Share Market Highlights 26 December 2023: Sensex climbs 230 pts, Nifty settles above 21,400 amidst Fed rate cut expectations

Stock markets closed with gains on Tuesday, extending the winning run to the third day on the trot after buying in power, utilities, oil and gas and banking shares.

The 30-share BSE Sensex climbed 229.84 points or 0.32 per cent to settle at 71,336.80. During the day, it jumped 364.33 points or 0.51 per cent to 71,471.29. Index heavyweights HDFC Bank and Reliance Industries contributed around 120 points to the rally.

The broader Nifty advanced 91.95 points or 0.43 per cent to 21,441.35.

The rupee slipped 3 paise to settle at 83.19 (provisional) against the US dollar on Tuesday amid a strong American currency and outflow of foreign funds.

A positive equity market sentiment and softer crude oil prices, however, provided a cushion and restricted the fall in the Indian currency, forex traders said.

Adani Green Energy is planning to raise raising ₹9,350 crore ($1.125 billion) through the issue of equity warrants on preferential basis to its promoter group, the company said in an exchange filing.

The warrants will be issued at ₹1480.75 per share and the funds raised will be used to deleverage and for capital expenditure. 

Tamilnadu Coke & Power Ltd has filed a DRHP with NSE Emerge. The proposed offering comprises a fresh issuance of 64,14,000 equity shares, each with a face value of Rs 10. The company specialises in the production of Low Ash Metallurgical Coke by conversion of coking coal and generation of power from waste heat recovery and sale of electricity. The Rs 52-crore company intends to use the proceeds to establish a new Ferrosilicon manufacturing unit and a new solar power plant, to acquire more land for general corporate purposes

Bharat Agri Fert & Realty Ltd has discussed entering into a joint venture with developers to construct commercial offices. The company aims to generate a cash flow of about ₹200 crore in the future.

HDFC Life, a leading life insurer in India, has partnered with IvyCamp, an initiative of IvyCap Ventures Advisors Pvt. Ltd., to establish Futurance—a platform fostering collaboration with tech-focused startups. In its fifth season, Futurance focused on domains like Alternate & Augmented Data, Medical/Health Tech, Innovative Sales Tech, and AI-based Vision & Voice Solutions. Six startups were shortlisted, with Nvest emerging as the winner. Nvest specializes in a proprietary configuration engine, reducing product launch time and enhancing sales effectiveness for HDFC Life. Prasun Gajri, Chief Investment Officer of HDFC Life, emphasized the company’s commitment to cutting-edge technology and customer-centric solutions

Swan Energy has made a prepayment of Rs 300-crore debt for its Floating Storage and Regasification Unit (FSRU) Project.

The company made the debt prepayment out of its internal accruals, through its subsidiary Triumph Offshore. TOPL also created the required Debt Service Retention Account of Rs 95 crore.

SEBI’s recent order dated December 22 restrains specific entities related to ​Fedders Electric and Engineering Limited ​from engaging in the securities market for a duration of two years. These entities are also barred from buying, selling, or dealing in securities, either directly or indirectly, and from associating with the securities market in any manner. Additionally, the order permits the closure of any outstanding positions in the Futures and Options segment, irrespective of the imposed restraint. This order is effective immediately.

The Securities Appellate Tribunal (SAT) quashes SEBI’s order regarding Sparrow Asia Diversified Opportunity Fund’s involvement in Texmo Pipes and Products Limited’s GDR issue. SAT’s ruling, dated December 19, 2023, overturns SEBI’s restrictions on the entity from accessing the securities market, buying, selling, or engaging in any market activities. The immediate effect of this decision nullifies the previous order against the appellant.

Pardeep Pahal, serving as the Chief Human Resource Officer, will cease his role at Nucleus Software, effective December 27, 2023. This departure is by mutual agreement, allowing Pahal to pursue other interests. The company expresses gratitude for his contributions and wishes him success in his future pursuits.

Easyrewardz, South Asia’s leading end-to-end CLM & Loyalty solution provider announced that Bata, one of the largest footwear brands globally has leveraged “Zence” CRM solution stack by Easyrewardz, for the success of their multi-national “BataClub” program.

After an extended weekend, the Sensex and Nifty 50 indices displayed signs of sustaining their upward momentum despite mixed signals from global markets. The Nifty is presently consolidating recent gains, anticipating a positive trend. The recommended strategy in the current market context continues to be “Buy on dips.” The lower-end support for the index is firmly established at 21,250 - 21,300, offering an attractive buying opportunity should the index experience a dip within this range. Maintaining a position above 21,300 could potentially pave the way for additional upward momentum, with a target set at the 21,500 level.

While the Bank Nifty index experienced selling pressure on the previous day, it successfully held the crucial support level of 47,200 - 47,400. Failure to maintain above this support could lead to a potential decline towards the 47,000 levels. On the upside, the immediate resistance stands at 47,700.

Muthoot FinCorp, the flagship company of 136-year-old Muthoot Pappachan Group (Muthoot Blue) has announced Rs. 200 crore investment by State Bank of India, country’s largest bank, in the NCDs under private placement with a face value of Rs. 1 lakh for each NCD.

The maturity/tenure options of this issue is five years with half yearly being the frequency of the interest payment. The secured issued NCDs is rated as AA-/ Stable by CRISIL and listed on the debt market segment of BSE.

The Board of Directors of Lumax Auto Technologies Limited convened on December 26, 2023, and approved the acquisition plan for Lumax Ancillary Limited (LAL). The proposal involves acquiring the entirety of LAL’s Equity Stake, making it a wholly owned subsidiary. Currently holding 14.31% Equity Share Capital in LAL, the acquisition aims to integrate LAL entirely under Lumax Auto Technologies Limited. This disclosure complies with the regulations of the Securities and Exchange Boa rd of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The shares of the company are 0.2% higher at Rs 385.35 on BSE. 

Asian Granito: Company Takes Strong Stride into Sanitaryware Manufacturing with AGL Sanitaryware Pvt. Ltd. It Expects Turnover of Around Rupees 400 Cr from Sanitaryware & Bathware Division in 5 Years

Among the 3,906 stocks on BSE, 2,345 gained, 1,395 declined, and 166 remained unchanged. Noteworthy were 288 stocks hitting a 52-week high and 23 reaching a low. The market witnessed 372 upper circuit and 176 lower circuit hits.

IndusInd Bank unveiled ‘IndusInd Bank eSvarna,’ marking India’s first Corporate Credit Card on the RuPay network. This pioneering launch integrates UPI functionality, allowing seamless transactions at merchants and enabling UPI payments through linked UPI-enabled apps. The card offers exclusive benefits like complimentary lounge access, fuel surcharge waivers, and comprehensive travel insurance tailored for corporate travelers. Additionally, a meticulously designed rewards program enhances its value as a financial solution for diverse business transactions. The IndusInd Bank eSvarna card stands out as a versatile and rewarding choice for corporate entities seeking specialized perks and smooth transactional capabilities. The banks share gained 0.66% on NSE to trade at Rs 1,572.70 

Shares of Suraj Estate Developers Ltd made a disappointing market debut on Tuesday, registering a decline of nearly 6 per cent from the issue price of Rs 360.

At the BSE, the stock made its debut at Rs 343.80, a discount of 4.5 per cent from the issue price. Later, shares of the company plunged 10 per cent to Rs 323.95.

The stock listed at Rs 340, a fall of 5.88 per cent on the NSE.

The initial share sale of Suraj Estate Developers fetched 15.65 times subscription on the closing day of bidding on Wednesday.

The Initial Public Offer (IPO) had a price range of Rs 340-360 a share.

The Mumbai-based company’s IPO was entirely a fresh issuance of equity shares worth Rs 400 crore with no Offer for Sale (OFS) component. - PTI

The government is working on Production Linked Incentive (PLI) scheme 2.0 as well as looking at ways to ensure adequate raw material supply for the steel sector in 2024, according to Union minister Faggan Singh Kulaste.

While a robust economic growth will increase the demand for steel, industry players remain concerned about rising imports and high raw material prices amid geopolitical uncertainties.

Production and consumption of steel have shown a strong recovery after the coronavirus pandemic that impacted the sector in 2020-21.

During the April-November period this year, the cumulative production of crude steel was 94.01 Million Tonnes (MT), up 14.5 per cent year-on-year. The consumption of finished steel jumped 14 per cent to 86.97 MT on an annual basis during the same period, as per data from the steel ministry.

India has set a target of having an installed steel manufacturing capacity of 300 MT by 2030. At present, the country has a capacity of around 161 MT. - PTI

Shares of Muthoot Microfin Ltd, the microfinance subsidiary of Muthoot Pappachan group, made a muted market debut on Tuesday, listing with a discount of over 5 per cent from the issue price of Rs 291.

The stock made its debut at Rs 278, registering a decline of 4.46 per cent from the issue price on the BSE. Later, it fell by 8.83 per cent to Rs 265.30.

At the NSE, shares of the company listed at Rs 275.30 apiece, a drop of 5.39 per cent.

The company’s market valuation stood at Rs 4,670.63 crore during the morning trade.

The Initial Public Offer (IPO) of Muthoot Microfin received 11.52 times subscription on the closing day of bidding on Wednesday. - PTI

Siemens Limited has seen an acquisition where Siemens Energy Holdco B.V., a wholly owned subsidiary of Siemens Energy Holding B.V. (formerly known as Siemens Gas and Power Holding B.V.), purchased approximately 5% of Siemens Limited’s equity shares. This acquisition involved 17,806,013 equity shares of Siemens Limited and was facilitated directly from the Seller. The company’s share has risen 1.10% to Rs 3995.25 on BSE.

Prakash Industries has made a significant payment of Rs. 35.12 crores to the Chhattisgarh State Government for land transfer related to Compensatory Afforestation for the Bhaskarpara Commercial Coal Mine. With necessary approvals in place, the mine’s development is progressing rapidly, and the anticipated mining lease is expected in the upcoming quarter. This venture foresees stabilized integrated steel operations, cost reduction, and revenue growth through coal sales in the open market. The positive market response is reflected in the company’s shares trading 2.16% higher at Rs. 174.80 on the BSE.

Bank Nifty began today’s session higher at 47,576.40, compared to Friday’s close of 47,491.85. The index is now trading at around 47,610, up 0.25 per cent.

The advances/ declines ratio of the Bank Nifty, now at 10/2, shows a bullish inclination. Bandhan Bank, up 0.8 per cent, is the top gainer and ICICI Bank, down 0.2 per cent, is the top loser.

Thermax - India Tribunal Approved Demerger of Units Thermax Cooling Solutions and Thermax Instrumentation

Inox Wind Ltd (IWL) on Tuesday said it has bagged an order for a 279 MW project from a large commercial & industrial player.

The scope comprises a mix of equipment supply with limited scope EPC (engineering procurement construction) for 180 MW and end-to-end turnkey execution for 99 MW, a company statement said. The order is for supply of IWL’s latest 3 MW Wind Turbine Generators (WTGs). Additionally, IWL will also provide post commissioning multi-year operations & maintenance (O&M) services.

The project will be executed by June 2025, with the WTGs being installed across Rajasthan and Gujarat.

The shares had gained 2.45 per cent on NSE to trade at Rs 464.35. 

Dubai witnessed significant investments (FDI) from Indian investors, amounting to USD 1.6 Bn between 2020 and H1 2023. Dubai’s strategic location along with tax-friendly policies act as a key incentive for Indian investors and business owners who are looking to expand into new markets.

Indian investments (FDI) in Dubai nearly doubled from 2020 to 2022, reaching USD 541 Mn in 2022. Moreover, the first six months of 2023 accounted for 62% of investments (FDI) in the whole previous year. Indian investors made significant purchases, exceeding USD 4 Bn, in Dubai’s residential market in 2022.

Nifty 50 has begun the truncated week by opening at 21,365.20 versus Friday’s close of 21,349.40. The index moved to 21,420 at the end of the first hour of trade.

The advances/ declines ratio provides Nifty 50 a positive bias as it stands at 41/9. All mid- and small-cap indices, too have opened the week on the front foot and are in the green.

Motisons Jewellers Limited successfully debuted on the NSE today. The company specializes in the sale of gold, diamond, kundan, and other jewelry products. The public issue was priced at INR 151.09 crore.

Tur prices in Karnataka are on a freefall as harvest has been advanced in the state. 

This has triggered huge concern among farmers and they have sought swift action by the National Agricultural Cooperative Marketing Federation of India (Nafed) which has been mandated to buy tur under minimum support price.

With the arrivals increasing in the agricultural produce marketing committee (APMC) yards, growers are anticipating prices.to drop further. For instance, in the Kalaburgi APMC yard, arrivals on Thursday were 1,024 quintals, compared to 165 quintals a week ago.

The minimum price for tur in Kalaburgi APMC yard has decreased to Rs 8,611 per quintal on Thursday, compared to Rs 9,025 a week ago. Modal prices have also dropped to Rs 9,300 from Rs 9,469 a week ago.

Similar trends of increasing arrivals and decreasing prices are observed in neighbouring districts of Yadagir and Bidar.

Mandi prices of tur, which had touched a high of ₹12,600 per quintal, have now come down to ₹9,000 levels and may face further pressure.

Growers have urged the Nafed to expedite the procurement process to ensure better prices. The growers emphasize the importance of procurement without middlemen.

The rising market arrivals of tur, coupled with increased imports of lentils, are expected to exert further pressure on prices.

High prices of tur previously led to demand destruction, with consumers shifting to other pulses. Tur crops were impacted by delayed and erratic monsoon this year, contributing to the current market dynamics.

Suraj Estate Developers Limited has been listed on the NSE today. The company is a real estate construction firm specialising in the development of residential and commercial real estate in the South Central Mumbai region. The public issue price was INR 400.00 crore. 

The Cotton Association of India holds a positive outlook, keeping the pressing estimate stable at 294.10 lakh bales for the 2023-24 cotton season. With an estimated total supply of 345 lakh bales, increased imports, and a projected decrease in closing stocks, the market exhibits resilience and potential for growth, it said.

The total supply till November end is estimated at 92.05 lakh bales. This includes market arrivals of 60.15 lakh bales, imports of 3 lakh bales, and opening stocks of 28.90 lakh bales. 

Consumption till the end of November is reported at 53 lakh bales, while exports are estimated at 3 lakh bales. Stocks at the end of November stood at 36.05 lakh bales.

The total cotton supply for the current cotton season ending in September is estimated at 345 lakh bales of 170 kg each. This consists of opening stocks of 28.90 lakh bales, estimated imports of 22 lakh bales, and pressing figures of 294.10 lakh bales.

The rupee appreciated 3 paise to 83.13 against the US dollar in early trade on Tuesday, tracking positive cues from domestic equity markets and a weak American currency against major overseas rivals.

However, forex traders said the Indian currency remained under pressure due to selling of equities from foreign institutional investors amid volatility in crude prices.

Shares of Infosys fell 2% on Tuesday after the company said that an unnamed global company, which had signed a $1.5 billion deal focused on artificial intelligence solutions, decided to terminate the Memorandum of Understanding (MoU) with the IT giant

Gold prices inched higher in holiday-thinned trade on Tuesday, helped by a weaker U.S. dollar and lower bond yields on rising prospects of interest rate cuts by the Federal Reserve as early as March next year.

* Spot gold was up 0.2% at $2,056.80 per ounce, as of 0118 GMT.

* U.S. gold futures were steady at $2,068.60 per ounce.

* Spot silver rose 0.3% to $24.23 per ounce, while platinum was steady at $970.63. Palladium climbed 0.8% to $1,212.34. - Reuters

India’s key indices, Sensex and Nifty, opened without much change, with Sensex at 71,142.12 (a 35.16 point climb) and Nifty at 21,352.25 (a gain of 2.85 points). 

Analysts predict a volatile final week of 2023 due to derivative settlements and institutional portfolio shifts before the new year, though foreign institutional investor support may counterbalance. 

Ruchit Jain from 5paisa.com highlighted consistent long positions by FIIs in derivatives, expecting sector-specific opportunities in IT and selective pharma stocks. 

VK Vijayakumar of Geojit Financial Services noted a positive shift in FPI inflows for December, driven by declining U.S. bond yields, projecting continued purchases in 2024. 

Technical analysts foresee short-term market volatility, suggesting level-based trading strategies. 

Amol Athawale from Kotak Securities outlined key index levels, emphasizing 47,000 as pivotal support for Bank Nifty and providing potential upward and downward rally points.

The benchmark Sensex and Nifty indices are likely to open slightly higher on December 26 as trends in the GIFT Nifty indicate a flat to positive start for the broader index with a gain of 35 points.

Nifty can find support at 21,300 followed by 21,250 and 21,200. On the higher side, 21,400 can be an immediate resistance, followed by 21,500 and 21,600.

The charts of Bank Nifty indicate that it may get support at 47,350, followed by 47,200 and 47,000. If the index advances, 47,800 would be the initial key resistance, followed by 48,000 and 48,220.

Foreign institutional investors (FIIs) net sold shares worth Rs 2,828.94 crore, while domestic institutional investors (DIIs) bought Rs 2,166.72 crore worth of stocks on December 22, provisional data from the National Stock Exchange (NSE) showed.

The market is projected to stay range bound in the final week of the current calendar year, with the Nifty 50 encountering resistance in the 21,500-21,600 range and finding immediate support in the 21,300-21,200 range. A significant break of 21,600 can drive the index to 21,800 levels, while a break of the same support can drag it to 21,000 levels. Hence short term or intraday traders have the opportunity to trade on both the sides where Nifty can be purchased near to support levels and profits can be booked near to resistance levels.

Deven Mehata

Equity Research Analyst

Choice Broking

Shares of the Muthoot Pappachan Group company Muthoot Microfinance will be listed at the bourses today. The issue price of the ₹960-crore IPO has been fixed at ₹291, at the upper end of the ₹277-291 price band. The issue was subscribed 11.52 times.

The offer comprised a fresh issue of ₹760 crore (2.61 crore shares) and an offer-for-sale (OFS) of ₹200 crore (0.69 crore shares). Investor shareholders who offloaded their shares included Greater Pacific Capital WIV, and promoters Thomas John Muthoot, Thomas Muthoot, Thomas George Muthoot, Preethi John Muthoot, Remmy Thomas, and Nina George.

Vedanta Limited

Dividend Per Share Rs.11

Previous day Closing Price – Rs. 259.75

Ex-Dividend 27 December 2023 (Tomorrow)

Last date for Cum-Dividend Today

Buy, TP raised to Rs 1860

Acquisition of Novartis’ India Ophthalmology portfolio is a good diversification & gives access to a fast-growing therapy in India 

Acquired brands have leadership positions, will be EPS & margin accretive 

Hold Call, Target Rs 1,367 

Co To Acquire Select Ophthalmology Brands From Novartis; Value Of Portfolio Stands At `206 Cr 

Co Has Valued Portfolio At 5.3x EV/Sales (Incl. Distribution Rights Payout) 

Company Will Initially Pay `125 Cr For Promotion & Distribution Partner 

Later, Co Will Pay $116 m In CY26 For The Trade Mark License Agreement & Will Own The Brands 

Transaction Marks Co’s Entry Into The Ophthalmology Segment

Initiate Long Call, Target Rs 3,180 

See Solid Long-term Growth, Fuelled By Leadership In A Large, Fragmented Market, 

See Solid Long-term Growth, Fuelled By A Diversified Supplier And Buyer Base 

Diversified Supplier And Buyer Base Both Region And Product Category-wise 

See Solid Long-term Growth, Fuelled By A Subscription-based Rev Model W/Negative Working Capital 

Forecast A 17/22% Revenue/EBITDA CAGR Over FY23-FY28 

Growth In Paying Suppliers And ARPU, Along With Sales Efficiencies and economies Of Scale 

Buy Call, Target Rs 1,210 

Management Meet Takeaways Show Co’s Growth Strategy Focuses On Three Key Pillars 

Co’s Growth Strategy Focuses On Leading Via Category Dvpt & Funded By Simplification 

Co’s Growth Strategy Also Focuses On Prioritising People & Planet Alongside Profits 

Management Is Confident In The Acquired Projects 

Acquired Projects Anticipating Accelerated Booking Growth & Increased Cash Flow

Buy Call, Target Raised To Rs 720 From Rs 385 

Urbanisation Capex Play, Benefiting From Climate Resistant Infrastructure 

FY24 YTD: Raining Urbanisation Orders With Its Backlog Up 114% YoY 

Building Climate Resistant Urban Infrastructure, Co Is Well Placed With A 2x Top-line 

Raises EPS 11% Over CL25 

Buy Call, Target Raised To Rs 207 From 157 

Co Set To Beat Its FY24 Order Inflow Guidance Of Rs 20,000 Cr With FY24 YTD Orders Of Rs 25,900 Cr 

Co Set To Beat Order Inflow As The Government Brings Forward Make In India Orders 

Government Brings Forward Make In India Orders Ahead Of A Likely Election-led Lull From Q4FY24 

Observe A Rising Share Of Electronics In Defence Equipment 

Latest Sensor Order For Next Generation Offshore Patrol Vessels Accounting For 28% Of OEM Orders 

See Government Accelerating MII Defence Orders 

Government Accelerating MII Defence Orders With A Multi-yr Artillery Fuse Order Of $590 m 

Government Accelerating Defence Orders Helps Co’s Order Backlog To Pass $9 bn, Up 50% YoY 

Raise EPS Estimates 5-7% Over CL25-26

The initial public offering of Innova Captab will close today. The ₹570-crore IPO of the integrated pharmaceutical company with a presence across the pharmaceuticals value chain, including research and development, manufacturing, drug distribution and marketing and exports, was subscribed 3.54 times so far, as retail investors make aggressive bidding.

The issue, with a price band ₹426–448, received bids for 3.22 crore shares against an offer of 90.78 lakh shares. The market lot is 33 shares.

Shares of Motisons Jewellers will be listed at the bourses today. The issue price at ₹55, is at the upper end of the price band of ₹52-55.

The initial public offering of the Jaipur-based jewellery was subscribed 173.23 times, with HNI and retail investors giving it a strong response.

“This Tuesday morning, the Nifty is consolidating recent gains, and a positive trend is expected with the prevailing strategy of buying on dips. The bullish sentiment on Dalal Street revolves around the ‘Santa Claus Rally,’ anticipating strength in the final five days of the year and the first two days of the new year. We foresee year-end window dressing supporting stocks this week, and historical trends suggest optimism for a Happy New Year among Nifty perma-bulls. Technically, Nifty’s upside target is at 21593, with a cautious note if it slips below 20976. Noteworthy is the positive impact of November’s US PCE inflation figures, cooling below expectations at 3.2%. Conversely, last week’s FII selling of Rs. 6422 crores poses a negative catalyst. Options data suggests Nifty may trade within 21000-22000, with 22000 as a crucial resistance zone. The recommended trades for Nifty and Bank Nifty are outlined, and our chart of the day remains bullish on COAL INDIA, ZOMATO, BRITANNIA, and SRF. A top pick is COAL INDIA (CMP 360) with a buy recommendation, stop at 343, and targets at 372/389, emphasizing a momentum play in the inter-week strategy.” - Prashanth Tapse, Senior VP (Research), Mehta Equities

· BANK NIFTY once again failed to cross 48,100 levels and witnessed a strong reversal in the second half with profit booking in index pivotal.

· A crossover of 48,100 will trigger a fresh up move to test 48,800-49,200 levels over the next few days while on the downside support is at 46,900-46,500 levels

· RSI is trending below the average line and other key technical indicators are mixed from current levels.

· Bank Nifty 48,000 CE has the highest OI while on the downside has moved lower to 47,000 for the put OI for the monthly expiry.

· NIFTY-50 has tested the higher range of 21,400 levels and crossover of the same would witness a breakout on the higher side to scale a new all time high.

· The trend reversal will be placed at 21,100 which was the recent lows post the fall from the all time high and expect volatility to increase with respect to the monthly expiry.

· RSI has witnessed support near the higher range of 70 levels and witnessed up move with the broader momentum. 

· Highest call OI has moved to 21,500 strike while on the downside the highest put OI has moved lower to 21,000 for the weekly expiry.

Oil gained 2% to $80/bbl with shipping disruptions in the Red Sea in focus after a spate of Houthi attacks against vessels in the vital waterway.

Gold Price Update – Gold gained 1% to $2054/ounce as the dollar retreated after US economic growth was revised lower, raising expectations for interest-rate cuts next year.

Modest gains in the US market on Friday, positive opening Asia markets and global rating agency Fitch mentioned robust economic growth in India, may open domestic bourses on a positive note. Rating agency Fitch had mentioned India to be among the world’s fastest-growing sovereigns, with resilient GDP growth of 6.5% in FY 25 and FY24 6.9%. Expect big positives in the domestic market to attract foreign investors in the longer-term prospect. 

The US market gained 0.3% on account of decline in the personal consumption inflation on Friday. Both US 10-Year bond yield and Dollar Index fell to 5-month low on hope of the US Fed to cut interest rate next year. The US S&P 500 index is up 24% this year, including a 4.1% increase in December. Back home, Gift Nifty is 40 points or 0.2. Metal and IT sectors momentum may continue on account of the benefit of the fall in Dollar Index. Auto stocks may bounce back on hope of impressive December monthly sales volume.

JSW Renew Energy Limited (JSWREL), a wholly owned step-down subsidiary of JSW Energy has commissioned 51 MW of wind power capacity under the phasewise commissioning of the 810 MW ISTS-connected Wind Power Project awarded under SECI Tranche IX at Tamil Nadu

Symbol: SURAJEST 

Series: Equity “B Group” 

BSE Code: 544054 

ISIN: INE843S01025 

Face Value: Rs 5/- 

Issued Price: Rs 360/- per share

Symbol: MOTISONS

Series: Equity “T Group” 

BSE Code: 544053

ISIN: INE0FRK01012

Face Value: Rs 10/-

Issued Price: Rs 55/- per share

Symbol: MUTHOOTMF

Series: Equity “B Group” 

BSE Code: 544055

ISIN: INE046W01019

Face Value: Rs 10/-

Issued Price: Rs 291/- per share

Moved out of short-term ASM framework: Ashapura Minechem, D B Realty.

Mangalore Chemicals and Fertilizers: Promoter Zuari Agro Chemicals created a pledge of five lakh shares on Dec. 22.

VIP Industries: Promoter group Kiddy Plast bought 2.9 lakh shares between Dec. 20 and 21. 

Bengal and Assam Company: Promoter group Accurate Finman Services bought 6,000 shares on Dec. 20, Promoter group Nav Bharat Vanijya bought 2,000 shares on Dec. 20, Promoter group J.K. Credit & Finance bought 10,000 shares on Dec. 20 and Promoter Hari Shankar Singhania Holdings sold 18,000 shares on Dec. 20. 

Shalimar Paints: Promoter group Kusum Mittal sold 50,000 shares on Dec.22. 

Ultramarine and Pigments: Promoter S Narayanan sold 6,161 shares on Dec. 20. 

Fusion Micro Finance: Promoter Devesh Sachdev bought 6,125 shares on Dec. 21. 

Deccan Gold Mines: Promoter Rama Mines Mauritius sold 99,515 shares between Dec.18 and 19. 

Sapphire Foods: Promoter Sagista Realty Advisors sold 1.16 lakh shares on Dec. 20. 

IIFL Finance: FIH Mauritius Investments sold 2.16 crore shares (5.66%) at Rs 554.64 apiece. Nomura India Investment Fund Mother Fund bought 26.2 lakh shares (0.68%) at Rs 551.01 apiece, Mansi Share & Stock Advisors bought 21.44 lakh shares (0.56%) at Rs 555.42 apiece, and F3 Advisors bought 20.92 lakh shares (0.54%) at Rs 553.06 apiece. 

Sansera Engineering: CVCIGP II Employee Ebene sold 12 lakh shares (2.25%) at Rs 966.1 apiece, while HDFC Standard Life Insurance bought 8.25 lakh shares (1.54%) at Rs 965 apiece. 

Allcargo Gati: Equirus Wealth sold 19.68 lakh shares (1.51%) at Rs 129.04 apiece. 

*Antony Waste Handling Cell:*The Miri Strategic Emerging Markets Fund LP bought 2.26 lakh shares (0.79%) at Rs 492.23 apiece.

V-Guard Industries: Chittilappilly Thomas Kochuouseph sold 45 lakh shares (1.03%), while Aditya Birla Sun Life Mutual Fund bought 35 lakh shares (0.8%), and Motilal Oswal Mutual Fund bought 10 lakh shares (0.23%) at Rs 286 apiece. 

Azad Engineering: The public issue was subscribed 80.65 times on day 3. The bids were led by institutional investors (179.66 times), non-institutional investors (87.61 times), and retail investors (23.79 times). 

Innova Captab: The public issue was subscribed 3.54 times on day 2. The bids were led by retail investors (5.02 times), non-institutional investors (3.28 times) and institutional investors (1.09 times).

Muthoot Microfinance

Motisons Jewellers

Suraj Developers

Aurobindo Pharma: U.S FDAs pre-approval inspection-from Dec. 11-22-at the U.S.-based unit

Eugia ended with 10 observations.

* Adani Power:* A consortium of Adani Power received letter of intent from resolution professional of Coastal Energen after lenders approved the resolution plan.

* Adani Green Energy:* Completed power purchase agreement with the Solar Energy Corp of India to supply 1,799 MW of solar power. Concludes power offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded by SECl.

* Zydus Lifesciences:* The USFDA conducted an inspection at the API site situated in Ahmedabad between Dec. 14 and 22. The inspection was closed with six observations.

* Bank of Baroda:* The company raised its stake in Open Network for Digital Commerce (ONDC) to 8.51% from 5.56% for Rs 30 crore.

* KPIT Technologies:* The company approved the initial strategic acquisition of 13% shareholding in N-Dream AG, a cloud-based game aggregation platform for €2.7 million as a primary investment and €0.3 million as a secondary investment.

* RBL Bank:* RBI-appointed director, named in 2021 when the bank was going through an unexpected leadership transition, retired on Dec 23.

* Talbros Automotive Components:* The company approved divesting and selling its entire 40% stake in Nippon Leakless Talbros to Nippon Leakless Corp. and Leakless Gasket for a consideration of Rs 81.80 crore.

* Adani Wilmar:* The company’s promoters, Adani Commodities and Lence, have proposed to sell their stakes to comply with the minimum public shareholding norms. The promoters sell up to a 1.24% stake between Dec. 26 and Jan. 31.

* AstraZeneca Pharma:* The company received a Rs 14.1 crore tax demand from the Income Tax Department for AY 2021-22.

* Archean Chemical Industries:* The company’s unit was declared the successful bidder for acquiring Oren Hydrocarbons.

* NHPC:* The company will monetize future cash flow in respect of the Kishanganga power station or any other power station of the company for 8-10 years in a single tranche during FY 2023-24 or beyond.

* Rites:* The company signed a MoU with Northeastern Electric Power Corp. for consultancy work.

Arman Financial Services: The company raised Rs 230 crore via QIP and set the issue price at Rs 2,195 per share, which indicates a discount of 4.96% to the floor price of Rs 2,309.51 per share.

* Polycab India:* The Income Tax Department has commenced search operations at the company’s premises.

* Transformers and Rectifiers:* The company has completed the ‘Dynamic Short Circuit Test’ on

105 MVA. The test was conducted at the national high-power test laboratory. With the successful completion of this test, the company has crossed a commendable milestone of a successful dynamic short circuit test on a record 150+ transformers in the last two decades.

* Grindwell Norton:* The company approved the investment of Rs 11 crore in VEH Wind Energy and an investment of Rs 15 crore in Advanced Synthetic Minerals.

* TTK Prestige:* The company appointed Venkatesh Vijayaraghavan as the Chief Executive Officer.

* Crompton Greaves Consumer Electricals:* The company launched a new product ‘CAVELO’ in the category of 70W well glass trade to cater to the domestic market.

* Power Finance Corp:* The company’s unit incorporated a wholly owned subsidiary, namely KHAVDA PSI and three transmissions for the development of “Provision of Dynamic Reactive Compensation at Khavda Pooling Station 1 and Khavda Pooling Station 3.”

* Carysil:* Acrysil USA Inc, a wholly owned subsidiary of Carysil Ltd., acquired 100% membership interest of United Granite LLC.

* PNC Infratech:* PNC Infratech’s PNC Unnao Highways received provisional completion certificate on Dec. 25 for NHAI project worth Rs 1,602 crore.

Godrej Properties: Company Sells Over 600 Homes Worth Rupees 2,600 Crore at the Launch of Its Project Godrej Aristocrat in Gurugram

The uptrend in the stock of Shyam Metalics and Energy has gained momentum recently. The stock price had surged over 18 per cent last week. This rise has taken the share price well above the resistance levels of ₹535 and ₹580. 

Day Trading Guide gives you the key intraday supports and resistances to watch out for on the Nifty Futures and other widely traded stocks such as Reliance Industries, Infosys, HDFC Bank, TCS, SBI. Based on the trend, it also gives intraday trade recommendations with specific entry as well as stop-loss levels. The mentioned resistances and supports will be the exit levels. Do note that the recommendations are based on Technical Analysis and there is a risk of loss in trading.

Innova Captab is a CDMO (contract development and manufacturing organisation) operator that contract-manufactures generic formulations and supplies to domestic pharmaceutical companies marketing them. The IPO (open till December 26) values the company at 25 times FY23 earnings — on a pro-forma basis, which includes earnings from a company acquired in June ‘23 

The Ruby Mills and Torrent Pharmaceuticals have entered Execution of Sale of Additional Premises in “The Ruby Mills Limited” for ₹62.15 crore

ABHICAP

General 

ADANIGREEN

Preferential Issue of shares 

AMIC

Half Yearly Results 

CITL

General 

CROISSANCE

General 

DYNAMICP

General 

JAMESWARREN

General 

JLL

General 

PRAVEG

Issue Of Warrants;Preferential Issue of shares;

GeneralSAICOM

General 

TANAA

Preferential Issue of shares

​PSU stocks have seen a sharp rally this year ​as BSE PSU Index rose by around 46 per cent on a year-to-date basis. This has possibly been driven by rerating due to attractive valuation, and increased capex spending by the government. One PSU player that was part of the rally is engineering consultancy firm, Engineers India Ltd (EIL).

Prime Focus has been informed by its overseas subsidiaries - Prime Focus World N.V., Netherlands and DNEG S.a.r.I., Luxembourg (formerly Prime Focus Luxembourg S.a.r.l.) - that PFW NV is proposed to be merged with and into DNEG, in accordance with the applicable laws of the Netherlands and the Grand Duchy of Luxembourg.

Jindal Stainless Ltd has received the Sale Certificate from the Official Liquidator confirming the sale of Rabi Run Vinimay Private Limited to the company

Bank of Baroda has subscribed shares, of Open Network for Digital Commerce (ONDC). Post investment, Bank of Baroda holds 8.51 per cent of the equity share capital of ONDC by way of allotment of additional 30 lakh fully paid up Equity shares of face value of ₹100 each

The board of Akshar Spintex has recommended a bonus issue in the ratio of 1:5, subject to approval by the members of the company

The board of Quess Corp has approved a proposal of restructuring of overseas subsidiaries by way of acquisition of 56 per cent stake in Mfxchange Holdings Inc., Canada, a wholly owned step-down subsidiary of the Company from Quesscorp Holdings Pte Ltd, Singapore, a wholly owned subsidiary.The proposed restructuring will result in simplification of structure of the company without any change in ultimate ownership of subsidiary

Xchanging Solutions said that the remaining outstanding loan of ₹126.50 crore from Xchanging Solutions US INC has been received in the Company’s INR account on December 22

Elegant Marbles & Grani Industries Limited has fixed January 5,, as the Record Date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the Buyback

The board of Ace Men Engg Works has discussed the proposal to acquire stake in the Unlisted public company to expand its business verticlas. The Board meeting for the unconcluded agenda for acquiring stake is adjourned till December 29.

Anupam Rasayan has signed letter of intent worth $61 million (₹507 crore) with one of the leading Japanese multi-national chemical company.

Civil Suit filed by Ankiti Bose before Bombay HC seeking ₹820 crore damages against NDTV’s arm NDTV Convergence has been amicably settled between the parties.

Bharat Aluminium Co (BALCO), a subsidiary of Vedanta Ltd, has received ₹84 crore GST demand from Bilaspur authorities for FY17-18 on account of various interpretational issues

The move will enable faster pay-outs of securities and funds to investors, improve overall market efficiency, and enhance the overall risk management of clearing corporations (CCs), according to the regulator

The sharp rally in the equity markets is redefining the small-cap definition for mutual funds. The first 58 stocks that will enter the small-cap as per the Association of Mutual Funds of India definition will have a combined market-cap of about $3 billion.

However, globally small caps are classified as stocks within the market cap range of $300 million to $2 billion. However, in India the first 100 highest market-cap stocks are labelled as large caps and mid-cap stocks are ranked between 101 and 250 by market-cap. The remaining stocks are clubbed as small-cap.

Retail and mutual fund investors proved saviours of the equity markets when foreign portfolio investors pulled out of India in the backdrop of the US Fed persisting with rate hikes in 2023.

In one of the fastest rate hikes campaigns, the US Fed increased interest rates in four equal instalments of 25 basis points each, from 4.50-4.75 per cent to 5.25-5.50 per cent between February and July, before pressing the pause button to salvage economic growth.

Pipe maker AIK Pipes and Polymers on Sunday said it has fixed a price of ₹89 per share for its Initial Public Offering (IPO), which will open for public subscription from December 26-28.

The initial share-sale is entirely a fresh issue of 16.88 lakh equity shares and the company aims to raise about ₹15.02 crore from the IPO, AIK Pipes said in a statement.

Shares will be listed on the BSE-SME platform.

Notwithstanding the boom in the main board primary market issuance, retail investors’ interest in initial public offering on SME platforms have also touched a new high.

SME segment saw 166 companies raising an aggregate of ₹4,472 crore by listing on both BSE SME and NSE Emerge. 

Buzzing Stocks: Reliance Industries, Infosys, Adani Wilmar, Paytm, Aurobindo Pharma, Jindal Steel, RITES, UPL, Strides Pharma Science, Religare Enterprises, Sandhar Technologies, Indsil Hydro Power, Redtape, Intellivate Capital Ventures, Indo Amines

Ipca Laboratories’ stock (₹1,062.65) has been steadily gaining since July. It took support at ₹675 and then started to rally. But after marking a 52-week high of ₹1,161.85 in early December, the stock lost steam. What followed was a decline in price and last week, it closed at ₹1,062.65.

Nifty 50 (21,349) snapped a seven-week rally by posting a loss of 0.5 per cent last week. Similarly, Bank Nifty (47,492) ended its four-week rally by shedding 1.4 per cent over the past week. Here, we take a look at the derivatives data to see whether the decline holds any significance.

Crude oil prices went up last week. Brent crude oil futures on the Intercontinental Exchange (ICE) appreciated 3.3 per cent as it closed at $79.1 per barrel. Crude oil futures on the MCX gained 2.5 per cent by ending the week at ₹6,163 a barrel.

The precious metals appreciated for the second week in a row. Gold and silver gained 1.7 per cent each last week, as they closed at $2,053 and $24.2 per ounce respectively on Friday.

The US dollar index continued its fall for the second consecutive week. As expected, the index fell to test the key support level of 101.50 last week. It made a low of 101.43 and has bounced slightly from there to close at 101.70. The index was down 0.83 per cent for the week. The US 10Yr Treasury yield, on the other hand, remained lower but was relatively stable. 

The stock, which has been on a downtrend since July, has now reached a support at ₹160. Although the closing price is slightly below this level, we cannot consider that as a strong break.

The stock has seen a decline in price over the past couple of weeks. However, ₹1,380 is a support and this can stop the downtrend. The 50-day moving average coincides at ₹1,380 making it a strong base.

Indus Towers’ stock, in April this year, formed a base at ₹136. It then started to appreciate. However, after gaining to ₹195 in September, the stock began to move sideways. It was oscillating between ₹178 and ₹195, except for a temporary fall to ₹168 once in October. 

Endurance Technologies’ stock bounced off the support at ₹1,200 in April this year. But after reaching ₹1,749 in July, the bulls lost momentum and consequently, the price moderated. The support at ₹1,525 arrested the decline and the stock has now resumed another leg of rally on the back of this base. 

Advanced Enzymes Technologies’ stock began rallying in April this year after depreciating over the preceding two years. It took support at ₹230 and started moving up. In early December, the stock surpassed a resistance at ₹345 and confirmed a bull flag on the weekly chart.

It was a volatile week for the Indian equity markets. After a stable beginning, the Sensex, Nifty 50 and the Nifty Bank index witnessed a sharp fall mid-week on Wednesday. But thereafter, they have managed to bounce back and recoup most of the loss. The recovery from the week’s low indicates the presence of strong buyers at lower levels. That, in turn, keeps the overall positive sentiment intact. 

The company’s ongoing capacity expansion at its subsidiary UCWL (Udaipur Cement Works Ltd) of a 2.5 mtpa grinding unit is progressing well and is expected to commercialise in Q1-FY25. The clinker unit (1.5 mtpa) is already operational and getting stabilised. Clinker produced at UCWL will be used by JKLC for grinding

Oberoi Realty (OBER) in Q3-FY24 launched its most-awaited project in Kolshet-Thane (2.5msf) and plans to launch the Pokrhan-2 (about 15msf) project in the next 1-2 quarters. Additionally, the company plans to launch another tower in Goregaon in Q4-FY24.

• ASHOK LEY

• BALRAMCHIN 

• DELTACORP 

• HINDCOPPER

• INDIACEM

• NATIONALUM

• SAIL

BHP Group (Tentative) (Sector- Metal and Mining)

SatixFy Communications Ltd. (Tentative) (Sector- Telecom)

19.30 U.S. Housing Price Index m/m (Expected: 0.5% versus Previous: 0.6%)

Asian stock markets opened with minimal movement on Tuesday as significant global cues were lacking due to many markets remaining closed for the Christmas holiday.

The Nikkei 225 index saw a marginal increase of 0.065 per cent, or 21.78 points, reaching 33,275.81 in early trading, while the broader Topix index experienced a slight decrease of 0.05 per cent, or 1.07 points, down to 2,338.47.

Korean shares commenced the week with subdued activity, as the KOSPI traded 0.02 per cent lower, dropping by 0.48 points to 2,599.03. Meanwhile, Australia’s S&P/ASX 200 index showed weakness, down 0.03 per cent, or 2.50 points, trading at 7,501.60.

The stability of oil prices followed a notable weekly surge, marking its most substantial advance in over two months. Attention turned to potential disruptions in the Red Sea due to a series of Houthi attacks targeting vessels in this crucial waterway.

West Texas Intermediate hovered around $74 per barrel.