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PRE MARKET
Gift Nifty indicates a flat to positive start for the broader index in India, with a gain of 13 points or 0.05 percent. The Nifty futures were trading around the 26,087 level.
Wall Street ended a light-volume post-Christmas session nearly unchanged on Friday, with few catalysts to fuel much conviction one way or the other.
All three major U.S. stock indexes closed nominally lower, snapping a five-session rally, but logged weekly gains.
The Dow Jones Industrial Average fell 20.19 points, or 0.04%, to 48,710.97, the S&P 500 lost 2.11 points, or 0.03%, to 6,929.94, and the Nasdaq Composite lost 20.21 points, or 0.09%, to 23,593.10.
Asian stocks were at six-week highs on Monday, while the dollar hovered near its lowest in almost three months on expectations of the Federal Reserve cutting interest rates next year, which has also sparked a fierce rally in precious metals.
Japan’s Nikkei went down -0.46 percent, while Hong Kong’s Hang Seng and the Taiwanese weighted went up 0.65 and 0.60 percent, respectively.
STOCKS TODAY
Coforge
Coforge has signed a definitive agreement to acquire 100% shares of Encora from Advent International, Warburg Pincus, and other minority shareholders for Rs 17,032.6 crore. The enterprise value of the transaction is $2.35 billion. The Board has approved the raising of funds of up to $550 million via a qualified institutional placement (QIP), which will be used to repay the term loan in Encora.
Vedanta
The company has been declared the successful bidder for the Depo Graphite–Vanadium block under the critical mineral auctions. The receipt of the successful bidder status for the Depo Graphite–Vanadium block will further strengthen the company’s critical minerals portfolio.
NBCC (India)
A settlement has been reached between NBCC (India) and the Government of NCT of Delhi (GNCTD) to resolve the long-pending litigation regarding land measuring 42.46 acres in Sultanpur/Ghitorni village, Delhi. As per the settlement, the total 42.46-acre Ghitorni land will be equally divided between NBCC and GNCTD, resulting in a 21.23-acre share for NBCC. Further, for these 21.23 acres of land, GNCTD will execute a perpetual lease deed in favour of NBCC.
Punjab National Bank
The bank has reported a borrowing fraud of Rs 2,434 crore to the RBI against the erstwhile promoters of SREI Equipment Finance and SREI Infrastructure Finance. These companies were successfully resolved under the Corporate Insolvency Resolution Process (CIRP) by the NCLT.
Timex Group India
Promoter Timex Group Luxury Watches BV will sell an 8.93% stake in the company via an offer-for-sale (OFS) on December 29–30. The base issue size of the OFS is 4.47% equity (45.09 lakh shares), with a green shoe option of an additional 4.47% equity stake (45.09 lakh shares). The floor price has been fixed at Rs 275 per share.
Stylam Industries
Aica Kogyo Company has announced an open offer to acquire up to 44.06 lakh shares (representing a 26% equity stake) in Stylam Industries at Rs 2,250 per share. Assuming full acceptance of the open offer, the total consideration payable by Aica Kogyo Company will be Rs 991.46 crore.
Source – Moneycontrol