Share Market Highlights 21 December 2023: Sensex climbes 358 pts to settle at 70,865; Nifty closes at 21,255

Benchmark equity indices Sensex and Nifty recovered by more than half cent on Thursday following buying in index majors HDFC Bank and Reliance Industries.

The 30-share BSE Sensex jumped 358.79 points or 0.51 per cent to settle at 70,865.10. The barometer opened lower and fell further by 585.92 points or 0.83 per cent to 69,920.39. But, markets found the winning momentum in the afternoon session and climbed 452.4 points or 0.64 per cent to 70,958.71.

The Nifty rallied 104.90 points or 0.50 per cent to 21,255.05. During the day, it hit a high of 21,288.35 and a low of 20,976.80.

Both key indices had hit record high levels in intra-day trade on Wednesday before closing sharply down by over 1 per cent.

Among the Sensex firms, Power Grid, HDFC Bank, Kotak Mahindra Bank, Reliance Industries, NTPC, State Bank of India, Tata Steel and Bharti Airtel were the major gainers.

Bajaj Finance, Axis Bank, HCL Tech and Mahindra & Mahindra were among the major laggards.

The rupee fell by 9 paise to settle at 83.27 against the US dollar on Thursday as withdrawal of foreign funds amid concerns over global trade disruption through the Red Sea route dented investor sentiment.

According to forex analysts, despite positive sentiment in the domestic equity markets and a weak American currency against major global currencies, the Indian unit was weighed down by the volatile crude oil prices.

At the interbank foreign exchange market, the local unit opened at 83.19 and traded between the peak of 83.18 and the lowest level of 83.28 against the dollar during intra-day deals.

It settled at 83.27 (provisional) against the greenback, registering a fall of 9 paise from its previous close.

On Wednesday, the domestic currency settled at 83.18 against the dollar.

Ami Organics Limited signed a MOU with a global electrolyte manufacturer for the production of electrolytes for battery cells and related materials in Gujarat, India. The collaboration involves an investment of up to Rs 300 crores, with an additional MOU to be signed with the Government of Gujarat during the Vibrant Gujarat Summit 2024.

Power Grid Corporation of India Ltd’s wholly-owned subsidiary has commissioned a transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) phase-II project. The shares were up by 2.29 per cent at Rs 232.90 on the BSE.

InterGlobe Aviation Ltd disclosed a penalty imposed by the Directorate-General of Civil Aviation (DGCA) amounting to Rs 20 lakh. The penalty is related to four tail strike incidents on A321 aircraft in 2023. IndiGo filed an appeal, and after DGCA’s consideration, the revised penalty was paid on November 9, 2023. The shares were up by 0.72 per cent at Rs 2,878.30 on the BSE.

A total of 3,873 stocks were traded on the BSE, of which 2,566 advanced, while 1,161 declined and 146 stocks remained unchanged. As many as 145 stocks hit a 52-week high and 36 stocks hit a 52-week low at 3 pm on Thursday.

A total of 3,873 stocks were traded on the BSE, of which 2,566 advanced, while 1,161 declined and 146 stocks remained unchanged. As many as 145 stocks hit a 52-week high and 36 stocks hit a 52-week low at 3 pm on Thursday.

Major gainers: Britannia industries Ltd (2.68%), Power Grid Corporation of India Ltd (2.11%), Hindalco Industries Ltd. (1.91%), Bharat Petroleum Corporation Ltd. (2.12%), HDFC Bank Ltd (1.87%)

Major losers: Axis Bank Ltd (-1.76%), Bajaj Finance Ltd (-1.96%), Bajaj Auto Ltd (-1.92%), Cipla Ltd (-1.39%), Bajaj Finserv Ltd. (-1.06%)

CareEdge expects air passenger traffic to reach 1.09x of pre-pandemic levels in FY24 post a V-shaped traffic recovery in FY23 and continue through FY25 at an estimated compounded annual growth rate (CAGR) of 14% over FY23-FY25.

Share of passenger traffic at non-metro airports increased from 32% (FY15) to 40% (FY23), outpacing traffic growth at the metro airports. 

A conducive regulatory environment, with a mature tariff-setting process augurs well for the sector. However, the part deferral of approved aggregate revenue requirement (ARR) is a key deterrent to private airport operators.

Knight Frank India in its latest report – Trends in Private Equity Investments in India 2023 – says the Indian real estate market received private equity (PE) investments of $3 billion from 23 deals in 2023 (January 1 - December 12, 2023). 

The distribution of PE investments during the year 2023 saw office space taking the lead with 58%, followed by warehousing at 23%, and residential properties at 19%. The retail sector did not witness any PE deals in 2023. Mumbai ($1,685 mn/1.6 bn), the National Capital Region ($835 mn) and Bengaluru ($347 mn) received the largest proportion of investments across sectors in 2023.

IIFL says the total exposure to AIF investment to be given for provisioning is only Rs 161 crore. 

A recent report by Jefferies said the likely amount was Rs 1,100 crore versus Rs 161 crore disclosed by the company. IIFL Finance hopes to recover the AIF exposure going ahead.

The BSE Sensex was up by 0.51 per cent or 356.38 points at 70,862.69, while the NSE Nifty was up by 0.51 per cent to 106.85 points at 21,259.35 at 2.40 pm

The debt pile-up across Advanced and Emerging Market and Developing Economies (EMDEs) is worrying, reveals a report. 

It expects higher interest payments to constrain fiscal capacity for other essential expenditure, such as health and education. 

IMF Forecasts US interest payment as a percentage of GDP to increase to 2.9 per cent in 2024 from 1.9 per cent in 2019. 

India’s interest payments as a per cent of GDP to increase up to 3.7 per cent in 2028, from 3.1 per cent in 2019 (as per IMF).

Delhivery Ltd shares gained 5.16 per cent to Rs 384.20 on the launch of its largest trucking terminal at Bhiwandi in Maharashtra. The stock opened at Rs 364 in the early hours, and touched the Rs 389 mark at 12.55 hours. 

Delhivery’s automated gateway is built over 1,200,000 sq. ft. of land area. The facility has 196 docking stations and is designed to transact over 8,000 tonnes of freight, with 1,600 vehicles transiting through it daily, a vehicle every 54 seconds. The facility’s automation system, developed and deployed by Falcon Autotech (Delhivery invested company), comprises 1.8 km of integrated double-deck cross-belt sorters coupled with over 5kms of material conveyance system.

Tarsons Products Ltd.’s shares were up by 14.13 per cent at Rs 554.05. The company will acquire German medical distributor Nerbe for about €10-15 million.

Flair Writing Ltd’s shares down 3.01 per cent at Rs 349.80. The company reported a revenue of Rs 257 crore, and net profit of Rs 33.15 crore in Q2 FY24.

Zee Entertainment shares were up by 2.92 per cent at Rs 259.15, Culver Max and Bangla Entertainment have agreed to discuss the extension of the merger date. The deadline for the completion of the merger was set for December 21.

Cochin Shipyard’s shares were up 4.78 per cent at Rs 1,282.45. The company has received a Rs 488.25-crore order from the Defence Ministry to repair and maintain equipment and systems onboard a naval vessel.

Mazagon Dock Shipbuilders Ltd.’s shares were up by 2.98 per cent at Rs 2107.30. The company signed a contract worth Rs 1,615 crore with the Ministry of Defence for the construction and delivery of six next-generation offshore patrol vessels for the Indian Coast Guard.

Bharti Airtel, telecom service provider, has partnered with IntelliSmart Infrastructure Pvt Ltd. to foray into high-end applications such as advance metering infrastructure and meter data management systems, along with cloud and analytics, the company said in a statement. 

Ganesh Lakshminarayanan, CEO of Airtel Business, India, said, “We have further strengthened our market leadership as the largest IoT enabler in the country. IoT is one of the fastest-growing business segments for Airtel Business.” Read more

Pharma major Venus Remedies has received marketing authorisations for three variants of Docetaxel in Israel and Cytarabjne 100MG in Colombia. 

According to the company’s regulatory filing, the approved Docetaxel variants are 160MG/8ML, 80MG/4ML, 20MG/1ML.

The Venus Remedies stock surged by 7.15 per cent on the NSE, at ₹403.30, as of 1:31 pm on Thursday.

The BSE Sensex was up by 0.45% or 215.80 points at 70,824.83, while the NSE Nifty was up by 0.31% or 66.55 points at 21,216.70 at 1.40 pm

Bharti Airtel Ltd enters into partnership with IntelliSmart for powering up to 20 million smart meters, shares up by 0.39% to Rs 975 on the BSE.

Thejo Engineering announced the completion of the purchase of a 10% stake from Bridgestone Mining Solutions Australia Pty Ltd. shares up by 2.43% to Rs 1,857 on the NSE.

AGS Transact Technologies Ltd. updates shareholders on its overseas subsidiary, Novus Technologies Pte. Ltd., appointing Equiteq Asia-Pacific Pte Ltd as its M&A adviser for potential fundraising. Shares up by 5.93% to Rs 88.81 on the BSE.

Venus Remedies gets marketing authorizations for three Docetaxel variants in Israel and Cytarabine 100MG in Colombia. Shares were up by 4.36% to Rs 392.35 on the BSE.

Royal Orchid Hotels Limited opens a new Regenta Resort in Sakleshpura, Western Ghats. It is positioned amidst coffee and spice plantations and is accessible from Bengaluru and Mysore.

The BSE Sensex was up by 0.30% or 206.38 points to 70,712.69 while NSE Nifty was up by 0.33% to 69.05 points to 21,219.90 at 12.35 pm

Kalyani Steel Ltd. announced the resignation of Chief Financial Officer, Bal Mukand Maheshwari, effective December 20, 2023. His last working day with the company will be on Monday, April 1, 2024. Shares down by 0.69% to Rs 433.80 on the NSE.

PVR INOX announced the launch of its 14th multiplex in the city of Gurugram, Haryana. The 3-Screen multiplex is located in IRIS Broadway, Sector 85, Gurugram, on NH-8, Dwarka Expressway. Shares were up by 0.66% to Rs 1758.55 on the BSE.

Artefact Projects Ltd. secured a project in collaboration with Global Infra Solutions from the National Highway Authority of India for the supervision of 4-laning in Madhya Pradesh. It entails a contracted fee of Rs. 8.98 crore. Shares up by 3.26% to Rs 62 on the BSE.

Stocks hitting 52 week low on the NSE - Bohra industries Ltd (-4.99%), Bajel Projects Ltd. (-4.99%), Kabra Extrusion Ltd. (-3.38%), Inox India Ltd (-2.36%), Raj rayon industries Ltd (-1.87%)

Stocks hitting 52 week high on the NSE - Starteck Finance ltd. (14.33%), Hindcon Chemicals Ltd. (13.76%), Lokesh Machines Ltd. (10.12%), Times Guaranty Ltd. (9.98%), Arman financial services Ltd (8.79%)

Major gainers on the NSE at 12.10 pm- Britannia industries Ltd (2.82%), Power grid corporation of India Ltd (2.14%), Apollo hospitals enterprise Ltd (1.90%), Bharat Petroleum Corporation Ltd. (1.27%), HDFC Bank Ltd (1.23%)

Major Losers on the NSE at 12.10 pm - Axis Bank Ltd (-2.46%), Bajaj Auto Ltd (-1.71%), SBI Life insurance company Ltd (-1.30%), ICICI Bank Ltd (-1.10%), Mahindra and Mahindra Ltd (-0.81%)

A total of 3,752 stocks were traded on the BSE, of which, 2,401 advanced, while 1,210 declined and 141 stocks remained unchanged. As many as 108 stocks hit a 52 week high and 31 stocks hit a 52 week low at 12 pm on Thursday.

Coforge Limited announced a collaboration with Microsoft Azure OpenAI Service to leverage Generative Artificial Intelligence (AI) for enterprise solutions. It is to facilitate creative problem-solving, data-driven decision-making, and streamlined operations for enterprises worldwide. Shares up by 0.92% to Rs 6092.40 on the BSE.

Star Paper Mills disclosed a fire incident at one of their stock yards, anticipating damages amounting to Rs 2 crore. The sum is insured. Shares up by 1.28% to Rs 226.25 on the NSE.

​Wardwizard Foods and Beverages Limited​ celebrated its second year at Khadya Khurak 2023, showcasing their product range at the Gandhinagar event, including Ready-to-Eat meals, savoury sauces, and spices. Shares were down by 0.20% to Rs 30.40 on the BSE.

DMR Hydroengineering & Infrastructures Limited secured an order for a 2220 MW hydroelectric power project. The order is valued at Rs 1.10 crore, placed by OJU Subansiri Hydro Power Corporation Private Limited in Arunachal Pradesh. Stock trades at Rs 80.10, up by 0.13% on the BSE.

Natco Pharma Limited announced cthe dismissal of all claims against the company in a US antitrust lawsuit related to Pomalidomide capsules. The lawsuit was filed by Blue Cross & Blue Shield of Louisiana and HMO Louisiana. Shares down by 0.24% or 1.80 points to Rs 763 on the BSE.

The BSE Sensex up by 0.01% or 7.32 points to 70,513.63 while NSE Nifty trades flat at 0.40 points to 21,150.55 at 11.30 am

Strides Pharma Science Limited reveals that its subsidiary, Trinity Pharma Proprietary Limited, secured credit facility from Investec for Business, South Africa for Rs 31.5 crore. Shares were up by 3.43% to Rs 596.23 on the BSE.

CRISIL Limited received an assessment order from the Income Tax Authority. The order proposes certain additions with a demand raised of Rs 52.33 crore. The company plans to file an appeal against the order. Shares were up by 0.13% to Rs 4260.85 on the BSE.

Inox India entered the secondary market today at a listing price of Rs. 949, a gain of around 43% over its issue price of Rs. 660. The IPO received a huge subscription of 61.28x. Though we can consider it a decent listing, it is still below expectations, and the reason behind this is poor market sentiment. Inox India is the leading cryogenic equipment supplier in India, benefiting from rising demand in sectors like healthcare, space exploration, and food processing. It boasts a diversified product portfolio and a strong order book. With strong fundamentals and a growing market, the company has the potential for long-term value creation; thus, we recommend holding it with a long-term view. Also, fresh buying at a lower level can be considered.

Route – Tender 

Buyback Price: 850/- 

Current Market Price: 697.90 /-

Market Cap: Rs 2,964 crores

Buyback Size: ₹125 Crs (Representing 15.18 % and 15.17 % of the aggregate of the Company’s fully paid-up equity capital and free reserves) 

Buyback Size: 14,70,588 shares (Representing 3.46 % of O/s. shares) 

Retail Quota: 2,20,588 Shares 

Entitlement:

General Category - 8 Equity Share for every 265 Equity Shares held on the Record Date

Retail Category - 5 Equity Share for every 29 Equity Shares held on the Record Date

Buyback Record Date: 15 December 2023

Tender Period:

Start Date - 21 December 2023 (Today)

Close Date - 28 December 2023

Obligation Date - 03 January 2023

Settlement Date - 04 January 2023

Ex Bonus 22 December 2023 (Tomorrow)

Last date Trade for Before Bonus Today

Alphalogic Techsys Ltd

Bonus issue 1:3

Previous day Closing Price – Rs. 86.24

Axita Cotton Ltd

Bonus issue 1:3

Previous day Closing Price – Rs. 30.71

Ex-Dividend 22 December 2023 (Tomorrow)

Last date for Cum-Dividend Today

Kovilpatti Lakshmi Roller Flour Mills Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 197

R Systems International Limited

Dividend Per Share Rs.6.8

Previous day Closing Price – Rs. 542.05

Sarthak Metals Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 230.4

Avenue Supermarts Limited (DMart) discloses a penalty imposition by the District Consumer Disputes Redressal Commission. The order mandates a Rs 50,000 penalty to be deposited in the Consumer Welfare Fund and Rs 15,000 to be paid to the complainant. The penalty is related to a complaint of overcharging for household products in the DMart store at Solapur.

Bharti Airtel Limited received an order from the Office of the Principal Commissioner, CGST and Central Excise, Chennai, imposing a penalty of Rs 15.58 lakh for alleged incorrect input tax credit availing during the financial years 2017-18, 2018-19, and 2019-20.

The market tanked in the post-lunch session on Wednesday on heavy profit-booking. The BSE Sensex is now at 70,467.33, down by 38.98 pts or 0.06 per cent, and Nifty at 21,141.30, down by 8.85 points or 0.04 per cent as of 10:50 am on Thursday. Read more

State Bank of India is to sign a EURO 200 million Line of Credit from EIB (European Investment Bank) to support climate action projects in India, at the bank’s IFSC Gift City Branch in Ahmedabad on Thursday.

Marine Electricals (India) Ltd has secured orders worth Rs 27.97 crore, including contracts from Hooghly Cochin Shipyard, Garden Reach Shipbuilders & Engineers, and Deepak Chem Tech. The orders involve procurement of electrical packages for a IWAI Hybrid Vessel, supply of B&D spares for IBS projects, and LT panels, with deliveries spanning 5 to 10 months. Marine India’s shares were up by 4.28% at Rs 92.50 on the NSE.

Titagarh Rail Systems has announced key changes in its top management. Anil Kumar Agarwal has been appointed Deputy Managing Director (DMD) and CEO of the freight rail systems business vertical. The division operates four units, three in Kolkata and one in Bharatpur, and has targeted an output of over 1,000 wagons per month in this financial year. Read more

Shares of Zee Entertainment Enterprises are up over 3.7% after it received a notification from Sony India to discuss extension of the merger completion date

The BSE sensex was down by 0.35% or 244.81 points to 70,261.50 while NSE Nifty was down by 0.39% or 81.60 points to 21,068.55 at 10.30 am

Bank Nifty opened lower today at 47,172.45 compared to Wednesday’s close of 47,445.30. The index is now around 47,280 down 0.3 per cent.

Interestingly, even though the index is down so far today, the advance/decline ratio stands at 8/4, giving it a bullish bias.

Nifty 50 opened today’s session with a gap-down at 21,033.95 as against Wednesday’s close of 21,150.15. The index is now hovering around 21,080, down 0.3 per cent.

The advance/decline ratio of Nifty 50 shows a bearish inclination as it stands at 18/32. Interestingly though, the mid- and small-cap indices are in the green.

Suzlon Energy secured a repeat order of 193.2 MW from The KP Group for a Wind-Solar Hybrid project in Gujarat, supplying 92 wind turbines with a rated capacity of 2.1 MW each. Shares down by 0.31% to Rs 35.50 on the BSE.

ICICI Lombard General Insurance Company Limited acquired a 0.0059% stake in Reliance Industries Limited for a cumulative consideration of Rs Rs 101 crore. ICICI’s stock trades at Rs 1,400, down by 0.93%, on the NSE.

Iris Clothings Limited unveiled its Summer Collection at a distributor meet in Siliguri, getting a positive response from over 120 distributors. Shares were up by 1.28% to Rs 75.30 on the NSE.

Kings Infra Ventures Limited secured capital of Rs 40 crore from Punjab National Bank. The company aims to meet increased demand for premium seafood, entering the domestic market with Ready-to-Cook and Ready-to-Eat products under its brand KING BENTO. Shares were up by 2.78% to Rs 164.80 on the BSE.

Ashok Leyland secured a landmark order for 552 Ultra-Low Entry Diesel Non-AC buses from Tamil Nadu State Transport Corporation, valued at Rs 500.97 crore. The order is to be executed between April and July 2024. Shares were down by 0.32% to Rs 169.50 on the BSE.

Titagarh Rail Systems announced reorganization and realignment of top management team to accelerate growth, stock trades at Rs 1000.25, up by 0.03%, on the BSE.

The BSE sensex was down by 0.62% or 432.59 points to 70,074.73 while NSE Nifty was down by 0.64% or 135.75 points to 21,014.40

Top gainers on the NSE at 9.30 am- Oil and Natural Gas corporation Ltd. (1.03%), Reliance industries Ltd (0.66%), HDFC Bank Ltd (0.37%), Ltimindtree Ltd (0.12%), Power grid corporation of India Ltd (0.26%)

Top losers on the NSE AT 9.30 am- Axis Bank Ltd (-2.78%), Cipla Ltd (-2.12%), Baja Auto Ltd. (-2.01%), Larsen and toubro limited (-1.85%), Dr. Reddy’s laboratories Ltd (-1.21%)

The Happy Forgings issue closes for public subscription today. The IPO has been subscribed 7.47 times so far on the back of a strong response from small and wealthy retail investors. Priced in a band of ₹808–850, the IPO received bids for 1.94 crore shares, against 89.65 lakh shares on offer.

Crude oil futures traded lower on Thursday morning as the official data showed increase in the crude oil inventories in the US. Added to this, crude oil production also went up in the US for the week ending December 15. At 9.28 am on Thursday, February Brent oil futures were at $79.38, down by 0.40 per cent; and February crude oil futures on WTI (West Texas Intermediate) were at $73.90, down by 0.43 per cent. January crude oil futures were trading at ₹6163 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning against the previous close of ₹6174, down by 0.18 per cent; and February futures were trading at ₹6195 as against the previous close of ₹6202, down by 0.11 per cent.

India’s primary stock gauges, the Sensex and Nifty, commenced Thursday with a notable decline. Wednesday’s abrupt downturn caught investors by surprise, leading to widespread panic selling and a significant market downturn. During early trading, the 30-share BSE Sensex dropped by 296.25, reaching 70,210.06, while the NSE Nifty experienced a drop of 103 points, trading at 21,047.15. 

However, analysts expect the market to see value buying, particularly in the large-cap space. However, some small-cap and mid-cap stocks may come under pressure.

Sanjeev Hota, Head of Research, Sharekhan by BNP Paribas, said the steep fall in the market across indices was primarily led by profit booking at higher levels, coupled with concerns around the rising covid cases, and potential geo-political tension due to the impact on shipping routes in the Red Sea region arising out Houthi militias from Yemen has dented the investor sentiments.

There are hardly any margins of safety left in some pockets of mid- and small-caps after a significant run-up; thus, taking out some froth is healthy for the market, he added.

Asian stocks are down in early deals on Thursday between 0.5 per cent and 2 per cent. US stocks, too, fell overnight.

“Nevertheless, India’s structural story is getting stronger with stable government, healthy corporate earnings outlook and improving macro picture. Hence, any material dip could again provide investment opportunity in quality stocks,” Sanjeev Hota said.

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said: Markets were on a record-setting spree for a while and have been in an overbought zone, so hiccups were expected in the form of profit-taking, which came to the fore today. Redemption was seen across the sectors; even mid & small-cap stocks came under strong bear hammering. Volatility is likely to be the hallmark in the near term, with India’s VIX jumping over 4% in a day.

“Amidst overbought technical conditions, key benchmarks may consolidate in the near term, but that said, the medium-term outlook continues to be in favour of the bulls but only on any steep corrective declines. Technically, support for Nifty is seen at 20917-20707, while the index may face resistance at 21953-22001 levels,” he said.

The ₹740-crore IPO from Hyderabad-based Azad Engineering was subscribed over three times on Day 1 of the issue on Wednesday. The price band is ₹499-524, and investors can bid for a minimum of 28 equity shares.

The IPO received bids for 3.35 crore shares, against 1.01 crore shares on offer.

Several sports personalities, including Sachin Tendulkar, P.V. Sindhu, V.V.S. Laxman and Saina Nawal, have invested in the company.

The Reserve Bank of India (RBI) has approved the re-appointment of Sandeep Batra as Executive Director of ICICI Bank with effect from December 23, 2023 to December 22, 2025. This renewed term of two years is within the five years term as previously approved by the shareholders

Inox India shares will be listed at the bourses today. The company has fixed the IPO price at ₹660. The sudden sell-off in the secondary market has created anxiety around its listing, as the IPO witnessed a robust response from all category of investors, especially from institutions.

The IPO was subscribed 61.28 times, with the QIB portion bid 147.80 times, portion for non-institutions 53.20 times, and that for retail investors 15.30 times.

Moved into short-term ASM framework: Nintec Systems, PC Jeweller, and Spencer’s Retail. 

Moved out of short-term ASM framework: AGS Transact Technologies, and Patel Engineering.

Usha Martin: Promoter group Peterhouse Investments India sold 30,000 shares on Dec. 19. 

ION Exchange: Promoter group Mahabir Prasad Patni sold 1 lakh shares between Dec. 11 and 19. 

Ultramine and Pigments: Promoter Deepa Ajay sold 13,967 shares between Dec. 18 and 19. Promoter S. Narayanan sold 16,839 shares on Dec.19.

Tips Industries: Kumar Sadhuram Taurani sold 34 lakh shares (2.64%) at Rs 346.44 apiece, Ramesh Sadhuram Taurani sold 34 lakh shares (2.64%) at Rs 342.91 apiece, while F3 Advisors bought 14.14 lakh shares (1.1%) at Rs 345.78 apiece, Mansi Share and Stock Advisors bought 7.33 lakh shares (0.57%) at Rs 346.21 apiece, and Sahastraa Advisors bought 6.6 lakh shares (0.51%) at Rs 344.79 apiece. 

India Shelter Finance: Goldman Sachs Funds bought 5.91 lakh shares (0.55%) at Rs 593.08 apiece. Nippon India Mutual Fund bought 10.10 lakh shares (0.94%) at Rs 572.81 apiece. 

Symphony: HDFC Mutual Fund Multi Cap Fund bought 6 lakh shares (0.87%), while Swayat Trading Co. sold 6 lakh shares (0.87%) at Rs 880 apiece. Landmark Cars: Bajaj Finance sold 3.2 lakh shares (0.79%) at Rs 805.58 apiece. 

Astral: Saumya Polymers LLP sold 36.2 lakh shares (1.34%), Kairav Chemicals sold 10.6 lakh shares (0.39%), while Morgan Stanley Institutional Fund Emerging Markets Portfolio bought 13.22 lakh shares (0.49%), Nippon India Mutual Fund bought 12 lakh shares (0.44%), Government of Singapore bought 8.83 lakh shares (0.32%), Abu Dhabi Investment Authority bought 5.25 lakh shares (0.19%), and Morgan Stanley Asia Singapore PTE bought 2.2 lakh shares (0.08%), among others, at Rs 1,889.8 apiece. 

Nippon Life India Asset Management: IndusInd Bank sold 1.7 crore shares (2.86%) at Rs 445.35 apiece, while SBI Mutual Fund bought 77.82 lakh shares (1.23%), ICICI Prudential Mutual Fund bought 47.01 lakh shares (0.92%), Norges Bank bought 9.34 lakh shares (0.14%), Societe Generale bought 9 lakh shares (0.14%), and Morgan Stanley Asia Singapore Pte bought 2.25 lakh shares (0.03%), among others, at Rs 445.35 apiece. 

Shriram Piston and Ring: K S Kolbenschmidt GMBH sold 39 lakh shares (8.85%), while Abakkus Asset Manager LLP, through five of its funds, bought 34.63 lakh shares (7.86%), and AL Mehwar Commercial Investments LLC bought 4.36 lakh shares (0.99%) at Rs 1,103.6 apiece. 

Motisons Jewellers: The public issue was subscribed to 159.61 times on day 3. The bids were led by non-institutional investors (233.91 times), institutional investors (157.40 times), and retail investors (122.28 times). 

*Suraj Estates:*The public issue was subscribed 15.65 times on day 3. The bids were led by institutional investors (24.31 times), non-institutional investors (18.9 times), and retail investors (9.3 times). 

Muthoot Microfin: The public issue was subscribed 11.52 times on day 3. The bids were led by institutional investors (17.47 times), non-institutional investors (13.20 times), retail investors (7.61 times), and employee reserved (2.87 times). 

Credo Brands: The public issue was subscribed 6.95 times on day 2. The bids were led by non-institutional investors (233.91 times), institutional investors (157.40 times), and retail investors (122.28 times). 

RBZ Jewellers: The public issue was subscribed 7.15 times on day 2. The bids were led by non-institutional investors (3.49 times), retail investors (13.14 times), and institutional investors (0.05 times). 

Happy Forgings: The public issue was subscribed to 159.61 times on day 2. The bids were led by non-institutional investors (11.48 times), retail investors (8.78 times), and institutional investors (0.35 times).

Azad Engineering: The public issue was subscribed 3.31 times on day 1. The bids were led by non-institutional investors (6.13 times), retail investors (3.93 times), and institutional investors (0.05 times). 

*Innova Captab:*The IPO will open for bids on Thursday. It will comprise a fresh issue of Rs 320 crore and an offer for sale of Rs 250 crore. The price band is fixed at Rs 426–448 apiece. The company has raised Rs 76.74 crore from anchor investors.

Mazagon Dock Shipbuilders: The company signed a contract worth Rs 1,615 crore with the Ministry of Defence for the construction and delivery of six next-generation offshore patrol vessels for the Indian Coast Guard.

Cochin Shipyard: The company received an order worth Rs 488.25 crore from the Defense Ministry to repair and maintain equipment and systems onboard the naval vessel.

Zee Entertainment: Culver Max and Bangla Entertainment have agreed to discuss the extension of the merger date. The deadline for the completion of the merger was set for Dec. 21.

BSE: The company received approval from the Securities Exchange Board of India for appointing Pramod Agrawal as chairman effective from Jan. 17, 2024.

Ultratech Cement: The company will buy a stake in renewable energy company Clean Max Terra for Rs 20.25 crore.

Adani Green Energy: The company will consider a proposal to raise funds via multiple instruments on Dec. 26.

ICICI Bank: The company received the Reserve Bank of India’s nod for the re-appointment of Sandeep Batra as executive director.

Raymond: The company’s unit has incorporated the wholly owned subsidiary Ten X Realty East with the objective of undertaking real estate business.

Flair Writing: The company reported revenue of Rs 257 crore for Q2 FY24 and a net profit of Rs 33.15 crore for Q2 FY24.

REC: The company unit incorporated a wholly owned subsidiary, Kankani Power Transmission.

Sonata Software: The company signed a contract with AMMEGA Group, a global leader in conveyor belts and power transmission with manufacturing sites and customer solution centres around the world.

Tarsons Products: The company will acquire German medical distributor Nerbe for about €10-15 million.

Manali Petrochemical: The company has resumed its operations at the Chennai plant.

BSE: The company received approval from the Securities Exchange Board of India for appointing Pramod Agrawal as chairman effective from Jan. 17, 2024

Cochin Shipyard: The company received an order worth Rs 488.25 crore from the Defense Ministry to repair and maintain equipment and systems onboard the naval vessel.

HSBC on UPL: Maintain Buy on Company, target price at Rs 750/sh (Positive) 

HSBC on PI Ind: Maintain Buy on Company, target price at Rs 4100/sh (Positive) 

HSBC on Dhanuka Agri: Maintain Buy on Company, raise target price at Rs 1200/sh (Positive) 

HSBC on Bayer Crop: Maintain Hold on Company, raise target price at Rs 5600/sh (Positive) 

MS on DLF: Maintain Overweight on Company, target price at Rs 770/sh (Positive) 

Nuvama on Orchid Pharma: Initiate Buy on Company, target price at Rs 900/sh (Positive) 

Jefferies on Metals: Asian flat (Hot-rolled coil) steel price, after falling 22% over Mar-Oct has risen 8% in last 2 mths still it is near the lowest level in a decade. Prefer Coal India (Positive) 

MS on Telecom sector: TRAI September 2023 shows healthy data subscriber additions & that overall subscriber addition was stable (Positive) 

DAM on Sundaram Fin: Downgrade to Sell on Company, cut target price at Rs 3250/sh (Negative) 

HSBC on Rallis: Downgrade to Reduce on Company, target price at Rs 195/sh (Negative)

Domestic markets are expected to open on a cautious note on Thursday. The sudden fall on Wednesday caught most investors off guard. The panic selling triggered a sharp fall across the board.

Gift Nifty at 21,114 indicates a steady start at Nifty Dec futures on Wednesday, closed at 21,217, and Jan futures at 21,316.

However, analysts expect the market to see value buying, particularly in the large-cap space. However, some small-cap and mid-cap stocks may come under pressure.

The National Company Law Appellate Tribunal (NCLAT) has pronounced its order in favour of the existing promoters of Appu Hotels in a case pertaining to a takeover bid by MGM Healthcare’s Managing Director M K Rajagopalan.

The Divisional Bench-1, Chennai, has passed an order stating, “The powers of the Board of Directors which stood suspended is restored and the management and affairs of the Corporate Debtor is directed to be handed over to them by the RP (Resolution Professional), including the possession and control of books and assets of the Corporate Debtor, if any taken during the CIRP (corporate insolvency resolution process) period.

Zee Entertainment, Axis Bank, ICICI Bank, HDFC Bank, IndusInd Bank, Bajaj Finance, Texmaco Rail, JSW Energy, Aditya Birla Capital, Jyoti Structures, AstraZeneca, Gretex Corporate, Satin Credit

The RBZ Jewellers public issue was subscribed 7.15 times at the end of Day 2 on Wednesday, on heavy investing by as retail investors and HNIs. The ₹100-crore initial public offering from RBZ Jewellers that comes with a price band of ₹95-100, received bids for 5.65 crore shares, as against an offer of 79 lakh shares. The issue will close today and the market lot is 150 shares.

The offer, a fresh issuance of one crore shares, is being made to finance the working capital requirements and for general corporate purposes. 

The initial public offering of Mumbai-based Credo Brands Marketing will close today. The IPO was subscribed 6.94 times so far. The ₹549.80-crore IPO comes with a price band of ₹266-280 and investors can bid for a minimum of 53 shares.

Selan Exploration Technology Limited (the ‘Company’) has received a letter conveying the approval of Ministry of Petroleum & Natural Gas, Government of India for transfer of 100% (One Hundred Percent) Participating Interest from PFH Oil and Gas Private Limited to the Company w.r.t. Contract area CB/ONDSF/ELAO/2016.

The Company shall now initiate project execution activities in due course of time.

Mazagon Dock Shipbuilders Limited (MDL) has signed a contract with Acquisition wing of Ministry of Defence for Construction and Delivery of six (06) Next generation Offshore Patrol Vessels (NGOPVs) for Indian Coast Guard (ICG) on 20 Dec 2023.

The 1st vessel delivery is T0 + 41 months and delivery of subsequent vessels at intervals of Five (05) months, where T0 is the date of release of advance payment by the Buyer to the Seller.

The contract value is aprox. INR 1600 Cr.

The board Hindustan Foods Ltd has considered and approved the allotment of 56,75,054 Convertible Warrants at a price of Rs. 546.25 each by way of Preferential Issue to the certain identified Qualified Institutional Buyers (QIBs) under Non-Promoter category.

The board also approved the allotment of 15,96,027 Convertible Warrants at a price of Rs. 563.90 each by way of Preferential Issue to the certain identified Non-Qualified Institutional Buyers (Non QIBs) under Non-Promoter category.

The allottees under QIBs include:

1. Infinity Holdings - 14,64,530 Warrants

2. Infinity Holding Sidecar I - 14,64,530 Warrants

3. Malabar Select Fund - 9,15,331 Warrants

4. Sixth Sense India Opportunities III - 18,30,663 Warrants

The allottees under Non-QIBs include:

1. Bay Capital Holdings Limited - 10,64,018 Warrants

2. Vanaja Sundar Iyer - 5,32,009 Warrants

Sumedha Fiscal Services Ltd has entered into “Agreement for Sale” on December 20, 2023 for the sale of the Company’s flat bearing Apartment No. 2503 on the 25th floor of Tower 21 in the housing complex “Lotus Boulevard” lying and situated at Sector-100, Noida, District Gautam Buddha Nagar, Uttar Pradesh - 201301.

The Company has received an advance of Rs. 18,00,000 and balance payment to be received on or before execution of Deed of Conveyance

The Board of Directors of Allcargo Logistics Limited has fixed Tuesday, January 2, 2024 as the Record Date for the purpose of ascertaining the eligibility of shareholders for allotment of bonus shares in the proportion of 3:1 i.e. 3 (Three) new equity shares of ₹2/- (Rupees Two) each for every 1(One) existing equity share of ₹2/- (Rupees Two) each held by the shareholders of the Company, subject to the approval of shareholders by way of postal ballot through e-voting process.

• ASHOK LEY 

• BALRAMCHIN 

• DELTACORP 

• INDUS TOWERS 

• INDIACEM 

• MANAPPURAM 

• NATIONALUM 

• PEL 

• RBLBANK 

• SAIL

Tech giant Accenture’s muted revenue growth and conservative outlook signals a continued downturn for the Indian IT industry. As discretionary spending remains cautious, demand recovery in the near term is not to be expected for the sector. 

Accenture in Q1 — the company follows September-August fiscal — reported year-on-year (y-o-y) growth of 1 per cent near the upper end of -2 to 2 per cent growth guidance range. For FY24, the company retained its guidance in the range of 2-5 per cent. 

At its analyst/investor meet, MGFL’s senior management team showcased the company’s capabilities in its non-gold business including MFI, vehicle finance, home finance and MSME & allied products.

Beyond its view/outlook on the gold business, MGFL presented a drill-down on each of its non-gold businesses, including a peek into its sourcing, underwriting and collection processes, how these businesses have successfully navigated Covid and have reverted to pre-Covid business indicators and readiness to now exhibit healthy AUM growth and profitability in non-gold businesses.

Bharat Electronics (BHE) has received several order inflows aggregating ₹8,790 crore in Q3-FY24 to date. Until FY24 YTD, cumulative order inflows stood at ₹23,170 crore vs guidance of ₹20000 crore in FY24, 16 per cent ahead of the target.

Considering the past year’s order inflows, we believe there has been a sizeable rise in short-cycle orders toward radars, avionics, electronics warfare system, annual maintenance contracts for radars & other equipment, and spares & services.

The Securities Appellate Tribunal (SAT) on Wednesday quashed two separate orders by the Securities and Exchange Board of India (SEBI) against Axis Bank, HDFC Bank, ICICI Bank, IndusInd Bank and Bajaj Finance, restricting them from revoking the shares pledged by Karvy Stock Broking.

Axis Bank has been permitted to invoke the shares pledged in its favour. The tribunal directed the SEBI, NSE and NSDL to restore the pledge made in favour of the appellants within four weeks. In the alternative, SEBI, NSE and NSDL have to compensate these lenders with the value of the underlined securities pledged in their favour by Karvy Stock Broking along with interest at 10 per cent per annum.

Cintas Corporation (Pre market) (Sector- Business Services)

Paychex, Inc. (Pre market) (Sector- Technology)

Carnival Corporation (Pre market) (Sector- Hotel and Tourism)

CarMax Inc (Pre market) (Sector- Automobile)

Nike, Inc. (Post market) (Sector- Consumer)

Aegon Ltd (TENT) (Sector- Financial)

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

Short-term traders can consider buying the shares of Redington. The stock fell over a per cent on Wednesday. However, the trend is up since the last week of October and it is intact. Strong support is in the ₹169-167 region which can limit the downside. 

https://play.google.com/store/apps/details?id=com.intelegain.rb

Azad Engineeri: Vishnu Malpani, Whole-Time Director

Proceeds Of ?240 Cr Will Be Utilised To Pay Off Debt: Azad Engineering

https://www.youtube.com/watch?v=ocEWcW0L3wg

BL Kashyap: Vineet Kashyap, MD

Infra Boom To Benefit BL Kashyap?

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

Cosmo First: Pankaj Poddar, CEO

Speciality Films At 65% Of Sales, Should Increase To 68-70%: Cosmo First

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

Chaman Lal Seti: Vijay Setia, Chairman & Managing Director

Government Eyes Food Security Amid Soaring Prices; How Will It Impact On Export?

https://www.youtube.com/watch?v=OXsInzxX6h4

DOMS Industries: Santosh Rasiklal Raveshia, MD

Our Capacity Utilisation Ranges From 85-93%: DOMS Industries

https://www.youtube.com/watch?v=k1IqhO7s7-A

India Shelter F: Rupinder Singh, MD & CEO

With Capital Infusion Net Worth Will Cross ?2,000 Cr: India Shelter Fin Corp

https://www.youtube.com/watch?v=FEVAHXjtvw0

Jubilant Food: Sameer Khetarpal, MD & CEO

Witnessing Growth In Pizza Category Via New Campaigns & Delivery Promises: Jubilant FoodWorks

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

Man Infra: Manan Parag Shah, ED MD

Man Infraconstruction Revenue Potential From Ghatkopar Project

https://www.youtube.com/watch?v=ph0EJi9VfTA

Mahindra Holida: Kavinder Singh, MD & CEO

Most Resorts Are Running Full And Will Cross 90% Occupancy In December: Mahindra Holidays

https://www.youtube.com/watch?v=ykH0JRMAXg8

Orchid Chem: Manish Dhanuka, MD

Co Growing At 15-20% Per Annum & Hope To Continue Growth Momentum For Next 3-4 Yrs: Orchid Pharma

https://www.youtube.com/watch?v=uLfEHClPQE8

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

👎 FII net sold ₹1322 cr

👍 DII net bought ₹4754 cr

Asian markets turned cautious on Thursday following a late decline on Wall Street that dimmed the positive outlook on declining global inflationary pressures.

Japanese stocks commenced the day on a downward trend, with the Nikkei 225 index down by 1.53% or 515.68 points to 33,160.29, and the broader Topix index slipping 1.06% or 24.88 points to 2,324.50. Meanwhile, South Korea’s KOSPI exhibited weakness, shedding 0.43% or 11.22 points, trading at 2,603.08. In Australia, shares retracted due to losses in commodity-related stocks, causing the S&P/ASX 200 index to fall by 0.31% and trade at 7,514.80.

On the previous day’s Wall Street, the Dow Jones Industrial Average dropped by 475.92 points (1.27%) to 37,082, the S&P 500 lost 70.02 points (1.47%) to 4,698.35, and the Nasdaq Composite declined by 225.28 points (1.5%) to 14,777.94.

U.S. stocks closed lower on Wednesday after an abrupt mid-afternoon nosedive ended Wall Street’s impressive rally, which had been driven by falling interest rates and the Federal Reserve’s dovish turn.

All three major U.S. stock indexes veered lower late in the session to end 1.3% to 1.5% below Tuesday’s close.

The Dow Jones Industrial Average fell 475.92 points, or 1.27%, to 37,082, the S&P 500 lost 70.02 points, or 1.47%, to 4,698.35 and the Nasdaq Composite dropped 225.28 points, or 1.5%, to 14,777.94. - Reuters