Closing Bell: Sensex falls 378 pts, Nifty at 20,900; realty, power, oil & gas major drag

Indian equity indices ended lower in the volatile session on December 12 with Nifty around 20,900. At close, the Sensex was down 377.50 points or 0.54 percent at 69,551.03, and the Nifty was down 90.70 points or 0.43 percent at 20,906.40.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.

Markets remained in a range for yet another session and lost nearly half a percent. After the flat start, Nifty traded muted in the first half however profit taking in heavyweights pushed the index lower as the day progressed. It eventually settled closer to the day’s low at 20,906.40 levels. Most sectors aligned to the move and ended in the red wherein realty, energy and auto were among the top losers. Meanwhile, the broader indices also traded subdued and closed flat to marginally lower.

We are seeing time-wise correction in the index so far and expect the Nifty to hold the 20,700-20,800 zone in case the profit-taking extends further. Meanwhile, the focus should remain on identifying the sectors/themes that are playing out well and gradually accumulating those names on dips. Apart from banking and IT majors, we are seeing strong traction in themes like fertilizers, cement and railways just to name a few so align trades accordingly.

The Nifty opened on a flat note and has witnessed some profit booking during the day and closed in the negative ~91 points. On the daily charts we can observe that the Nifty has closed in the red and the negative divergence on the hourly charts is playing out. The Nifty is likely to consolidate over the next few trading sessions. On the downside crucial support is placed at 20850 – 20800 while resistance is placed at 20973 – 21000. Overall, the trend is positive, and the current dip should be used as a buying opportunity.

Bank Nifty continued the profit booking which started in the previous trading session. On the downside, the 46800 is the crucial support and until that is held we can expect the Bank Nifty to resume its upmove towards 48000. Overall, the trend is positive and dips towards 46800 – 46600 should be used as a buying opportunity.

The Nifty has formed a bearish engulfing pattern on the daily chart, suggesting a possibility of a bearish reversal. On the higher end call writers have built a heavy position at 21000. On the lower end, put writers are heavily present at 20,800 and 20,900. Therefore, the Nifty is likely to remain mostly sideways to negative as long as it remains below 21000. Only a decisive move above 21,000 might induce a resumption of the uptrend. Support is placed at 20,800, below which the index may consolidate further.

Following the recent impressive surge, the Nifty50 has undergone a consolidation phase today due to anticipated elevated November inflation in India, driven by rising food prices, which may potentially delay RBI policy cuts. In contrast, the US inflation outlook remains stable, which could influence the upcoming US Fed policy.

The Nifty Mid and Small indices, with robust rallies of 42% and 49% on a YTD basis, now carry a 25% premium to their long-term averages, signalling potential valuation concerns. Though the domestic growth outlook remains strong, the risk of EL-Nino is expected to keep the market under pressure.

Finally, bears had something to cheer for. After registering a fresh high of 21,037.90, a reversal was seen in the markets and the Index kept compounding its losses throughout the day to settle at 20,906.40 with a loss of 90.70 points. Among the sectors, Media was the top performer followed by Metal; and, on the flip, Realty and Energy were the major laggards.

For the past couple of days, the Index has been trading with a negative divergence, and today, the Index breached its strong support level and made a bearish engulfing pattern at the record levels which suggests a short-term top has been made and a minor correction (profit-taking) can be anticipated. The immediate hurdle stands at 21,020 while the downside is protected at 20,760.

Indian rupee ended flat at 83.38 per dollar on Tuesday versus Monday's close of 83.39.

: Indian equity indices ended lower in the volatile session on December 12 with Nifty around 20,900.

At close, the Sensex was down 377.50 points or 0.54 percent at 69,551.03, and the Nifty was down 90.70 points or 0.43 percent at 20,906.40. About 1424 shares advanced, 1822 shares declined, and 83 shares unchanged.

Biggest losers were BPCL, Apollo Hospitals, Maruti Suzuki, Sun Pharma and Eicher Motors, while gainers included HDFC Life, UltraTech Cement, Bajaj Auto, SBI Life Insurance and Axis Bank.

Except Metal, all other sectoral indices ended in the red with capital goods, oil & gas, power and realty down 1 percent each.

The BSE midcap index shed 0.4 percent and smallcap index fell 0.2 percent.

-Buy call, target Rs 1,185 per share
-Management meet takeaways show company executing multiple initiatives across its business
-Launch of new liquid detergent holds promise
-Raymond business on track to deliver synergies
-Expect H1 growth to remain muted till product efficacy improvement is addressed
-Execution of franchising East Africa dry hair business likely in Q4FY24
-Indonesia delivering strongly after major changes

Sensex Today | Nifty Bank index down 0.5 percent dragged by IndusInd Bank, Kotak Mahindra Bank, HDFC Bank:

-Buy call, target Rs 665 per share
-More wage-related opex one-offs in H2FY24
-Has made for wage settlement factoring in 14 percent wage growth versus 17 percent announced
-Estimate provisions could result in Rs 1,600-3,300 crore of one-time wage revision provisioning in Q3
-Estimate extra wage bill of Rs 900-1,800 crore in H2FY24
-Could hence result in negative impact of 3-5 percent to FY24 PPOP estimate & 3-7 percent to FY24 PAT estimate

Indian Rupee traded on a flat note today. Weak domestic markets and a rise in crude oil prices put pressure on Rupee. However, weak tone in US Dollar and FII inflows supported Rupee at lower levels. US Dollar eased as traders trimmed their positions ahead of inflation data. US Dollar gained over the past few days on better than expected non-farm payrolls report last week.

We expect Rupee to trade with a slight positive bias on softness in US Dollar and fresh foreign inflows. Positive global market sentiments may also support Rupee. Traders may take cues from inflation and IIP data from India. Traders may also take cues from inflation data from US. Investors may remain cautious ahead of FOMC meeting outcome tomorrow. USDINR spot price is expected to trade in a range of Rs 83 to Rs 83.70.

-Market perform, target Rs 1,004 per share
-Foresee pricing environment in US to remain favorable for next 1-1.5 years
-PLI scheme benefits will also start flowing in from FY25
-Beyond short-term, both injectables (Eugia) & biosimilars have ability to support business
-Eugia has almost all major injectable LoEs under development
-For biosimilars, they intend to use their ops expertise to reduce trials costs & improve yields

Chandrakant Vallabhaji Gogri, a part of the promoter group, will be selling 11.15 lakh equity shares of Sejal Glass via offer-for-sale issue on December 12-13. The offer will be opened for non-retail investors on December 12 and retail investors can participate in the offer on December 13. The floor price of the offer will be Rs 225 per equity share.

Sensex Today | Market at 3 PM

The Sensex was down 414.74 points or 0.59 percent at 69,513.79, and the Nifty was down 105.10 points or 0.50 percent at 20,892. About 1362 shares advanced, 1891 shares declined, and 70 shares unchanged. 

At the higher price band of Rs 493, IPO is valued at P/BV 2.4x Sep’ 2023 BVPS (post-issue) which is at discount to peers.

The company is in a higher growth phase, with AUM growing at 41% CAGR over FY21-23.

It has posted strong growth in profitability (CAGR 31% over FY21-23), while asset quality remained stable.

Given the strong industry tailwinds and a boost to capital position with a fresh capital addition of Rs. 800 crore, the company is well-placed to leverage these growth opportunities.

Net loss at Rs 449 crore versus loss of Rs 833.3 crore and revenue was down 27% at Rs 1,428.8 crore vs Rs 1,954.4 crore, YoY.

EBITDA loss at Rs 443.5 crore versus loss of Rs 555.4 crore, YoY.

Considering the expected improvement in approval rates post digital revamp leading to improved growth prospects, broking house estimated FY25E loan book growth of 13.9% versus 12.3% earlier. With increase in productivity levels on account of pick-up in business growth going ahead, it expect cost ratios to improve, which coupled with benign credit costs will result in better RoA at 1.6% in FY25.

However, Nirmal Bang still maintain its view that a meaningful re-rating of CUB will depend on timely execution of its LOS project and return of growth within the expected timeframe. Secondly, the PCR is lower at 50.9% and for its improvement, the bank will have to be on track with further asset quality upgrades in the coming quarters, in order to lower NNPAs to the bank’s long-term guided range of 1-1.5%.

Maintain an ‘ACCUMULATE’ on CUB with a revised target price (TP) of Rs 168 (valued at 1.3x Sept. 2025E ABV) as against Target Price of Rs 148 earlier (valued at 1.15x Sept. 2025E ABV).

SpiceJet board approves fund raise via issue of shares, warrants. The company to issue up to 32 crore shares at an issue price of Rs 50 per share and to issue up to 13 crore convertible warrants at Rs 50 per warrant

Tata Motors, India's premier commercial vehicle maker, unveiled an array of groundbreaking mobility solutions at EXCON 2023 with the theme 'Moving India Forward.' Showcasing construction-suited trucks and tippers, along with LNG and electric-powered vehicles, the launch highlighted Tata Motors' dedication to innovation and sustainability.

The debut included commercializing LNG-powered trucks like Tata Prima 5528.S LNG and India's first LNG tipper, the Tata Prima 3528.K LNG. Additionally, they introduced the Tata Prima E.28K electric tipper, aligning with the goal of achieving net-zero GHG emissions by 2045.

The event also showcased high-performance trucks like the Tata Prima 2830.TK VX and Tata Signa 3530.TK VX, designed for diverse construction needs. Equipped with advanced features such as cruise control and automatic traction control, these vehicles set new standards in performance, comfort, and safety, heralding an era of innovation and enhanced safety protocols.

Precision machined components manufacturing company Happy Forgings has decided the IPO opening date as December 19. The anchor book of the offer will be opened for a day on December 18, while the IPO closing date has been fixed as December 21.

The Happy Forgings IPO is a mix of fresh issue components of Rs 400 crore worth shares and an offer-for-sale of 71.6 lakh equity shares by the existing shareholders.

Promoter Paritosh Kumar Garg (HUF) will be selling 49.2 lakh equity shares and the remaining 22.4 lakh shares will be sold by investor India Business Excellence Fund – III. Promoters currently hold 88.24 percent shareholding in the company and the rest of shares are held by investor India Business Excellence Fund – III.

Sensex Today | BSE Metal index up 0.5 percent supported by Jindal Steel, Hindalco Industries, JSW Steel:

Oil prices ticked up on Tuesday but investors remained cautious ahead of key interest rate decisions and inflation data releases, while concerns over excess supply and slowing growth in demand kept a lid on gains.

Brent crude futures for February were up 47 cents, or 0.6%, at $76.50 a barrel as of 0644 GMT, while U.S. West Texas Intermediate crude futures for January delivery gained 50 cents, or 0.7%, to $71.82 a barrel.

Adani Port's board of directors given their in-principle approval for issuance of Non-Convertible Debentures for capex/refinancing of existing debt and general corporate purpose for an aggregate amount not exceeding Rs 5,000 crore in one or more tranches on private placement basis.

Issuance of Non-cumulative redeemable preference shares on private placement basis for an aggregate amount not exceeding Rs. 250.19 crore in one or more tranches on private placement basis.

Sensex Today | Market at 2 PM

The Sensex was down 206.51 points or 0.30 percent at 69,722.02, and the Nifty was down 46.00 points or 0.22 percent at 20,951.10. About 1589 shares advanced, 1650 shares declined, and 66 shares unchanged. 

Shares of General Insurance Corporation (GIC Re) surged over 5 percent following a key change in the management made Suresh Savaliya the company secretary, compliance officer and key managerial personnel, succeeding Satheesh Kumar, deputy general manager, effective from December 11. Read More

Gold prices gained on Tuesday after hitting a three-week low in the previous session as the dollar eased, while investors awaited key U.S. inflation data and major central bank policy meetings for clues on interest rates.

Spot gold was up 0.2% at $1,985.49 per ounce, as of 0737 GMT. U.S. gold futures rose 0.4% to $2,000.70.

SpiceJet said that the meeting of the board of directors of the company held on December 11 could only partially complete the agenda items and the meeting has now been adjourned to December 12 to consider earnings for the second quarter ended September 2023 and options for raising fresh capital through issue of equity shares and/or convertible securities on preferential basis.

-Overweight call, target Rs 1,600 per share
-Resignation of CFO was unanticipated & could weigh on sentiment
-Expect transition to be a smooth one

Sensex Today | Nifty Auto index down 0.4 percent dragged by Tube Investment, Sona BLW Precision Forgings, Eicher Motors:

Coal India’s capital expenditure increased by Rs 741 crores in eight months ending November FY 2024 to Rs 10,492 crores. This is 7.6% higher than Rs 9,751 crores of corresponding period last year.

A 5G RAN (Radio Access Network) technology developed by a multiinstitutional team has been licensed to an industry partner TEJAS NETWORKS (A Tata Group Company) for a sum of Rs 12 crore.

IIT Madras, IIT Kanpur and the Society for Applied Microwave Electronics Engineering and Research (SAMEER) developed a ‘5G RAN sub-system’ at the 5G Test Bed. The three institutions are jointly licensing the 5G RAN technology to TEJAS NETWORKS (A Tata Group Company) who will play a vital role in leveraging it for further advancements and commercial applications.

Shares of Yes Bank jumped 5 percent to hit day's high of Rs 21.68 per share on December 12 as the private sector lender eyes buyers for its corporate and retail loans with outstanding debt of Rs 4,234 crore.

According to bank notice, Yes Bank has invited expressions of interest (EoI) for proposed sale of non-performing assets (NPAs) worth Rs 4,234 crore. The bids have been invited to determine anchor bid for stressed assets sale, all of which will be offered on an upfront 100 percent cash basis. Read More

Mishra Dhatu Nigam has secured an order of Rs 357 crore.

With this, the order booking position for FY 2023-24 (as on date) is around Rs 1,100 crore. The open order position of MIDHANI as on date is around Rs 1,750 crore.

Broking house maintain Buy on Intellect Design with revised price Target of Rs 920 (higher PT reflects the roll forward of target multiple to FY26E) as traction from eMACH.AI gains momentum and due to improving funnel.

Company secured large destiny deal wins with major bank in India (cash management system) and a leading banking group in Central and Eastern Europe (Core Banking systems) built on eMACH.AI recently.

Margin trajectory to improve significantly in FY25E and FY26E as there will be no contribution from lower margin GeM revenues and due to contributions from higher margin large destiny deals.

Despite BFSI centric revenue profile the company’s revenues have been resilient owing to well-diversified offerings across License and SaaS besides diversification of revenues across markets.

JLR is partnering with Tata Communications to future-proof its digital transformation and pave the way for new standards such as Industry 4.0 and advanced analytics.

Shares of Capri Global Captial gained on December 12 after the company announced it has received a corporate agency licence from the Insurance Regulatory and Development Authority of India for the launch of an insurance business.

Capri is estimated to generate a net insurance income of about Rs 20 crore in FY 2024-25, the company said in an exchange filing on December 11. The company added that it will invest roughly Rs 2-3 crore every year in the new business. Read More

We believe DOMS IPO offer gives investors an opportunity to invest in a leading player in the Indian stationery and art material industry. We think the robust multi-channel distribution network and collaboration with FILA has not only brought international quality to Indian consumers but also has given DOMS a global footprint for future growth in the export segment.

We expect substantial growth in revenue and profit due to post COVID pent-up demand, and hence we believe the future growth could be seen near to industrial average of 10-12% yoy.

On valuation per se at the upper price band of Rs 790, based on annualized earnings and fully diluted post-IPO paid-up capital, the issue is asking for a Market Cap of Rs 4794 crore with P/E of 32.4x on consolidated basis, which seems the issue is fully priced-in discounting medium term growth.

In the longer term, we like the company's commitment towards product quality, innovation and pricing strategy in the segment with a high growth target audience.

We also see strong brand presence and multi SKU’s bringing sustainable growth in the long run. Hence, considering all the parameters and market momentum, we recommend investors to “SUBSCRIBE” to the issue for listing gains only.

Sensex Today | Market at 1 PM

The Sensex was down 172.22 points or 0.25 percent at 69,756.31, and the Nifty was down 39.70 points or 0.19 percent at 20,957.40. About 1609 shares advanced, 1594 shares declined, and 82 shares unchanged. 

Shares of Iris Business Services gained 4.99 percent on the NSE on December 12, a day after the company announced a strategic partnership with financial performance management software provider Prophix. Read More

Shares of BLS International Services gained 6 percent to hit a 52-week high of Rs 315.75 in early trade on December 12 after the company won a contract from the Indian mission in Canada.

"The company has been awarded the contract for outsourcing consular, passport, and visa services by the High Commission of India (HCI) in Canada. This contract encompasses operations at HCI in Ottawa and Consulate Generals of India (CGIs) in Toronto and Vancouver," the company said in a statement.

As part of the contract, BLS International will continue to provide a range of services, including consular support, passport processing, and visa facilitation. Read More

Sensex Today | BSE Power index down nearly 1 percent dragged by Adani Energy, Adani Green Energy, ABB India:

The overall enthusiasm around AI and its usefulness is indeed infectious. While it is heartening to know that 51% of respondents think AI will improve their productivity, this would evolve as more and more use case are implemented. This will create a lot of data points which can then be consumed by AI algorithms to be fine-tuned and achieve sharper and effective results. From a people's perspective, upskilling and customer centric approach will add efficiency and productivity.

Mumbai-based Suraj Estate Developers has decided to launch its initial public offering on December 18, to raise Rs 400 crore.

The anchor book of the issue will be opened for a day on December 15, while the offer will close on third day, i.e. December 20.

The public offer comprises only a fresh issue of shares worth Rs 400 crore by the company and there is no offer-for-sale component. Read More

The Board of Directors of HMA Agro Industries has fixed December 29, 2023 as the record date for the purpose of subdivision/split of 1 equity shares of the company having a face value of Rs 10 each into 10 equity shares of the company having face value of Re 1 each.

Rajasthan-based Motisons Jewellers fixed the price band for its maiden public issue at Rs 52-55 per share as it intends to mop up Rs 151.09 crore from the market.

Subscription for the public issue will start on December 18 and close on December 20, while the anchor book will open for institutional investors for a day on December 15.

The initial public offering by the jewellery retail company consists of only a fresh issue portion of 2.74 crore equity shares. Of the net fresh issue proceeds, the company will spend Rs 58 crore on repayment of debt and Rs 71 crore on working capital requirements. It will keep the rest for its general corporate purposes. Read More

Padget Electronics, the wholly owned subsidiary of Dixon Technologies, has received a manufacturing contract from Lenovo for manufacturing of IT Hardware products i.e. Laptops and Notebooks under Production Linked Incentive 2.0 Scheme (PLI). This is subject to signing of definitive agreement in due course.

Sensex Today | BSE Information Technology Index up 0.4 percent led by TVS Electronics, Sonata Software, Sasken Technologies:

The dollar drifted lower and the yen stabilised in the Asia session on Tuesday as traders turned their focus on U.S. inflation data and a slew of central bank meetings ahead.

The dollar was 0.5% lower at 145.46 yen.

The pair has had a volatile few days, with the yen surging on remarks taken as hawkish from the Bank of Japan before falling back on a news report downplaying the prospect of an imminent policy change.

Gold prices declined on Monday pressured by a firm U.S. dollar, as investors look ahead to several major central bank meetings and U.S. inflation data this week for further clarity on the interest rate path.

Spot gold was down 0.5% at $1,993.49 per ounce, as of 0934 GMT. U.S. gold futures eased 0.3% to $2,009.20.

PG Foils informed that the Income Tax Department (the Department) initiated a search under the Income Tax Act, 1961 at company’s corporate offices and manufacturing units today i.e. December 12,
2023.

Operations at Plant/manufacturing units of the company continuing as usual and not impacted due to the search, company said.

Sensex Today | Market at 12 PM

The Sensex was down 5.12 points or 0.01 percent at 69,923.41, and the Nifty was up 10.10 points or 0.05 percent at 21,007.20. About 1754 shares advanced, 1412 shares declined, and 76 shares unchanged. 

The new management has successfully navigated various disruptions and consequent asset quality stress. With strengthened processes, it is now ready to capitalize on the strong opportunity in the MFI sector and deliver an AUM CAGR of 34% over FY23-FY26E.

Broking firm estimate Spandana to deliver FY26 RoA/RoE of 4.4%/17%, aided by: a) operating leverage resulting in decline in operating cost ratios, and b) normalization in credit costs.

Spandana trades at 1.5x Sep’25E P/BV. Given the strong opportunity in the microfinance sector, Motilal Oswal think that the company is poised for a further rerating if it executes well on its stated goal of quality growth.

Maintain BUY with a Target Price of Rs 1,200 (premised on 1.8x Sep’25E BV).

Key downside risks: 1) Poor execution on asset quality could increase the credit cost; and 2) inability to retain talent in the senior/middle management teams.

Jtekt India has received new order worth Rs 182.7 crore from JTEKT Brasil, for supply of loose child parts. JTEKT Brasil and JTEKT India are related parties.

Bharat Petroleum Corporation is trading ex-dividend with effect from December 12. The company has announced an interim dividend of Rs 21 per share.

The share price of the luggage and luggage accessories manufacturer is trading ex-bonus today. The company has decided to issue one bonus share for every one share held by shareholders.

The stock price of Sonata Software started trading ex-bonus with effect today. One bonus share will be issued for every one share held by shareholders.

-Under-weight call, target Rs 4,374 per share
-On-boards another marquee client, Lenovo, under it hardware PLI 2.0
-Total Addressable Market (TAM) for IT hardware products is USD 12 billion
-Out of the USD 12 billion TAM, imports account for USD 9 billion
-IT hardware includes laptops, tablets, all-in-one pcs, servers & ultra-small form factor devices
-A large opportunity for domestic substitution exists
-Lenovo’s global market share for desktops + laptops would be 20-23% & tablets would be 7-10%

Even as markets take off into uncharted territory and there is optimism in the air after BJP’s win in three states, where should investors place their faith in beating the market over the next year? The general perception is consumption stocks do well in election year given accelerated spending by governments ahead of elections, but this time around, analysts suggest, industrials may be a better bet than consumption stocks despite a slow private capex growth. READ MORE

Aluminium producer Hindalco Industries on Tuesday announced its plan to set up a battery foil manufacturing facility at Sambalpur in Odisha with an investment of Rs 800 crore to tap the fast-expanding electric vehicle market. READ MORE

Analysts at JM Financial said in their report that the recent tariff revision by Gujarat Pipavav from January 1 2024 will increase EXIM container handling charges, transhipment container handling charges, and vessel-related tariffs.

JM Financial analysts expect revised tariffs to drive 1-6 percent rise in FY24-26 EPS estimates. The brokerage firm shared a 'hold' rating and upgraded target price to Rs 150 per share from Rs 140 earlier.

The key equity indices, Sensex and Nifty, began the day on a positive note on Tuesday, mirroring global market trends. The surge was driven by anticipation surrounding crucial economic data from the US and forthcoming meetings of major central banks, with potential insights into prospective interest rate cuts in the coming year.

The Nifty has been in consolidation mode for the fifth consecutive session, maintaining proximity to the 21,000 levels. We anticipate this consolidation to persist throughout the day. Notably, the 21,000 Call strike exhibits significant Open Interest (OI) with approximately 85 lakh shares. On the Put side, the 20,900 strikes boast substantial OI, amounting to around 72 lakh shares.

Examining Bank Nifty, option data suggests that the 47,000 Put strike holds noteworthy OI, serving as a crucial immediate support level. Overall market sentiment is optimistic, making a "buy on every dip" strategy a viable approach.

The state-owned entity has entered into a 200-million-euro loan agreement with Germany’s KfW Development Bank. REC would use Line of Credit to refinance investments in the distribution infrastructure of DISCOMs in the framework of and in alignment with the Revamped Distribution Sector Scheme (RDSS).

Sensex Today | BSE realty index down 0.5 percent dragged by Prestige Estates Projects, Oberoi Realty, Sobha:

BASF India has received approval from the Ministry of Corporate Affairs on 11th December 2023 for incorporation of its wholly owned subsidiary, “BASF India Coatings Private Limited”.

Thermax, through one of its subsidiaries, has secured orders worth more than Rs. 500 crore from a leading energy conglomerate for setting up five bio-CNG plants across India. These plants will be set up in the states of Rajasthan, Madhya Pradesh, Maharashtra (2) and Uttar Pradesh.

The USFDA conducted a Pre-Approval Inspection (PAI) at the Torrent Pharma's Oral manufacturing facility situated in Bileshwarpura, Gujarat from 05-Dec-23 to 11-Dec-23.

At the end of the inspection, the company was issued a Form 483 with 5 procedural observations. There was no observation related to data integrity reported.

Wipro has supported Marelli Electronic Systems, the mobility technology supplier to automotive sector, in the development of its Cabin Digital Twin viable product. This product enables original equipment manufacturers (OEMs) to introduce connected vehicle services to the market quickly.

Mahindra & Mahindra has announced total production at 69,875 units in November 2023, growing 13.4% over a year-ago period. Total sales grew by 24.6% YoY to 68,760 units, but exports fell 41.8% to 1,816 units in the same period.

The meeting of the board of directors of the company held on December 11 could only partially complete the agenda items and the meeting has now been adjourned to December 12 to consider earnings for the second quarter ended September 2023 and options for raising fresh capital through issue of equity shares and/or convertible securities on preferential basis.