Stock Market Closing Updates: Sensex, Nifty Close Higher; Coal India, Nestle India, NTPC Top Gainer

The Indian benchmark indices closed higher on Tuesday. At market close, Sensex was up 0.17% at 71,437.19 points, and Nifty 50 closed 0.16% higher at 21,453.10 points. The top gainers in Nifty 50 pack were Coal India, Nestle India, and NTPC. On December 19, Indian indices initiated the trading day on a positive trajectory, with Nifty surpassing the 21,450 mark. The Sensex exhibited an increase of 43.88 points or 0.06%, reaching 71,358.97, while the Nifty recorded a gain of 17.00 points or 0.08%, settling at 21,435.70. Among the traded shares, 1677 witnessed advancement, 533 experienced a decline, and 109 remained unchanged.

In terms of notable movers on the Nifty, ONGC, Nestle, Apollo Hospital, Britannia, and Coal India emerged as significant gainers, contributing to the positive market sentiment. On the flip side, TCS, HDFC Bank, Titan Company, HCL Tech, and Kotak Mahindra Bank were among the prominent losers in the early trading session.

In a week that began on a subdued note for the Nifty 50, the index struggled to sustain higher levels after a rally of nearly 2,500 points in the past two months. Despite recovering from the day's low, Friday's high of 21,492 acted as a formidable barrier, resulting in the Nifty 50 snapping a three-day gaining streak.

Banking stocks, which had been instrumental in driving the Nifty's gains over the last month, experienced profit booking, primarily led by major private banks. The lack of support from technology stocks, following a rapid rally last Thursday and Friday, added to the pressure on the index.

The Nifty Bank, in particular, underperformed on Monday, closing below the 48,000 mark and struggling to overcome resistance at this level despite attempts at recovery.

As the trading session gears up for Tuesday, investors are keeping a close eye on several key stocks:
Vedanta declared a second interim dividend of Rs 11 per share for the financial year 2024, resulting in a total payout of Rs 4,089 crore. The board is set to meet on Tuesday to consider raising funds.

Warburg Pincus affiliate White Iris Investment plans to sell 3% equity in Apollo Tyres through a block deal, aiming to raise $100 million. The floor price is expected to be Rs 440 per share, with a 90-day lock-in period.

Sun Pharma announced the acquisition of a 16.7% stake in Lyndra Therapeutics for $30 million. Devyani International is set to make its foray into Thailand's QSR market by acquiring 274 KFC restaurants.

KPI Green Energy launched a Qualified Institutional Placement (QIP) to raise funds with a floor price of Rs 1,245. Kaynes Technology approved the launch of a QIP issue to raise funds and announced the acquisition of Digicom Electronics Inc. for $2.5 million.

JTL Industries board approval for issuing 3 crore preferential shares worth Rs 810 crore and raising Rs 500 crore via a QIP. Allcargo-GATI board meeting scheduled on December 21 to consider fund-raising.

IDFC First Bank received approval from the Reserve Bank of India for a merger with IDFC. Biocon Biologics completes the integration of an acquired biosimilar business in multiple countries.

PNC Infratech secures a new Hybrid Annuity Highway Project of MPRDC with a bid project cost of Rs 1,174 crore. Dish TV appointed Ravi Bhushan Puri as an executive director and Sunil Khanna as an independent director. The nomination panel is considering the candidature of Sanjay Banerjee. IRCON International wins Rs 103 crore in arbitration against Eskom Holdings SOC Ltd.

As investors keep a keen eye on global cues, Asian markets opened mixed, anticipating the Bank of Japan's rate decision and Australia's central bank meeting minutes. The Nikkei 225 in Japan is marginally higher, while the Topix is down 0.25%. South Korea's Kospi is trading marginally lower, and the Kosdaq has reversed gains to trade with gains of 0.7%. Hang Seng's futures point to a negative start.

The GIFT Nifty trades flat against Nifty Futures Monday close, signalling a muted start for the Indian market. In the US, benchmark indices advanced overnight, with the S&P 500 and Nasdaq gaining 0.4% and 0.6%, respectively, inching closer to their all-time closing highs set in January 2022. Investors remain watchful for further developments in both domestic and global markets as the week unfolds.

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Dec 19, 2023, 3:21 pm IST

SBI Market Cap Nears Rs 6 Trillion Mark After Stock Trades At New 52-Week High

SBI shares hit a new 52-week high of Rs 659.50, up almost 2% in the intraday trading on Tuesday. At today's peak at Rs 659.50 per share, SBI's market cap has moved closed to the Rs 6 Trillion mark.

Dec 19, 2023, 2:55 pm IST

Xpro India Proposes Raising Equity Resources And Setting Up A Subsidiary In UAE; Stock Down 4%

Xpro India Limited has proposed to raise up to Rs. 140 Crores through the preferential issue of Convertible Warrants and up to Rs. 150 Crores through a Qualified Institutions Placement (QIP). The promoter group will also participate in the preferential issue, to signify their continuing commitment through their significant holding.

Dec 19, 2023, 2:20 pm IST

Happy Forgings IPO Receives Stellar Response From Investors On Day 1

The initial public offering (IPO) of Happy Forgings was fully booked within a few hours of opening. The categories allotted for retail investors and NIIs were subscribed fully, while the QIB portion lagged. Happy Forgings currently has a premium of Rs 415 in the grey market.

Dec 19, 2023, 2:03 pm IST

IDFC First Bank Shares In Focus

After the Reserve Bank of India (RBI) authorised the merger of IDFC and IDFC Financial Holding Company with the bank on December 19, the shares of IDFC First Bank jumped 3% to the day's high of Rs 92.45 per share.

Dec 19, 2023, 1:44 pm IST

Xpro India Proposes Raising of Equity Resources And Setting Up of A Subsidiary In UAE

A capital raising strategy has been filed by Xpro India Limited and has been duly announced for the approval of the shareholders. Briefly stated, the company aims to raise a maximum of Rs. 140 crores through the preferential issue of convertible warrants and a maximum of Rs. 150 crores through the placement of qualified institutions (QIP). In order to demonstrate their ongoing support through their sizable stake, the promoter group will also take part in the preferential issue.

Dec 19, 2023, 1:25 pm IST

Shraddha Prime Projects Announces Expansion Plan By Aiming To Generate Rs 100 Cr Revenue In 2 Years

In the Kanjurmarg East central suburbs, Shraddha Prime Projects Limited is building two towers with a cumulative carpet area of around 53,000 square feet for sale. In the next two years, this project has the potential to produce revenue of Rs 100 crores. Work is underway, and the developer has secured the Commencement Certificate. The company has already invested Rs 7.7 crores in the purchase of TDR in order to continue loading FSI. With a projected carpet surface of around 53,000 square feet and the potential to bring in Rs 100 crores in revenue over the following two years, the project was started in 2023.

Dec 19, 2023, 12:49 pm IST

JTL Industries Plans Mega Capacity Expansion In Maharashtra

JTL is launching a massive capacity augmentation project in Maharashtra through its fully-owned subsidiary JTL Tubes Limited, marking the start of an innovative journey. JTL plans to use a variety of channels, including but not limited to qualified institutional placement (QIP), to raise Rs. 13,100 Mn in order to fund this ambitious project. Both promoter and non-promoter groups will coordinate this financial influx. The promoter and promoter group has committed to contributing Rs. 5,400 Mn towards the entire fundraising, with the public, non-promoter group playing a crucial part with a contribution of Rs. 2,700 Mn. The QIP method would be used to raise the remaining Rs. 5,000 Mn.

Dec 19, 2023, 12:40 pm IST

U GRO Capital Raises Rs 2,500 Mn Via NCDs

Through Non-Convertible Debentures (NCDs) from FMO, the Dutch entrepreneurial development bank, U GRO Capital has successfully raised Rs 2,500 million. FMO completely subscribed to the INR-denominated NCDs sale, demonstrating the bank's dedication to promoting equitable and sustainable prosperity by supporting entrepreneurs.

Dec 19, 2023, 12:34 pm IST

Jubilant FoodWorks Announces Changes In Management

At its meeting today, December 19, 2023, the Jubilant FoodWorks Limited Board of Directors accepted Ms. Suman Hedge's nomination to the position of Executive Vice President and Chief Financial Officer. She is also listed as one of the company's key managerial personnel. Effective March 1, 2024, the appointment takes place.

Dec 19, 2023, 12:26 pm IST

LIC Offloads Stake In Tata Motors

At an average cost of Rs 711.65, the company's stake in Tata Motors Limited dropped from 169,802,847 to 102,752,081 Equity Shares, or from 5.110% to 3.092% of the said company's paid-up capital.

Dec 19, 2023, 12:02 pm IST

Top Performers And Losers On Exchanges By Mid Session

Nestle India shares trade above 3.94%, Tata Consumer gains by 1.98% and Reliance competes with a 1.7% rise since today's session. Wipro and Hero Motocorp struggle as they remain the top Nifty-Fifty losers yet at around 1.58% in red. Tata Steel grabs the highest volume at Rs. 135.5/- per share.

Dec 19, 2023, 11:46 am IST

India Gold Metal Sees No Change Today, Despite Weak International Demand

US Spot gold grinds in the same range above psychological levels at $ 2,025/- per ounce, since Friday, and the geopolitical tensions in the Middle East have kept investors cautious over their next move for precious metals. MCX Gold Futures maturing next February is trading around Rs. 62,134/- 62,126/-, while average Silver Prices in India have fallen by Rs. 500/-, costing Rs. 77,500/- per kg.

Dec 19, 2023, 11:31 am IST

Biocon Ltd. Announces Acquiring Biosimilars Business In Advanced Emerging Markets

Biocon Biologics Ltd (BBL), a subsidiary of Biocon Ltd (BSE code: 532523, NSE: BIOCON), today announced the successful completion of the transition of the acquired Biosimilars business in ~120 countries across Advanced and Emerging Markets, a year ahead of schedule. Shreehas Tambe, MD & CEO of Biocon Biologics expressed, “I am very proud and excited that we have successfully completed the integration of the acquired business across 120 countries. The conclusion of this final wave of transition is a significant milestone and marks the beginning of Biocon Biologics’ transformation to a fully integrated global company. I congratulate and thank the entire Biocon Biologics team – colleagues, advisors, and partners. This seamless transition, achieved 2 ahead of schedule, is an outcome of relentless focus, untiring efforts and an unwavering commitment to patients and business continuity.”

Dec 19, 2023, 11:17 am IST

Vedanta Board Declares Approval For Raising NCDs, IL&FS Clarifies Exchange of Significant Price Movements

The committee of Vedanta Ltd. Directors on Tuesday considered and approved for raising, on a private placement basis, up to 3,40,000 nos. Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures (“NCDs”) of face value ₹ 1,00,000/- each aggregating up to ₹ 3,400 Crores in one or more tranche. IL&TS has been selling its stake in its group companies since 2018. As part of this exercise, IL&FS has initiated the sale of their stake in our Company a few times since 2018. However, the sale of their holding in our Company did not materialize due to various reasons

Dec 19, 2023, 11:01 am IST

Today US Dollar Climb Against Indian Rupee, GBP Stares For A Higher Jump

The USD Dec Futures on Tuesday after two hours of live session have climbed more than 0.15% or 0.13 points from the previous day and float around Rs. 83.20 levels, after falling sharply since Friday. The inflation rates and GDP revision to be released this week in the US might gain high momentum for the dollar to rise further if the results favor the currency. Since the previous closing, GBP Dec futures are lurking around Rs. 105.34/-, a 0.19% hike or Rs. 0.20.

Dec 19, 2023, 10:45 am IST

ICICI Bank Allocates Equity Shares To Employees, Promoter of Arshiya Limited Invokes Pledged Shares

ICICI Bank has allotted 475,141 equity shares of face value of Rs. 2 each on December 19, 2023, under the ICICI Bank Employees Stock Option Scheme 2000. The above allotment has been approved by two Executive Directors today at 9.37 a.m. (being time of the last approval) under the power delegated by the Board of Directors of the Bank. Mrs. Archana Mittal, Promoter of Arshiya Ltd. has invoked fully-paid equity 50 lakh shares which were pledged in favour of Edelweiss Assets Reconstruction Company Ltd.

Dec 19, 2023, 10:30 am IST

Spice Jet Might Acquire Go First Through Insolvency Resolution Process

SpiceJet Limited has expressed interest in the Resolution Professional of Go First and wishes to submit an offer post diligence, to create a strong and viable airline in a possible combination with SpiceJet. The Board of the Company has recently approved and initiated the process of raising fresh capital of about US$ 270 million to strengthen its financial position and provide resources to invest in growth plans.

Dec 19, 2023, 10:15 am IST

Exchange Seeks Clarification from JSW Infrastructure Amidst Rape Allegations

The Exchange has sought clarification from JSW Infrastructure Limited concerning a recent news item captioned JSW Group shares fall up to 4% amid rape allegations against Chairman Sajjan Jindal. In the official statement, the company expressed with exchanges that, "Mr. Sajjan Jindal denies these false and baseless allegations. He is committed to providing full cooperation throughout the investigation. As the investigation is ongoing, we will refrain from commenting further at this stage. We kindly request you to respect the privacy of the family”.

Dec 19, 2023, 10:01 am IST

Apollo Tyres Hits Record High Following Block Deal

Apollo Tyres shares surged to record high levels of Rs 485 per share following a substantial block deal during the pre-open session. In this session, a significant transaction involving 2.86 crore shares, equivalent to 4.5% of Apollo Tyres' equity, took place. As of 9:20 am on December 19, the stock was trading at Rs 468.55, reflecting a 3.38% increase.

Dec 19, 2023, 9:47 am IST

Sony Issues A Statemnet, Says Not Yet Agreed To Extend Merger Timeline

Sony is awaiting Zee's proposal before making a decision on whether to extend the merger deadline. Despite Zee Entertainment's request to Culver Max Entertainment, the operator of Sony Pictures Network India, for a postponement of the impending merger's effective date, Sony India, in a statement issued on December 19, clarified that it has not yet agreed to extend the deadline. Sony India pointed out that Zee's notice to the Bombay Stock Exchange and the National Stock Exchange of India, dated December 17, is an acknowledgment that the original deadline of December 21, 2023, for closing the SPNI/Zee merger may not be met.

Dec 19, 2023, 9:24 am IST

Market Opens With Mild Gains, Nifty Climbs Above 21,450

On December 19, Indian indices initiated the trading day on a positive trajectory, with Nifty surpassing the 21,450 mark. The Sensex exhibited an increase of 43.88 points or 0.06%, reaching 71,358.97, while the Nifty recorded a gain of 17.00 points or 0.08%, settling at 21,435.70. Among the traded shares, 1677 witnessed advancement, 533 experienced a decline, and 109 remained unchanged. In terms of notable movers on the Nifty, ONGC, Nestle, Apollo Hospital, Britannia, and Coal India emerged as significant gainers, contributing to the positive market sentiment. On the flip side, TCS, HDFC Bank, Titan Company, HCL Tech, and Kotak Mahindra Bank were among the prominent losers in the early trading session.

Dec 19, 2023, 9:12 am IST

Block Deal In Apollo Tyres

A total of 2.3 crore shares of Apollo Tyres, equivalent to 3.6% equity change hands in a block deal window during the pre-market session on Tuesday.

Dec 19, 2023, 9:10 am IST

Rupee Opens Lower Against Previous Close

The Indian Rupee commenced the trading session with a slight decrease, opening at 83.10 per dollar in contrast to the previous closing rate of 83.06.

Dec 19, 2023, 9:07 am IST

KPI Green Energy Initiates QIP To Secure Funds

KPI Green Energy initiates a Qualified Institutional Placement (QIP) to secure funds. The floor price, set at Rs 1,245, represents a substantial 9.19% discount compared to Monday's closing price. The company's board is scheduled to convene once more on December 21 to finalize the issue price for the QIP, adding an element of anticipation to this financial move.

Dec 19, 2023, 9:05 am IST

Kaynes Technology Initiates A Rs 1,400 Crore QIP, Announces .5 Million Acquisition

Kaynes Technology Ltd, a recent addition to the listed companies launched a Qualified Institutional Placement (QIP) on Monday with the aim of securing funds. The company is targeting to raise a substantial sum of Rs 1,400 crore through the QIP. As part of the QIP details, the floor price has been set at Rs 2,449.96 per share, reflecting a 6% discount compared to Kaynes shares' closing price on Monday. According to the company's official filing with the exchange, there is also provision for Kaynes to offer a discount of up to 5% on the floor price at its discretion. Additionally, the company disclosed an acquisition move amounting to .5 million, further adding to its strategic developments.

Dec 19, 2023, 9:02 am IST

Crude Rises Amid Rising Tensions in Red Sea, Prompting Concerns Among Shipping Companies

Oil hovered around its most elevated closing point in a fortnight as escalating attacks on vessels along the crucial shipping route in the Red Sea triggered apprehension among maritime entities. West Texas Intermediate retained a position above per barrel, holding firm after reaching its peak since December 4. The global benchmark, Brent, lingered near . The surge in prices, witnessing an increase of up to 4% on Monday, ensued following BP Plc's announcement of a halt in all shipments through the waterway. Equinor ASA also added to the market's unease by revealing its decision to redirect vessels away from the region.

Dec 19, 2023, 8:36 am IST

Yen Strengthens Ahead of BOJ Meeting; Asian Markets Display Mixed Trading

At the commencement of the trading day, stock values experienced a decline in South Korea and Japan, while exhibiting an ascent in Australia. Nippon Steel Corp in Japan encountered a notable early morning setback, registering a more than 6% decrease following the company's announcement of a .1 billion acquisition of United States Steel Corp. If successful, this strategic move would establish the world's second-largest steel company, and the largest outside of China, playing a pivotal role in supplying American manufacturers and automakers. On another front, the futures of US stocks displayed minimal changes after Wall Street continued its upward momentum on Monday. The surge in stock values was fueled by a flurry of business transactions, overshadowing more measured statements from Federal Reserve officials, largely overlooked by traders. The Nasdaq 100, in particular, sustained its positive trajectory, closing at a record high for the second consecutive session.