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Market Opening - An Overview
GIFT Nifty Futures on the NSE IX was trading 0.06% higher at 21,147, signalling that Dalal Street was headed for a flat to positive start on Tuesday.
Asian markets were trading higher on Tuesday, with Japan stocks leading gains for a second straight session ahead of the final US Federal Reserve meeting of the year. Japan’s Nikkei rose 0.66 percent, Taiwan Weighted up 0.4 percent and Kospi up 0.3 percent.
The Indian rupee down by by 1 paise to 83.42 against the US dollar on Monday.
Stocks in News Today
Sun Pharma: The pharma company raises offer to acquire 100% shares of US-arm Taro Pharma, surpassing its 78.48% stake. Taro Pharma had on October 27 reported a net profit of $8.5 million for the July-September quarter. The company had posted a net loss of $2.8 million a year ago.
Mahindra & Mahindra: The automobile company has announced total production at 69,875 units in November 2023, growing 13.4 percent over a year-ago period. Total sales grew by 24.6 percent YoY to 68,760 units, but exports fell 41.8 percent to 1,816 units in the same period.
Wipro: The IT services company said it has supported Marelli Electronic Systems, the mobility technology supplier to the automotive sector, in the development of its Cabin Digital Twin viable product. This product enables original equipment manufacturers (OEMs) to introduce connected vehicle services to the market quickly.
Rail Vikas Nigam: The joint venture of RVNL-URC emerged as the lowest bidder (L1) for part design and construction of an elevated viaduct, five elevated metro rail stations, and a ramp between chainages for the Indore metro rail project. The project is worth Rs. 543 crore. RVNL owns 51 percent of the joint venture, with URC owning the remaining 49 percent.
SpiceJet: The meeting of the board of directors of the company held on December 11 could only partially complete the agenda items, and the meeting has now been adjourned to December 12 to consider earnings for the second quarter ended September 2023 and options for raising fresh capital through the issue of equity shares and/or convertible securities on a preferential basis.
Bharat Petroleum Corporation: The state-run oil marketing company will trade ex-dividend with effect from December 12. The company has announced an interim dividend of Rs. 21 per share.
Mankind Pharma: The company is likely to see a change of hands up to 7.9 percent equity via a block deal, reports CNBC-TV18, quoting sources. The total block deal size is likely to be around Rs 5,649 crore, including the base size of Rs 4,935 crore. Beige Investment, Link Investment Trust, Cairnhill CIPEF, Cairnhill CGPE, and Hema CIPEF are likely sellers in the block deal.
Dixon Technologies: Padget Electronics, the wholly owned subsidiary of the company, has received a manufacturing contract from Lenovo for the manufacturing of IT hardware products, i.e., laptops and notebooks, under the Production Linked Incentive 2.0 Scheme (PLI). This is subject to the signing of a definitive agreement in due course.
Safari Industries (India): The share price of the luggage and luggage accessories manufacturer will turn ex-bonus with effect from December 12. The company has decided to issue one bonus share for every share held by shareholders.
Sonata Software: The stock price of the IT services company will start trading ex-bonus with effect from December 12. One bonus share will be issued for every share held by shareholders.