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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open higher on Monday tracking positive cues from global markets.
Gift Nifty was trading around the 23,790 level, a premium of nearly 165 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices.
The US stock market ended higher on Friday as a cooler-than-expected inflation report and comments from Federal Reserve officials eased worries about the interest rate path.
The Dow Jones Industrial Average surged 498.82 points, or 1.18%, to 42,841.06, while the S&P 500 rallied 63.82 points, or 1.09%, to 5,930.90. The Nasdaq Composite ended 199.83 points, or 1.03%, higher at 19,572.60.
Asian markets traded higher on Monday, following a rally on Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3%.
Japan’s Nikkei 225 rose 0.68%, while the Topix gained 0.51%. South Korea’s Kospi rallied 0.72%, and the Kosdaq surged 0.96%. Hong Kong’s Hang Seng index futures indicated a stronger opening.
STOCKS TODAY
Vedanta: Vedanta Ltd has revised its demerger plan, opting to retain its base metals division under the parent company. The decision came after consultations with stakeholders, including lenders, and approval by the board of directors. Initially, Vedanta had proposed splitting its business into six independent entities, one of which was the base metals segment. However, retaining this division within Vedanta was deemed more conducive to value creation and debt management. The base metals business includes copper operations in Thoothukudi, Tamil Nadu, which the company is working to revive.
NHPC: NHPC Ltd has signed a Memorandum of Understanding (MoU) with the Bihar government to invest ₹5,500 crore in solar energy and green hydrogen projects. At the Bihar Business Connect 2024 summit, NHPC announced plans to develop pilot pilot projects for 1,000 MW solar power and green hydrogen mobility. NHPC Chairman and Managing Director Raj Kumar Chaudhary emphasized that support from the state, especially in land acquisition, will be crucial for timely implementation.
Reliance Industries: Reliance Industries, through its wholly owned subsidiary Reliance Digital Health, will acquire a 45 percent stake in US-based Health Alliance Group for $10 million. This move strengthens its focus on healthcare innovation globally. Additionally, Reliance Industries acquired 57.12 crore equity shares of NMIIA at ₹28.50 per share. The remaining 26 percent stake in NMIIA is held by CIDCO.
UltraTech Cement: The Competition Commission of India (CCI) has approved UltraTech Cement’s acquisition of India Cements Ltd (ICL). UltraTech Cement, an Aditya Birla Group flagship company, had announced plans to acquire a 32.72 percent stake in ICL for ₹3,954 crore. This acquisition aims to enhance UltraTech’s presence in the southern cement market, especially in Tamil Nadu. The company has also launched a ₹3,142.35 crore open offer to acquire an additional 26 percent stake in ICL from its shareholders.
Aurobindo Pharma: CuraTeQ Biologics, a subsidiary of Aurobindo Pharma, has received approval from the UK Medicines and Healthcare products Regulatory Agency (MHRA) for Bevqolva, a biosimilar for bevacizumab. This product is used in treating cancers such as metastatic colorectal cancer and advanced renal cell carcinoma.
Piramal Enterprises: Piramal Enterprises Ltd has approved the public issuance of secured Non-Convertible Debentures (NCDs) worth up to ₹2,000 crore. The decision was made during the company’s Administrative Committee meeting on December 20, 2024. The issuance will be conducted in one or more tranches, with a face value of ₹1,000 per NCD.