IGI Logo

CORPORATE AND ECONOMY NEWS

* Tata Power: The Company has requested the Maharashtra power sector regulator, Maharashtra Electricity Regulatory Commission (MERC), to relax the ceiling on the fuel-adjustment charges so as to recover the electricity purchase cost.

* Tata Motors: The company's stock will be included in the S&P BSE Sensex Index from today. Dr Reddy's will be dropped from the index. Also, Bengaluru Metropolitan Transport Corporation signed a definitive agreement with the Tata Motors' subsidiary TML Smart City Mobility Solutions for operating 921 electric buses in Bengaluru.

* Spandana Sphoorty Financial: The Company’s board is scheduled to meet on December 21 to consider and approve fund raise by way of issue of debentures on private placement basis.

* Speciality Restaurants: The Company has scheduled its board meet on December 21 to consider and approve a proposals for raising of funds by way of issue of equity shares or any other eligible convertible securities.

* Tata Steel: The steel major on Sunday executed the implosion of two obsolete coke plant facilities at Jamshedpur Works, paving the way for new coke oven batteries with the latest technology and higher efficiency.

* Jindal Steel and Power: The Company plans to spend Rs 7,930 crore under the PLI scheme for specialty steel to manufacture high-end alloy in India, its Managing Director Bimlendra Jha said.

* Adani Enterprises: The Gautam Adani-led group plans to invest up to Rs 10,700 crore for the expansion of Lucknow airport, so that its annual passenger handling capacity zooms from 4 million passengers per annum (MPPA) to 39 MPPA.

* Ashoka Buildcon: The company’s subsidiaries Ashoka Concessions & Viva Highways have entered into a share purchase agreement with National Investment & Infrastructure Fund & Jaora Nayagaon Toll Road for sale of 100 per cent share capital of JTCL, from ACL & VHL to NIIF for a consideration of Rs 691 crore.

* L&T: India's largest construction company Larsen & Toubro and Canadian pension fund manager Canada Pension Plan Investment Board on Saturday said that they have agreed to transfer their 100% shareholding in L&T Infrastructure Development Projects and its subsidiaries to Edelweiss Alternative Asset Advisors's Infrastructure Yield Plus Strategy fund for an enterprise value of ?6,000 crore. L&T Infrastructure Development Projects is a joint venture between L&T and Canada Pension Plan Investment Board holding 51% and 49% stake respectively.

* UPL: UPL has announced the completion of an investment of ?2,474 crore by global investment firm KKR for a 13.33% stake in Advanta Enterprises, agritech arm of UPL, formerly known as United Phosphorus Ltd. This is a part of the larger corporate realignment exercise announced in October 2022 to create four distinct business platforms -- Global Crop Protection, India Agtech, Global Seeds and Manufacturing and Specialty Chemicals. On October 21, UPL announced that ADIA, Brookfield, KKR and TPG will separately invest ?4,040 crore for minority stakes in UPL's pure-play business platforms.

* Sun Pharma: Drug major Sun Pharma on Friday said it has received a warning letter from the US health regulator for its Halol facility which is already under an import alert. The warning letter summarises violations with respect to Current Good Manufacturing Practice (cGMP) regulations, the Mumbai-based company said in a regulatory filing. The US Food and Drug Administration shall make public the contents of the Warning Letter in due course, it added.

* Tech Mahindra: The company will sell 100% stake in subsidiary Dynacommerce Holdings to step down subsidiary Comviva Netherlands BV for €6.6 million.

* Yes Bank: The private lender has concluded assignment of Rs 48,000 crore worth of stressed assets to JC Flowers Asset Reconstruction Co.

* Shilpa Medicare: The company launched Capecitabine 1000 MG dispersible tablet with faster dispersion technology.

GLOBAL MARKETS

Global Market Update

US stocks dropped for a third straight session and suffered a second straight week of losses on Friday as fears continued to mount that the Federal Reserve's campaign to arrest inflation would tilt the economy into a recession. The Dow Jones Industrial Average fell 0.85 percent to 32,920.46, the S&P 500 lost 1.11 percent to 3,852.36 and the Nasdaq Composite 0.97 percent to 10,705.41.

Crude Oil

Oil prices reclaimed ground on Monday after tumbling more than $2 a barrel in the previous session as optimism from China's reopening and oil demand recovery outweighed concerns of a global recession. Brent crude futures rose 72 cents, or 0.9 percent, to $79.76 a barrel by 0103 GMT while US West Texas Intermediate crude was at $74.89 a barrel, up 60 cents, or 0.8 percent.

SGX Nifty:

Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 56 points. The Nifty futures were trading around 18,374 levels on the Singaporean exchange.

Nifty Outlook:

Nifty opened gap down on Friday at 18319, made a high of 18441, made a low of 18255, and closed on a negative note at 18269 levels. For the day, support for the Nifty exists at 18200 and 18100 levels, whereas resistance for the Nifty stands at 18450 and 18600 levels.

Bank Nifty Outlook:

Bank Nifty opened gap down on Friday at 43262 made a high of 43598, made a low of 43081, and closed on a negative note at 43219 levels. For the day, support for Bank Nifty exists at 43000 and 42500 levels, whereas resistance for Bank Nifty stands at 43600 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