Pre Market Analysis: DalaL Street may open higher on positive global cues; RIL, IndiGo and HCL in news today

Market Opening - An Overview

Nifty futures on the Singapore Exchange was trading 0.41 per cent, higher at 17,556.50, signalling that Dalal Street was headed for a higher opening on Thursday.

Most Asian shares were trading higher, tracking gains in Wall Street as the threat of Omicron variant of the coronavirus eased and traders bet on global economic recovery. However, Japanese indices were trading lower as some market participants booked profits. Japan’s Nikkei and Topix fell 0.15% and 0.33%, respectively. China’s Hang Seng index and CSI 300 rose 1.15% and 1.47%, respectively.

Indian rupee was little changed at 75.45 against the US dollar on Thursday.

FII/DII Trading Data on Wednesday (08-12-2021)

CategoryBuy ValueSell ValueNet Value
*All numbers are in INR crore

Stocks in News Today

Reliance Industries Limited and Mahindra Group: Reliance BP Mobility Limited (RBML), operating under the brand name Jio-bp and The Mahindra Group, announced a non-binding MoU for exploring creation of EV products and services. The MoU also included identifying synergies in low-carbon and conventional fuels and evaluating charging solutions by Jio-bp for Mahindra vehicles including electric 3- and 4-wheelers, quadricycles and e-SCV (Small Commercial Vehicles – sub 4 ton). The partnership will also explore business models such as mobility as a service and battery as a service to help expedite EV adoption in the country.

United Breweries: The beer producer has approached the appellate tribunal NCLAT against a penalty of Rs 751.8 crore imposed on the company by the fair trade regulator CCI. The Competition Commission of India (CCI) in September 2021 imposed a fine for alleged cartelisation in the sale and supply of beer.

HCL Technologies: The IT firm and apoBank, the largest cooperative primary bank in Germany, have signed an agreement to buy IT consulting company Gesellschaft für Banksysteme GmbH (gbs). After the acquisition, HCL Technologies will own 51% and apoBank will own 49% stake of gbs, a statement said. The total purchase price is €99,000 and the transaction is expected to be closed in January 2022, subject to regulatory approvals, it added.

IndiGo: The airline said that it has signed an agreement with Dehradun-based Council of Scientific and Industrial Research-Indian Institute of Petroleum (CSIRIIP) to manufacture and deploy sustainable aviation fuel (SAF) globally. According to global airlines body IATA, SAF is defined as “fuel that has the potential to generate lower carbon emissions than conventional kerosene on a life cycle basis”.

IIFL Finance Ltd: Canada-based Fairfax Group offloaded sold IIFL Finance shares worth over Rs 180 crore through an open market transaction. According to bulk deal data from NSE, Hamblin Watsa Investment Counsel (HWIC) Asia Fund, an affiliate of Fairfax Financial Holdings, sold 57.76 lakh shares of IIFL Finance. IIFL shares were offloaded at Rs 312.65 apiece, taking the total transaction size to Rs 180.61 crore.

Future Group: Italy’s Generali is in talks to raise its stake in two Indian insurance businesses as its local partner, debt-laden Future Group, looks to exit the arrangement, according to three people familiar with the discussions, Reuters reported. Generali wants to increase its stake up to 74% in both the life and non-life insurance entities in India from 49% currently, added the sources, who wished not to be identified as the talks were private.