bonds may see more appreciation in 2024.
The plan calls for the introduction of Indian government bonds over the course of five months, beginning in September 2024. Each month, 20% of the bonds’ full market value that fall within the Fully Accessible Route (FAR) category will be added. Consequently, January 2025 will mark the completion of the procedure.
The $10 billion Zee-Sony merger might not proceed.
According to persons familiar with the situation, Sony Group Corp. intends to renounce the merger agreement it had with Zed Entertainment Enterprises Ltd., ending two years of turmoil and delaying the establishment of a $10 billion media conglomerate.
According to insiders who asked not to be identified because the information is private, the Japanese conglomerate is attempting to back out of the agreement because of a disagreement over whether Punit Goenka, the son of the company’s founder and chief executive officer of Zed, will manage the combined company. According to the persons, Sony no longer wants Goenka as CEO in the wake of a regulatory investigation, despite the agreement struck in 2021 that he would run the new firm.
According to one of the sources, Sony intends to submit the notice of termination prior to the extended deadline of January 20th for concluding the agreement, citing several prerequisites that have not been fulfilled for the merger. Another person claims that during lengthy talks over the past few weeks, Goenka has maintained his position that he wants to lead the combined organisation, as was originally negotiated.
The Bajaj Auto Board has approved a buyback of Rs 4,000 crore, at a share price of Rs 10,000.
Major two- and three-wheeler manufacturer Bajaj Auto Ltd.’s board approved a Rs 4,000 crore share buyback at Rs 10,000 a share on January 8. This is 43 percent above the most recent closing price.
By way of the tender process, the business plans to purchase 40 lakh shares, or 1.41 percent of the outstanding shares of Bajaj Auto. The company’s promoters will take part in the buyback as well. As of right now, the promoters own 54.94 percent of the business. According to the automaker, the Board has established a Buyback Committee and assigned it the authority to carry out any actions, transactions, matters, or things that it may, at its sole discretion, determine to be appropriate, necessary, or expedient in relation to the buyback.
The buyback is contingent upon shareholder approval through a special resolution and postal ballot. Further information, including the record dates, will be released later.
Bajaj Auto has repurchased shares twice in as many years. In July 2022, the car manufacturer paid holders Rs 4,600 per share for shares valued at Rs 2,500 crore. Rajiv Bajaj, managing director of Bajaj Auto, stated to CNBC-TV18 last week that the buyback will be more larger this time.
China now leads the MSCI EM index weightage, with India surpassing Taiwan.
India is now ranked second after China in the MSCI EM index, with its weight having overtaken Taiwan. This confirms India’s status as one of the emerging markets’ most potential investment options.
The MSCI Emerging Markets index for India surged from 7% to 17.1% in just eight years. According to a recent Nuvama report, India could achieve a 20 percent weight in the MSCI EM Index by early 2024 with the continuous domestic institutional investments and possible sustained FII involvement.
In the medium run, India is expected to draw more foreign investments in 2024, according to recent Jefferies notes. India’s expanding growth is making its markets more relevant for global funds, but its presence in EM portfolios is still relatively small. Higher foreign flows are likely due to favourable factors such anticipated political stability, a strengthening investment cycle, and a peaking US currency.
Red Sea dangers might cost India $30 billion in lost export revenue.
Due to increased container shipping costs as a result of threats to cargo vessels in the Red Sea, exporters may decide to delay shipments, potentially subtracting roughly $30 billion from India’s overall export earnings in the current fiscal year.
Based on the $451 billion figure for the previous fiscal year, the initial evaluation, carried out by the Research and Information System for Developing Countries, a think tank located in New Delhi, would indicate a 6.7% decline in Indian exports.
Asian Concretes & Cements will be fully acquired by ACC, a company owned by Adani.
In an effort to increase capacity in the face of strong demand, the cement and building materials company Adani-owned ACC Limited announced on 8 January that it will buy the remaining 55% of Asian Concretes and Cements Private Limited (ACCPL) from an existing promoter for an enterprise value of Rs 775 crore. At the moment, ACC owns 45% of the business.
The business stated in a BSE filing that the acquisition is value accretive since it will balance Adani Cement’s clinker plants in north India. The deal will be completely funded by internal accruals.
Based on forecasts of strong demand driven by increased expenditure on infrastructure projects in the nation, analysts predict that the main players in the cement sector will continue to acquire smaller businesses and consolidate in order to protect and gain market dominance.
TN investor meeting sees the opening of GCPL’s Rs 515-cr manufacturing unit.
During the ongoing Global Investors Meet 2024 in Chennai, Godrej Consumer Products Limited (GCPL), a key player in the FMCG industry, partnered with the State Government of Tamil Nadu to hold the opening ceremony of its state-of-the-art manufacturing plant.
This Rs 515-crore project, which is strategically positioned in the Chengalpattu District close to Chennai, the state capital, intends to improve delivery times, optimise inventory management, and lower total costs.
A major Memorandum of Understanding (MoU) was signed by GCPL and the state government in August 2023 to establish this cutting-edge plant, with the primary goal of speeding up manufacturing of flagship products including Cinthol, Godrej Expert Rich Crème, Godrej Selfie Shampoo Hair Colour, and Goodknight.
Oil production from ONGC’s delayed $5 billion deepwater project begins.
The much-delayed flagship deep-sea project of the state-run Oil and Natural Gas Corporation (ONGC) in the Krishna Godavari basin of the Bay of Bengal has begun to produce oil, contributing to the reversal of years of output reduction, the company announced. From the KG-DWN-98/2 block, ONGC has begun to produce from the Cluster-2 project and will gradually increase output.
Vistara is certain that Boeing will place an order.
The Indian full-service carrier Vistara stated on Monday that, despite a recent 737 MAX 9 mid-air burst that prompted regulatory attention, it was optimistic about receiving its final wide-body aircraft from Boeing by March or April.
Hyundai declares a Rs. 6,180 crore Tamil Nadu investment.
On Monday, Hyundai Motor India Ltd. announced that it would invest Rs. 6,180 crore in a number of projects, one of which is the creation of a hydrogen resource hub in Tamil Nadu.
The manufacturer has decided to invest an additional Rs 20,000 crore over a ten-year period (2023-2032) to strengthen its efforts in the areas of electric vehicle manufacturing, charging infrastructure, and skill development. During the Tamil Nadu Global Investors Meet in 2024, the firm and the state government signed a Memorandum of Understanding discussing the new investment.
TN investor meeting sees the opening of GCPL’s Rs 515-cr manufacturing unit.
During the ongoing Global Investors Meet 2024 in Chennai, Godrej Consumer Products Limited (GCPL), a key player in the FMCG industry, partnered with the State Government of Tamil Nadu to hold the opening ceremony of its state-of-the-art manufacturing plant.
This Rs 515-crore investment, which is strategically positioned in the Chengalpattu District close to Chennai, the state capital, intends to optimise inventory management, cut costs overall, and improve delivery times.
A major Memorandum of Understanding (MoU) was signed by GCPL and the state government in August 2023 to establish this cutting-edge plant, with the primary goal of speeding up manufacturing of flagship products including Cinthol, Godrej Expert Rich Crème, Godrej Selfie Shampoo Hair Colour, and Goodknight.
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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.