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December 14, 2023

SUMMARY OF FED DECISION (12/13/23)
1. Fed leaves rates unchanged for third straight meeting
2. Fed says growth of economy "has slowed" since Q3 2023
3. Most Fed officials see interest rate cuts in 2024
4. Median projection shows 3 rate cuts in 2024
5. Fed sees 4.1% unemployment by end of 2024
6. Fed sees US GDP growth at 2.6% in 2023 and 1.4% in 2024
This is the first significant mention of rate cuts in 2024 by the Fed.
Market expectations remain far more dovish than the Fed itself.
[12/14, 1:24 AM] Bhavesh Mehta: GIFT NIFTY + 145
DOW + 352
Nasdec + 109
*India Daybook – Stocks in News*
*NBCC:* Company has secured a substantial work order worth Rs 1,500 crore from the National Cooperative Development Corporation (Positive)
*IndiGo:* Company became the sixth-largest airline by overtaking United Airlines (Positive)
*Biocon:* Company said its associate company Bicara Therapeutics Inc has successfully concluded its Series C financing, raising $165 million on December 12. (Positive)
*IRCTC:* Company is branching out to expand its brand and business reach beyond the railway catering. (Positive)
*GMM Pfaudler:* The company has seen a recent transaction within its promoter group, with the Patel Family, via Millars Machinery, acquiring a 1% stake in the company (Positive)
*Uno Minda:* Company inaugurated a new manufacturing facility for automotive seating systems in Ahmedabad. (Positive)
*Bandhan Bank:* RBI authorises Bandhan Bank to disburse pension to retired Railway employees. (Positive)
*Axis Bank:* UBS, Goldman, Societie General and Morgan Stanley are major Buyers in Axis Bank deal. (Positive)
*Tech Mahindra:* Company announces global crowdsourcing platform. (Positive)
*Fusion Micro:* Warburg to sell 93.5 lakh shares at Rs 535 per share (Neutral)
*Axis Bank:* Bank likely to see change of hands up to 1.1% equity (3.34 crore shares) via block deal (Neutral)
*JSW Energy:* Company’s subsidiary has completed a bonus issue of 75.38 crore shares worth Rs 753.89 crore. (Neutral)
*SBI:* Bank said that it will sign a 70 million euro (about Rs 630 crore) Line of Credit with German Development Bank KfW. (Neutral)
*Ultratech:* Company announced that it plans to increase the overall share of green energy in its total energy mix to 85% by 2030. (Neutral)
*Escorts:* Harish Lalchandani Resigns As Chief Officer – Agri Machinery Business Division of Escorts Kubota. (Neutral)
*RBL Bank:* BANK acquires 8.51% stake in ONDC for Rs 40 crore (Neutral)
*Mahindra & Mahindra:* Company proposes to invest Rs 875 crore in subsidiary (Neutral)
*Reliance Ind:* Moody's affirms Reliance Industries' Baa2 ratings, outlook stable. (Neutral)
STOCKS IN ACTION 14 DECEMBER
State Bank of India: The lender will be signing a 70 million Euro line of credit with KfW (German Development Bank) for supporting solar PV projects in India.
NBCC: The company received an order worth Rs 1,500 crore from the National Cooperative Development Corporation for the construction of 1,469 warehouses and other agri-infrastructure across India.
RBL Bank: The company acquired an 8.51% stake in ONDC for Rs 40 crore.
HDFC Bank: HDFC Life received an exchange's nod for reclassifying Abrdn Mauritius Holdings to the 'Public' category from 'Promoter'.
Reliance Industries: Moody's Investors Service affirmed the company's 'Baa2' domestic long-term issuer rating and foreign currency senior unsecured rating.
Biocon: The company unit Bicara completed $165 million in Series C funding. Post-funding, the company's shareholding in Bicara on a fully diluted basis will fall below 20% and thereby, Bicara will cease to be an associate company of Biocon Ltd.
Indian Railway Catering and Tourism Corporation: The company eyes major expansion in the non-railway catering business pan-India. It has already signed MoUs with various governments and autonomous bodies.
Religare Enterprises: The Securities and Exchange Board of India suspended the company's unit, Religare Commodities, as a commodities derivatives broker for three months.
Vedanta: The company will consider and approve the second interim dividend on equity shares on Dec. 18.
GMM Pfaudler: The Patel Family acquired a 1% stake in the company through an inter-se transfer at Rs 1,700 per share. The Patel family shareholding now stands at 25.18% and remains the largest shareholder of the company.
Signatureglobal India: The company completed the purchase of a 19% stake in Gurugram Commercity as part of its first tranche. It had acquired a land parcel measuring 25.14 acres in Gurugram with a development potential of approximately 5.49 million square feet.
South Indian Bank: During a preliminary internal investigation, certain fraudulent acts were committed in one of the branches by an employee of the bank, involving an amount of Rs 28.07
crore.
Gokul Agro Resources: Unit Maurigo Indo Holdings acquired a 25% stake in Indonesian palm oil processing company PT. Riya Pasifik Nabati to expand business.
Dreamfolks Services: The company approved the proposal for voluntarily striking off the name of its unit, Dreamfolks Hospitality, which has been inoperative since FY17.
PNC Infratech: The company accepted the Rs 394 crore offered by NHAI to settle a dispute raised by its subsidiary.
Escorts Kubota: Harish Lalchandani Resigns As Chief Officer – Agri Machinery Business Division of Escorts Kubota w.e.f. February 28, 2024
NBCC: gets work order worth Rs 1,500 crore from National Cooperative Development Corporation
KRISHNA DEFENCE & ALLIED INDUSTRIES:
APPROVED PREFERENTIAL ISSUE OF SHARES WORTH UP TO 429.6M RUPEES TO ISSUE CONVERTIBLE WARRANTS WORTH UPTO 261.4M RUPEES TO ISSUE CONVERTIBLE WARRANTS VIA PREFERENTIAL ISSUE AT PRICE OF 304 RUPEES PER WARRANT
TATA STEEL: THE HENRY ROYCE INSTITUTE SIGN MOU TO SET UP CENTRE FOR INNOVATION IN ADVANCED MATERIALS
COMMITS £10M OVER 4 YEARS TO JOINT R&D INITIATIVE WITH THE HENRY ROYCE INSTITUTE
GOA CARBON:
CO SAYS SUPREME COURT ALLOWED STATE AUTHORITIES TO PROCEED WITH ASSESSMENT OF GREEN CESS, ISSUE FORMAL DEMAND TO
SUPREME COURT DIRECTED CO SHALL PAY ONLY 50% OF DEMAND AMOUNT RAISED BY STATE TAX AUTHORITIES
SAYS SUPREME COURT STAYED PAYMENT OF BALANCE 50% OF DEMAND AMOUNT PENDING FURTHER ORDER

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