Dec 17, 2024, 2:56 pm IST
Bank Nifty Technical View By Motilal Oswal
BANK NIFTY (Bullish- CMP : 53581) Bank Nifty support is at 53300 then 53000 zones while resistance at 54000 then 54250 zones. Now it has to hold above 53300 zones for a bounce towards 54000 then 54250 levels while support is seen at 53300 then 53000 zones.
Dec 17, 2024, 2:56 pm IST
Nifty Technical View By Motilal Oswal
NIFTY (Bullish- CMP : 24668) Nifty immediate support is at 24500 then 24300 zones while resistance at 24800 then 25000 zones. Now it has to hold 24600 zones for the next up move towards 24800 then 25000 zones whereas supports can be seen at 24500 and 24300 zones.
Dec 17, 2024, 1:59 pm IST
Genesys International Wins Rs. 56 Cr Land Records Modernization Project in West Bengal
Genesys International Corporation Ltd, a pioneer in geospatial solutions, has been awarded a significant project worth Rs. 56 crore by the Directorate of Land Records and Surveys (DLRS), West Bengal. The project aims to modernize the state’s land records using advanced geospatial technology, ensuring greater accuracy and efficiency in land administration. Given the scale and complexity of the task, the project relies on cutting-edge technology for precision mapping and georeferencing. The DLRS team will provide critical stereo and mono imagery as input data, which will serve as the foundation for generating high-resolution orthorectified images (ORI) and georeferenced cadastral maps. The stereo image pairs will enable Genesys to create 3D terrain models essential for ORI generation, while mono satellite images will support additional mapping requirements.
Dec 17, 2024, 1:59 pm IST
Granules India Limited Announces FDA Approval for ADHD Treatment
Granules India Limited, a vertically integrated Indian pharmaceutical company, announced today that its wholly-owned foreign subsidiary, Granules Pharmaceuticals, Inc. (GPI), has received approval from the U.S. Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Lisdexamfetamine Dimesylate Chewable Tablets. The approved drug is available in multiple strengths: 10 mg, 20 mg, 30 mg, 40 mg, 50 mg, and 60 mg. This generic drug product has been determined to be bioequivalent (AB Rating) to the reference listed drug, Vyvanse® Chewable Tablets by Takeda Pharmaceuticals USA Inc. Lisdexamfetamine dimesylate chewable tablets are indicated for the treatment of Attention Deficit Hyperactivity Disorder (ADHD) in adults and pediatric patients aged six years and older, as well as Moderate to Severe Binge Eating Disorder (BED) in adults.
Dec 17, 2024, 1:26 pm IST
Reliance Power subsidiary, Reliance Nu Suntech, receives letter of award (LOA) from Solar Energy Corporation of India.
Reliance Power Limited (Reliance Power) subsidiary, Reliance NU Suntech Private Limited (Reliance NU Suntech) received the Letter of Award from Solar Energy Corporation of India (SECI) for its proposed Solar 930 MW and 465 MW/1860 MWh Battery Energy Storage System (BESS) projects. The project will see the largest deployment of grid storage batteries at a single site, not only in India but also in Asia, besides China. The competitive tariff with assured supply of peak power for 4 hours in a day will be a welcome relief for DISCOMs that have had to consistently buy power from the power exchanges during peak hours at the cap of INR 10 per unit.
Dec 17, 2024, 1:24 pm IST
Gold Prices In India Today, 17th Dec
Gold rates saw a significant rise on Tuesday in the domestic market as investors await the Fed's interest rate decision and economic projections in expectation of a 25 basis point rate cut on Wednesday. Gold now costs Rs 7,150 per gramme in India for 22 carat gold and Rs 7,800 per gramme for 24-carat gold. Ten grams of 22k gold will cost Rs 71,500 on Tuesday, up from Rs 71,400 on Monday, signifying a 100 rupee rise in prices. In India, 100 grams of 22k gold will cost Rs 7,15,000 today, up from Rs 7,14,000 on Monday, signifying a 1,000 rupee price hike.
Dec 17, 2024, 1:12 pm IST
RMC Switchgears Secures ₹90 Crore LOA for 5,000 Solar Pumps in Maharashtra
RMC Switchgears Limited is pleased to announce that it has received a Letter of Acceptance (LOA) from a reputed system integrator for the supply, installation, and commissioning of 5,000 solar pumps in Maharashtra. Valued at ₹90 crore (excluding taxes), the LOA comprises 3HP, 5HP, and 7HP solar pump systems and is slated for completion in FY25-26.
Dec 17, 2024, 1:06 pm IST
RMC Switchgears Secures ₹90 Crore LOA for 5,000 Solar Pumps in Maharashtra
RMC Switchgears Limited is pleased to announce that it has received a Letter of Acceptance (LOA) from a reputed system integrator for the supply, installation, and commissioning of 5,000 solar pumps in Maharashtra. Valued at ₹90 crore (excluding taxes), the LOA comprises 3HP, 5HP, and 7HP solar pump systems and is slated for completion in FY25-26.
Dec 17, 2024, 1:04 pm IST
Coromandel International Limited and Mahindra Krish-e Partner to Provide Drone Spraying Services for Indian Farmers
Coromandel International Limited, India’s leading agri-solutions provider, and Mahindra & Mahindra Limited’s Farm Equipment Sector (FES) business vertical, Krish-e, announced a partnership to extend Coromandel’s drone spraying services, Gromor Drive, to Indian farmers. Currently operational in seven key states Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, Maharashtra, Madhya Pradesh and Uttar Pradesh Gromor Drive’s operations are supported by RPTOtrained pilots. Coromandel's drone services are uniquely positioned in the market through the support of its subsidiary, Dhaksha Unmanned Systems, which ensures reliable drone supply, pilot training, and service support. This backward integration provides Coromandel with a distinct competitive edge in this emerging market. The partnership further enhances accessibility to these services via the ‘Krish-e Kheti Ke Liye App,’ along with other technology-driven farm solutions offered by Mahindra’s FES, aimed at sustainably maximizing farmers' income and benefiting the broader agricultural value chain.
Dec 17, 2024, 12:06 pm IST
Dixon Technologies Hits Record High Amid Sixth Consecutive Rally
Shares of Dixon Technologies (India) continued their upward streak for the sixth straight session on December 17, rising 1.6% to touch a record high of Rs 19,148.90. The latest gains build on the previous session's 3% surge, driven by the company signing a binding term sheet to establish a new manufacturing joint venture with Vivo India.
Dec 17, 2024, 11:49 am IST
Care Health Insurance Faces IRDAI Show-Cause Notice Post Inspection
Religare Enterprises' subsidiary, Care Health Insurance, has received a show-cause notice along with a letter of advice from the Insurance Regulatory and Development Authority of India (IRDAI). The notice follows an inspection conducted by the regulator between August 30 and September 9, 2021. Care Health Insurance has stated that it is initiating corrective measures as per IRDAI's advice and is currently preparing its response to the show-cause notice.
Dec 17, 2024, 11:25 am IST
ITAT Ruling Favors Indus Towers, Reduces Contingent Liabilities by Rs 3,500 Crore
The Income Tax Appellate Tribunal (ITAT) has ruled in favor of Indus Towers regarding multiple tax disputes, including the denial of depreciation on assets acquired through a merger, disallowance of expense provisions, amortization of asset retirement obligations (ARO), and provisions for SLA credits.
This favorable order will lead to a significant reduction of Rs 3,500 crore in the company’s contingent liabilities, providing much-needed relief to Indus Towers and bolstering its financial position.
Dec 17, 2024, 11:00 am IST
Mankind Pharma Kickstarts Rs 3,000 Crore QIP to Fund BSV Acquisition
Mankind Pharma, India’s fourth-largest pharmaceutical company by domestic sales, has initiated a qualified institutional placement (QIP) to raise up to Rs 3,000 crore. The funds will be partially utilized for its Rs 13,630-crore acquisition of Bharat Serums and Vaccines (BSV), announced earlier in July this year.
In a late-evening regulatory filing on Monday, December 16, the company disclosed that the QIP has opened with a floor price of Rs 2,616.55 per share, as per SEBI’s pricing guidelines. Mankind Pharma also stated it retains the flexibility to offer a discount of up to 5% on the floor price to attract qualified institutional buyers.
Dec 17, 2024, 10:53 am IST
Vedanta Shares Extend Losses After Fourth Interim Dividend Announcement
Shares of Vedanta Ltd slipped further on Tuesday, December 17, continuing Monday’s decline and erasing recent gains after the company’s board approved the fourth interim dividend for FY25. The stock dropped nearly 2% to Rs 504 on the National Stock Exchange (NSE), marking its second straight session in the red. This followed a 1.15% decline in the previous session.
Dec 17, 2024, 9:55 am IST
Nifty Prediction Today By Akshay Chinchalkar, Head of Research at Axis Securities
The Nifty retraced a portion of the Friday short squeeze, creating a "bearish harami" formation. That means the next tactical move will be decided by which of yesterday's high or low gets broken first. For the day, resistance rests between 24726 and 24800, while supports lie in the 24554 - 24580 range. What's also interesting is that the Friday low took support at the Bollinger-middle line, which means buyers remain active on any decline inside what will soon be a period of reduced volumes and therefore higher volatility.
Dec 17, 2024, 9:36 am IST
Opening Bell
The Indian benchmark indexes began Tuesday on a negative note, following conflicting global indications. The Sensex was down 300 points at the 81,511 level, while the Nifty opened below the 24,600 level. At 81,453.31, the Sensex had down 295.26 points, or 0.36 percent, while the Nifty had dropped 84.90 points, or 0.34 percent, to 24,583.35.
Dec 17, 2024, 9:18 am IST
Rupee Vs Dollar
The Indian rupee hit a new record low of 84.91 on Tuesday after opening at 84.89 to the dollar. The rupee closed at 84.87 on Monday.
Dec 17, 2024, 9:17 am IST
Nifty Outlook Today By Anand James, Chief Market Strategist, Geojit Financial Services
Though the dip and the turn higher thereafter from the 24630 region evolved on anticipated lines yesterday, the rise in VIX is suggestive of caution. This sets up room for extended consolidation with prospects for further slippages. We will keep the 25600 hopes alive though, with a downside marker placed in the 24480-400 region. Meanwhile, we expect early trades to swing within the 24540-700 band.
Dec 17, 2024, 8:30 am IST
Nifty 50 Outlook By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
On the daily chart, the index ended its session within its prior trading range, signifying that the high of the previous candle (24,792) and the low of today’s candle (24,601) will play a pivotal role in determining the next trend. A close above 24,792 would reinforce a bullish bias. The index has formed a critical support zone around 24,500, corresponding to the neckline of an inverse head-and-shoulders pattern. Additionally, the 20-day exponential moving average (DEMA) near 24,430 further strengthens this support. The daily RSI remains subdued below the 60-mark, highlighting reduced buying momentum and a shift toward sideways consolidation.
Dec 17, 2024, 8:09 am IST
Nifty Options Market Insights By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
Options activity suggests a bearish undertone, with significant call-writing pressure observed throughout the session. The 25,000-strike call maintains the highest open interest of 1.02 crore contracts, signifying a key resistance level. Conversely, the 24,500-strike put shows strong support, with 67.04 lakh contracts in open interest. Active positioning between the 24,700–25,000 call range and the 24,500–24,600 put range underscores resistance near 25,000 and support around 24,500. A surge in call writing between 24,700 and 25,000 indicates escalating bearish pressure at higher levels, while put unwinding at upper strikes reflects waning bullish confidence. The put-call ratio (PCR) slid to 0.76 from 0.88, pointing to a growing bearish inclination, despite call writers maintaining dominance at elevated levels. The "max pain" level at 24,650 implies limited immediate downside potential.
Dec 17, 2024, 8:08 am IST
Nifty Outlook Today By Mr. Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
“Nifty index’s stance has shifted toward bullish to neutral, as it continues to trade above its crucial 24,500 support level and remains aligned with the 10-20 DEMA, which provides a safety net at lower levels. Given that the index closed within its previous trading range, the high of the last session (24,792) will serve as an immediate hurdle in the coming sessions. Options data corroborates this, with elevated call writing at 24,792, creating a strong barrier. A move above this resistance could trigger short covering, propelling the index toward the psychological 25,000 mark. On the downside, the 24,500–24,600 zone, reinforced by substantial put writing, remains a solid support level. As long as the index holds above this zone, buyers are expected to retain control, supporting a "buy on dips" strategy. Weakness may emerge if the index breaches this support range, opening the door for a decline toward 24,000.”
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