BSE Sensex ended the day with the gain of 229 points or 0.32% to to 71,336 and NSE Nifty surged 91 points or 0.43% to 21,441 in trade on Tuesday. Nifty Bank gained 233 points to 47,724 and Nifty Midcap rallied 293 points to 45,388 in trade on Tuesday. Losses in IT sector stocks offset gains in metal and power stocks in trade today.
Adani Green Energy said today that its promoters will infuse Rs 9,350 crore into the company via preferential issuance of warrants. The warrants would be issued at Rs 1,480.75 each. The funds will be mainly used to deleverage the balance sheet and fund capital expenditure, as per the company's release.
Shares of Asian Granito gained 9% intraday today after it declared the beginning of commercial operations at its wholly owned subsidiary AGL Sanitaryware at Morbi, which marks its foray into sanitaryware manufacturing.
From the pack of Sensex, the leading gainers include Divis Laboratories Ltd, Hero MotoCorp, Wipro, NTPC, and Kotak Mahindra. Shares of Bajaj Finance and Infosys emerged the laggards.
The Nifty index managed to end on a slightly negative note despite experiencing gains in three out of five trading sessions. The week's rollercoaster ride was highlighted by a sharp sell-off on Wednesday, leaving market enthusiasts on the edge of their seats as the Nifty closed marginally lower for the week. As the market gears up for the final week of 2023, the Nifty boasts an impressive 17.5% gain for the year, marking a significant rebound from its March lows of 16,828.
While global institutions take a breather for the new year, the IPO mania continues unabated, with a lineup of new listings poised to hit the market in the upcoming week. The Nifty Bank, however, couldn't mirror the Nifty 50's reversal, ending the week 1.3% lower after a few weeks of outperformance. Despite being up 10% for the year, the Nifty Bank faces a formidable resistance level, having made seven attempts to breach the 48,000 mark, succeeding only once.
Stocks in the Spotlight: Reliance Industries: Rumors are circulating about a potential merger of Indian media operations between Reliance Industries and Walt Disney, with no official confirmation from Reliance as of yet. Infosys: The global termination of a potential $1.5 billion contract over 15 years by a key client has raised eyebrows, considering the MoU was signed just in September. Paytm: The fintech giant plans an AI-led transformation, expecting a slight reduction in operations and marketing workforce, while also anticipating a 10-15% cut in employee costs. UPL: Board approval for a Rs 4,200 crore rights issue signals significant financial moves ahead, with details to be determined in due course. Wipro: Dispelling rumours, Wipro denies the entry of former L&T Infotech CEO Sanjay Jalona into the company.
In the global arena, US equities concluded the week mostly higher, marking the S&P 500's eighth consecutive weekly advance - its longest winning streak since 2017. Asia-Pacific markets, however, experienced a subdued Tuesday, with Japan standing out as one of the region's top performers as it prepares to wrap up the year. As the US markets observe Christmas on Monday, global cues remain positive, setting the stage for a positive start in the Indian market.
As investors bid farewell to 2023, the Indian market remains a hotbed of activity. Amidst IPO fervour, stock movements, and global influences, the financial landscape is continuously evolving. The GIFT Nifty is trading with mild gains against Nifty Futures' Friday close, hinting at a positive start for the upcoming week.
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Dec 26, 2023, 2:39 pm IST
Asian Granito India Shares Jump 9%
Shares of Asian Granito gained 9% intraday today after it declared the beginning of commercial operations at its wholly owned subsidiary AGL Sanitaryware at Morbi, which marks its foray into sanitaryware manufacturing. At Around 1.40 pm today, Asian Granito stock was trading nearly 6% higher at Rs 75.85 on the National Stock Exchange.
Dec 26, 2023, 1:59 pm IST
Greenply Industries Gives Nod To Transfer Of 51% Shareholding In Greenply Middle East To Investor Group
The Board of Directors of the Company at their meeting held today i.e. on 26th December 2023 has, inter alia, approved the transfer of 51% of shareholding and cessation of controlling interest held in Greenply Middle East Limited (GMEL), Dubai, a Wholly Owned Material Subsidiary, to Investor Group formed by lndraneel Bhan and Sudeep Jain, subject to the approval of the members of the Company and other necessary approvals, as may be required. Consequent to the above, Greenply Middle East Limited (GMEL), Dubai will cease as a subsidiary of the Company.
Dec 26, 2023, 1:52 pm IST
Adani Power Consortium Receives LoI From Resolution Professional CEPL
Adani group firm Adani Power Ltd informed via an Exchange filing on December 24, 2023, that the Committee of Creditors (COC) of Coastal Energen (CEPL), a company undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, has approved the Resolution Plan submitted by a consortium of which Adani Power is a part. The consortium of Adani Power has received a Letter of Intent (LoI) from the Resolution Professional.
Adani Power shares were up 0.60% at Rs 514.85 at 1:30 pm IST on Tuesday.
Dec 26, 2023, 1:08 pm IST
Mazagon Dock Shares Extend Gains For Third Straight Day, Up 8% At Rs 2289.45 A Piece
The share price of Mazagon Dock Shipbuilders extended gains for the third consecutive day on Tuesday. Today, the stock was up 8% at Rs 2289.45 per share at 12:49 pm IST.
Last week, Mazagon Dock Shipbuilders Limited (MDL) signed a contract with the acquisition wing of the Ministry of Defence (MoD) for the Construction and Delivery of six next-generation Offshore Patrol Vessels (NGOPVs) for the Indian Coast Guard (ICG) on 20 Dec 2023. In this year so far, the stock has gained 190.50%.
Dec 26, 2023, 12:45 pm IST
BEL Received Orders Worth Rs 678 Crore, Stock Up 5%
Navratna DPSU Bharat Electronics Limited (BEL) has signed a contract for a value of Rs.445 Cr with the UP Government on 23 Dec 2023 for the next generation UP Dial 112 project. BEL will be providing comprehensive and state-of-art hardware, AI based software tools, and Cyber Security solutions for the Dial 112 project, which is spread across the entire state of Uttar Pradesh.
With the above, BEL has cumulatively received orders worth Rs.26,613 Cr in the current financial year 2023-24.
BEL shares were up 4.66% at Rs 183.00 per share at 12:39 pm IST.
Dec 26, 2023, 12:07 pm IST
Investment Giant SoftBank Likely Offloads Shares Worth USD310 Million In FirstCry: Report
According to a PTI report citing sources, Japanese conglomerate SoftBank has sold shares worth USD310 million in mother and child care e-commerce platform FirstCry, which is likely to file a draft paper for IPO this week.
Dec 26, 2023, 11:57 am IST
IndusInd Bank Launches India's First Corporate Credit Card
IndusInd Bank today announced the launch of ‘IndusInd Bank eSvarna’, India’s first Corporate Credit Card on the RuPay network. This launch positions IndusInd Bank as the first in the country to integrate UPI functionality with a Corporate Credit Card. The card facilitates smooth transactions at merchant outlets and allows users the flexibility to make UPI payments by linking the card with UPI-enabled apps. Corporate travelers can receive the added benefit of comprehensive travel insurance coverage and an exclusive rewards program meticulously crafted for corporate entities, which makes this credit card a valuable financial solution for various business transactions.
Dec 26, 2023, 11:43 am IST
Rupee Sustains The Downward Pressure By US Dollar Today
USD Futures expiring on 27th December stays firmly at the previous closing range at Rs. 83.17/-, which has recovered from daily lows of Rs. 83.10/-. The surge in green indicates a further climb for USD despite its losing strength against global rivals. GBP losses against Ruppee today and trades around Rs. 105.6/-, while Euro gains slightly by 0.02% at Rs. 91.65/-.
Dec 26, 2023, 11:29 am IST
Praveg Limited Receives Order From Tourism Department
Praveg Limited has received a Work Order dated December 23, 2023, from the Department of Tourism, U.T. Administration of Dadra & Nagar Haveli and Daman & Diu for Operation, Maintenance, and Management of Damanganga Circuit House, Silvassa on a license basis for Seven (7) Years which may be further extendable up to three (3) years as per the decision of the authority.
Dec 26, 2023, 11:08 am IST
Yellow Metal Shines Today In India, Pushed By International Pressure
Gold Prices in India have surged by Rs. 220/- to reach Rs. 63,710/- per 10 grams for 24-carat. The price stayed only Rs. 500/- away from an all-time high and has gained more than 2.2% from the previous resistance levels noted two weeks ago. International spot gold stares at further climb ahead and currently trading around $ 2,064/- per ounce, which is 0.5% higher than the previous day.
Dec 26, 2023, 10:52 am IST
Pedilite Receives Penalty From GST Department
Pedilite Industries Limited has received an Order dated 24th December 2023, which was received by the Company on 25.12.2023, from the Joint Commissioner, Corporate Circle, Greater Noida-2, Gautambudha Nagar, Uttar Pradesh imposing a penalty of Rs.1,90,841/- under applicable provisions of the Central Goods and Service Tax Act, 2017. GST department has levied a penalty for the disallowance of ITC availed under the Central Goods and Service Tax Act, 2017 for 2017-18.
Dec 26, 2023, 10:35 am IST
Nifty Pharma Trades In Green, Jamna Auto Industries Allocates Shares for ESOP
Amidst Covid Cases Surging, Nifty Pharma Gains Momentum and rises 0.84% higher than the previous closing. The Compensation Committee of the Board of Directors of the Company has allotted 32,000 fully paid equity shares of the Company under ESOP 2017 plan to the eligible employees of the Company on December 21, 2023.
Dec 26, 2023, 10:14 am IST
Triumph Offshore Ltd of Swan Energy Pre-Pays debt for its FSRU Project.
The FSRU vessel was commissioned in February 2023, which represents India's first new build FSRU initiative, embodying Swan Energy's leadership in ushering transforSwan Energy mative developments in the LNG sector. TOPL, subsidiary of the company, has pre-paid Rs. 300 Crore, out of its internal accruals, to its consortium of senior lenders of FSRU Project. TOPL has also created the required Debt Service Retention Account (DSRA) of ~Rs. 95 crore. The partial debt prepayment is a significant milestone achievement that is demonstrating strong financial position of the company.
Dec 26, 2023, 9:57 am IST
UPL Sustains Upward Momentum, Stock Rises For The Third Day
UPL shares continue their positive trend for the third consecutive day, registering a 1.35% increase. The company's board has given the green light to raise Rs 4,200 crore through a rights issue. Specifics of the rights issue, such as the issue price, entitlement ratio, record date, and time, will be disclosed in the coming days. However, that despite recent gains, the stock has faced an 18.46% decline so far this year.
Dec 26, 2023, 9:32 am IST
Infosys Shares Slide 2% After Global Client Terminated Contract
Infosys shares dipped following a brief respite, with the stock experiencing declines in five of the last six trading sessions. A major global client recently terminated a prospective .5 billion contract initially agreed upon in September, spanning a 15-year duration. Despite this setback, the stock still shows a commendable gain of 20.5% over the past six months.
Dec 26, 2023, 9:23 am IST
Market Sees A Flat To Positive Start To The Week, Nifty Near 21,400
On December 26, Indian indices commenced the session with a marginal positive inclination amidst mixed global cues. The Sensex showed a nominal increase of 0.03 points or 0.00 percent, reaching 71,106.99, while the Nifty recorded a gain of 8.10 points or 0.04 percent, settling at 21,357.50. Notably, 1853 shares advanced, 670 shares witnessed a decline, and 166 shares remained unchanged.
Among the major gainers on the Nifty were UPL, Tata Steel, Tata Consumer Products, NTPC, and Britannia Industries, contributing to the positive trend. On the flip side, Infosys, Wipro, Tech Mahindra, TCS, and HCL Technologies emerged as the leading losers during the session.
Dec 26, 2023, 9:10 am IST
Rupee Opens Flat Against Previous Close
The Indian Rupee initiated the trading day unchanged at 83.15 per Dollar on Tuesday, mirroring the closing rate from Friday.
Dec 26, 2023, 9:08 am IST
Dalal Street To See 6 IPOs With 14 Listings In The Final Week Of 2023
Despite the holiday season leading to lower trading volumes in the secondary markets, the primary market is gearing up for a bustling end to the year 2023. While no new IPOs are slated for the mainboard segment, the SME segment is set to steal the spotlight, with a total of 14 companies making their debut on the bourses.
In the upcoming truncated week, the focus will be on the eight listings scheduled in the mainboard segment, although the SME segment is expected to witness more significant activity. The first working day of the upcoming week, December 26, will see three listings - Motisons Jewellers, Muthoot Microfin, and Suraj Estate Developers - in the mainboard segment, along with one in the SME segment, featuring Sahara Maritime. Investors and market enthusiasts are eagerly anticipating the dynamics that these IPOs and listings will bring to Dalal Street in the final stretch of 2023.
In the week concluding on December 15, India witnessed a substantial increase in its foreign exchange reserves, soaring by .112 billion to reach a total of 5.971 billion, as per data from the Reserve Bank of India (RBI). This surge stands out as one of the highest recorded within a week. In the preceding reporting week, the overall reserves had experienced a growth of .816 billion, reaching 6.859 billion.
While India's foreign exchange reserves hit an all-time high of 5 billion in October 2021, the reserves faced depletion as the central bank utilized the funds to safeguard the Rupee amidst pressures arising from global developments since the previous year. For the week ending December 15, the foreign currency assets, a significant component of the reserves, exhibited a notable increase of .349 billion, reaching 5.048 billion, according to data released by the RBI on December 22.
Dec 26, 2023, 9:04 am IST
Market Outlook Today
Mr. Aditya Gaggar, Director of Progressive Shares said, "The markets extended their recovery for the 2nd consecutive day and ended at 21,349.40. Indication from GIFT Nifty suggests that the Benchmark Index will start the session around its hurdle of 21,380 while the immediate support is placed at 21,250. We remain bullish on BankNifty because as per the Descending Broadening Wedge pattern breakout, the target stands at 50,250. Hidden Bullish Divergence in the primary uptrend confirms the strong underlying tone and the same was witnessed in the Auto sector. The much-awaited Rounding Bottom breakout was observed in the FMCG sector (Britannia- Flag and Pole Breakout, GodrejCP- Higher Top Higher Bottom Formation). Our positive stance on the IT sector will continue and investors should park some money in the sector. From the Metal sector, we will remain overweight on HindCopper, Mukand, NALCO, and SAIL."
Dec 26, 2023, 8:59 am IST
Adani Wilmar Promoters to Sell 1.24% Stake To Comply With MPS Norms
Edible oil giant Adani Wilmar's stock is poised for scrutiny on Tuesday, December 26, as the company's promoters plan to reduce their stake. Promoters Adani Commodities LLP and Lence Pte Ltd declared their intention on Friday, December 22, to divest 1.24% of the company's paid-up capital. The divestment, scheduled from December 26, 2023, to January 31, 2024, is aimed at ensuring the company complies with the minimum public shareholding norms.
Dec 26, 2023, 8:57 am IST
Inox Wind Bags Order For 279 MW From A C&I Entity
Inox Wind Ltd, a provider of wind energy solutions, has secured a recurring order for 279 MW concerning its 3 MW Wind Turbine Generators from a significant Commercial & Industrial (C&I) entity, as revealed in an exchange filing. The order encompasses equipment provisions for its latest 3 MW Wind Turbine Generators (WTGs), with a restricted scope of 180 MW on an Engineering, Procurement, and Construction (EPC) basis, while the remaining 99 MW will be implemented on a turnkey basis.
Dec 26, 2023, 8:56 am IST
Anupam Rasayan Signs Letter Of Intent Worth Rs 507 Crore
Anupam Rasayan Ltd, a specialty chemicals manufacturer based in Surat, has entered into a Letter of Intent valued at Rs 507 crore with a prominent Japanese Multi-National Company (MNC), as disclosed in a filing to the stock exchange on Sunday. The Letter of Intent revolves around the supply of a cutting-edge polymer intermediate.
Dec 26, 2023, 8:54 am IST
Adani Green Energy Board To Meet Today For Fundraising
Today, on December 26, the board of Adani Green Energy convenes to deliberate on fundraising strategies. The agenda includes exploring options such as the issuance of equity shares, convertible securities, or any other eligible securities, either through a right or preferential basis, or any other permissible mode, or a combination thereof. The proposed fund mobilization is contingent upon obtaining regulatory approvals, as stated in a filing to the stock exchanges by the Adani Group firm on Wednesday.
Dec 26, 2023, 8:42 am IST
Asian Markets Trade Flat In Early Trade
Asian markets saw a subdued start, with a focus on oil amid heightened tensions. Stocks across Asia show minimal movement, and Asian currencies see slight gains in a climate of cautious trading and reduced liquidity due to market closures for holidays. Japanese equity benchmarks open flat, while Hong Kong, New Zealand, and Australia markets remain closed. The S&P 500's impressive eight-week winning streak on Friday, the longest in over five years, signals optimism over easing price pressures in the US. Contracts for US stocks and Treasuries remain relatively stable in Asian trading.
Dec 26, 2023, 8:28 am IST
Crude Prices Remain Unchanged Following Previous Week's Surge
Oil remains stable following a substantial weekly surge, marking the most significant gain in over two months. The focus is on disruptions in the Red Sea, as a series of Houthi attacks on vessels in this crucial waterway raise concerns. West Texas Intermediate hovers around per barrel, having surged by 3% in the previous week, marking the most substantial increase since October.
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