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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open on a cautious note Tuesday tracking mixed global cues from global peers.
Gift Nifty was trading around the 24,670 level, a discount of nearly 70 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.
The US stock market ended mixed on Monday, with the Nasdaq closing at a record high, led by mega-cap tech shares.
The Dow Jones Industrial Average fell 110.21 points, or 0.25%, to 43,717.85, while the S&P 500 rose 23.03 points, or 0.38%, to 6,074.12. The Nasdaq Composite ended 247.17 points, or 1.24%, higher at 20,173.89.
Google parent Alphabet shares rallied 3.6% and Tesla stock price jumped 6.1%. Honeywell International shares gained 3.7%. Nvidia shares fell 1.7%.
Asian markets traded mixed on Tuesday, following similar moves overnight on Wall Street. Japan’s Nikkei 225 gained 0.34%, Topix rose 0.29%, South Korea’s Kospi fell 0.28%, and the Kosdaq dropped 0.2%. Hong Kong’s Hang Seng index futures indicated a lower opening.
STOCKS TODAY
Vedanta: The board of Anil Agarwal-owned Vedanta has approved its fourth interim dividend of ₹8.5 per share. The announcement was made after market hours on Monday, December 16. Earlier, on December 12, Vedanta had notified the stock exchanges about the board meeting to discuss the dividend. Promoters, who hold a 56.38 percent stake in the company, are set to receive a total payout of ₹1,874 crore from this interim dividend. The dividend reaffirms Vedanta’s commitment to delivering shareholder value as the mining conglomerate continues to focus on rewarding its investors.
HDFC Bank: Private sector lender HDFC Bank revealed that it has received an administrative warning letter from the Securities and Exchange Board of India (SEBI) for alleged non-compliance with disclosure norms under the SEBI Listing Regulations. The issue pertains to the bank’s disclosures related to the resignation of senior management employee Arvind Kapil. While the bank has acknowledged receipt of the letter, it did not elaborate on specific actions being taken to address the matter.
Zomato: Zomato is expected to see inflows of approximately $513 million next week as the food delivery company prepares to join the BSE Sensex 30-share index on December 23, according to brokerage firm Nuvama. This inclusion will make Zomato the first new-age tech stock to feature in the frontline index. As part of the planned rejig, shares of JSW Group will exit the index to make way for Zomato.
Wipro: IT services giant Wipro announced the acquisition of Applied Value Technologies, Inc., along with its affiliates in Singapore and the Netherlands. The acquisition deal, valued at up to $40 million, involves a cash purchase consideration with a deferred earnout based on achieving specific performance metrics. The acquisition is aimed at strengthening Wipro’s application services capabilities and creating new growth opportunities. This move aligns with Wipro’s strategy to enhance its portfolio of digital transformation offerings in key markets.
Gravita India: Recycling company Gravita India has launched a Qualified Institutional Placement (QIP) to raise ₹750 crore, with an option to increase the issue size. Shareholders have approved raising up to ₹1,000 crore through the offering. The indicative issue price for the QIP is ₹2,096.2 per share, representing a 6.1 percent discount to the closing price and a 5 percent discount to SEBI’s floor price. The QIP is expected to result in an equity dilution of 5.2 percent, providing Gravita India with the resources to expand its operations further.