Pre Market Analysis: Indian equity indices may open higher; RIL, Godrej Properties and Tata Motors in news today

Market Opening - An Overview

Nifty futures on the Singapore Exchange were trading 0.52% higher at 17,028, indicating that Dalal Street was headed for a positive start on Tuesday.

Asian shares rose on Tuesday after U.S. equities closed higher on Monday and Chinese government pledged to take various measures to support its slowing economy. China’s central bank said it will reduce most banks’ reserve requirement ratio. Japan’s Nikkei was up 1.27% and Topix gained 1.23%. Hang Seng jumped 1.18% and CSI 300 was 0.185 higher.

Indian rupee fell 26 paise to close at 75.42 against the US dollar on Monday.

FII/DII Trading Data on Monday (06-12-2021)

CategoryBuy ValueSell ValueNet Value
*All numbers are in INR crore

Stocks in News Today

Reliance Industries Limited: The company has raised $736 million through a green loan facility to finance its acquisition of Norwegian solar panel manufacturer REC Solar Holdings. ANZ, Credit Agricole, DBS Bank, HSBC and MUFG were the lenders on the borrowing. The term loan pays an interest margin of around 120bp–125bp over Libor. This acquisition is part of the company’s ambition to become a carbon neutral company by 2035.

Godrej Properties: The realty firm has entered into a joint venture (JV) with TDI group to build a luxury housing project at Connaught Place in Central Delhi, according to its regulatory filing. The company said that the project would have a development potential of about 1.25 lakh square feet saleable area. This will be the company’s third project in Delhi as Godrej Properties is developing a housing project at Okhla and another luxury housing project at Ashok Vihar in the national capital.

Tata Motors: The automaker said that a price hike in the range of 2.5% will be implemented from January 1, 2022 across its commercial vehicle range. It added that the increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials has led to the company rising prices of its commercial vehicles.

IndiGo: The company said it will conduct an extraordinary general meeting (EGM) on 30 December, seeking shareholders’ permission to amend its Articles of Association (AoA) and remove restrictions on promoter share transfer. The EGM has been requisitioned jointly by entities owned by promoters Rakesh Gangwal and Rahul Bhatia.

Vedanta Ltd: The company said it has decided to extend the date by which holders can surrender their American Depositary Shares to the depositary in exchange for the underlying equity shares of the company from December 8 to January 10 next year. So, investors who hold the American Depositary Shares (ADS) can now surrender their ADS on or prior to January 10, 2022, Vedanta added.

Reliance Infrastructure: Delhi Metro Rail Corporation (DMRC) told the Delhi High Court that it would deposit Rs 1000 crore within 48 hours in an escrow account towards an arbitral award of over Rs 4,600 crore in favour of Delhi Airport Metro Express Private Limited (DAMEPL), a subsidiary of Reliance Infrastructure. DMRC also suggested taking over the subsidiary’s debt to the extent of the award money.

Spicejet: The airline has an outstanding due of Rs 185 crore to Airports Authority of India (AAI) as on September this year, Minister of State for Civil Aviation V K Singh said. Charging penal interest, encashment of security deposits along with resorting to legal action were other measures available with the AAI to carry out recovery of dues, he added.

Indian Energy Exchange: The company said the electricity trade volume at the exchange rose nearly 54 per cent year-on-year in November this year to 9,477 million units. The company realised 9,477 MU cleared volume in November 2021 comprising 6,333 MU in the Conventional Power Market, 457 MU in the Green Power Market and 2687 MU in the Certificate Market comprising ESCerts and REC.