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Market Highlights

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

December 20, 2023

  • This game between Bulls & Bears is an age old & will continue for ever. Both have seen their good & bad times . So, who will run for cover , time only will tell. But , purely on fundamentals , the stocks have become too pricy .
  • *India Daybook – Stocks in News*
  • *Varun Beverages:* Company signs MoU with Jharkhand govt for manufacturing plant in Patratu with a Rs 450 cr outlay (Positive)
  • *LTI Mindtree:* Company collaborates with Microsoft to deliver AI powered employee engagement applications (Positive)
  • *Tech Mahindra:* Mohit Joshi assumes office as MD & CEO with effect from tomorrow as CP Gurnani Retires. (Positive)
  • *Glenmark Life:* CCI approves acquisition of majority shareholding of Glenmark Life Sciences by Nirma Limited (Positive)
  • *BPCL:* Board approves a proposal for setting up Polypropylene (PP) Unit, for production of Polypropylene at Kochi Refinery, at gross project cost of Rs 5044 cr. (Positive)
  • *RVNL:* Lowest bidder for Varkala Sivagiri Railway Station in Kerala with project cost Rs 124 crore (Positive)
  • *Varun Beverages:* Company signs MoU with Jharkhand govt for manufacturing plant in Patratu with a Rs 450 cr outlay (Positive)
  • *Aurobindo Pharma:* Company gets U.S. FDA tentative approval for Baricitinib tablet. (Positive)
  • *JK Tyre:* Company opens QIP for raising up to Rs 500 crore. (Positive)
  • *NTPC:* Group touches 300 BU power generation mark in FY24. (Positive)
  • *Karur Bank:*HDFC Life and Bank enter into corporate agency tie-up. (Positive)
  • *JB Pharma:* Company inks Rs 1,089 crore pacts with Novartis for select ophthalmology brands. (Positive)
  • *Deepak Nitrite:* Subsidiary approved the execution of a binding term sheet with Petronet to offtake 250 KTPA of Propylene and 11 KTPA of Hydrogen from Petronet Petrochemical Project at Dahej, Gujarat (Positive)
  • *Anupam Rasayan:* Company approved a preferential allotment of 19,04,540 equity shares for Rs 945.11 per share to Rehash Industrial and Resins Chemicals. (Positive)
  • *Container Corporation:* Company signed a MoU with DB Schenker India to collaborate on EXIM and domestic business. (Positive)
  • *HCL Tech:* Ransomware incident occurs in an isolated cloud environment for one of HCLTech’s projects (Neutral)
  • *Nippon AMC:* Sources say IndusInd Bank to sell up to 1.79 cr shares, 2.86% eq in Nippon AMC via block deals: CNBC (Neutral)
  • *Astral:* Promoter looks to sell 2-3% equity stake this week: CNBC (Neutral)
  • *Adani Ent:* Delhi High Court directs CBI, DRI to probe allegations of “over invoicing” of coal imports, equipment. (Neutral)
  • *Abbott India:* MD Vivek Kamath resigned effective Mar 18. (Neutral)
  • *Jindal Saw:* Two entities offload Jindal Saw shares worth Rs 97 crore. (Neutral)
  • *Apollo Tyre:* Warburg affiliate pares stake in Apollo Tyres for Rs 1,281 crore. (Neutral)
  • *Wipro:* Wipro Holdings UK transfers 100% stake in unit Designit to Wipro IT Services UK Societas: Exchange Filing. (Neutral)
  • *IREDA:* The Board approved to raise of unsecured, redeemable, non-convertible, non-cumulative, taxable, bonds worth Rs 500 crore at base issue (Neutral)
  • *UPL:* The board is scheduled to meet on 22 December to consider raising funds. (Neutral)
  • News & Impact
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  • ·      Expects market to open on a strong note on account of across the global markets rally after overnight US market ended on a record high and Nasdaq Composite Index ended above 15000 key level. Better-than-expected reading on US November housing data, falling bond yields to 5-month low at 3.91%, expectations for Federal Reserve rate cuts early next year and Bank of Japan kept unchanged interest rate lifted US, Asia and European market between half percent to 1%. Gift Nifty advance 85 points or 0.4% to above 21600 level while yesterday Nifty soared 0.2% led by heavyweight stocks. Better than expected November CPI data, 16-month high October IIP data, improved manufacturing PMI data, strong advance tax collection and fall in November trade data deficit data will be big positive for the domestic market sentiment. Global IT major Index Nasdaq Composite surged to record closing yesterday may positive on IT stocks. Metal momentum may bounce back on account of surging metal price on LME and fall in Dollar Index. Improved asset quality and favorable risk reward ratio may positive on PSU banks. In the ADR front – Tata Steel, SBI, Cipla and Axis Bank ADR gained between 2-3%.
  •  
  • ·      Global Market summary – US market ended record high as Nasdaq Composite tops 15,000 mark. European Stocks edge higher to hit January 2022 high. Bank of Japan kept unchanged interest rate. US 10-Year bond fell to 5-month low at 3.91%. Brent Crude nearly 1-month high at $79/bbl as Red Sea Shipping risks plague Global Trade.
  •  
  • ·      US Market – U.S. stocks ended higher as rate-cut hopes underpinned sentiment and reported better than expected housing data. Treasury yields extended losses, with the 10-year at its lowest yield since late July. Nasdaq Composite surged 0.6% to close above 15k level. Both Dow Jones and S&P 500 gained 0.5% each.
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  • ·      Asian Market –Stocks in Asia gained after Wall Street extended its rally on Tuesday, with raders shrugging off warnings from policymakers trying to rein in expectations for Federal Reserve rate cuts.  Australia, South Korea, Taiwan and Japan Index gained between 0.5% to 1%. Japan Index soared over 1% after Bank of Japan yesterday kept unchanged interest rate.
  •  
  • ·      European Market –European equities posted modest gains Tuesday to claim back January 2022 levels, with central bank policy in focus as traders assessed technical levels that suggest the
  • ·      recent five-week rally might have gone too far. Both Germany and UK Index soared 0.5% each.
  •  
  • ·      Oil Price Update –. Oil rose 2% to nearly 1-month high at $79/bbl as traders and shippers braced for the prospect of more disruption in the Red Sea. The US and its allies are considering possible military strikes against Iran-backed Houthi rebels in Yemen in recognition that a previously-announced task force may not be enough to eliminate the threat.
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  • ·      Gold Price Update –Gold held two days of gains as markets boosted bets on expectations for Federal Reserve rate cuts early next year, even as policymakers continue to push back against
  • ·      the prospect. Gold advance 0.5% to $2039/ounce.
  •  
  • ·      Previous Day Market Update –. Nifty managed to end in a positive territory, gaining 0.2% to close at 21458 due to renewed buying in Coal India, NTPC, Nestle, Reliance Industries, Hindustan Unilever, and Ultratech Cement. PSU Banks, Oil companies, Mining, Broking, and FMCG stocks were major gainers while Auto, IT, and metal stocks witnessed profit booking in the choppy market. Continued FII buying interest and strong macro data had a positive impact on the market. Coal Index surged 6% to close a 52-week high of Rs 367 amid news that the Government will launch the 9th round of commercial coal mine auction on December 20, putting 26 mines on the block. FMCG stocks witnessed fresh buying with Nifty FMCG Index soaring 1.4%. Nestle gained 4.5% after the company announced 5th Jan 2024 as the record date of stock split. FIIs were net sellers Rs602cr while DIIs were net buyers Rs294cr.
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  • ·      Nifty Technical Levels –  Nifty formed a small bodied Bearish candle on daily scale with longer lower shadow indicating support based buying and finally it closed with gains of around 35 points. Now it has to hold above 21350 zones, for an up move towards 21550 then 21650 zones whereas supports are placed at 21350 then 21250 zones.
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  • ·      Bank Nifty Technical Levels –.Bank Nifty oved in a range bound manner for the rest of the session. It formed a small bodied Bearish candle on daily frame with longer lower shadow. Now it has to hold above 47750 zones for an up move towards 48250 then 48500 levels while on the downside support is seen at 47500 then 47250 zones.
  •  
  • ·      Events – Can Finance Home board meeting. Doms Industries and India Shelter listing today
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  • ·      Actionable BUY – NLC India, ICICI Securities, BSE, Bank of Baroda, PNB, IRFC, Tata Steel, Varun Beverage
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  • ·      IPO Update  – Azad Engineering IPO open today with price band between 499-524 a share, Suraj Estate IPO subscribed by 2.5 times. RBS Jewellers subscribed by 2.5 times, Happy Forging 2.3 times and Muthoot Finance subscribed by 2.8 times
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  • ·      Brokers Radar –  Varun Beverage TGT by CLSA at 1419 from 1070, Jefferies TGT on Varin Beverage at 1110. CLSA TGT on Ashok Leyland at 238, Concor TGT raised by Goldman Sachs from 750 to 850. Anupam Rasayan TGT by Investec at 1310
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  • ·      Global Data– Mortgage Application, Consumer  Confidence ,  Existing Home Sale.(US). – CPI,PPI, Retail Price Index, House Price Index (UK). PPI and Consumer Confidence (Germany).
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  • ·      Market Summary – Blackstone plans mega $833 mn exit from Embassy Office Parks REIT, CONCOR signs a MoU with DB Schenker India, BPCL approves setting up of new Polypropylene unit, PepsiCo bottler Varun Beverages to acquire South Africa's Bevco for Rs1,320 crore. SpiceJet considers buying grounded Indian Carrier Go Air. JB Pharma inks Rs 1,089 cr pacts with Novartis. In Five Years, NBCC Hopes To Increase Its Revenue To Rs 25,000 Crore. RBI Tightens Rules for Investments in AIFs by Lenders
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  • ·      Doms Industries listing today - Ahead of the listing, the company's shares are fetching a premium of Rs 500 in the unlisted market. Considering the IPO price band of Rs 790 while subscribed by 94 times, the stock is likely to debut with a premium of 63%.
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  • ·      India Shelter Finance Corp IPO Listing - The company's shares will debut on the stock exchanges on Wednesday at an issue price of Rs 493 apiece. The Rs 1,200-crore IPO was subscribed 36.71 times on its third and final day.
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  • ·      CONCOR – Company and Schenker India Pvt, one of the leading Logistics companies, have signed an MoU on 19th December 2023 at New Delhi to collaborate for EXIM & Domestic Business. CONCOR is a leading logistics service provider in the country with pan India presence at 64 container terminals.- Positive
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  • ·      BPCL -  Company has approved a proposal for setting up Polypropylene (PP) Unit, for production of 400 Kilo-Tonnes Per Annum Polypropylene at Kochi Refinery, at gross project cost of Rs. 5044 crore.
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  • ·      NTPC – Company GRP achieves its fastest 300b units electric generation  - NTPC Group has achieved the fastest ever 300 Billion Units (BU) electricity generation on 18 th December 2023. This milestone has been achieved in just 262 days in FY 2023-24, which is 18 days early as compared to the last financial year.
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  • ·      Embassy Office Parks REIT - Blackstone plans to exit Embassy Office Parks REIT, India's first publicly traded real estate investment trust, through a mega block deal of $833 million. Blackstone intend to sell their entire stake of 23.6 percent in the firm via the block deal route. The floor price is Rs 310 per share, nearly 8% lower than the CMP Rs335 – Buying opportunity.
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  • ·      UPL Ltd – Board meeting on 22nd December for fund raising plan – positive
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  • ·      Glenmark Life Sciences: The Competitor Commission of India has approved the acquisition of majority shareholding of Glenmark Life Sciences by Nirma. – positive
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  • ·      Nippon Life India AMC: IndusInd Bank will sell a 2.86% stake in the company via a block deal on Wednesday. The floor size is set at Rs 426 per share, 5% discount to Tuesday's closing price.- buying opportunity
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  • ·      JK Tyre and Industries: The company opened its QIP for raising up to Rs 500 crore, and has set the floor price of QIP at Rs 358.96 per share which indicates a discount of 5.2% to the stock's previous close of Rs 378.70 on NSE. – BUYING opportunity
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  • ·      ITC: The company’s unit Infotech India incorporated a wholly owned subsidiary ITC Arabia for about Rs 35 crore. – positive
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  • ·      New RBI rules on AIF - Reserve Bank of India has tightened rules for investments by regulated entities in alternative investment funds in a move the central bank said was aimed at addressing concerns relating to “possible evergreening”. Regulated entities cannot make investments in any scheme of AIFs that has downstream investments either directly or indirectly in a debtor company of the entity, the central bank. Existing investments in an AIF scheme will have to liquidated in 30 days if the AIF makes a downstream investment in a debtor company
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  • ·      Tech Mahindra: CP Gurnani ceases to be MD and CEO of the company on account of the completion of his tenure. Mohit Joshi to take over as CEO and MD effective Dec. 20. – We are long term positive
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  • ·      Wipro: The company’s unit Wipro Holdings has transferred 100% shareholding in Designit A/S to Wipro IT Services UK Societas.- positive
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  • ·      Deepak Nitrite - Company has approved execution of binding Term Sheet between DPL and Petronet LNG Limited (PLL) for offtake of 250 KTPA of Propylene and 11 KTPA of Hydrogen – positive
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  • ·      Suzlon – Company announced the execution of definitive documents for securing working capital facilities with REC Limited. Suzlon will utilise this facility for meeting working capital requirements for the execution of its current order book and future order pipeline. – positive
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  • ·      Jindal Stainless – Company said its  board of directors has approved the acquisition of Rabirun  Vinimay Pvt  which is under liquidation. The cost of the acquisition is Rs 96 crore – positive
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  • ·      Steelman Telecom – Company has received a work orders worth of Rs.29.70 from Bharti Airtel Services –positive
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  • ·      Tata Motor - LIC's shareholding in Tata Motors Limited reduced from 5.110% to 3.092% of the paid-up capital – Any decline will be buying opportunity
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  • ·      Grasim - Aditya Birla Group is in advanced negotiations with Nebras Power for a strategic investment in its renewable energy business under Grasim. Nebras Power set to invest around $400 million in a proposed 51:49 joint venture with Aditya Birla Renewables, aiming to hit 4.5 GW installed capacity by FY 26. – positive
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  • ·      NBCC - According to KP Mahadevaswamy, CMD of NBCC, the state-run company aims to grow its revenue from Rs 11,000 crore in the current fiscal year to Rs 25,000 crore over the course of the next five years, as ET was informed – Long term Positive
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  • ·      NHPC – Company announced on Monday that a proposal to monetize future cash flow from one or more power plants in order to pay for capital expenditures will be reviewed by the board. The date of the meeting is December 22.- positive
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  • ·      VST Tillers Tractors - One of India's leading farm equipment manufacturers, showcased its range of innovative products at the KISAN Agri Show 2023 in Pune. – Positive
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  • ·      Varun Beverages – Company announced its decision to acquire the entire business conducted by The Beverage Company , South Africa, and its wholly-owned subsidiaries, collectively known as 'Bevco' for Rs1,320 crore. – positive
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  • ·      AkzoNobel - Company appoints Rajiv Rajgopal to head Decorative Paints South Asia – positive
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  • ·      Macro International – Company name change and it is now Astal Laboratories
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  • ·      NLC India -  PM Narendra Modi would inaugurate projects worth Rs70,000 crore including 13 projects related to SILO and Rapid Loading System infrastructure. Source: ZEE Business – Positive
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  • ·      Man Infra – Company commencement Certificate (CC) for its UberLuxurious Residential Project in Ghatkopar East, Mumbai introducing Innovative Community Living Concept, having carpet area of approx. 4 lakh sq. ft. for sale. The company is expected to generate revenue of Rs. 1,200 crore in next 4 years from this project. – positive
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  • ·      LTIMindtree – Company announced a strategic collaboration with Microsoft to introduce cutting-edge, AI Powered Employee Engagement Applications. This collaboration marks a significant leap forward in delivering enhanced employee and customer experiences – positive
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  • ·      Godrej Consumer – Company see dividend payout at average 50% of annual net profit – positive
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  • ·      JB Pharma inks Rs 1,089 cr pacts with Novartis for select ophthalmology brands – Company said it has inked a trade mark licence agreement along with promotion and distribution pact with Novartis for select ophthalmology brands entailing a total sum of Rs 1,089 crore. – positive
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  • ·      SpiceJet Ltd. – Company has announced it is considering acquiring the insolvent Go Airlines India Ltd., which stopped flying in May, with a goal of possibly combining the two airlines– Positive
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  • ·      Varun Beverages – Company signs accord with Jharkhand for proposed plant with capital outlay worth Rs450cr – positive 
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  • ·      Vijaya Diagnostic – Company to acquire 100% stake in P H Diagnostic Centre for Rs134.65 crore. Company to further infuse Rs 12.85 crore in P H Diagnostic Centre to pay existing debt – Positive
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  • ·      RVNL – KRDCL-RVNL JV lowest bidder for railway station upgrade, project cost worth Rs123cr– positive 
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  • ·      Honeywell Automation India – Company received a contract to implement building management and safety technology for Reliance Life Sciences – Positive
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  • ·      Xpro India – Company has proposed a capital raising plan to raise upto Rs. 140 Crores through convertible preferential issue  and upto Rs. 150 Crores through QIP. The promoter group will also participate in the preferential issue and the company to setting up of a subsidiary in UAE  – Positive
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  • ·      Sanghvi Movers – Company has received work order aggregating to Rs. 166 Crores from one of eminent Independent Power Producers (IPP) in the renewable energy sector – Positive
  •  
  • ·      Kilburn Engineering Limited have received an LoI from a leading Indian steel manufacturer amounting to Rs. 1885 Lacs for an Externally Fired Superheater. – positive
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  • ·      RateGain Travel – Company shared a success story with India's leading hotel chain, Sarovar Hotels and Resorts for its channel manager product. Sarovar Hotels and Resorts is owned by European Hotel Chain Louvre Hotel Group which is worth $5.5 billion and has over 140+ hotels over 11 brands. – Long term positive
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  • ·      Mitsu Chem Plast – Company has received In-Principle approval from Bombay Stock Exchange (BSE) in reference to the draft Letter of Offer filed by the Company dated November 8, 2023 for the proposed Rights Issue of Equity Shares. – Positive
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  • ·      Coal India - Government will launch 9th round of commercial coal mine auction on December 20, putting 26 mines on the block.
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  • ·      Vedanta Ltd – Company is to raise up to Rs 3,400 crore via NCDs in one or more tranches – PositIve
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  • ·      URGO Capital – Company raises Rs 250 crore via NCDs from FMO - FMO is Dutch entrepreneurial development bank – Positive
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  • ·      JSW Steel – Company’ unit Periama completes acquisition of 10% stake in JSW USA. Periama’s shareholding in JSW USA increases to 100% - positive
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  • ·      Sun Pharma – Company will acquire 16.7% stake in Massachusetts-based Lyndra Therapeutics for $30 million. It is a strategic investment to support development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories.
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  • ·      Jubliant Food – Company approve names Suma Hedge as executive VP and CFO – Positive
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  • ·      Anupam Rasyan - The Board of Directors of Anupam Rasayan India Limited at its meeting held today, had approved the allotment of 19 lakh or 1.9% equity shares of face value at a price of Rs945.11 a share (CMP 1030) – Positive
  •  
  • ·      Transformers & Rectifires – Company securing order worth Rs237 crore from Power Grid Corporation of India to supply transformers - positive.
  •  
  • ·      United Drilling Tools – Company gets order from ONGC worth Rs95.8cr
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  • STOCKS INACTION 20 DECEMBER
  • Bharat Petroleum Corp: The company approved a proposal for setting up 400 KTPA polypropylene unit at its Kochi refinery. The cost of the project is Rs 5,044 crore which will be funded in a debt-equity ratio of 65:35.
  • Glenmark Life Sciences: The Competitor Commission of India has approved the acquisition of majority shareholding of Glenmark Life Sciences by Nirma.
  • Embassy Office Parks REIT: Blackstone is looking to sell its entire 23.5% stake in the company via a mega block deal on Wednesday. The floor price is set as Rs 310 per share.
  • Nippon Life India AMC: IndusInd Bank will sell a 2.86% stake in the company via a block deal on Wednesday. The floor size is set at Rs 426 per share, 5% discount to Tuesday's closing price.
  • Transformers And Rectifiers: The company received an order worth of Rs 118 crore from Uttar
  • Pradesh Power Transmission Corporation.
  • Rail Vikas Nigam: The company emerged as the lowest bidder for a project worth 123 crore in a
  • 49: 51 Joint venture with KRDCL. The project is to upgrade Varkala Sivagiri railway station in Kerala.
  • Mining and metals stocks: Nearly 100 more blocks of critical minerals will be put on auction before February next year, Coal and Mines Minister Pralhad Joshi said on Tuesday. Offshore minerals will be put on sale in the auction that will take place in March and April.
  • JK Tyre and Industries: The company opened its QIP for raising up to Rs 500 crore, and has set the floor price of QIP at Rs 358.96 per share which indicates a discount of 5.2% to the stock's previous close of Rs 378.70 on NSE.
  • Varun Beverages: The company will acquire South Africa's 'The Beverage Company' and its subsidiaries for ZAR 3 billion or Rs 1,320 crore. The company signed a MoU with Jharkhand Government for the Patratu manufacturing plant with a total capital outlay of Rs 450 crore.
  • ITC: The company's unit Infotech India incorporated a wholly owned subsidiary ITC Arabia for about Rs 35 crore.
  • Tech Mahindra: CP Gurnani ceases to be MD and CEO of the company on account of the completion of his tenure. Mohit Joshi to take over as CEO and MD effective Dec. 20.
  • Wipro: The company's unit Wipro Holdings has transferred 100% shareholding in Designit A/S to Wipro IT Services UK Societas.
  • NTPC: The group achieved its fastest 300 billion units of power production so far in FY24.
  • Jubilant FoodWorks: The Company's unit, Jubilant Foodworks Netherlands, launched a cash offer to acquire the remaining 45.33% share capital of DP Eurasia, a subsidiary company of JFN, at Rs 95 pence per share
  • Godrej Agrovet: Sandeep Kumar Singh has resigned from the position of CEO of the animal feed business. A. Y. Rajendra has been appointed as CEO of the animal feed business.
  • National Fertilizers: The company approved to setting up of a Nano Urea (Liquid) production plant based on the financial viability in Techno-Economic - Feasibility Report.
  • Deepak Nitrite: The company approved the offtake of 250 KTPA propylene and 11 KTPA hydrogen from Petronet LNG's Dahej plant. Petronet LNG will supply hydrogen and propylene to the company's unit Deepak Phenolics for 15 years.
  • Maithan Alloys: The company invested 49.84 crores in GAIL by purchasing 38.34 lakh shares
  • 0.06% stake in the company through an open market.
  • Abbott: Vivek V Kamath resigned from the position of managing director w.e.f March 18, 2024.
  • Religare Ent says Delhi HC sets aside the declaration of lenders’ exposure to RFL as fraud
  • Context: Lenders had earlier declared their exposure to Religare Finvest (RFL) as fraud
  • Religare Finvest had filed write petition before HC against lenders’ decision
  • Ola Electric likely to file IPO papers with SEBI this week
  • Delhi HC orders DRI and CBI to “meticulously and expeditiously” look into the allegations that power companies, including those of Adani Group and Essar Group, over-invoiced coal imports and equipment prices which resulted in high power tariffs.
  • #BreakingNews
  • BIG NEWS FORE WARDWIZARD
  • WARDWIZARD INNOVATIONS: CO AND BEEAH GROUP SHARJAH UAE , SIGN A STRATEGIC COLLABORATION TO MANUFACTURE ELECTRIC VEHICLES AND PROMOTE SUSTAINABLE ENVIRONMENTAL PRACTICES
  • WARWIZARD: CO SAYS THE PARTNERSHIP AIMS TO REVOLUTIONIZE THE ELECTRIC VEHICLE LANDSCAPE IN GCC COUNTRIES AND AFRICAN NATIONS
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