IGI Logo

CORPORATE AND ECONOMY NEWS

* ONGC/Reliance Industries/GAIL: The government halved windfall tax on domestic crude to Rs 4,900 per tonne and reduced levy on diesel exports to Rs 6.5 per litre.

* Hindustan Unilever: The company has formed an ESG committee to assist the board in overseeing the company’s strategy relating to ESG and sustainability matters.

* Yes Bank: The Reserve Bank of India allowed Advent and Carlyle to pick up 9.99% stake each in Yes Bank on a conditional basis.

* SJVN: The public sector company said its subsidiary SJVN Green Energy has signed a Memorandum of Understanding with Grid Corporation of Odisha for developing 1,000 MW hydro electric projects and 2,000 MW solar power projects in Odisha by incorporating a joint venture company. The development of these projects will attract an investment of Rs 20,000 crore and is expected to generate 4,207 million units (MUs) in first year and a cumulative generation of around 96,797 MUs over a period of 25 years.

* Wipro: The industrial automation business of Wipro Infrastructure Engineering announced it has signed a definitive agreement to acquire Linecraft.ai, a Pune based industrial Internet of Things (IoT) product startup in the manufacturing sector.

* NMDC: The Department of Investment and Public Asset Management invited expressions of interest for the company's Nagarnar Steel Plant and offered to sell a 50.8 percent stake in the company. Eligible entities can submit an EoI either independently or as a consortium member and the consortium shall have a maximum number of four members, including one lead member.

* NLC India: The company signed an MoU with Odisha government for setting up ground mounted/ floating solar power projects, pumped hydro storage projects, green hydrogen projects and any other renewable projects in the state. ? MOIL: The company’s production increased 60% sequentially and sales grew 82% on-month during November.

* Oberoi Realty: Shareholders of the company approved the purchase of premises from Oasis Realty, a joint venture entity. ? Max Healthcare: The healthcare chain announced it has entered into an agreement with Georgia's largest healthcare provider Evex Hospitals to establish a Bone Marrow Transplant programme at two of its hospitals in Tbilisi, Georgia.

* PB Fintech: SoftBank’s SVF India Holdings is offering 22.8 million shares of the company at a floor price of Rs 440.2 each in a block trade, Bloomberg News reported citing terms of the deal.

* Hero MotoCorp: The world’s largest manufacturer of two-wheeler sold 3.9 lakh units in November 2022, a growth of 12 percent over the corresponding month of the previous year. Eicher Motors: The company sold 70,766 motorcycles in November 2022, as aganist 51,654 units sold in same month last year, but exports dropped 27 percent YoY to 5,006 motorcycles. SML Isuzu: The company sold 729 units of cargo and passenger vehicles in November 2022, up 21 percent, as against 603 units sold in same month last year. Atul Auto: The three-wheeler maker sold 2,253 units in November 2022, a growth of 67.6 percent over 1,344 units sold in same month last year.

* Ashiana Housing: The company has entered into an agreement to develop a group housing project at Murlipura, in Rajasthan. The approximate saleable area is 4 lakh square feet.

* Punjab National Bank: The public sector lender has raised Rs 4,000 crore by issuing bonds at a coupon of 7.89 percent per annum on a private placement basis. The bank issued bonds to 18 investors.

* Bandhan Bank: Plutus Wealth Management LLP bought 0.55 percent stake or 90 lakh shares in the bank at an average price of Rs 235.65 per share.

GLOBAL MARKETS

Global Market Update

Wall Street ended mixed on Thursday as a selloff in Salesforce weighed on the Dow, while traders digested US data that suggested the Federal Reserve's interest rate hikes are working. Dow Jones Industrial Average declined 0.56 percent to 34,396.53 points, pulled lower by Salesforce. The S&P 500 declined 0.08 percent to end the session at 4,076.79 points. The Nasdaq gained 0.13 percent to 11,482.45 points, lifted by gains of over 1 percent each in Nvidia and Facebook-owner Meta Platforms.

Crude Oil

Oil prices settled largely narrowly mixed on Thursday, retreating from an early rally built on dollar weakness and hopes for improved fuel demand in China after COVID-19 curbs were eased in two major Chinese cities. Brent Crude futures settled 9 cents lower at $86.88 a barrel. US West Texas Intermediate crude futures settled at $81.22 a barrel, up 67 cents or 0.8%. Both benchmarks remain on target for their first weekly gains after three consecutive weeks of decline.

SGX Nifty :

Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 50 points. The Nifty futures were trading around 18,925 levels on the Singaporean exchange.

Nifty Outlook: Nifty opened gap up on Thursday at 18872, made a high of 18888, made a low of 18778, and closed on a positive note at 18813 levels. For the day, support for the Nifty exists at 18600 and 18500 levels, whereas resistance for the Nifty stands at 18900 and 19000 levels.

Bank Nifty Outlook:Bank Nifty opened gap up on Thursday at 43512 made a high of 43515, made a low of 43102, and closed on a positive note at 43261 levels. For the day, support for Bank Nifty exists at 42740 and 42500 levels, whereas resistance for Bank Nifty stands at 43500 and 44000 levels.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at www.investmentz.com/disclaimer
SEBI Registration number is INZ000186336

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer