Pre Market Report: GIFT Nifty indicates positive opening for indices; SBI, M&M Financial, PVR INOX, Mazagon in focus

Market Opening - An Overview

GIFT Nifty Futures on the NSE IX was trading 0.37% higher at 21,420, signalling that Dalal Street was headed for a positive start on Friday.

US stocks ended firmer on Thursday, with the Dow Jones Industrial Average notching its second straight record high close, lifted by optimism that borrowing rates will decrease next year following a dovish pivot by the Federal Reserve.

Asian markets climbed Friday as Wall Street continued to rally after the US Federal Reserve held rates and laid out a roadmap for cuts in 2024 and beyond.Japan’s Nikkei and Kospi up nearly 1 percent each.

The Indian rupee dived 11 paise to Rs. 83.35 against the US dollar on Thursday.

Stocks in News Today

State Bank of India: The country’s largest public sector lender has executed transaction documents for the purchase of 3,70,644 shares, or 6.35 percent stake, in Canpac Trends, which provides paper-based packaging solutions, for nearly Rs 50 crore. The stake will be bought at a price of Rs 1,349 per share.

M&M Financial Services: The non-banking finance company said it has received approval from the Board of Directors for undertaking the supplemental business activity of soliciting and procuring insurance business as a corporate agent in the areas of life, health, and general insurance, both group and individual. This will be subject to obtaining the necessary approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and no objection from the RBI

Mazagon Dock Shipbuilders: The state-owned shipbuilding company has launched India’s fastest solar-electric boat, SaurShakti, in Kochi. The boat was developed through a collaboration between Mazagon Dock Shipbuilders and NavAlt Solar Electric Boat, Kochi.

PVR INOX: Plenty Private Group and Multiples Private Group are likely to sell a 2.33 percent stake in the multiplex chain. The offer price may be in the range of Rs 1,750–1,769.5 per share, and the offer size may be Rs 404.5 crore.

PB Fintech: The Income Tax officials visited Paisabazaar Marketing and Consulting, a wholly owned subsidiary of PB Fintech, on December 13 and 14, and inquired about certain vendors in Paisabazaar. The company has provided the information required by the IT officials and will continue to provide any further details or information that might be required by the department in the future.

Hero MotoCorp: The country’s largest two-wheeler maker will be buying an additional stake in associate company Ather Energy from an existing shareholder for up to Rs 140 crore. After this transaction, Hero’s stake in Ather Energy will increase to 39.7 percent from 36.7 percent.

Bharat Heavy Electricals: BHEL and the Central Manufacturing Technology Institute (CMTI), an autonomous institution under the administrative control of the Ministry of Heavy Industries, have entered into a Memorandum of Understanding (MoU) for collaboration on technology development in the areas of hydrogen value chain and IIoT solutions for predictive maintenance of machines and manufacturing processes.

Vedanta: The company will be meeting on December 19 to consider the proposal for the issuance of non-convertible debentures on a private placement basis as part of its routine refinancing that is undertaken in the ordinary course of business.

Fusion Micro Finance: Bajaj Allianz Life Insurance Company, Kotak Mahindra Life Insurance Company, Morgan Stanley Asia Singapore Pte, Societe Generale, Franklin Templeton Mutual Fund, and HDFC Mutual Fund have bought more than 80 lakh equity shares, or 7.92 percent stakes, in the microfinance institution via open market transactions at a price of Rs 555.6 per share, valued at Rs 444.54 crore.

LTIMindtree: The technology consulting and digital solutions company, has inaugurated a new delivery centre in Mexico City as part of expanding its presence in Latin America. The delivery centre will enable workforce transformation and localization for LTIMindtree in the Americas.