Pre Market Report: GIFT Nifty indicates negative opening for indices; HCL, Mahindra, JSW Infra, Honasa in focus

Market Opening - An Overview

GIFT Nifty Futures on the NSE IX was trading 0.22% lower at 20,807, signalling that Dalal Street was headed for a negative start on Tuesday.

Most Asian shares were trading lower on week global cues. Japan’s Nikkei 225 index slipped 1.37% and the Topix down by 0.71%. China’s CSI 300 index dropped 0.74% and the Hang Seng fell 1.65%.

The Indian rupee up 4 paise to 83.40 against the US dollar on Monday.

Gold fell more than 2 percent after hitting an all-time high on Monday, but zero-yield bullion’s retreat halted above $2,000 an ounce after traders trimmed bets for the first rate cut by the US Federal Reserve in early 2024.

FII/DII Trading Data

Foreign institutional investors bought shares worth Rs 2,073.21 crore, while domestic institutional investors purchased Rs 4,797.15 crore worth of stocks on December 4, provisional data from the National Stock Exchange showed.

Stocks in News Today

HCL Technologies: HCL Investments UK, the step-down wholly owned subsidiary of HCL Technologies, has entered into a Memorandum of Understanding with its joint venture (JV) partner, State Street International Holdings, for selling the entire 49 percent equity stake in the JV to State Street for $170 million + net book value. The transaction is expected to be completed in the second calendar quarter of 2024.

Mahindra & Mahindra Financial Services: The non-banking finance company estimated the overall disbursement at approximately Rs. 5,300 crore in November, delivering 16 percent growth over the previous year. The disbursements for April–November 2023, at about Rs 36,000 crore, registered a growth of 16 percent YoY.

JSW Infrastructure: The company said its subsidiary, JSW Dharamtar, has entered into a share purchase agreement to purchase 50 percent plus 1 share of PNP Maritime Services are held by SP Port Maintenance, a Shapoorji Pallonji group company, for Rs 270 crore. PNP Port is operating multi-purpose jetties at Shahabad in Raigad, Maharashtra.

Honasa Consumer: Fireside Ventures is going to sell 61 lakh shares of Honasa Consumer, the parent company of beauty and personal care products brand Mamaearth, in a block deal on December 5, sources told CNBC Awaaz. This is a 1.9 percent stake in the company worth more than Rs 230 crore as of the last closing price. Sources said the offer floor price is in the range of Rs 368.7 to Rs 384.1, which includes a discount of up to 4 percent.

DCB Bank: Promoter entity Aga Khan Fund for Economic Development (AKFED) has expressed its interest in investing up to $10 million by subscribing to additional equity shares of the bank. The purpose is to further strengthen the bank’s capital position and support its growth plans.

Brigade Enterprises: The Bengaluru-based real estate developer has entered into a joint development agreement with landowners to develop a luxury residential project spread over 4 acres at Kurubarahalli, Mysore. The developable area of the project will be about 0.40 million square feet, with a gross development value of Rs 300 crore.

Bank of India: The public sector lender is likely to launch a qualified institutional placement (QIP) issue in the range of Rs 3,500–4,000 crore this week. The base issue size may be in the range of Rs 2,000–2,500 crore, with a greenshoe option of Rs 1,500 crore.

Computer Age Management Services: Promoter Great Terrain Investment has exited CAMS, the mutual fund transfer agency, by selling its entire shareholding of 97.59 lakh equity shares in the company via open market transactions at an average price of Rs 2,766.47 per share, valuing the stake at Rs 2,700 crore.