Pre Market Analysis: Dalal Street may open lower; RIL, Tata Motors, HDFC Life in news today

Market Opening - An Overview

Nifty futures on the Singapore Exchange were trading 0.16 % lower at 17412, signalling that Dalal Street was headed for a negative start on Monday.

Hong Kong’s Hang Seng index shed earlier gains and fell into negative territory, declining 0.21%. Other major markets such as China, Japan and Australia were closed on Monday for public holidays.

Indian rupee rose 8 paise to 74.33 against the US dollar on Friday.

FII/DII Trading Data on Friday (31-12-2021)

CategoryBuy ValueSell ValueNet Value
*All numbers are in INR crore

Stocks in News Today

Reliance Industries Ltd: The conglomerate said that it will raise as much as $5 billion in foreign currency-denominated bonds, according to its exchange filing. “The proceeds from the issuance of the Notes will be utilised primarily for refinancing of existing borrowings, in accordance with the applicable law,” it added.

Tata Motors: The automaker in a regulatory filing said that its board at a meeting held on Saturday approved the settling of Rs 9,417 crore payable for the purchase of its passenger vehicle undertaking under the scheme by allotment of 941.7 crore equity shares of Rs 10 each in Tata Motors Passenger Vehicles Ltd to it. The company added that the hiving off and transfer of Tata Motors’ entire passenger vehicle undertaking to Tata Motors Passenger Vehicles Ltd have come into effect from Saturday.

The company reported a 50% jump in total passenger vehicle sales to 35,299 units in December 2021, as against 23545 in the year-ago period. On the commercial vehicles front, the company said it sold 34,151 units in December 2021 as against 32,869 units in the year-ago period.

HDFC Life Insurance: The insurer has completed the acquisition of Exide Life by allotting over 8.7 crore shares of the company to Exide Industries, the insurer said on Saturday. “The acquisition will accelerate the scale-up of the proprietary channels, strengthen presence in South India and across tier 2 and tier 3 locations. The merger of Exide Life into HDFC Life will be initiated shortly,” HDFC Life added.

RBL Bank: The lender’s long-term rating (bonds “AA-”) and medium-term ratings (fixed deposits “AA”) have been kept on watch by rating agency Icra after the recent events like RBL’s MD and CEO Vishwavir Ahuja going on medical leave and RBI appointing its nominee director on board of a private lender and also appointing an interim MD and CEO. The rating agency will continue to monitor the developments related to the deposit levels as this could have a material impact on the liquidity position of the bank.

ICICI Prudential Life Insurance Company Ltd: The company announced the launch of country’s first silver exchange traded (ETF). The new fund offer (NFO) will open for subscription on January 5 and conclude on January 22, the document showed. It is an open-ended scheme that will track the domestic prices of silver.

Colgate Palmolive India: FMCG distributors in Maharashtra have warned of taking strict steps after the company failed to respond to the issue of price disparity of products between traditional and business-to-business distributors like Jiomart, Walmart, Metro Cash & Carry, Udaan etc. Reacting to the developments, the company said it values the strong relationships with its distributors and is looking to address their challenges and find solutions that help grow their business.

Ujjivan Small Finance Bank (SFB): The lender has increased the deposit rates with effect from Friday and its depositors can now earn as much as 6.75-7.50 per cent interest on their fixed deposits of up to Rs 2 crore, according to a statement. The revised interest rates are applicable on fixed deposits of up to Rs 2 crore across various tenures.

Greaves Cotton: The company’s e-mobility arm Greaves Electric Mobility said that it sold over 10,000 units in December 2021, with the electric three-wheelers clocking a 101 per cent growth in revenue a year ago. The higher growth numbers in December came on the back of the launch of the company’s EV mega site.

NTPC: The state-run power company is mulling to acquire 5% equity stake in Power Exchange of India Ltd (PXIL) that provides various electricity trading options, a senior official said. This decision has been taken as the government intends to expand the share of the spot power market in total electricity supply in the country to 25 per cent by 2023-24.