Share Market Highlights 12 December 2023: Sensex sheds 377 pts; Nifty closes at 20,906

The rupee consolidated in a narrow range and settled 1 paisa lower at 83.38 (provisional) against the US dollar on Tuesday, as investors remained cautious ahead of the release of domestic inflation data and the upcoming US Fed meeting.

Besides, selling pressure in the domestic equity markets dented market sentiment, forex traders said.

However, the American currency’s weakness against major currencies overseas restricted the loss in the local currency, they added.

Spectrum Foods Ltd’s shares were up 1.20 per cent after the company provided an update on the construction of its luxury resort project in Pushkar. Construction is on in full swing with approximately 150 workers on-site, to ensure timely completion of the project. 

Niraj Cement Structurals Limited has received work order for upgradation of Roads and Drainage System Outside Custom Bound Area in J N Port Navi-Mumbai through an Engineering Procurement and Construction (EPC) mode of Jawaharlal Nehru Port Trust value of worth ₹210.98 Crore excluding GST.

Cummins India Limited has announced the launch of DATUM (Data Automated Teller Ultimate Machine), an intelligent Fuel Management System, in collaboration with Repos Energy at CII EXCON 2023, at Bengaluru International Exhibition Centre (BIEC).

The Nifty Mid and Small indices, with robust rallies of 42% and 49% on a YTD basis, now carry a 25% premium to their long-term averages, signalling potential valuation concerns. Though the domestic growth outlook remains strong, the risk of EL-Nino is expected to keep the market under pressure.

Indian markets ended in red on Tuesday. BSE Sensex declined 377.50 points or 0.54% to 69,551.03. NSE Nifty lost 90.70 points or 0.43% to 20,906.40, show provisional data.

LIC stock traded at ₹795.55 on the NSE, up by 3.19%.

Atul stock traded at ₹6,810 on the NSE, up by 0.21%.

Infosys has received communication(s) for collection of penalty from overseas authorities. 

From District of Columbia – Department of Employment Services for Order passed/ action taken Penalty – $ 100.00 for Late Payment of State Unemployment Insurance Tax for Q3 2023.; and from Oregon – Department of Revenue for Order passed/ action taken Penalty – $ 14,979.12.

Infosys stock traded at ₹1,477.65 on the NSE, down by 0.73%.

Asahi Songwon Colors stock is up by 1.57% on the NSE, trading at ₹288.05. The company’s wholly-owned subsidiary, Atlas Life Sciences (India) Private Limited, had commenced the commercial production of API - Intermediate at its new plant at Chhatral, Gandhinagar, Gujarat.

Major gainers:

• HDFC Life (4.46%)
• Ultratech(2.05%)
• Bajaj Auto (1.90%)
• SBI Life (1.28%)
• Dr Reddy’s Laboratories (1.16%)

Major losers:

• Apollo Hospitals (-2.25%)
• Maruti (-1.99%)
• Eicher Motors (-1.98%)
• Sun Pharma (-1.97%)
• Coal India (-1.84%)

Stocks advanced on BSE at 3 pm on December 12, 2023, were 1,645 against 2,118 stocks that declined; 114 stocks remain unchanged. Total stocks traded were 3,877. The number of stocks that recorded a 52-week high was 381, and those that hit a 52-week low was 21.

Capri Global Capital Limited stock trades at ₹760.90 on the NSE, down by 0.41%. The company had received Corporate Agency license from Insurance Regulatory and Development Authority of India for setting up of Insurance business.

Kothari Petrochemicals has restarted operations at the Company’s factory located at Manali Industrial Area, Chennai, Tamil Nadu. 

The stock trades at ₹154.70 on the NSE, down by 2.09%.

DLF stock trades at ₹661.95 on the NSE, down by 0.77%. The company had announced that its Chief Financial Officer (CFO) Vivek Anand has resigned from the company, effective February next year.

SpiceJet board has approved issue and allotment of equity shares and warrants on preferential basis:

Up to 32,08,05,972 equity shares of Rs.10 each; and up to 13,00,00,000 warrants, each convertible at the option of investor into equivalent number of equity shares of ₹10 each

Issue price fixed at ₹50 per equity share / warrant.

SpiceJet stock is down by 0.94% on the BSE, trading at ₹60.

Policy Uncertainty May Rise as APAC Sovereigns Face 2024 Elections

Fitch Ratings-Hong Kong-12 December 2023: Fitch Ratings expects continuity to be the main theme of the elections among our rated Asian sovereigns due in 2024, but we view the chance of election outcomes influencing credit profiles as being higher in Pakistan (CCC) and Sri Lanka (Restricted Default, ‘RD’), which are both dependent on successful IMF programme implementation and official support, as well as Taiwan (AA/Stable), given potential geopolitical implications.

Almost half of our rated portfolio of Asian sovereigns will hold legislative or presidential elections in 2024. We believe it most likely that incumbent administrations will retain power in India (BBB-/Stable) and Bangladesh (BB-/Negative), during their general elections in April-May and January, respectively, pointing to the likelihood of broad policy continuity. Still, the size of the majority in the next Indian parliament could influence the ambitiousness of the administration’s reform agenda.

Spectrum Foods informed that construction of luxury resort project in Pushkar is currently in full swing, with approximately 150 dedicated workers on-site working diligently to ensure the timely completion of this project. The company said, “we are currently in discussions with a multinational hospitality group for a potential tie-up.”

Spectrum Foods stock rises by 1.22% on the BSE, trading at ₹49.64.

Adani Ports and Special Economic Zone board has approved issuance of Non-Convertible Debentures for an aggregate amount not exceeding ₹5,000 crore in one or more tranches on private placement basis; and for issuance of Non-cumulative redeemable preference shares on private placement basis for an aggregate amount not exceeding ₹250.19 crore in one or more tranches on private placement basis. 

The stock is up by 0.54% on the NSE, trading at ₹1,037.45.

Graphite India informed regarding the IT security incident at its German step-down subsidiary. “The subsidiary employed local cyber security experts (including Cyber experts from local police authorities) available in Germany and enhanced security measures to recover the back-up data. The IT systems are running well. The subsidiary’s business operations were affected minimally and with small costs,” it said in a regulatory filing. 

The stock trades at ₹514.85 on the NSE, down by 0.30%.

Happiest Minds Tecnologies has been recognised as a ‘Rising Star’ across multiple categories in the ISG Provider Lens Digital Engineering Services Report 2023 by Information Services Group (ISG). The stock rises by 3.13% on the NSE, trading at ₹906.65.

A 5G RAN (Radio Access Network) technology developed by a multiinstitutional team has been licensed to an industry partner TEJAS NETWORKS (A Tata Group Company) for a sum of ₹12 Crore. IIT Madras, IIT Kanpur and the Society for Applied Microwave Electronics Engineering and Research (SAMEER) developed a ‘5G RAN sub-system’ at the 5G Test Bed. Tejas Networks stock trades at ₹821.10 on the NSE, up by 0.73%.

Coal India’s (CIL) capital expenditure increased by ₹741 crore in eight months ending November FY 2024 to ₹10,492 Crore, 7.6% higher than ₹9,751 Crore of corresponding period last year. 

The stock trades at ₹350.15 on the NSE, down by 0.99%.

JLR is partnering with Tata Communications to future-proof its digital transformation and pave the way for new standards such as Industry 4.0 and advanced analytics. 

Tata Communications stock trades at ₹1719.70 on the NSE, up by 0.74%.

RITES has signed a contract agreement with CFM Mozambique for supply of 10 Diesel Locomotives along with Incidental Services at a total cost of $37,680,080. The stock is up by 2.75% on the NSE, trading at ₹512.

Zinc futures (December contract) on the Multi Commodity Exchange (MCX) have declined since mid-November. It started to fall after facing resistance at ₹235.

Surana Solar (19.89%);

Energy Development Company (19.89%)

Inox Green Energy (11.97%)

Delta Manufacturing (10.59%)

KPI Green Energy (10%)

Datamatics has been recognised as a ‘Major Contender’ in Everest Group’s Data and Analytics (D&A) Services for Midmarket Enterprises PEAK Matrix® Assessment 2023. Datamatics Global Services stock trades at ₹716.25 on the NSE, down by 0.05%.

Jaipur-based hyperlocal jewellery retail chain, Motisons Jewellers has fixed the price band at ₹52 to ₹55 per Equity Share for its maiden initial public offer. 

The IPO will open on Monday for subscription and close on Wednesday.

Investors can bid for a minimum of 250 Equity Shares and in multiples of 250 Equity Shares thereafter. 

The Public Issue of face value of ₹10 per Equity Share is entirely a fresh issue of up to 2,74,71,000 equity Shares with no Offer for Sale component.

Top gainers of Nifty Pharma stocks:

Alkem (1.53%); Dr Reddy’s (1.44%); Granules (1.38%); Gland Pharma (1.19%); Lupin (1.19%)

Sarthak Metals Limited has declared Interim Dividend of ₹1 per equity share. The stock inches up by 0.41% on the NSE, trading at ₹244.95.

Major gainers on the NSE at 12:

Ultratech (2.66%); Hindalco (2.05%); HDFC Life (1.92%); Bajaj Auto (1.87%); Hero motcorp (1.74%)

Major losers:

Sunpharma (-1.36%); Eicher Motors (-1.31%); LT (-0.90%); Titan (-0.89%); ONGC (-.086%)

Stocks advanced on BSE at 12 noon on December 12, 2023, were 2,031 against 1,578 stocks that declined; 154 stocks remain unchanged. Total stocks traded were 3,763. The number of stocks that recorded a 52-week high was 358, and those that hit a 52-week low was 14.

IG Petrochemicals informed the exchange that the appeal filed by the Department of Income Tax before Karnataka High Court for the income tax demand amounting to ₹4,626.65 lakh has been dismissed. IGPL stock is up by 1.13% on the NSE, trading at ₹452.85.

Dava Discount a brand of Rajnish Wellness Limited has started a new franchisee in Kolkata. Rajnish stock trades at ₹13.42 on the BSE, down by 2.04%.

Jindal Steel (3.03%)

Hindalco (2.79%)

Welcorp (2.33%)

JSW Steel (1.57%)

Revolt Motors has announced the launch of a radiant addition to its lineup RV400 in striking Lightning Yellow. RattanIndia Enterprises stock trades at ₹80.45 on the NSE, down by 0.49%.

Major gainers on the BSE at 11 am:

Safar Industries (11.40%); GTL Infra (8.06%); J&KBank (7.91%)

Major losers:

Maharashtra Seamless (-5.41%); DB Realty (-4.58%); Paytm (-4.33%

Vidhi Specialty Food Ingredients has commenced production in the Dahej plant on today i.e December 12, 2023. The stock inches up by 0.56% on the NSE, trading at ₹422.60.

GoFashion (India) has received notice for compounding from the Office of the Senior Inspector, Legal Metrology, Agra, for payment of compounding fee. The stock trades at ₹1,283.75 on the NSE, down by 1.22%.

HMA Agro Industries has informed that board has approved for the purpose of sub-division /split of each equity share having face value of ₹10 each, fully paid-up into 10 equity shares having face value of ₹1 each fully paid-up. The board has fixed the ‘Record Date’ i.e. ‘Friday, December 29, 2023’.

The stock trades at ₹641 on the NSE, up by 2.70%.

Nifty 50 has risen above the psychological 21,000 mark. The index has been struggling to get a sustained rise above 21,000 over the last two trading days. It is important to see if the rise above 21,000 seen today is sustaining or not. Nifty is now trading at 21,029, up 0.15 per cent.

Hindalco Industries plans to expand its manufacturing capacity of fine-quality aluminium foil used in rechargeable batteries to serve the rapidly growing market for electric vehicles (EVs) and energy storage systems. The company is investing ₹800 crore to build a new plant near Sambalpur in Odisha.

The stock trades at ₹526.80 on the NSE, up by 0.84%.

IPM pulse - back and forth

After a strong performance in October 2023, IPM growth slipped again to 3.5% yoy in November 2023, led by a combination of factors, including the festive season, a high base of 15% yoy and inventory destocking. IPM reported a four-year sales CAGR of 8% during the month. MAT growth for IPM in November 2023 stood at 10.5% yoy. Buoyed by improved field force productivity in most companies, price hikes and new launches, we continue to bake in a 3-15% organic domestic sales growth in FY2024E for our coverage. Even as improved US generics pricing is a respite, a sustained momentum in domestic sales is critical to drive overall growth for our formulations coverage. Sun and Mankind are our preferred sector picks.

Ipca, Cipla, JB, Sun—growth leaders; Pfizer, GSK, Ajanta lag in November 2023

After reporting mid-to-high single-digit growth in June-September 2023, IPM growth had improved to 16.6% yoy in October 2023. However, IPM growth in November 2023 fell again to 3.5% yoy. While chronic therapies grew at 6% yoy, acute therapies grew only at 2% yoy in November 2023. Bulk of the IPM growth in November 2023 was led by therapies such as immunomodulators, hepatoprotectives, urology, neuro/CNS and cardiac. In November 2023, domestic companies grew 4% yoy compared with 3% yoy growth for MNC companies. Including unlisted companies, growth leaders in November 2023 were Ipca, Cipla, JB, Intas, Sun and Torrent, which posted growth in the 6-10% yoy range. Key underperformers were Micro Labs, GSK, Himalaya, Pfizer, FDC and Ajanta, which posted up to a 6% yoy decline in the month.

Bank Nifty began today’s session higher at 47,421.70 versus Monday’s close of 47,314.25. But it has now dropped and is hovering around yesterday’s closing level.

The bullish bias is substantiated by advance/decline ratio as it stands at 9/3. Bandhan Bank, up 1.75 per cent, is the top gainer whereas Axis Bank, down 0.3 per cent, is the top loser.

Sterling and Wilson Renewable Energy stock falls by 1.80% on the NSE, trading at ₹415.60. The company had launched its QIP, at the floor price for the Issue, being ₹365.02 per Equity Share.

Infosys stock declines by 0.33% on the NSE, trading at ₹1,483.65. Jayesh Sanghrajka has been appointed as Chief Financial Officer of the company with effect from April 1, following the resignation of Nilanjan Roy on March 31, 2024.

Equity benchmark indices maintained their winning run in early trade on Tuesday, with the benchmark Nifty hitting its fresh all-time high level, amid an optimistic trend in global markets, continuous foreign fund inflows and favourable macroeconomic data.

The 30-share BSE Sensex climbed 96.15 points to 70,024.68 in early trade. The Nifty went up by 34.40 points to hit a record level of 21,031.50.

Among the Sensex firms, Tata Steel, Mahindra & Mahindra, ITC, JSW Steel, UltraTech Cement and Bajaj Finance were the major gainers.

Bharti Airtel, Infosys, Larsen & Toubro and Maruti were among the laggards.

Energy and environment solutions provider Thermax is developing green and decarbonisation solutions that bridge the gap between energy availability and sustainability. The company demonstrated its technologies and customised solutions at its inaugural edition of Thermax Fest in Pune, slated between December 12-15, 2023. 

Thermax stock is up by 0.46% on the NSE, trading at ₹2,692.10.

Torrent Pharma has received a Form 483 with 5 procedural observations from the USFDA following the Pre-Approval Inspection (PAI) at the Company’s Oral manufacturing facility situated in Bileshwarpura, Gujarat. The stock trades at ₹2,071.70 on the NSE, down by 0.32%.

A decisive breach aboce 21000 levels is required to maintain the updtrend and expect for next higher targets of 21800-21900 levels in the coming days with major support lying near 20550 zone of the rising tredline level.

The rupee rose 1 paisa to 83.36 against the US dollar in early trade on Tuesday amid foreign fund inflow and softening of the American currency against its major rivals.

According to forex traders, positive cues from the domestic equity market also boosted investors’ sentiment while the upward movement of crude oil prices weighed on the Indian currency.

Schaeffler India Limited announced the winners of its annual initiative - Social Innovator Fellowship Program. This initiative, launched in association with Buddy4Study is part of Schaeffler India’s Corporate Social Responsibility (CSR) activities and aims to nurture and support groundbreaking social innovations that address critical challenges in society.

The stock declines by 1.09% on the BSE, trading at ₹3,044.80.

Anand James, Chief Market Strategist at Geojit Financial Services, “It would be important to float above 21000, to keep the upside trajectory intact, aiming 21130-21220 initially or even 21600, but anything beyond is less likely without a meaningful correction. Alternatively, slippage past 20980 could signal intraday weakness, but we would wait for a drop past 20800 to play large downsides

Major gainers on the NSE at 9:30 am:

HDFC Life (2.07%); Bajaj Auto (1.74%); SBI Life (1.41%); Hero Motocorp (1.35%); Tata Steel (1.11%)

Major losers:

Eicher Motors (-1.04%); Bharti Airtel (-0.79%); Coal India (-0.71%); ONGC (-0.68%); Infosys (-0.65%)

Tejas Networks has acquired the technology for producing Radio Access Network (RAN) – the heart of 5G communications – from the Indian Institute of Technology, Madras, for ₹12 crore. This is a non-exclusive technology transfer. The Tata Group company is expected to be able to sell RAN to telecom companies in a year. 

RAN is a piece of equipment that every 5G telecom tower will need to have. There are over 200,000 5G sites in India. (The 2,00,000 ^th site was launched at Gangotri in May 2023.) 

Price-Point Packs (PPP) continue to drive growth in the fast-moving consumer goods (FMCG) sector. Companies are expecting to see an uptick in rural demand with low- and medium-price packs.

The growth in the price-point packs is coming from across product segments, while the FMCG firms are focusing on increasing grammage with commodity inflation moderating.

Against an aggregate loan write-off of Rs 10.42 lakh crore, PSBs have recovered just Rs 1.61 lakh crore from written-off loans, since financial year 2014-15.

BASF India has received approval from the Ministry of Corporate Affairs for incorporation of its wholly owned subsidiary, BASF India Coatings Private Limited.

Retail inflation based on the Consumer Price Index (CPI) may have breached the upper tolerance level of the Reserve Bank of India’s (RBI) 2 per cent-6 per cent target range in November. The government’s Statistics Office will come out with monthly inflation data on Tuesday at 5.30 pm.

The retail inflation rate was 4.8 per cent in October. The expectation is that the November headline could be near 6 per cent or even more than that because of higher food prices. Prices of cereals and pulses are already high, while some of the vegetables, including two components of TOP (Tomato, Onion and Potato), onion and tomato, are showing some upward movement. At the same time, spice prices are skyrocketing, though they have a lower weight in overall inflation.

India’s benchmark indices, the Sensex and Nifty, commenced the day higher on Tuesday, tracking Asian market momentum in anticipation of crucial inflation data and the impending U.S. Federal Reserve policy decision.

The BSE Sensex, comprising 30 shares, rose by 62.2 points, reaching 69,990.73 during early trade, while the NSE Nifty gained 21 points, standing at 21,018.10.

Among the Nifty gainers were HDFC Life, Hindalco, M&M, Hero MotoCorp, and SBI Life, while ONGC, Infosys, L&T, Apollo Hospitals, and Bharti Airtel experienced declines.

Wall Street’s ascent to new 2023 highs ahead of significant economic data and the Fed’s policy decision influenced the positive trajectory in Asian markets.

The forthcoming U.S. Consumer Price Index (CPI) report is anticipated to exhibit moderated inflation, albeit persisting above the Fed’s target. Analysts anticipate these figures, alongside Wednesday’s Fed commentary, to impact short-term interest rate predictions.

The Nifty’s recent performance, reaching all-time highs in seven of the last eight sessions, has been driven by robust macroeconomic indicators, reduced crude oil prices, favourable global interest rate outlooks, revived foreign capital inflows, and consistent domestic mutual fund investments.

Crude oil futures traded higher on Tuesday morning as the markets waited cautiously for the inflation numbers and the outcome of Central bank meetings in several countries during this week. At 9.09 am on Tuesday, February Brent oil futures were at $76.25, up by 0.29 per cent; and January crude oil futures on WTI (West Texas Intermediate) were at $71.55, up by 0.32 per cent. December crude oil futures were trading at ₹5976 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹5969, up by 0.12 per cent; and January futures were trading at ₹6016 as against the previous close of ₹6012, up by 0.07 per cent.

Silver experienced a decline due to aggressive profit-taking amid speculation about the Federal Reserve maintaining high interest rates through 2024. However, the metal rebounded following robust US labor data last week, which hinted at a prolonged period of elevated interest rates. The stronger-than-expected non-farm payrolls data suggested the Fed might delay rate reductions, with speculation emerging that the central bank could postpone until May. Attention is now turning to U.S. consumer and producer price inflation, along with upcoming reports on retail sales and industrial production.

Gold prices saw a modest rise as the dollar weakened, with investors anticipating crucial U.S. inflation data and insights from major central bank policy meetings for interest rate signals. A New York Fed survey indicated a dip in U.S. consumers’ expectations of future inflation in November, reaching the lowest level in over two years. The Federal Open Market Committee’s upcoming two-day monetary policy meeting, concluding on Wednesday, is poised to reveal its interest rate decision and summary economic projections.

Price band revised from 20% to 10%: Sandhur Manganese and Iron Ores. 

Ex/record date Interim dividend: Bharat Petroleum Corp. 

Ex/record date Bonus Issue: Safari Industries, Sonata Software. 

Ex/record date Buyback: SIS. 

Move into a short-term ASM framework: BCL Industries, Inox Wind. 

Move out of short-term ASM framework: EMS, Sigachi Industries, Tilaknagar Industries, and Veranda Learning Solutions.

India Cements: Promoter group EWS Finance & Investments created a pledge of 65 lakh shares on Dec. 8. 

Paisalo Digital: Promoter group Equilibrated Venture CFlow created a pledge of 18.75 lakh shares on Dec. 11.

Max Estates: Promoter Siva Enterprises bought 1.7 lakh shares on Dec. 6. 

Ircon International: Promoter Government of India sold 7.5 crore shares between Dec. 7 and 8. 

Goldiam International: Promoter Rashesh Manhar Bhansali sold 15 lakh shares on Dec. 8. 

Aditya Vision: Rinu Sinha sold 81,197 shares (0.67%) at Rs 3,442 apiece. 

Swan Energy: 2I Capital PCC sold 14.43 lakh shares (0.54%) at Rs 465.85 apiece and 12.30 lakh shares (0.46%) at Rs 461.19 apiece. SBI Life Insurance bought 10 lakh shares (0.37%) at Rs 461 apiece.

Infosys: The IT major’s chief financial officer and key managerial personnel, Nilanjan Roy, will resign from the position effective March 31, 2024. The company appointed Jayesh Sanghrajka as the chief financial officer and key managerial personnel of the company effective April 1, 2024.

Canara Bank: The bank has raised Rs 1,403 crore through the issue of additional tier 1 bonds of face value Rs 1 crore each at a coupon of 8.40%.

* Dixon Technologies:* The company’s arm, Padget Electronics, received a manufacturing contract from Lenovo for manufacturing laptops and notebooks under the PLI 2.0 scheme.

* Rail Vikas Nigam:* The company with its JV URC (51:49) wins a bid of Rs 543 crore from the Madhya Pradesh metro project.

* Sterling and Wilson Renewable Energy :* The company launched its qualified institutional placement to raise Rs 1500 crore. The floor price for the QP is set at Rs 365.02 per share, which is a discount of 13.75% to the stock’s previous close of Rs 423.20 on the NSE.

* Jammu & Kashmir Bank:* The company launched its qualified institutional placement to raise Rs 750 crore. The floor price for the QIP is set at Rs 112.66 per share, which is a discount of 10.02% to the stock’s previous close of Rs 125.20 on the NSE.

* Wipro:* The IT major has supported Marelli electronic systems in the development of its cabin digital twin, which enables original equipment manufacturers to introduce connected vehicle services to the market quickly.

* DLF:* The company’s CFO, Vivek Anand, tendered his resignation due to professional reasons.

Managing Director Ashok Kumar Tyagi will now have oversight of the group’s finances.

* BLS International Services:* The company has been awarded the contract for outsourcing consular, passport, and visa services by the High Commission of India in Canada. This contract encompasses operations at HCI in Ottawa and Consulate Generals of India (CGIs) in Toronto and Vancouver.

* PNC Infratech:* The company received Rs 116 crore from the National Highways Authority of India towards the ‘Eligible Disputes’ raised by PNC Raebareli Highways Pvt., a subsidiary of the company for ‘one-time settlement’ under the ‘Vivad Se Vishwas II (Contractual Disputes)‘ scheme of the Government of India.

* Relaxo Footwear:* The company has been declared a successful bidder for the purchase of a land parcel of approximately 30 acres situated in Pathredi Industrial Area, Bhiwadi-II, Rajasthan, India.

The cost of acquisition of the aforesaid land parcel is Rs 135 crore.

* Jtekt India:* The company has received a new order worth 182.7 crore from JTEKT Brasil for the supply of loose child parts.

* Puravankara:* The company’s unit launched a project named Deansgate in Bengaluru.

* REC:* The company enters into a 200-million-euro loan agreement with German bank KfW.

* Capri Global Capital:* The company received a corporate agency licence from the Insurance Regulatory and Development Authority of India for setting up an insurance business.

YES Bank has invited expressions of interest (EoI) for the proposed sale of NPAs worth ₹4,234 crore, the bank said in a notice on Monday.

Bids have been invited to identify an anchor bid for the stressed assets sale, all of which are being offered on an upfront 100 per cent cash basis, the notice said.

GS on Godrej CP: Maintain Buy on Company, target price at Rs 1185/sh (Positive) 

MS on ITC: Maintain Outperform on Company, target price at Rs 483/sh (Positive) 

MOSL on Spandana: Maintain Buy on Company, raise target price at Rs 1200/sh (Positive) 

MS on Infosys: Maintain overweight on Company, target price at Rs 1600/sh (Neutral) 

Nomura on State Bank: Maintain Buy on Bank, target price at Rs 665/sh (Neutral) 

Jefferies on Auro Pharma: Maintain Marketperform on Company, target price at Rs 1004/sh (Neutral) 

JP Morgan on Dr Reddy: Maintain underweight on Company, target price at Rs 4610/sh (Neutral) 

Macquarie on Dr Reddy: Maintain Outperform on Company, target price at Rs 6300/sh (Neutral) 

MS on Dixon: Maintain underweight on Company, target price at Rs 4374/sh (Neutral) 

JP Morgan on Indus Tower: Maintain Neutral on Company, target price at Rs 180/sh (Neutral)

On May 26, 2023, Sun Pharmaceutical Industries Limited delivered a letter to the Board of Directors of Taro Pharmaceutical Industries Ltd that contained a non-binding indication of interest to acquire all of the outstanding ordinary shares in Taro, other than any shares already held by the Company or its affiliates, for a purchase price of $38.00 per share, in cash.

Subsequently, the Company engaged in multiple rounds of price negotiations with a special committee of the Board of Directors of Taro regarding the Proposal. Such negotiations resulted in the Company communicating to the Special Committee updated terms pursuant to which the Company has proposed to acquire all of the outstanding shares of Taro’s Ordinary Shares, other than any shares held by the Company or its affiliates, for a purchase price of $43.00 per share.

On December 10, 2023, the Special Committee confirmed that it agreed in principle with the Revised Proposal and that it has agreed to negotiate definitive agreements. Negotiations regarding definitive terms and agreements for the Revised Proposal are ongoing, and no assurances can be given that a definitive agreement will be reached, as to the terms of any such definitive agreement, or that the Revised Proposal will be consummated, and the Revised Proposal remains subject to further required corporate approvals, negotiation and execution of definitive documentation and satisfaction of other customary conditions. The Special Committee is comprised solely of independent directors and the required corporate approvals with respect to the proposed transaction shall include the affirmative approval of the Taro shareholders holding a majority of all the votes of shareholders, excluding the Company and its affiliates and any other shareholders that have a personal interest in the approval of the transaction, who participate in the vote.

L&T Technology Services Limited (LTTS), a global leader in digital engineering and R&D services, has secured a landmark multi-year engineering services partnership with bp, plc. one of the world’s largest diversified energy companies.

This collaboration underscores LTTS’ domain expertise in the Energy segment, focusing on Engineering to drive productivity improvement. The relationship will leverage over 2 decades of LTTS’ experience in engineering, manufacturing services, digital and enterprise data management and address some of the most significant challenges for bp globally

Fitch Ratings: Cement producers in China and India see diverging market fundamentals.

Fitch predicts weak Chinese cement demand in 2024 due to property sector distress, but expects producer margins to stabilize.

Fitch anticipates steady growth in India’s cement demand over the medium term but foresees limited margin improvement due to faster capacity additions. -- Reuters

The Tamil Nadu Pollution Control Board issued certain directions to Chennai Petroleum Corporation Limited (CPCL) to identify hotspots in Buckingham Canal, Ennore Creek and adjoining areas where the oil deposits or oil slicks are stagnated and take necessary remedial measures on war footing basis.

It has also asked CPCL to ensure that all pipelines (raw materials and products) and tanks are intact with no leakage. If CPCL is found to discharge oil-containing water or polluted water against the norms set out for industries under the Water (Prevention and Control of Pollution) Act, 1974, their operations are liable to be suspended

12.30 U.K. Claimant Count Change (Expected: 20.3k versus Previous: 17.8K)

17.30 INDIA Industrial Production y/y (Expected: 10.0% versus Previous: 5.80%)

17:30 INDIA Inflation Rate y/y (Expected: 5.70% versus Previous: 4.87%)

19:00 U.S CPI Y/Y (Expected: 3.1% versus Previous: 3.2%)

• BALRAMCHIN 

• DELTACORP 

• HINDCOPPER 

• IBULHSGFIN

• INDIACEM 

• NATIONALUM 

• SAIL

Johnson Controls International plc (Pre market) (Sector- Capital Goods)

BHP Group Limited (Tent) (Sector- Metals)

SatixFy Communications Ltd. (Tent) (Sector- Technology)

At a time when its subsidiary Muthoot Microfin is readying for an initial public offering, parent company Muthoot Fincorp has also working on its own plans to raise equity from the market.

“We want to grow in SME lending, LAP and some other portfolios. We’ll build them gradually (before we come to the market). We’re learning, maybe in 2-3 years, we’ll be able to come to the market,” said Executive Director Thomas Muthoot.

After being hammered for the last four days, sugar company stocks bounced back with the government allowing companies to fulfil the ethanol orders already received using sugarcane juice.

Shree Renuka Sugar and Bajaj Hindustan gained 5 per cent each to ₹47 and ₹28 while Trieveni and Balrampur Chini were up 4 per cent and 1 per cent to ₹345 and ₹397 on Monday.

Dwarikesh Sugar Industries, Dhampur Sugar Mills, Mawan Sugars and Rana Sugar increased 3 per cent each to ₹87, ₹247, ₹96 and ₹24.

Today it was the turn of BSE Sensex to record historical milestone after NSE Nifty scaling the 21,000 peak on Friday. The BSE Sensex breached the 70,000-mark for the first time on Monday, hitting an all-time high of 70,057.83 as foreign portfolio investors (FPIs) continue with strong inflows.

However, the Sensex surrendered some gains to close at 69,928.53, up 102.93 points or 0.15 per cent. The NSE Nifty50 gained 27.70 points or 0.13 per cent to 20,997.10. FIIs bought equities worth ₹3,632.30 crore, per exchange’s provisional data.

Aditya Vision (AVL), a consumer-durable retailer, holds leadership share of over 50 per cent in Bihar/Jharkhand, aided by low penetration so far, curated assortment, competitive pricing, Buy & Win scheme, and impeccable service/consumer trust.

AVL has passed the litmus test of scale and is now a well-oiled machine to pursue the 5x expansion opportunity in six states of the Hindi Heartland. SSG should remain above 20 per cent in the near term, led by maturing of new stores and low penetration. AVL’s payback period of under 3 years is ‘better-than-the-best’ in other retail formats.

Max Healthcare (MAX) announced the acquisition of a 550-bed hospital, Sahara India Medical, in Lucknow for an enterprise value of ₹940 crore. Considering the performance of Medanta and Apollo Hospital (APHS) in Lucknow, we assume Max to achieve EBITDA margin of 30 per cent over the next 12-18 months.

Accordingly, the 12M forward EV/EBITDA on 12 per cent revenue growth/30 per cent EBITDA margin would be 14x, which is quite attractive compared to the valuation of hospitals in the listed space (~23-26x 12M fwd EV/EBITDA.)

Exchange Rate Used: US$ 1 = INR 83.3872 (Source: RBI, as on December 11th 2023)

Indicative Issue Size: Up to INR 15,000 Mn (approx. US$ 179.88 Mn) 

Indicative Issue Price: INR 346.77 per Equity Share (5.00% discount to SEBI Floor Price)

Dilution: 

Deal size: ~18.56% of post-issue outstanding equity share capital (At indicative issue price)

Last Closing Price: INR 423.20 per equity share on NSE as on December 11, 2023 

Implied Discount of indicative issue price from closing price: 18.06% discount to the close price on NSE on December 11, 2023

SEBI Floor Price: INR 365.02 per Equity Share

BRLM: DAM Capital Advisors Limited

Indicative Timelines:

- Issue Open - Monday, December 11th, 2023 (post market hours) 

- Issue Close - By 8:45 am IST on Tuesday, December 12th, 2023 (option to close earlier) 

- Receipt of Application Money and forms (Pay-in) - Thursday, December 14th, 2023 (By 3 PM IST)

- Demat Credit of shares - On or before Monday, December 18th, 2023

- Trading of shares - On or before Tuesday, December 19th, 2023

Turnover: (NSE + BSE)

Cash Volume: 87652.85 + 7945.86 Total : 95598.71

F&O Volume: 394543.75 + 4800718.7 Total : 5195262.45

Provisional Cash Rs. In Crs.

FII/FPI: NET BUY: +1261.13 

(10,710.66 - 9,449.53) 

DII: NET SELL: -1032.92 

(8,298.69 - 9,331.61 )

Ashok Leyland: Shenu Agarwal, MD CEO

November Saw Some Correction In Retail Inventory & We Are Optimistic About Q4 Demand: Ashok Leyland

https://www.youtube.com/watch?v=3MDbDaSCwyk

ConfidencePetro: Nitin Khara, CMD

Tie-Up With Singapore’s BW LPG Will Have Lots Of Synergistic Benefits: Confidence Petroleum

https://www.youtube.com/watch?v=IaVtDW0e4v0

Intellect Design: Arun Jain, CMD

Overall Deal Value With OTP Bank In Europe Could Be As High As ?1,000 Cr Over 10 Years: Intellect

https://www.youtube.com/watch?v=2DVi9aLq-nc

Larsen: R Shankar Raman, CFO

Expect A Slowdown In Orders In Q4, In The Run-Up To Elections: L&T’s R. Shankar Raman

https://www.youtube.com/watch?v=04qbkZYj9gM

Orchid Chem: Manish Dhanuk, Managing Director

Orchid Pharma-Dhanuka Labs Merger In Focus | Manish Dhanuka Explains

https://www.youtube.com/watch?v=-QgAuJHPyYY

Prestige Estate: Uzma Irfan, Director

Mumbai Has Welcomed Prestige With Open Arms: Prestige Group & Sublime’s Uzma Irfan

https://www.youtube.com/watch?v=BdIgnHkVPNI

Tata Motors: Vijay Pant, Head of Marketing

Share In The Compact/Sub SUVs Is Around 33% & High SUVs Is 25%: Tata Motors

https://www.youtube.com/watch?v=fBxuqghwbkQ

Wockhardt: Habil Khorakiwala, Chairman & CEO

New Pneumonia Drug Nafithromycin Has Significant Potential Worldwide: Wockhardt

https://www.youtube.com/watch?v=6dYspWhqnaA

Zomato Limited: Akshant Goyal, CFO

Zomato, CFO, Akshant Goyal Talks About Blinkit Profitabiity And More

https://www.youtube.com/watch?v=M1Y9-H0pg6U

Balrampur Chini: Vivek Saraogi, MD

Expect Sugar Prices To Drop By At Least 5% From Current Rs 39/kg: Balrampur Chini Mills

https://www.youtube.com/watch?v=_7qXE8JATzs

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

The upmove in the stock of Century Plyboards (I) is gaining momentum. The stock had surged over 7 per cent and closed on a strong note on Monday. This rise has taken it well above the crucial resistance level of ₹710.

Asian stocks are on the rise before the release of crucial US economic data and key meetings involving major central banks. These events will offer new insights into the possibility of interest rate adjustments next year. Japanese shares began higher following a strong performance on Wall Street, marking its best close in nearly two years on optimistic prospects for the US economy. 

The Nikkei 225 index opened trading up by 0.73%, or 240.546 points, at 33,032.34, while the broader Topix index increased by 0.38%, or 8.88 points, reaching 2,367.43. South Korea’s KOSPI surged by 0.57%, or 14.29 points, hitting 2,539.65, and Australia’s S&P/ASX 200 climbed by 0.49%, or 35.30 points, reaching 7,234.30.

U.S. stocks registered modest gains on Monday but managed to close at new highs for the year, ahead of major market catalysts this week that include inflation readings and the Federal Reserve’s policy announcement, which will strongly influence investor expectations on the path of interest rates.

Market watchers increasingly believe the central bank is done with its interest rate hike cycle and could potentially cut rates in the first half of next year. These expectations have helped fuel a rally in equities in recent weeks that sent each of the three major indexes to their highest closing levels of the year.

The Dow Jones Industrial Average rose 157.06 points, or 0.43%, to 36,404.93, the S&P 500 gained 18.07 points, or 0.39 %, to 4,622.44 and the Nasdaq Composite gained 28.51 points, or 0.20 %, to 14,432.49. - Reuters