Pre Market Report: GIFT Nifty indicates positive opening for indices; Tata Power, Hero, Maruti, Siemens in focus

Market Opening - An Overview

GIFT Nifty Futures on the NSE IX was trading 1.37% higher at 20,632, signalling that Dalal Street was headed for a positive start on Monday.

Most Asian shares were trading lower as investors remained cautious about the economic recovery in China. Japan’s Nikkei 225 index slipped 0.65% and the Topix down by 0.80%. China’s CSI 300 index dropped 0.39% and the Hang Seng fell 0.44%.

The Indian rupee fell 5 paise to 83.36 against the US dollar on Friday.

FII/DII Trading Data

Foreign institutional investors were net buyers of shares worth Rs 1,589.61 crore, while domestic institutional investors bought Rs 1,448.08 crore worth of stocks on December 1, according to the National Stock Exchange’s provisional data.

Stocks in News Today

Tata Power: The Tata Group company has won the bid to acquire Bikaner-III Neemrana-II Transmission, a project special purpose vehicle (SPV) set up by PFC Consulting, a subsidiary of Power Finance Corporation. The company will maintain the transmission project for a period of 35 years. The project is estimated to cost Rs 1,544 crore and is expected to be commissioned within 24 months from the date of the transfer of the project SPV. 

Hero MotoCorp: The world’s largest two-wheeler manufacturing company recorded sales of 4.91 lakh units in November 2023, up by 25.6 percent over the 3.9 lakh units sold last year. Domestic sales grew by 25.4 percent YoY to 4.76 lakh units, and exports increased by 33 percent YoY to 14,764 units in November.

Maruti Suzuki India: The country’s largest car manufacturing company said the total production in November fell by 3.3 percent to 1.47 lakh units, against 1.52 lakh units produced in the same month last year. Passenger vehicles’ production dropped 4.2 percent YoY to 1.45 lakh units.

Siemens India: Siemens AG (Siemens Aktiengesellschaft, Germany) will buy an 18 percent stake in Siemens India from Siemens Energy Holding BV at a price of Rs 2,952.86 per share, which is a discount of 21.32 percent to the last closing price. Siemens AG and Siemens Energy Holding BV are promoters of Siemens. The transaction will be an inter-sector transfer among promoter entities. Siemens AG’s stake in Siemens India will rise to 69 percent from 51 percent earlier.

Eicher Motors: Royal Enfield sales in November increased by 13 percent to 80,251 units (motorcycles) against 70,766 units sold in the same month last year. Exports grew by 2 percent YoY to 5,114 units during the same period.

Bharat Forge: Sanjeev Nimkar has resigned as President and CEO of the company’s industrial business to pursue opportunities outside the company. He was part of the senior management personnel (SMP) of the company. Now, the company has appointed Sumeet Banga as Senior Management Personnel and President & CEO of Industrial Business, with effect from December 1. In order to ensure a smooth transition, Nimkar will continue to be with the company until the end of February 2024.

Suzlon Energy: The BSE has included Suzlon Energy in its S&P BSE Power index. The changes will be effective on December 18. BlackRock Inc. has increased its stake in the renewable energy solutions company to 5.01 percent from 4.99 percent earlier as it bought 24.73 lakh equity shares in the company via open market transactions on November 30.

KPI Green Energy: Subsidiary Sun Drops Energia has received new orders of 4.40 MW for executing solar power projects under the captive power producer (CPP) segment. With this new order, its cumulative orders of solar power projects to date have crossed 148+ MW under the CPP segment.

Ceat: Amansa Holdings sold 7 lakh shares of the tyre manufacturing company, which is equivalent to 1.73 percent of paid-up equity. These shares were sold by Amansa at an average price of Rs 2,115.86 per share, amounting to Rs 148.11 crore.

TVS Srichakra: The company has received an adverse order from the office of the Principal Commissioner of Customs, Mumbai, with a tax demand of Rs 11.02 crore, along with interest, penalties amounting to Rs 1.10 crore, and a redemption fine of Rs 3.84 crore, for the disputed tax period of October 13, 2017, to January 10, 2019.