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CORPORATE AND ECONOMY NEWS

* Ceat/MRF: The NCLAT disposed of all 14 appeals against the CCI order against certain tyre manufacturers on cartelisation of the industry. The tribunal remitted the matter back to CCI to re-examine arithmetic errors in calculation.

* Maruti Suzuki India: The country's largest carmaker will increase the prices of its vehicles 'substantially' from next month as it looks to offset the impact of rising input costs and make provisions to update the model range to conform to stricter emission norms which kick in from April 2023.

* NTPC: The state-owned power giant is likely to get a strategic investor for its arm NTPC Green Energy by March 2023, which will help raise up to Rs 3,000 crore for implementing renewables projects in the country.

* UltraTech Cement: The company commissioned 1.8 MTPA greenfield grinding capacity at Dhule Grinding Unit, Maharashtra, and 1.8 MPTA brownfield clinkerbacked second grinding capacity at Dhar Cement Works, Madhya Pradesh.

* PNB Housing Finance: The company paid a fine of Rs 3 lakh to BSE and NSE for not having the requisite number of independent directors.

* Ion Exchange: The company has won a contract Rs 343.36 crore from Indian Oil Corporation for designing, engineering, manufacturing, supply, erection, testing, pre-commissioning, commissioning, performance guarantee test run and operation and maintenance for five years of zero liquid discharge plant at Panipat refinery.

* Hindustan Aeronautics: The company has received income tax refund order for Rs 427.5 crore. The said refund includes interest of Rs.176.9 crore. The said order was passed in compliance with the order passed by the Income Tax Appellate Tribunal (ITAT) in favour of the company in the dispute pertains to allowing R&D Expenditure as capital expenditure while computing taxable profit.

* Easy Trip Planners: The company signed Share Purchase Agreement with Nutana Aviation Capital IFSC to acquire 75% stake in the latter.

* State Bank of India: The bank raised Rs 10,000 crore through its maiden infrastructure bond issuance at a coupon rate of 7.51%.

* DFM Foods: The Directorate General of GST Intelligence alleged the Company has been misclassifying its products. The company refuted the allegations and would seek an appeal against the order.

* Pharma stocks: Drug majors Dr Reddy's Labs and Sun Pharma are recalling different products in the US market for manufacturing issues, according to the USFDA. Dr Reddy's Labs is recalling over 48,000 cartons of a drug used to treat sneezing, runny or stuffy nose. Sun Pharma is recalling 14,064 cartons of a medication to treat erosive esophagitis.

* Godrej Properties: The company bought an 18.6 acre land parcel at Kandivali, in Mumbai for around Rs 750 crore to develop a luxury housing project. The company expects sales revenue of about Rs 7,000 crore from this upcoming 18.6-acre project, which would have a developable potential of about 3.7 million square feet.

* Mahindra & Mahindra Financial Services: The company continued its momentum with disbursement of approximately Rs 4,500 crores, a 75 percent year-on-year growth in November 2022. Healthy disbursement trends have led to a strong gross asset book of approximately Rs. 76,300 crores, growing ~3.4 percent over September 2022.

* Power Grid Corporation of India: The state-owned power transmission major is in the process of carving out its telecom vertical to a new fully-owned subsidiary, Powergrid Teleservices, in a bid to have a 'focused approach' and to move up the value chain.

* NMDC: The state-owned metal miner reported eight per cent growth compared to the same month last year in iron ore production at 3.61 million tonnes and 5.5 per cent jump in sales at 3.04 million tonnes in November. Its iron ore production for the period September-October-November 2022 is recorded as the best ever production.

GLOBAL MARKETS

Global Market Update

The S&P 500 closed slightly lower on Friday, although major indexes rallied off their worst levels of the day, as the November payrolls report fueled expectations the Federal Reserve would maintain its path of interest rate hikes to combat inflation. The Dow Jones Industrial Average rose 34.87 points, or 0.1%, to 34,429.88, the S&P 500 lost 4.87 points, or 0.12%, to 4,071.7 and the Nasdaq Composite dropped 20.95 points, or 0.18%, to 11,461.50.

Crude Oil

Oil prices inched up in early trade after OPEC+ nations reaffirmed their oil output targets ahead of a European Union ban and price caps on Russian crude, which kick off on Monday. Brent crude futures climbed 39 cents, or 0.5%, to $85.96 a barrel at 2309 GMT, while US West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.5%, to $80.35 a barrel.

SGX Nifty:Trends in the SGX Nifty indicate a cautious opening for the broader index in India with a gain of 18 points. The Nifty futures were trading around 18,843 levels on the Singaporean exchange.

Nifty Outlook:

Nifty opened gap down on Friday at 18752, made a high of 18782, made a low of 18639, and closed on a negative note at 18696 levels. For the day, support for the Nifty exists at 18600 and 18500 levels, whereas resistance for the Nifty stands at 18800 and 19000 levels.

Bank Nifty Outlook:

Bank Nifty opened gap down on Friday at 42977 made a high of 43132, made a low of 42938, and closed on a negative note at 43104 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.

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