Pre Market Analysis: Dalal Street likely to open higher; RIL, ICICI Bank, PNB and Infosys in news today

Market Opening - An Overview

Nifty futures on the Singapore Exchange were trading 0.63% higher at 17360.50, signalling that Dalal Street was headed for a positive start on Thursday.

Asian shares were mixed on Thursday following a rally in U.S. equities as investors hoped that Federal Reserve policy tightening will help fight inflation without derailing economic growth. Japan’s Nikkei rose 1.56%, Topix jumped 1.22%, Hang Seng was down 0.51% and CSI 300 edged up 0.31%.

The Federal Reserve concluded its monetary policy meeting on Wednesday. The Federal Reserve said that it would accelerate its tapering of its bond purchase programme and it is likely to raise interest rates three times by 25 basis points next year to tackle rising inflation.

Indian rupee fell 37 paise to 76.23 against the US dollar on Wednesday.

FII/DII Trading Data on Wednesday (15-12-2021)

CategoryBuy ValueSell ValueNet Value
*All numbers are in INR crore

Stocks in News Today

Reliance Industries Ltd (RIL): The oil-to-telecom conglomerate is expected to get the first cargo of oil from its new Abu Dhabi-based trading unit in December, according to a source familiar with the matter, Reuters reported. The company aims to get about a 5 lakh barrels of cargo of United Arab Emirates’ Das crude from Reliance International Ltd (RINL), the source added.

ICICI Bank and Punjab National Bank: The Reserve Bank of India (RBI) has imposed monetary penalty on ICICI Bank and Punjab National Bank. RBI has slapped Rs 30 lakh fine on ICICI and Rs 1.80 crore penalty on PNB. The penalty on ICICI Bank has been imposed “for non-compliance with certain directions issued by RBI on ‘Levy of penal charges on non-maintenance of minimum balances in savings bank accounts’ dated November 20, 2014″. In PNB’s case, the central bank said the action was based on the deficiencies in regulatory compliance.

Infosys: The IT major’s subsidiary, Infosys Consulting, is acquiring Singtel’s delivery centre in Malaysia. The cost of the transaction is up to 6 million Singapore dollars, including the value of net assets, subject to customary closing adjustments. This deal will bolster Infosys presence in Malaysia, a strategic delivery and sales hub in South East Asia for global clients.

Cipla: The pharma company will acquire 33 per cent stake in renewable energy firm Clean Max Auriga Power LLP for up to Rs 6 crore. The company will invest up to Rs 6 crore for a 33 per cent stake in the target firm. The drug maker further said that post-acquisition, Clean Max Auriga Power LLP will become an associate of Cipla.

ICICI Prudential Life Insurance: The company said it has become the first Indian insurance company to sign the United Nations supported Principles for Responsible Investment (UNPRI). The insurer said that this development reinforces their commitment towards integrating a responsible framework to promote Environmental, Social and Governance factors in their investment management decisions.

Godrej Group: The group’s real estate private equity arm Godrej Fund Management (GFM) said it has raised $500 million (Rs 3,800 crore) for development of premium office assets. The company in a statement said that GFM will develop grade-A office assets that will be valued in excess of $1.5 billion (Rs 11,000 crore) on completion and the total value of the assets including those from previous funds will take the portfolio value on completion to over $3 billion (Rs 22,000 crore).

Winsome Textile Industries: The market regulator SEBI has slapped a fine of over Rs 72 crore on the company, its directors and two other individuals in a matter pertaining to issuance of global depository receipts (GDR) by the firm. The directors facing the fine are Ashish Bagrodia, Manish Bagrodia and Satish Girotra.

Power Grid Corporation of India: The company’s board approved an interim dividend of Rs 7 per share for the financial year 2021-22, according to its regulatory filing. The company also said that the interim dividend shall be paid to the members on January 11, 2022.