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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 11, 2023

  • *India Daybook – Stocks in News*
  • *GMR Infra:* GQG bought shares worth Rs 1,672 crore in GMR Airports. (Positive)
  • *Max Healthcare:* Company acquires Starlit Medical Centre for Rs 940 crore (Positive)
  • *Mazagon:* Company gets order worth Rs.1,145 crore from ONGC. (Positive)
  • *REC:* Company signs 200-million-euro loan with German Bank KfW. (Positive)
  • *Jute companies:* Cabinet approves reservation norms for Jute Packaging Materials for Jute Year 2023-24 (Positive)
  • *Cipla:* Company get U.S. FDA approval for ANDA for Vasopressin. (Positive)
  • *Imagicaa:* Company signs MoU with Uttarakhand government to set up entertainment park. (Positive)
  • *HCL Tech:* Company expands footprint in Romania with delivery centre. (Positive)
  • *Blue Dart:* Company approves purchase of 2 leased aircraft from DLHAviation for Rs 40 crore (Positive)
  • *Lloyds Metal:* Company approves expansion of iron ore mining capacity up to 55 MTPA. (Positive)
  • *Shoppers Stop:* Company and Good Glamm Group look to collaborate for Creating Disruptive Omni-Channel Experiences (Positive)
  • *Ramco Cement:* Kolimigundla clinker plant capacity increased. (Positive)
  • *Greenlam:* Company has acquired land admeasuring 86 acres in Sitapur District, Uttar Pradesh for future expansion (Positive)
  • *PSP Projects:* Company emerged lowest bidder for project worth Rs 296 cr in Ahmedabad. (Positive)
  • *Subros:* Bags A New Order Worth Rs 25 Cr From Indian Railways. (Positive)
  • *Cantabil Retail:* BofA Securities Europe acquired 467978 shares at Rs 263 per share (Positive)
  • *Tata Motors:* Company will increase the price of its commercial vehicles effective January 1, 2024, up to 3%. (Positive)
  • *IREDA:* Launches Retail Division to target PM-KUSUM, Rooftop Solar & Other B2C Segments (Positive)
  • *TVS Motors:* Unveils Aapche RTR 160 4V With Control Through Dual Channel ABS (Positive)
  • *Zomato:* SoftBank's SVF Growth exits Zomato with over ₹1,127-crore stake sale (Neutral)
  • *Bank of India:* Rs 4,500 crore QIP subscribed 4.11 times, issue price at Rs 100.20/share. (Neutral)
  • *Wipro:* Stephanie Trautman resigns as Chief Growth Officer of the company (Neutral)
  • *Dr Reddys Lab:* U.S. FDA has issued form 483 with three observations. (Neutral)
  • *Lemon Tree:* Company signs licence pact for 80-room hotel in Karnataka. (Neutral)
  • *Neuland Laboratories:* Promoter has sold 4,00,000 equity shares of the Company (Neutral)
  • *JSW Steel:* Announces Membership At DJSI World Index & DJSI Index For Emerging Markets (Neutral)
  • *Jubilant Industries:* MD & CEO Manu Ahuja passes away on December 9, 2023 (Neutral)
  • *Spandana Sphoorty:* Board of directors meeting to be held on December 13 to consider the issue and offer of non-convertible debentures (Neutral)
  • *Adani Energy Solutions:* Transmission business chief Bimal Dayal has been appointed as the CEO of Adani Infrastructure India (Neutral)
  • *Fedbank Financial and SpiceJet:* Board of Directors will be meeting on December 11 to consider unaudited financial results (Neutral)
  • *EQUITY PREVIEW*:
  • Adani Energy (ADANIENS): Says CEO of transmission business Bimal Dayal, will Moves to Infrastructure Unit
  • Bank of India (BOI): Co’s Share Sale Priced at 100.2 Rupees/Shr : Filing
  • Blue Dart Express (BDE): Approves 2 leased Aircrafts purchase for INR400m
  • Bondada Engineering (BONDADA): Wins work order from BSNL
  • BSE (BSE): Board approves INR300m investments in BSE Investments
  • Cipla (CIPLA): Gets U.S. FDA approval for ANDA for Vasopressin; Gets INR27.7m penalty from GST Authority, co. to appeal order
  • Dr Reddy’s Lab (DRDD): U.S. FDA issues Form 483 with three observations after inspection of Hyderabad R&D centre
  • GMR Airports Infra (GMRI): Raises INR32.2b in debt financing for Bhogapuram Airport
  • Jaykay Enterprises (JEL): In pact with Philips Corp to set up Jv. in three months
  • JSW Steel (JSTL): JSW Steel’s US Unit Seeks to Raise Long-Term Funds Via Bonds
  • Lloyds Metals (LLOYDSME): Approves Iron Ore mining capacity upto 55m tons
  • PSP Projects (PSPPL): Emerged as lowest bidder for 2.97b rupees project of Human and Biological Science Gallery at Ahmedabad, Gujarat
  • Spandana Sphoorty (SPANDANA): To consider bond issue on Dec. 13
  • REC (RECL): Signs 200M Euro loan pact with German Bank KFW
  • Religare Enterprises (RELG): Complete 100% buy out of MIC Insurance Web Aggregator
  • Srei Infrastructure Finance (SREI): NARCL Acquires SREI Companies Under India’s Bankruptcy Law
  • Tata Motors (TTMT): To Raise Commercial Vehicle Prices Up to 3% in Jan.
  • *Nifty, Sensex bask at record highs: What's next? Here's what market experts say*
  • After Indian equity benchmarks - the S&P BSE Sensex and Nifty50 rallied 3.4 percent each last week, extending gains for six straight weeks, market participants will eye a slew of factors like retail inflation figures, manufacturing data, new listings and global central banks interest rate decisions this week.
  • On December 8, Nifty50 zoomed past the 21,000-mark to hit a lifetime high of 21,006 levels, while the Sensex hit an all-time high of 69,894 levels after the Reserve Bank of India (RBI) kept repo rates unchanged at 6.5 percent for the fifth consecutive time, in-line with market expectations. The RBI also kept inflation forecast steady at 5.4 percent for FY24, but upgraded GDP forecast to 7 percent for FY24.
  • Last week also marked investors' heightened exuberance in domestic stock markets as market capitalisation breached past $4 trillion-mark on December 5 post Bharatiya Janata Party's (BJP's) sweeping victory in three out of four state elections. The ruling party's victory in key state elections instilled investors' confidence of stable government formation ahead of 2024 general elections.
  • *_Bullish undertone intact this week; US Fed policy outcome widely eyed_*
  • Stepping into this week, analysts believe that the overall undertone of markets will continue to remain bullish despite some consolidation hiccups likely as investors try to book profit.
  • "Both Nifty and Bank Nifty are currently experiencing strong bullish momentum and trading in uncharted territory. Nifty faces immediate resistance at 21,025, with further target levels of 21,175 and 21,325. However, a strong support level exists at 20,850, with 20,600 serving as a critical support at any pullback. The overall trend remains bullish, although some intraday consolidation or pullbacks are likely," said Santosh Meena, Head of Research, Swastika Investmart.
  • On the other hand, Vinod Nair, Head of Research at Geojit Financial Services said that the outcome of awaited US Federal Reserve policy meeting will be pivotal in shaping market sentiments.
  • "In the upcoming data-centric week, focus will be on crucial releases, including inflation data from India and the US. Indian inflation is expected to rise, while US inflation will remain steady. Indian industrial and manufacturing production is also expected, while consensus expects expansion," Nair added.
  • On December 12, India and US will release consumer price index (CPI)-based retail inflation figures. According to a poll, India's retail inflation may pick up in November to 5.7 percent, faster than 4.87 percent recorded in October.
  • Later in the week, on December 13, the US Federal Reserve will announce its interest rate decision. The global central bank is expected to hold interest rates until at least July, showed a poll.
  • Additionally, Bank of England and European Central Bank will declare their interest rate decisions on December 14. Both the central banks are expected to keep interest rates unchanged, said a poll. Economists further anticipate the BoE and ECB to start reducing interest rates from the second quarter of 2024 onwards.
  • *_Bank Nifty index hits record high: Where is it headed now?_*
  • On December 8, the Bank Nifty index also hit a fresh all-time high of 47,303.65 levels. The Bank Nifty index was up over five percent last week and is on its way to clock its biggest weekly gain since July 2022.
  • Analysts believe the steam in banking shares came on the back of the RBI's measures to address liquidity deficit, including reversal of standing deposit facility (SDF).
  • "For Bank Nifty, the short-term texture is bullish. For the bulls now, 46,500-46,200 would act as a key supports zone. If it sustained above the same, then it could rally till 47,800-48,000," said Amol Athawale, Vice President - Technical Research, Kotak Securities.
  • Meanwhile, Rupak De, Senior Technical analyst at LKP Securities believes that the Bank Nifty breakout from current consolidation from 47,000 can push the index towards 48,000 in the short-term. "The support is placed at 46,500, where put writers have built significant positions. A decisive move above 47,200 might trigger a significant rally," he added.
  • *_What should be your investment formula?_*
  • After the RBI's in-line policy outcome, Palka Arora Chopra, Director, Master Capital Services believes that interest rate-sensitive sectors such as autos and real estate will benefit as consumers will now spend more taking into account borrowing cost forecasts.
  • Ajit Mishra, SVP - Technical Research, Religare Broking, however, suggests traders to stay focused on stock selection and prefers banking and IT for long trades. "The rotational buying across heavyweights is fueling the up move and we see the same trend to continue," he added.
  • Steel Companies In Focus
  • Steel mills offering Rs 1,500-2,000/t trade discount over list prices
  • Gap of over Rs 5,000/t between primary and secondary along with higher levels of imports, forced the mills to give discounts
  • Cyient Analyst Day
  • Ambition to report a revenue CAGR of 10–20% over the next 3-5 years driven
  • Expects continued improvement in margins, after raising its margin guidance this year (from earlier 100–200bp expansion to 150–250bp)
  • *GIFT Nifty -9 pts (21081) from last trade 21090 ,*
  • Nikkei +495 pts ,
  • Hangseng -185 pts ,
  • Now @6.53am .
  • Dow +130.49 pts ,Nsdq +63.98 pts, S&P
  • +18.78 pts , Bovespa +1084 pts , Ftse +40 pts , Dax +130 pts , Cac +98 pts , Crude @ $71.10 brl (-0.13), Brent @ $75.72 brl (-0.12) , Gold @ 2022.90 (+8.50), Silver $23.335 (+0.06), Euro @ $1.0765, JPY @ $144.98, INR @ 83.425
  • *Today's Corporate Action*
  • *11th Dec Ex Date*
  • STEELXIND
  • E.G.M.  
  • LSUDIN
  • Stock  Split From Rs.10/- to Rs.5/-
  • *Today's Key Results/Board Meetings*
  • *11-Dec-23
  •  
  • 9FFSL23
  • Quarterly Results   
  • DYNAMICP
  • General   
  • EASEMYTRIP
  • Interim Dividend   
  • ENBETRD
  • General   
  • FEDFINA
  • Quarterly Results   
  • KAMADGIRI
  • General   
  • LASTMILE
  • Issue Of Warrants;Preferential Issue of shares
  • NMSRESRC
  • General   
  • POOJAENT
  • General   
  • PRATIKSH
  • General   
  • SOMICONV
  • General   
  • SPCAPIT
  • General   
  • SPICEJET
  • Quarterly Results;Preferential Issue of shares
  • STDSFAC
  • General   
  • STML
  • Issue Of Warrants;General  
  • TDSL
  • General   
  • TELESYS
  • General  
  •  VICEROY
  • General  
  • *Stock under F&O ban on NSE*
  • *11-Dec-23*
  • 1 BALRAMCHIN
  • 2 DELTACORP
  • 3 HINDCOPPER
  • 4 IBULHSGFIN
  • 5 NATIONALUM
  • 6 SAIL
  • 7 ZEE
  • Who’s Meeting Whom
  • Tata Chemical: To meet investors and analysts on Dec. 13.
  • Alkem Laboratories: To meet investors and analysts on Dec. 15.
  • Parag Milk Foods: To meet investors and analysts on Dec. 8.
  • Titan: To meet investors and analysts on Dec. 11, 12, and 14.
  • Navneet Education: To meet investors and analysts on Dec. 14.
  • Mold-Tek Packaging: To meet investors and analysts on Dec. 12.
  • Team Lease: To meet investors and analysts on Dec. 11.
  • Home First Finance Company India: To meet investors and analysts on Dec. 11.
  • TeamLease Services: To meet investors and analysts on Dec. 11.
  • Ultratech Cement: To meet investors and analysts on Dec. 8.
  • Ideaforge Technology: To meet investors and analysts on Dec. 13.
  • Rallis: To meet investors and analysts on Dec. 12.
  • Securities in F&O Ban For Trade Date 11-Dec-2023:
  • • BALRAMCHIN
  • • DELTACORP
  • • HINDCOPPER
  • • IBULHSGFIN
  • • NATIONALUM
  • • SAIL
  • • ZEEL
  • *Indian Equities Pre Open Update*
  • Indian equities expected to open with flat note while sector specific move expected to be seen during the day.
  • *Global Peers Update:* Asian shares traded lower as Chinese inflation data indicates weak demand scenario while consolidation has seen ahead of a week packed with a quintet of central bank meetings and data on U.S. inflation that could make or break market hopes for an early and rapid fire round of rate cuts next year.
  • *Sectors to Watch:* Energy, Realty, Defence and Selective PSU stocks likely to remain on focus during the day.
  • *GIFT NIFTY Price* 21077.0 *Adjusted Change:* +2.0 Points, Percent Change: +0.01%
  • *Technical Levels: Nifty Near Future*
  • *Support*: 20954.0/20842.0
  • *Resistance*: 21132.0/21174.0
  • *Technical Levels: Bank Nifty Near Future*
  • *Support*: 47301.0/47152.0
  • *Resistance*: 47644.0/47790.0
  • *Fund Houses Recommendations*
  • Jefferies on *Coforge:* Maintain Buy on Company, raise target price at Rs 6580/sh (Positive)
  • MS on *DLF:* Maintain Overweight on Company, raise target price at Rs 770/sh (Positive)
  • MS on *Prestige:* Maintain Overweight on Company, raise target price at Rs 1300/sh (Positive)
  • MS on *Macrotech:* Maintain Equal weight on Company, raise target price at Rs 960/sh (Positive)
  • MS on *Godrej Prop:* Maintain Equal weight on Company, raise target price at Rs 2050/sh (Positive)
  • Nomura on *Medplus:* Maintain Buy on Company, raise target price at Rs 974/sh (Positive)
  • MS on *SAIL:* Maintain Equal weight on Company, raise target price at Rs 85/sh (Neutral)
  • MS on *Tata Steel:* Maintain Equal weight on Company, raise target price at Rs 120/sh (Neutral)
  • MS on *JSW Steel:* Maintain Underweight on Company, raise target price at Rs 620/sh (Neutral)
  • MS on *JSPL:* Maintain Underweight on Company, raise target price at Rs 525/sh (Neutral)
  • Antique on *Dr Reddy:* Maintain Sell on Company, target price at Rs 4766/sh (Neutral)
  • Macquarie on *Kansai Nerolac:* Maintain Neutral on Company, target price at Rs 345/sh (Neutral)
  • Macquarie on *Max Health:* Maintain Underperform on Company, target price at Rs 465/sh (Neutral)
  • MS on *Wipro:* Maintain Underweight on Company, target price at Rs 370/sh (Neutral)
  • MS on *Kansai Nerolac:* Maintain Underweight on Company, target price at Rs 250/sh (Neutral)
  • MS on *Oberoi Real:* Maintain Underweight on Company, raise target price at Rs 1180/sh (Neutral)
  • News Headlines from Business News Agencies:
  • Business Standard
  • • Boost to Make in India: Apple way ahead of PLI scheme commitments
  • • Unsecured loan concerns: Fintechs explore long-term loans after RBI alert
  • • India defends quality control orders imposed across various sectors at WTO
  • • India may buy more oil from UAE in the coming months after COP talks
  • • Election code impacts commercial vehicle sales in post-festival period
  • • Share of urban women with salaried jobs at 6-year low in Q2: PLFS
  • • Editoial Encouraging outlook: Inflation is expected to ease in the coming quarters
  • • A tango: Indian equity market valuation rises as US bond yields ease
  • • ToysRus expects Indian market to be among the top 5 in next 4-5 years
  • • Sebi likely to allow non-convertible debentures with lower face value
  • • Responsible by design cornerstone of AI-first strategy: Balakrishna D R
  • • Tata Projects to raise up to Rs 750 cr via non-convertible debentures
  • Economic Times
  • • Coca-Cola India forays into the alcohol segment
  • • We will build, not burn, our way into the future, says Bajaj Auto MD Rajiv Bajaj
  • • PhonePe among top fintech companies with $1.3 trillion total payment value: Walmart
  • • Indian tech firms to be key driver for global AI: Microsoft Asia president Ahmed Mazhari
  • • Smaaash's RP invites resolution plans for a 3rd time
  • • Over 63% of Indian taxpayers stick to old regime, says report
  • • Dunzo survival hinges on Reliance Retail commitment to funds
  • • India Shelter Finance is well placed to benefit from affordable housing opportunity
  • • Cut risk weight to help SMEs, banks tell RBI
  • • Wall Street gets ready to cash in on $1-trillion climate market
  • • Catastrophe bonds provide a financial safety net to insurers
  • • Govt announces new Sovereign Gold Bond issues for December and February
  • Mint
  • • Zee Entertainment aims for over 80% of prime-time TV viewership in Telugu market
  • • Tata Play to introduce targeted advertisements on linear TV
  • • Tata Motors to hike prices of commercial vehicles from next year
  • • Cipla unit recalls anti-epileptic drug in US over pouch leakage issues
  • • Lavasa resolution bid winner DPIL fudged financial statements, say home buyers
  • • Blackstone may sell up to 50% in PGP Glass
  • • US FDA issues warning letter to Intas Pharma for manufacturing lapses
  • • Adani Infrastructure India appoints Bimal Dayal as its CEO
  • • Microsoft-OpenAI partnership comes under US and UK antitrust scrutiny
  • • GQG buys stake in GMR Airports Infra
  • • NCLT admits Sahara group subsidiary into insolvency
  • • Indian companies eye defence exports to the Philippines
  • **Bulk Deal & Insider Trade Update**
  • **Bulk Deals**
  • *Zomato Limited : Svf Growth (Singapore) Pte.Ltd Sell 93569368 Shares @ Rs. 120.5
  • *Five-Star Bus Fin Ltd : Tpg Asia Vii Sf Pte Ltd Sell 8907493 Shares @ Rs. 730.12
  • *Mahindra Logistic Limited : Goldman Sachs Funds - Goldman Sachs India Equity Portfolio Sell 592042 Shares @ Rs. 376.19
  • *Sepc Limited : Bank Of Baroda Sell 448418 Shares @ Rs. 5.25
  • *Sepc Limited : The South Indian Bank Limited Sell 289916 Shares @ Rs. 5.37
  • *Sepc Limited : Punjab National Bank Sell 250000 Shares @ Rs. 5.29
  • *Sepc Limited : Central Bank Of India Sell 799174 Shares @ Rs. 5.45
  • *Gmrinfra : Asn Investments Limited Sell 439069922 Shares @ Rs. 58.21
  • *Gmrinfra : Goldman Sachs Trust Ii-Goldman Sachs Gqg Partners Intl Opportunities Fund Buy 190245637 Shares @ Rs. 59.09
  • *Gmrinfra : Varanium India Opportunity Ltd Sell 139004685 Shares @ Rs. 58.47
  • *Gmrinfra : Gqg Partners Emerging Markets Equity Fund Buy 92636787 Shares @ Rs. 59.09
  • *Gmrinfra : A/D Investors Fund L.P. Sell 75649350 Shares @ Rs. 58.2
  • *Gmrinfra : Nomura India Investment Fund Mother Fund Buy 62485851 Shares @ Rs. 58.2
  • *Gmrinfra : Deccan Value Investors Fund L.P. Sell 56181269 Shares @ Rs. 58.2
  • *Gmrinfra : Stichting Depositary Apg Emerging Markets Equity Pool Buy 34027880 Shares @ Rs. 58.2
  • *Pricolltd : Goldman Sachs India Limited Buy 2894619 Shares @ Rs. 333
  • Ashika
  • **Insider Trade**
  • *Acquisition*
  • * Promoter Group Acquisition 62535 shares of Niit Ltd.
  • * Prem Kumar Bhajanka Promoter & Director Acquisition 1260000 shares of Star Cement Ltd on 05-Dec-23
  • *Disposal*
  • * Kavinder Singh Director Disposal 18312 shares of Mahindra Holidays & Resorts India Ltd. on 06-Dec-23
  • * Promoter Group Disposal 62535 shares of Niit Ltd.
  • * Sudhanshu Vats Director Disposal 8000 shares of Pidilite Industries Ltd. on 07-Dec-23
  • * Advanced Vital Enzymes Private Limited Promoter Group Disposal 651200 shares of Advanced Enzyme Technologies Ltd
  • * Promoter Group Disposal 1176470 shares of Star Cement Ltd
  • *Pledge*
  • * Siddeshwari Tradex Private Limited Promoter Group Pledge 590300 shares of Jindal Steel & Power Ltd. on 06-Dec-23
  • * Sudhanshu Vats Director Pledge 25000 shares of Pidilite Industries Ltd. on 06-Dec-23
  • *Revoke*
  • * Siddeshwari Tradex Private Limited Promoter Group Revoke 963521 shares of Jindal Steel & Power Ltd. on 05-Dec-23
  • Ashika
  • **Dividend Update**
  • ---
  • *Corporate Actions*
  • *Dividend*
  • *12-Dec-23*
  • BPCL: Interim Dividend - Rs. - 21.00
  • *13-Dec-23*
  • RCF: Final Dividend - Rs. - 3.70
  • *14-Dec-23*
  • HINDZINC: Interim Dividend - Rs. - 6.00
  • *19-Dec-23*
  • EASEMYTRIP: Interim Dividend
  • *IPO*
  • ---
  • *Buyback*
  • SIS Ltd: Ex-Date: 12-Dec-23
  • Somany Ceramics: Ex-Date: 15-Dec-23
  • *Bonus*
  • Dhyaani Tile and Marblez: Bonus Issue 9:5; Ex-Date: 12-Dec-23
  • Sonata Software: Bonus Issue 1:1; Ex-Date: 12-Dec-23
  • Safari Industries: Bonus Issue 1:1; Ex-Date: 12-Dec-23
  • Alphalogic Techsys: Bonus Issue 1:3; Ex-Date: 15-Dec-23
  • IFL Enterprises: Bonus Issue 1:10; Ex-Date: 18-Dec-23
  • Kritika Wires: Bonus Issue 2:1; Ex-Date: 19-Dec-23
  • Paul Merchants: Bonus Issue 2:1; Ex-Date: 19-Dec-23
  • Newgen Software Tech: Bonus Issue 1:1; Ex-Date: 12-Jan-24
  • *Stock Split*
  • Sudev Industries: Stock Split From Rs. 10/- to Rs. 5/-; Ex-Date: 11-Dec-23
  • Teamo Productions: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 14-Dec-23
  • *Right Issue*
  • Asit C. Mehta Financial Services: Ex-Date: 15-Dec-23
  • SEPC: Open: 06-Dec-23; Close: 18-Dec-23
  • Asit C. Mehta Financial Services: Open: 15-Dec-23; Close: 22-Dec-23
  • *Takeover*
  • Cupid: Open: 12-Dec-23; Close: 26-Dec-23
  • *Forthcoming Event*
  • 11th December: EASEMYTRIP to consider Dividend; Last Mile Enterprises, SpiceJet, Steelman Telecom to consider Fund Raising
  • 12th December: SMLT to consider Dividend; Kaushalya Infrastructure Development Corporation to consider Consolidation of shares; Adani Ports and Special Economic Zone, Magnum Ventures, Valencia Nutrition to consider Fund Raising
  • 13th December: RSYSTEMS to consider Dividend; Growington Ventures India to consider Stock Split
  • 14th December: Jindal Saw to consider Fund Raising
  • 15th December: Akshar Spintex to consider Dividend, Bonus issue & Buyback; Anmol India to consider Fund Raising
  • 18th December: Sandur Manganese & Iron Ores to consider Bonus Issue
  • 20th December: Maagh Advertising And Marketing Services to consider Bonus Issue & Stock Split
  • 21st December: Shreeji Translogistics to consider Bonus Issue
Panchkarma