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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 0.18% higher at 18,631, signalling that Dalal Street was headed for a positive start on Tuesday.
Asian shares were trading higher, tracking overnight optimism on Wall Street that the global central banks would slower the pace of interest rate hikes o tame inflation. The Nikkei 225 index rose 0.39% and the Topix was up 0.55%. The Hang Seng gained 0.75% and the CSI 300 index was flat.
Indian rupee fell 26 paise to 82.53 against the US dollar on Monday.
A slew of economic data was released on Monday after market hours. The country’s retail inflation, which is measured by the Consumer Price Index (CPI), eased to an 11-month low of 5.88% in November 2022, down from 6.775 in October 2022. Separately, India’s factory output, measured through the Index of Industrial Production (IIP), contracted (-)4% in October 2022, according to data released by government. The Consumer Food Price Index (CFPI) or the inflation in the food basket too eased month-on-month in November to 4.67%, from 7.01% in October, the data showed.
FII/DII Trading Data
Stocks in News Today
Bajaj Finserv: The company’s insurance arm, Bajaj Allianz General, is set to launch a surety insurance product on December 19, Business Standard reported. It will be the first general insurance company to launch the product after Finance Minister Nirmala Sitharaman said surety bonds can be used as a substitute for bank guarantees for government procurement, the report added. Similarly, SBI General Insurance and Tata AIG General Insurance are also looking at launching a surety insurance product soon, Business Standard reported citing sources.
ICICI Bank: The private sector lender raised Rs 5,000 crore through bonds to fund its business growth. The bonds are redeemable at the end of seven years with no special rights or privileges attached to the bonds. The bonds have a coupon rate of 7.63% payable annually and it would be listed in the relevant segment of the NSE.
Tata Motors: The vehicle manufacturer has received an approval from the board of directors to explore the possibility of partial divestment of its investment in subsidiary Tata Technologies [TTL] through an IPO route. The company will make further announcements of all material developments relating to the IPO.
Maruti Suzuki India (MSI): India’s largest automaker showcased Wagon R flex fuel prototype model in New Delhi, which would run on any ethanol-petrol blend. The automaker has also developed engine management system strategies and emission control system, in order to comply with the BS6 Phase-II emission norms.
HCL Technologies: The IT company has expanded its multi-year contract with food company Mondelez International to enhance their cybersecurity and transform digital workplace services globally.
KEC International: The infrastructure EPC major has received orders worth Rs 1,349 crore across its various businesses. The transmission & distribution business has secured orders for T&D projects in India, SAARC, Middle East and Americas, while the business has bagged orders for building a data centre and for infra works in the Hydrocarbon segment in India.
Mahindra CIE Automotive: The auto ancillary firm has acquired 27.35% equity stake in Strongsun Solar for Rs 2.4 crore. The investment in Strongsun will help the company optimize the power cost and increase the consumption of green energy at its various power intensive plants.
BGR Energy Systems: The company has received orders worth Rs 330 crore from Indian Oil Corporation. The order includes construction of civil and structural works in Panipat refinery project complex. The contract completion period is 18 months.
GR Infraprojects: The company has entered into Share Purchase Agreement with Lokesh Builders for transfer of entire shares being held by the company in its subsidiary GR Highways Investment Manager (GHIMPL). After the transfer, GHIMPL would cease to be subsidiary of the company. The transaction cost is Rs 15 crore.
Ethos: Promoter Yashovardhan Saboo sold 50,000 shares in the company through open market transactions, at an average price of Rs 1,022.94 per share on Monday, reducing shareholding from 0.86% to 0.64%. Promoter entity Dream Digital Technology sold 0.27% stake or 62,885 shares at an average price of Rs 1,016.28 per share on December 9. With this, Dream Digital does not have any stake in the company.
Route Mobile: The company’s wholly-owned step-down subsidiary, 365squared, has signed an exclusive agreement with Uganda Telecommunications Corporation to provide artificial intelligence or machine learning based A2P SMS firewall solutions. The management asserted that the firewall solutions would minimize revenue leakages, eliminate grey routes for Uganda Telecom.
MTAR Technologies: The aerospace and defence company said that it has signed a pact with with IN-SPACe India for design and development of a two-stage to low-earth orbit all-liquid small satellite launch vehicle.
Godrej Agrovet: The company feed has sold 3.92 acres of land in Tamil Nadu for Rs 71.36 crore in two separate deals. The company has sold 0.65 acres to Godrej and Boyce Manufacturing Company for Rs 11.83 crore. Separately, it has sold 3.27 acres to Minerva Veritas Data Centre for Rs 59.53 crore.
RSWM: The textile products company will launch its rights issue on December 23 and the same will close on January 6. The rights issue price is set at Rs 100 per share, and the rights entitlement ratio is one rights equity share for every one equity share held by eligible equity shareholders, as on the record date.
3i Infotech: The IT services company has incorporated another wholly-owned subsidiary NuRe FutureTech in India. The newly incorporated company will be engaged in business of cognitive computing related software products.
Sheela Foam: The company fixed December 22 as the record date for ascertaining the eligibility of shareholders for issuance of bonus shares in the ratio of 1:1.
Uniparts India: Shares of engineering systems and solutions provider made a tepid market debut on Monday and settled nearly 7% lower against the issue price of Rs 577. On the NSE, it started the trade at Rs 575 and ended at Rs 539.65 per share. It touched a low of Rs 536.5 per share during the session.