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CORPORATE AND ECONOMY NEWS

* HDFC/HDFC Bank: The NBFC received in-principle approval from BSE and National Stock Exchange for transfer of non-convertible debentures to HDFC Bank under the merger deal between the two lenders.

* UltraTech Cement: The cement major has commissioned of 1.9 mtpa greenfield clinker backed grinding capacity at Pali cement works, Rajasthan. The company along with its subsidiary has 16.25 mtpa cement capacity in Rajasthan spread over 5 separate plant locations.

* Yes Bank:The private lender said private equity majors Carlyle Group and Advent have picked up 9.99 per cent stake in the bank. The two private equity funds together would pump in about Rs 8,896 crore in Yes Bank with full conversion of warrants into equity.

* Bank of Baroda: The state-owned lender plans to sell its majority stake in Nainital Bank. The board of directors of the bank has approved divestment of its majority shareholding in Nainital Bank (NBL), and authorised issuance of an advertisement inviting Expressions of Interest through a Preliminary Information Memorandum.

* TVS Motor Company: The two wheeler player said it plans to launch Euro-V emission norms compliant two-wheelers in Turkey. The company said it plans to introduce Euro 5 compliant products like Jupiter, NTORQ Race Edition, Raider and Apache RTR 200 4V in the market.

* One97 Communications: The digital financial services firm, which operates under the Paytm brand, announced a share buyback scheme worth Rs 850 crore at Rs 810 apiece. The company has opted for the open market route through the stock exchange method for the buyback programme.

* Adani Transmission: The Adani Group's power transmission arm has incorporated a wholly-owned subsidiary Adani Cooling Solutions. The subsidiary was incorporated on Monday with an initial authorized and paid up share capital of Rs 1,00,000 each, for the purpose of carrying on District Cooling System business.

* Piramal Enterprises: The NBFC's subsidiary Piramal Capital & Housing Finance acquired 100 per cent stake in PRL Agastya for Rs 90 crore. Post-acquisition, PRL Agastya will be a wholly-owned subsidiary of PCHFL.

* Sagar Cements: The board of directors of the cement player will meet on December 21 to consider a draft scheme of amalgamation for the proposed merger of its wholly-owned subsidiary Jajpur Cements with itself.

* Reliance Industries: Heads Up Ventures has entered into a contract with Reliance Retail for sale of its products on the latter’s e-commerce platform.

* Bayer CropScience: The operations at the company’s crop protection formulations plant in Himmatnagar, Gujarat have been discontinued on directions from Gujarat Pollution Control Board.

* IFB Industries: The board approved infusion of Rs 97 crore in promoter group company IFB Refrigeration.

* Patel Engineering: The board of directors of the civil construction company will meet on December 16 to consider raising of funds through issue of equity shares on rights basis to the existing equity shareholders.

* Axis Bank: The private sector lender has raised Rs 12,000 crore by issuing bonds at a coupon rate of 7.88 percent. The bonds are redeemable at the end of 10 years (the redemption date is December 13, 2032), the bank said.

* PTC India: Mohammad Afzal has been appointed as nominee director of Ministry of Power, Government of India on the board of PTC India with effect from December 12. Afzal is a Joint secretary (transmission) in Ministry of Power.

* IIFL Wealth Management: General Atlantic Singapore Fund Pte Ltd has sold Rs 564 crore stake in the company via open market transactions. The fund offloaded 31.15 lakh shares in IIFL Wealth at an average price of Rs 1,810.09 per share. However, Capital Income Builder bought 30.43 lakh shares in the company at an average price of Rs 1,810 per share.

GLOBAL MARKETS

Global Market Update

US stocks rose on Tuesday after an unexpectedly small consumer price increase buoyed optimism that the Federal Reserve could soon dial back its inflation-taming interest rate hikes, but concerns remained the central back could stay aggressive. The Dow Jones Industrial Average rose 103.6 points, or 0.3%, to 34,108.64, the S&P 500 gained 29.09 points, or 0.73%, to 4,019.65 and the Nasdaq Composite added 113.08 points, or 1.01%, to 11,256.81.

Crude Oil

Oil rose to more than $80 a barrel on Tuesday as investors bought up risk assets after US data pointed to slowing inflation. The market was also buoyed by concern about supply disruptions, including the ongoing shutdown of the Canada-to-United States Keystone crude pipeline following a massive leak. Brent crude futures were up $2.85, or 3.4%, to $80.84 a barrel by 16:41 GMT. US West Texas Intermediate (WTI) crude futures gained $2.49, or 3.4%, to $75.66.

SGX Nifty :

SGX Nifty: Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 82 points. The Nifty futures were trading around 18,783 levels on the Singaporean exchange.

Nifty Outlook: Nifty opened gap up on Tuesday at 18524, made a high of 18617, made a low of 18490, and closed on a positive note at 18608 levels. For the day, support for the Nifty exists at 18490 and 18400 levels, whereas resistance for the Nifty stands at 18750 and 18800 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Tuesday at 43794 made a high of 43984, made a low of 43768, and closed on a positive note at 43947 levels. For the day, support for Bank Nifty exists at 43700 and 43400 levels, whereas resistance for Bank Nifty stands at 44200 and 44500 levels.

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