PremiumData show US inflation slowed to 7.1% last month from 7.7% in October which bolstered investors’ expectations that the Fed will downshift to an increase of 0.50 percentage points on Wednesday.
Shares of two of Japan’s largest initial public offerings this year jumped in Tokyo after both companies successfully priced shares at the top of the marketed range.
Daiei Kankyo Co. Ltd., which offers waste recycle and treatment services, gained as much as 37% in early trading, to as high as 1,850 yen. The IPO raised about 43.3 billion yen ($315 million). Once bankrupt Japanese discount carrier Skymark Airlines Inc., traded as high as 1,280 yen, or 9.4% above the listing price. The company is returning to the exchange after raising 32.5 billion yen. (Read More)
Shares of One97 Communications, parent of Paytm, fell more than 2% to hit an intraday low of ₹525.05 apiece in early deals on Wednesday, a day after the company approved its first ever share buyback worth up to ₹850 crore. The board of the company has approved the buyback at 810 rupees each, a massive 62% discount to the IPO price of 2,150 rupees, but at a 50% premium to Tuesday’s closing price.
On Wednesday, the stock had opened at ₹544, but soon fell weighing on hopes of shareholders and market participants who were expecting a rally in the company’s stock price after the buyback announcement. (Read More)
The largest cryptocurrency Bitcoin is in a super rally on Wednesday, touching its highest level in a month thanks to significant cooling in US inflation data. Broadly, crypto markets are on a bull run with the focus now shifting toward the FOMC policy meeting. Bitcoin which holds dominance in the crypto market moved closer to the $18,000 mark with weekly performance further improving. Also, with a rosier-than-expected inflation print, Bitcoin snapped its seven days of losing streak. Other counterparts such as Ether, Binance, XRP, and Dogecoin have also witnessed an upside in the last 24 hours. (Read More)
Textile fabrics manufacturer, Alstone Textiles (India) shares on Wednesday turned ex-bonus and ex-stock split ahead of the record date. The shares were near ₹169.85 apiece on December 13 before correcting into the said corporate actions. The ex-date is the day when the price of equity shares of a company gets adjusted for corporate decisions like bonus issues, stock splits, or dividend payout. Overall, the sentiment in Alstone is positive on BSE and its trading at the upper circuit.
At around 10.07 am, Alstone stock traded at the 5% upper circuit of ₹1.75 apiece. The stock stayed on the upper circuit as of now. After turning ex-bonus and ex-split, the stock's 52-week high is ₹3.48 apiece and the 52-week low is ₹0.15 apiece on BSE. Its market cap is over ₹223 crore. (Read More)
HDFC Bank has acquired a minority stake in fintech start-up Mintoak for a cash consideration of ₹31.1 crore, the bank said in a regulatory filing today.
“We wish to inform you that HDFC Bank Limited has executed agreements on December 13, 2022 to subscribe to 21,471 fully paid up Compulsory Convertible Preference Shares (“CCPS") of face value of ₹20 each at a premium of ₹9,711 for an aggregate consideration of ₹9,731 per CCPS to be issued by Mintoak Innovations Private Limited and to purchase 10,538 fully paid up Equity Shares of face value of ₹10 each at a premium of ₹9,721 for an aggregate consideration of ₹9,731 per Equity Share from certain existing shareholders of Mintoak," HDFC Bank informed via a regulatory filing. (Read More)
Binance, the world's biggest crypto exchange, saw withdrawals of $1.9 billion in the last 24 hours, blockchain data firm Nansen said on Tuesday, as the platform said it had "temporarily paused" withdrawals of the USDC stablecoin.
The $1.9 billion figure marks the largest daily outflow since at least June, the Nansen data showed, and accounted for the majority of the $2.2 billion in etheruem-based withdrawals during the last seven days. (Read More)
GMR Hyderabad International Airport Limited (GHIAL), a subsidiary of GMR Airports Limited and a step-down subsidiary of GMR Airports Infrastructure Limited (formerly known as GMR Infrastructure Limited (GIL)), announced that it had on December 13, 2022, successfully raised funds through the issuance of 10 year Listed, Rated, Redeemable, Secured Non Convertible Debentures (NCDs) amounting ₹11.50 billion, on private placement basis. The NCDs will be listed on BSE Limited. (Read More)
The rupee depreciated 4 paise to 82.64 against the US dollar in early trade on Wednesday as a strengthening greenback overseas and risk-off sentiment among investors ahead of the US Fed's interest rate decision weighed on the local unit.
However, a firm trend in domestic equities supported the domestic currency, forex dealers said.
At the interbank foreign exchange, the domestic unit opened flat at 82.60 against the dollar, then lost some ground to quote at 82.64, registering a decline of 4 paise over its previous close.
In early deals, the rupee was moving in a tight range of 82.60-82.65. (PTI)
Bank Nifty surged to a record high, lifted by strong global equities sparked by a cooler-than-expected consumer price increase in the US. Bank Nifty hit the 44,000 level for the first time as financials continued their recent outperformance. At 9:40 am, Bank Nifty index was up 0.35% at 44,089. (Read More)
Adani Transmission on Tuesday said it has incorporated a wholly-owned subsidiary Adani Cooling Solutions Ltd.
According to a regulatory filing, the subsidiary was incorporated on Monday with an initial authorised and paid up share capital of ₹1,00,000 each, for the purpose of carrying on District Cooling System business.
The entity will commence its business operations in due course, it added. (PTI)
TVS Motor Company on Tuesday said it plans to launch Euro-V emission norms-compliant two-wheelers in Turkey.
The company said it plans to introduce Euro 5 compliant products like Jupiter, NTORQ Race Edition, Raider and Apache RTR 200 4V in the market.
In consideration of environmental protection and taking care of the well-being of people of Turkey, the Turkey government has regulated adherence to Euro-5 emission norms, the company said in a statement.
The company awaits approval from European Union/local authorities to introduce products, it added. (PTI)
India's largest power generator NTPC has crossed 1 gigawatt (GW) annual capacity in the renewable energy (RE) segment by adding 1,075 megawatt (MW) renewable energy capacity in fiscal 2022-23 (FY23).
The state-run power major on Tuesday said that with this its total non-fossil capacity has reached 9.41 per cent.
With this, the standalone installed and commercial capacity of NTPC has become 58041.27 MW, while the group installed and commercial capacity of NTPC has become 70656.27 MW, according to a statement from the Union power ministry.
NTPC said its 240 MW Devikot solar project at Jaisalmer in Rajasthan has begun commercial operations. (ANI)
The true scale of Covid-19 infections in China is now "impossible" to track, the country's top health body said Wednesday, as officials warned of a rapid spread in Beijing after the country abruptly dropped its zero-tolerance policy.
China last week loosened restrictions for mass testing and quarantine after nearly three years of attempting to stamp out the virus, prompting officially reported infections to fall quickly from the all-time highs recorded last month. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The lower-than-expected November CPI inflation in the US which came at 7.1 % YoY and only 0.1% MoM confirms the market expectation that the Fed will hike the rate by only 50bp today. The consensus terminal Fed fund rate is now slightly below 5%, which is market positive. However, since the recession in the US in 2023 is a high-probability event, the market is unlikely to surge. In India, the bank index, and within the bank index the PSU bank segment, is the strongest segment and this can continue to remain resilient. HDFC twins exhibit strength. The recovery in the IT segment has some more steam to go. The resumption of FII buying is another positive. However, Nifty is unlikely to break out of the 18,400-18,800 range and sustain at higher levels. High valuations are likely to cap the rally.
Vedanta Group on Tuesday said that it has signed pacts with 30 Japanese technology companies to develop an Indian semiconductor and glass display manufacturing ecosystem.
The pacts were signed at the Vedanta-Avanstrate Business Partners Summit 2022 held last week at Tokyo, Japan. The summit was attended by more than 200 delegates from over 100 global companies. (Read More)
The GST Council, chaired by Finance Minister Nirmala Sitharaman, is likely to decide on a number of issues such as decriminalisation of GST offences, setting up of Goods and Services Tax Appellate Tribunals and tax evasion by pan masala and gutkha companies at its meeting on December 17.
According to sources, the law committee of the GST Council, comprising tax officers from the Centre and states, in a report has suggested increasing the monetary threshold for launching prosecution for GST offences.
The law committee has also suggested that the fee payable by taxpayer for compounding of GST offences be lowered with a view to improving ease of doing business. (PTI)
NSE continues to keep Delta Corp, Bhel, and Gujarat Narmada Valley Fertilizers & Chemicals on the list of banned securities under the F&O segment for Wednesday trading as they have crossed 95% of the market-wide position limit. (Read More)
At his press conference on charges against Bahamas-based FTX founder Sam Bankman-Fried, Manhattan US Attorney Damian Williams said the case shows “you can commit fraud in shorts and t-shirts in the sun."
But Williams didn’t address how US authorities plan to get Bankman-Fried back from his tropical locale to face the eight-count indictment unsealed against him Tuesday in New York federal court.
In his first appearance since his arrest Monday evening, Bankman-Fried told a Bahamian judge at an arraignment Tuesday that he wouldn’t waive his right to an extradition hearing. A defense lawyer said Bankman-Fried planned to fight being sent to the US. (Bloomberg)
State-owned Bank of Baroda (BoB) on Tuesday said it plans to sell its majority stake in Nainital Bank.
The board of directors of the bank has approved the divestment of its majority shareholding in Nainital Bank Limited (NBL), and authorised the issuance of an advertisement inviting Expressions of Interest (EOI) through a Preliminary Information Memorandum (PIM) from interested parties (IPs), the lender said in a regulatory filing.
BoB currently holds 98.57 per cent of the total equity share capital of NBL.
Details about the process of the transaction are given in the PIM, which will be published on Wednesday for inviting EOI from bidders, it said. (PTI)
The initial public offer of Sula Vineyards was subscribed 59 per cent on the second day of subscription on Tuesday.
The IPO received bids for 1,10,99,256 shares against 1,88,30,372 shares on offer, according to data available with the NSE.
The category meant for non-institutional investors got subscribed 45 per cent and the portion for Retail Individual Investors (RIIs) received 99 per cent subscription.
The Initial Public Offer (IPO) of up to 26,900,530 equity shares has a price range of ₹340-357 a share.
On Friday, Sula Vineyards said it has raised ₹288 crore from anchor investors. (PTI)
Commerce Minister Piyush Goyal and UK’s Secretary of State Kemi Badenoch met on Tuesday as both countries begin the 6th round of India-UK FTA negotiations. The commerce and industry ministry in a statement said that discussions were carried out on the India-UK FTA negotiations and the range of bilateral trade and economic relations.
The bilateral meeting was followed by the interaction of the two ministers with India and the UK Businesses, the ministry informed. (Read More)
With a market valuation of ₹19.12 Cr., Visagar Financial Services Ltd. is a small-cap company that engages in the financial services industry. The company, which was founded on March 1st, 1994, is an NBFC (Non-Banking Financial Company) engaged in financial and investment operations.
The company said today in a stock exchange filing that “This is further to our intimation on the outcome of the meeting of the Board of Directors of the Company ("Board") dated April 16, 2022, where the issue equity shares of the Company of face value of Rs.1 each ('Equity Shares') was approved by way of a Rights Issue for an amount not exceeding Rs.49.90 crores." (Rupees Forty-Nine Crore and Ninety Lacs) ("Rights Issue"), in accordance with the Companies Act, 2013 and the rules made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended and other applicable laws." (Read More)
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher recommends:
- Buy Naukri (Info Edge) at ₹4160 with a stoploss of ₹4100 for a target price of ₹4280
- Buy Bajaj Finance at ₹6620 with a stoploss of ₹6530 for a target price of ₹6800
Private sector lender Yes Bank on Tuesday said its board has approved allotment of 361.61 crore equity shares and 255.97 crore warrants to private equity majors – The Carlyle Group and Advent – following the Reserve Bank of India's nod for the same.
In a stock exchange filing, Yes Bank said, "Allotment of a total of 369,61,55,702 (Three Hundred Sixty Nine Crore Sixty One Lakh Fifty Five Thousand Seven Hundred and Two) equity shares of face value Rs. 2 /- (Rupees Two only) each and 255,97,61,818 (Two Hundred Fifty Five Crore Ninety Seven Lakh Sixty One Thousand Eight Hundred and Eighteen) share warrants convertible into equity shares of face value Rs. 2 /- (Rupees Two only) each on a preferential basis to CA Basque Investments (“Investor I") and Verventa Holdings Limited (“Investor II")." (Read More)
Tata Power has received shareholders approval to appoint former Union home secretary Rajiv Mehrishi as an independent director on its board.
The special resolution for the appointment of Mehrishi as an independent director was passed with requisite majority, according to a regulatory filing on Tuesday.
Mehrishi is a retired Indian Administrative Service (IAS) officer of the 1978 batch belonging to the Rajasthan cadre and has a wide experience of over 42 years.
He has served in various key posts in Union and Rajasthan governments. Among other positions, he has served as Union home secretary, was also the 13th Comptroller and Auditor General of India (C&AG). (PTI)
KFin Technologies is all set to launch its initial public offering (IPO) on 19 December. The company aims to raise ₹1,500 crore for the issue.
The public issue will be comprised of only an offer for sale, by promoter General Atlantic Singapore Fund Pte Ltd. They will get all the proceeds and the company will not receive any money from the offer.
The offer will open on 19 December and will close on 21 December. The anchor book will be opened for investors only on December 16. (Read More)
Paytm’s parent, One97 Communications Ltd, said its board has approved a plan to buy back up to ₹850 crore worth of shares at a 50% premium to the last trading price in a move intended to support the company’s stock, which has plunged 75% since its initial share sale last year.
The buyback will be conducted at a maximum price of ₹810 per share, the company said in a statement to stock exchanges. The buyback will be implemented through the open market route and is to be completed in six months, the filing said. The buyback price is still a discount to Paytm’s IPO price of ₹2,150 per share but a premium to Tuesday’s closing price of ₹538.40. (Read More)
India’s top lenders have shown an urgency in recruiting specialized, as well as field staff, as they pursue deposit growth in a rising interest rate scenario, and woo customers away from alternative investment tools.
Private sector lenders have upped their hiring mandate by 25% for more field staff besides junior- and mid-management executives with the ability to convince customers to invest in bank fixed deposits, executives at recruiting firms said. (Read More)
Stocks on Wall Street finished higher Tuesday after a report showed inflation cooled more than expected last month, cementing expectations that the Federal Reserve is about to dial down the size of its interest rate hikes.
The encouraging inflation data raised hopes for easing pressure on the economy ahead of an interest rate policy update on Wednesday from the Fed. Stocks initially surged, driving the Dow Jones Industrial Average more than 700 points higher, but then pared their gains as analysts cautioned investors not to get carried away by hopes for an easier Fed, as they have in the past.
The S&P 500 ended 0.7% higher. An early-morning burst of 2.8% nearly vanished by lunchtime. It had already climbed 1.4% a day earlier, with much of that gain coming in the last hour of trading on anticipation of the inflation data.
the slowdown bolstered investors’ expectations that the Federal Reserve will downshift to an increase of 0.50 percentage points when it announces its next hike to short-term rates on Wednesday. (AP)
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