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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 0.62% lower at 18,065, signalling that Dalal Street was headed for a negative opening on Friday.
Most Asian shares were trading lower as investors were concerned over the Federal Reserve’s hawkish stance to tame inflation would lead to a recession in the US. The Nikkei 225 index fell 1.15% and the Topix was down 0.68%. The Hang Seng dropped 0.29%, while the CSI 300 index rose 0.24%.
Indian rupee appreciated by 6 paise to 82.76 against the US dollar on Thursday.
Car retailer Landmark Cars will make its stock market debut on Friday. It had raised Rs 552 crore through the IPO and sold its shares at Rs 506 apeice. Further, the issue was overall subscribed more than three times.
Financial Services company Abans Holdings will be listed on the stock exchanges on Friday after raising Rs 345.6 crore in the IPO. Shares were sold for a final issue price of Rs 270 apeice.
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Stocks in News Today
Reliance Industries (RIL): The company’s subsidiary, Reliance Strategic Business Ventures (RSBVL), bought a 23.3% stake in Exyn Technologies (Exyn) for a total consideration of $25 million. With this deal, the investment and partnership by RSBVL will have synergies with Reliance’s investments and strategic initiatives in drone, industrial safety and security and robotics areas, while accelerating Exyn’s product and technology development across multiple application areas and commercialisation, the company said.
NTPC: The company said it has signed an agreement with GE Power India Limited to reduce carbon emission from its coal-fired units. Under the agreement, both the companies aim at partnering on research, development and engineering of technologies that will enable NTPC to reduce the amount of coal fired at units and gradually replace it by co-firing of carboneous and non-carboneous elements. Carboneous elements include methanol, carbon-neutral fuel, agri-waste, biomass, while non-carboneous elements are like ammonia.
India Cements: The cement company said fair trade regulator CCI has conducted a ‘search’ at its office in Chennai. The Chennai-based company added that it has not committed any breach of CCI regulations.
Indian Railway Catering and Tourism Corporation (IRCTC): The Government of India is proposing to offer up to 40 lakh equity shares of the company to the eligible employees at a price of Rs 680 per equity share. The offer for sale for employees will remain open from December 23 to December 26.
Indian Hotels Company: The company has signed two Ginger branded hotels in Durgapur and Asansol in West Bengal. Durgapur and Asansol are major hubs for manufacturing industries. These two signings are in line with the company’s strategy of strengthening its presence in the state.
Wipro: The wholly-owned subsidiary of IT major, Wipro Gallagher Solutions, has sold its shareholding in Wipro Opus Risk Solutions. With this transaction, Wipro Gallagher has divested the non-core mortgage due diligence business, while retaining the core mortgage business with itself through other subsidiaries.
RailTel Corporation of India: The company has bagged the work order from Webel Technology for acting as system integrator for capacity enhancement of West Bengal state data centre, Monibhandar in Kolkata. The work order is worth Rs 98.56 crore.
PNC Infratech: The company’s subsidiaries Hathras Highways and Yamuna Highways have received financial closure from National Highways Authority of India. Both road projects are in Uttar Pradesh on hybrid annuity mode.
GR Infraprojects: The company has received completion certificate from Authority’s engineer for construction of eight lane access-control expressway carriageway in Madhya Pradesh. The authority has declared the said project fit for entry into commercial operation with effect from November 30, 2022.
Lupin: The company’s susbsidiary, Lupin Pharmaceuticals Inc, is voluntarily recalling 4 lots of Quinapril tablets due to the presence of a nitrosamine impurity, N-Nitroso-quinapril, observed in recent testing above the acceptable daily intake (ADI) level. Till date, Lupin has received no reports of illness that appear to relate to this issue. Lupin discontinued the marketing of Quinapril tablets in September 2022. Quinapril tablet is an angiotensin-converting enzyme (ACE) inhibitor indicated for the treatment of hypertension, to lower blood pressure.
Rail Vikas Nigam: The company has received contract for ‘construction of Bhesan depot cum workshop, for Surat Metro Rail Project Phase-1, DC 2, from Gujarat Metro Rail Corporation (GMRC). The total cost of project is Rs 198.93 crore.
Mahindra Lifespace Developers: The realty firm has completed the acquisition of a 9.24-acre land parcel in Mumbai from Mahindra & Mahindra Ltd for Rs 365 crore. The payment for this land deal will be in tranches and interest of 7% per annum payable during the interim period of payment on unpaid principal balance from the sale date.
Ajanta Pharma: The promoter entities – Aayush Agrawal Trust and Ravi Agrawal Trust – divested 4.3% stake or 54,92,846 shares in the pharma company at an average price of Rs 1,160.1 apiece for Rs 637.22 crore through open market transactions, according to block deal data with NSE.
IFCI: The infrastructure term lender said its shareholders have approved a proposal to raise up to Rs 1,000 crore through bonds and other instruments. The resolution was passed at the company’s annual general meeting (AGM) held on Thursday.
Future Enterprises: The debt-ridden company said it has defaulted on interest payment of Rs 86.18 lakh for its non-convertible debentures (NCDs). The due date for payment was December 21, 2022. The NCDs have a coupon rate of 9.55% per annum.
Ramco Systems: The company’s board has approved a proposal to raise up to Rs 160 crore by way of issue of convertible equity warrants to promoters and non-promoter group at Rs 274 each.