Pre Market Analysis: Indian markets likely to open lower; Bank of Baroda, RBL and Adani Transmission in news today

Market Opening - An Overview

Nifty futures on the Singapore Exchange were trading 0.18% lower at 16,967, indicating that Indian indices are headed for a negative start on Monday.

Asian shares were mixed as traders were cautious amid a spike in coronavirus cases. Japan’s Nikkei fell 0.25%, Topix was down 0.33%, Hang Seng edged up 0.13% and CSI 300 rose 0.27%.

Indian rupee rose by 23 paise to 75.03 against the US dollar on Friday.

HP Adhesives will make its stock market debut on Monday. The company raised Rs 125.96 crore via its IPO between December 15-17 as the company sold its share in the range of Rs 262-274 apiece.

FII/DII Trading Data on Friday (24-12-2021)

CategoryBuy ValueSell ValueNet Value
*All numbers are in INR crore

Stocks in News Today

Bank of Baroda: The CBI has filed two supplementary chargesheets in connection with alleged illegal remittance of Rs 6,000 crore from a Bank of Baroda branch in Delhi to Hong Kong, camouflaged as payment for imports, sources said. In the chargesheets filed before a special CBI court, the central agency has alleged that a group of people opened accounts and deposited funds in them through various other accounts.

RBL Bank: The lender on Saturday said its Managing Director and Chief Executive Officer Vishwavir Ahuja has gone on leave with immediate effect a day after the Reserve Bank of India (RBI) put one of its chief general managers in the bank as an additional director. The bank has named Rajeev Ahuja, currently the executive director, as the interim MD & CEO of the bank, subject to regulatory and other approvals.

Meanwhile, All India Bank Employees Association (AIBEA) said that the government must protect the interests of depositors at RBL Bank and consider merging it with a state-owned one, after the central bank made management changes at the private lender.

Adani Transmission Ltd (ATL): The power transmission company has won two projects, which will offer connectivity to crucial renewable energy projects in Gujarat and Tamil Nadu. In a statement, ATL said it had been awarded a 400-kV Karur Transmission Project in Tamil Nadu worth Rs 200 crore. It also won the Rs 1,200-crore Khavda-Bhuj project.

United Breweries Ltd (UBL): The National Company Law Appellate Tribunal (NCLAT) has imposed a stay on the orders passed by the fair trade regulator CCI slapping penalties on several beer makers, including UBL that faces a fine of Rs 751.8 crore. Passing an interim order, a two-member NCLAT bench has directed parties, including United Breweries Ltd, to deposit 10 per cent of the penalty amount by way of Fixed Deposit Receipt’ within three weeks. The penalty is for cartelisation in the sale and supply of beer.

HDFC Bank: The lender’s efforts in furthering financial inclusion through partnership with the Government of India’s Common Service Centres (CSC) have been adjudged ‘Most Innovative Best Practice’ for financial inclusion at the coveted CII Digital Transformation Award 2021.

Canara Bank: The public-sector bank said that it has raised Rs 2,500 crore by issuing Basel-III compliant bonds to a total of 10 allottees. The coupon rate stood at 7.09% per annum.