Closing Bell: Sensex, Nifty hit fresh record highs; FMCG gains, IT major drag

Benchmark indices ended in the green in the volatile session on December 19 with Nifty at 21,450. At close, the Sensex was up 122.10 points or 0.17 percent at 71,437.19, and the Nifty was up 34.40 points or 0.16 percent at 21,453.10.

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.

On December 19, the Indian benchmark indices concluded with marginal gains in a highly volatile session, closing positively by 34.45 points. The Nifty achieved a new all-time high at the 21,505 level. A Hammer candlestick pattern has formed on the daily chart, suggesting potential bullish momentum. If the Nifty surpasses the 21,500 level, there is positional potential for an upward movement to 21,650 and 21,750 in the coming days.

The Nifty is expected to consolidate within a range of 21,230 to 21,500. On the downside, crucial support is positioned at 21,300–20,200, while resistance is situated at 21,500–21,700. Overall, the trend is positive, and the current dip should be considered a buying opportunity.

Bank Nifty is also consolidating within the range of 47,600 to 48,200. On the downside, 47,500 is the crucial support, and as long as it holds, Bank Nifty is anticipated to resume its upward movement towards 48,200. The overall trend is positive, and declines towards 47,700–47,600 should be perceived as buying opportunities.

Markets remained range bound and settled marginally higher amid mixed signals. After the flat start, the Nifty index drifted lower in the first hour despite the favorable global cues, however buying in select heavyweights trimmed all the losses as the day progressed. Among the key sectors, energy and FMCG were among the top performers while IT and metal settled lower. The broader indices too witnessed a muted session and ended flat to marginally in the red.

We are seeing buying interest on every dip in the index and that reaffirms our bullish view. The defensive viz. FMCG and pharma are doing well on the expected lines however participation of rate sensitives would be essential to trigger the next leg of up move. Meanwhile, it is critical to identify the pattern of rotational buying across sectors and place the trading positions accordingly.

The broader market sustained its optimism, but the incremental rally is contracting. Investors are cautious ahead of the Eurozone inflation data announcement, which is forecast to drop marginally. The dovish stance by BOJ maintained the market sentiments. Amid this, the price of oil stabilized as the US government announced plans to protect the shipping route through the Red Sea. After the recent rally of growth stocks, investors are exhibiting interest in consumption stocks as a bargain strategy.

Extreme volatility was seen on both sides whereas in the opening trade, a strong recovery was witnessed under the leadership of heavyweight Reliance. In the mid-session, PSU Banks and Pharma counters joined the party and pushed the Index further higher to register a fresh high of 21,505.05; however, towards the end of the day, the Index pared off some of its gains to settle at 21,453.10 with gains of 34.45 points.

On the sectoral front, Energy was up by 1.58% and ended the session as a top performer followed by FMCG (+1.41%) while IT and Auto sectors witnessed a profit booking pressure. Underperformance was observed by the Broader markets as Mid and Smallcaps corrected by 0.38% & 0.12% respectively.

Nifty50 has made a Long Legged DOJI candlestick pattern which indicates indecisiveness between the bulls and bears. A range of consolidation will remain the same i.e. 21,330-21,500.

Indian rupee ended 12 paise lower at 83.18 per dollar versus previous close of 83.06.

: Benchmark indices ended in the green in the volatile session on December 19 with Nifty at 21,450.

At close, the Sensex was up 122.10 points or 0.17 percent at 71,437.19, and the Nifty was up 34.40 points or 0.16 percent at 21,453.10. About 1833 shares advanced, 1797 shares declined, and 132 shares unchanged.

Biggest gainers on the Nifty were Coal India, Nestle India, Tata Consumer Products, NTPC and Cipla, while losers included SBI Life Insurance, Hero MotoCorp, Adani Ports, Wipro and Adani Enterprises.

Mixed trend was seen on the sectoral front, with metal, pharma, oil & gas, power and FMCG rose 0.3-1 percent, while auto, capital goods, realty, Information Technology down 0.3-0.8 percent.

Among broader indices the smallcap index hit fresh record high of 42,544.95, before closing with marginal gains, while BSE Midcap index lost 0.3 percent.

The Muthoot Microfin IPO has been subscribed 2.12 times so far on December 19, with bids coming in for 5.15 crore shares against the issue size of 2.43 crore shares.

Retail investors bought 3.37 times the allotted quota of shares. The portion set aside for non-institutional investors was subscribed 1.91 times, and the employees' portion was booked 2.57 times, while the qualified institutional buyers bid for 6 percent shares of the reserved portion.

-Outperform call, target Rs 211 per share
-Will pay Rs 341.4 crore for a 50% stake Restaurant Development Co
-Temasek holdings will take a 48% stake & a local Thai partner will take the rest
-Total purchase of Rs 1,066 crore includes local bank debt of Rs 385 crore
-Purchase is valued at a TTM EV/sales of 0.83x

Oil steadied on Tuesday as investors considered the potential impact on oil supply from attacks by Yemen's Iran-aligned Houthi militants against ships in the Red Sea, which have disrupted maritime trade and forced companies to reroute vessels.

Crude prices had climbed nearly 2% on Monday on fears over the disruptions to trade via the Suez Canal, the shortest shipping route between Europe and Asia, which accounts for about 15% of global shipping traffic.

Brent crude fell 12 cents to $77.83 a barrel. U.S. West Texas Intermediate crude for January, which expires on Tuesday, was down 62 cents at $71.85 while the more active February contract lost only 3 cents.

-Buy call, target Rs 530 per share
-BAT has been facing headwinds due to volume decline
-Company has been facing headwinds due to high level of debt
-High level of debt compressed valuation to 6x P/E, lowest among tobacco majors
-Interestingly, strong momentum at company has allowed it to pip BAT's market cap recently
-Recent communication shows BAT appears to be comfortable trimming C.4 ppt stake in company to 25%
-Also sees hotels as non-core signalling a potential stake sale once ITC Hotels is listed

Indian Rupee depreciated on Tuesday on positive tone in the US Dollar and Dollar demand by OMCs and importers. However, positive tone in domestic markets and decline in crude oil prices cushioned the downside. US Dollar gained as Fed officials downplayed imminent rate cut expectations.

We expect Rupee to trade with a slight negative bias on positive tone in US Dollar and demand for Dollar by importers. RBI may also buy Dollars to shore up its reserves. However, positive domestic markets and FII inflows may support Rupee at lower levels.

Bank of Japan kept its monetary policy unchanged, which supported US Dollar. Traders may remain cautious ahead Housing starts and Building permits data from US. USDINR spot price is expected to trade in a range of Rs 82.90 to Rs 83.60.

-Initiate buy, target Rs 1,150 per share
-Company is an integrated player engaged in manufacturing of various critical components
-Precision engine forged components for 4Ws, 2Ws, And CVs
-Company also manufactures components for the aerospace, defence, and EV industries
-Company has a strong orderbook of Rs 1,930 crore as of Q2FY24
-Orderbook includes 52% is from tech-agnostic, xEV & non-auto segments
-Tech-agnostic, xEV & non-auto segments believe should drive strong topline growth going ahead
-Build in revenue growth of 19% over FY23-26
-Assuming a margin of 17.7% for FY25/ 26, further driving PAT growth of 32% CAGR over FY23-26
-Also build in RoE/ RoCE of 19%/ 20.2% in FY26 against 13.3%/ 14.3% in FY23

Sanghvi Movers has received work order aggregating to Rs 166 crores from one of eminent Independent Power Producers (IPP) in the renewable energy sector, for providing Cranes, WTG Inter-carting, Installation & Precommissioning and making WTG Foundations with geotechnical analysis.

The total duration of this contract is 24 months starting from January - 2024 till January 2026.

-Hold call, target Rs 190 per share
-In a surprising move, co has announced acquisition of Thailand-based Restaurant Dev
-‘Growth at reasonable price’ seems to be the rationale
-‘Growth at reasonable price' evident from 8x trailing EV/EBITDA
-‘Growth at reasonable price' evident from 13% store addition CAGR
-Forward growth multiple could be 5-6x EBITDA even if assume modest growth
-However, would have liked an India growth effort instead
-Hope this does not kick-start overseas M&As

Sensex Today | Market at 3 PM

The Sensex was up 62.86 points or 0.09 percent at 71,377.95, and the Nifty was up 12.30 points or 0.06 percent at 21,431.00.  About 1626 shares advanced, 1609 shares declined, and 91 shares unchanged. 

The board of directors of Jindal Stainless at its meeting held on December 19, 2023, accorded its consent for acquisition of 100% stake in Rabirun Vinimay Private Limited, a company under liquidation, on a going concern basis, in terms of the applicable provisions of Insolvency and Bankruptcy Code, 2016.

United Drilling Tools has received order aggregating to Rs 958 million for supply of casing pipe with connector to Oil and Natural Gas Corporation (ONGC), which will be executed within the time frame of approximately 28 week & 42 weeks or gradual dispatch as per the requirement of client from its facilities in Utter Pradesh and Gujarat, India.

SBI – buy call, target raised to Rs 800 per share
PNB – neutral call, target Rs 90 per share
BoB – buy call, target raised to Rs 280 per share
Canara Bank – buy call, target raised to Rs 550 per share
Union Bank – buy call, target raised to Rs 150 per share
Indian Bank – buy call, target raised to Rs 525 per share
Well poised for re-rating 2.0
1% RoA – from aspirational to sustainable; valuations remain attractive
Liability franchise robust, LCR ratio at comfortable levels
Margin performance resilient, higher mix of MCLR to shield margins
Wage provisions to have limited impact (Barring SBI), opex to moderate
Asset quality ratios improving steadily, low SMA pool further augurs well

Man Infraconstruction Group Secures Commencement Certificate (CC) for its UberLuxurious Residential Project in Ghatkopar East, Mumbai introducing Innovative Community Living Concept, having carpet area of approx. 4 lakh sq. ft. for sale.

Transformers and Rectifiers India has been awarded orders of Transformers for total contract value of Rs 237 crores from Power Grid Corporation of India Limited.

At the upper price band of Rs 850, Happy Forgings is available at a P/E of 33.6x (FY24 annualized), which seems in-line compared to its peers. Considering the company's well-established standing in the crankshaft manufacturing industry, notable customers, solid financials, varied product range, global reach with future strategic acquisitions and expansion plans, and new customer additions, Geojit recommend a ‘Subscribe’ rating for the issue on a short to medium-term basis.

Shares of Nestle India gained over 4 percent after it has fixed January 5, 2024 as the record date for determining entitlement of equity shareholders for sub-division of existing equity shares of the company. One equity share having face value of Rs 10 each, will be sub-divided into 10 equity shares having face value of Re 1 each.

Sensex Today | Market at 2 PM

The Sensex was up 211.51 points or 0.30 percent at 71,526.60, and the Nifty was up 54.10 points or 0.25 percent at 21,472.80. About 1727 shares advanced, 1487 shares declined, and 89 shares unchanged. 

Shares of IDFC First Bank surged 3 percent to day's high of Rs 92.33 per share on December 19 after the Reserve Bank of India (RBI) approved merger of IDFC and IDFC Financial Holding Company with itself.

In the past one month, the stock of this private sector lender has climbed over 6 percent as against 8 percent rise in the benchmark Sensex. Earlier, IDFC First Bank shares hit 52-week high of Rs 100.74 per share on September 5, 2023. Read More

Happy Forgings IPO has been subscribed 90 percent so far on the first day of bidding, December 19, receiving bids for 75.6 lakh shares against an issue size of 83.65 lakh shares. Retail investors picked 1.38 times and high net-worth individuals bought 95 percent of the allotted quota.

Happy Forgings’ Rs 1,008.59 crore public offer, which will close on December 21, comprises a fresh issue of 47 lakh shares worth Rs 400 crore and an offer-for-sale of 71.59 lakh shares worth Rs 608.59 crore. The price band for the issue has been fixed at Rs 808-850 per share.

The Muthoot Microfin IPO has been subscribed 1.72 times so far on December 19, with bids coming in for 4.19 crore shares against the issue size of 2.43 crore shares.

Retail investors bought 2.83 times the allotted quota of shares. The portion set aside for non-institutional investors was subscribed 1.4 times, and the employees' portion was booked 2.29 times.

The price band for the offer, which will close on December 20, has been fixed at Rs 277-291 per share. The company plans to raise Rs 960 crore from the IPO.

The Rs 151.09-crore public issue of Motisons Jewellers was subscribed 32.41 times on December 19, the second day of bidding. It received bids for 67.63 crore shares against an issue size of 2.08 crore shares.

Retail investors portion booked at 45.88 times, high net-worth individuals picked up 33.93 times, and qualified institutional buyers bought 15 percent of the allotted quota.

Suraj Estate Developers IPO was subscribed 1.50 times on December 19, the second day of bidding, with bids coming in for 1.23 crore shares against the issue size of 82.35 lakh.

The retail portion was booked 2.57 times and high net worth individuals (HNIs) bought 85 percent of their allotted quota of shares. Qualified institutional buyers had picked 12 percent of the portion set aside for them.

Sensex Today | Nifty Auto index shed 0.7 percent dragged by TVS Motor Company, Tube Investment, Hero MotoCorp:

The company has suspended its operations at Sahupuram plant in Tamil Nadu due to flooding and water logging at the factory premises caused by heavy rains since December 17.

The company expects gradual scale up of operations after the water levels get back to normal and anticipates at least 7 days to get back its usual business operations.

The Board of Directors of Vijaya Diagnostic Centre at their meeting held on December 19, 2023 considered and approved the terms and conditions of the Share Purchase agreement between the Company, P H Diagnostic Centre Private Limited and its Promoters/Shareholders for the acquisition of 100% stake in “P H”.

Post completion of the aforesaid acquisition, “P H” will become wholly-owned subsidiary of the company.

Tata Consumer Products has edged ahead of other suitors like ITC and is now the frontrunner in fray for a majority stake in Fabindia-backed organic herbal and Ayurvedic health products firm Organic India, multiple industry sources in the know told Moneycontrol.

"Tata Consumer wants to focus on the health and organic products segment and Organic India fits in with their investment thesis. The talks between both the parties are at an advanced stage," said one of the sources. Read More

Supreme Petrochem will purchase 26 percent equity shares in the SPV viz. TP Saturn Limited from Tata Power Renewable Energy Ltd. (TPREL) for an investment of Rs 5.36 crore.

On October 20, 2023 the company informed about signing of Power Delivery Agreement (PDA) for 12.5 MW (i.e. 17.95 MWp) with TP Saturn Limited, a Special purpose Vehicle (SPV) formed by TPREL for a 12.5 MW group captive project through the SPV and supply to company's plant at Amdoshi, Dist. Raigad' Maharashtra for a period of 25 years (with lock in period of 15 years).

A Shareholder Agreement and a Share Purchase Agreement have also been signed by the company with TPREL on December 14, 2023.

The Board of Directors of J. B. Chemicals & Pharmaceuticals at its meeting held on December 19, 2023 has approved the execution of a Trade Mark License Agreement with Novartis Innovative Therapies AG, for a portfolio of select ophthalmology brands which will be effective in January 2027.

The board also approved the promotion & distribution agreement with Novartis Healthcare Private Limited for the same portfolio of select ophthalmology brands for the Indian market for a period of three years starting December 2023.

-Overweight call, target Rs 2,821 per share
-Reliance Jio launched new bundled mobile plans
-Reliance Jio launched OTT subscriptions & Jio Cinema premium subscription for prepaid consumers
-Jio Cinema premium is an Ad free streaming of its content available at Rs 999/annual
-Premium does support monetisation of the 5G investments
-Media investments (USD 2.3 billion done over the past 2 years in Jio Cinema)
-New plan focus is on premiumisation versus discount
-New plan should support a post-tax RoCE rise for telecom & company consolidated above average levels
-See multiple triggers across various vertical
-See multiple triggers to reverse the past nearly two years of earnings downgrade cycle

A fire occurred in one of the Stock yards of Star Paper Mill at Saharanpur (UP) on December 18, 2023 which was controlled later on with the help of local administration. Some quantities of wood of the Mill stacked in the above yard destroyed due to the fire. There is no human casuality reported due to above accident.

The board of directors of Jubilant FoodWorks in their meeting held on December 19, 2023, approved the appointment of Ms. Suman Hedge as the Executive Vice President and Chief Financial Officer of the company.

She is also designated as the Key Managerial Personnel of the company. The appointment is effective March 1, 2024.

Nestle India has fixed January 5, 2024 as the record date for determining entitlement of equity shareholders for sub-division of existing equity shares of the company. One equity share having face value of Rs 10 each, will be sub-divided into 10 equity shares having face value of Re 1 each.

The Rs 151.09-crore public issue of Motisons Jewellers was subscribed 28 times on December 19, the second day of bidding. It received bids for 58.47 crore shares against an issue size of 2.08 crore shares.

Retail investors remained at the forefront, booking 40.49 times, high net-worth individuals picked up 27.78 times, and qualified institutional buyers bought 9 percent of the allotted quota.

Suraj Estate Developers IPO was subscribed 1.29 times on December 19, the second day of bidding, with bids coming in for 1.05 crore shares against the issue size of 82.35 lakh.

The retail portion was booked 2.24 times and high net worth individuals (HNIs) bought 63 percent of their allotted quota of shares. Qualified institutional buyers had picked 12 percent of the portion set aside for them.

PNC Infratech has been declared as first lowest bidder in a Madhya Pradesh Road Development Corporation's (MPRDC) highway project in Madhya Pradesh on Hybrid Annuity Mode (HAM) for a bid project cost of Rs 1,174 crore. PNC will construct Western Bhopal Bypass as 4-lane with paved shoulders along with service road.

Sensex Today | BSE Oil & Gas index rose 0.5 percent supported by Reliance Industries, ONGC, IOC:

Shares of ZEE Entertainment Enterprises fell over 4 percent on December 19 amid uncertainty over its merger deal with Sony Pictures Networks India (SPNI), as the media firm sought for an extension of timeline to complete the amalgamation.

In a statement, SPNI, now known as Culver Max Entertainment Private Limited, said ZEE’s notice to exchanges is an acknowledgment that they will not be able to meet the December 21, 2023 deadline to close the merger. Read More

The company has received order(s) from Commissioner of Central Excise & Service Tax / Additional Commissioner of Central Excise & Service Tax, disallowing service tax credit availed on several services.

The orders contend that the said services were not received at plant or not related to manufacturing and hence are not covered by definition of input service.

An appeal is filed against the order of Commissioner of Central Excise & Service Tax / Additional Commissioner of Central Excise & Service Tax with CESTAT / Commissioner of Central Excise & Service Tax respectively.

Expected financial implications, if any, due to compensation, penalty at Rs 81.9 crore.

The company is hopeful of a positive outcome as it has received favourable orders allowing service tax credit on almost all services in other locations. Also, there are decisions of tribunal / courts in favour of industry.

The Sensex was up 135.16 points or 0.19 percent at 71,450.25, and the Nifty was up 28.10 points or 0.13 percent at 21,446.80. About 1666 shares advanced, 1486 shares declined, and 85 shares unchanged.

The company at its meeting held on December 19, 2023, approved for raising, on a private placement basis, upto 3,40,000 nos. Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures (NCDs) of face value Rs 1,00,000 each aggregating upto Rs 3,400 crores in one or more tranche(s).

Gold prices edged lower in range-bound trading on Tuesday as investors awaited for more U.S. economic data this week that could shed light on the Federal Reserve's monetary policy outlook.

Spot gold was down 0.1% at $2,024.49 per ounce. U.S. gold futures eased 0.1% to $2,038.

Oil prices rose on Tuesday as attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.

Brent crude futures rose 21 cents, or 0.27%, to $78.16 a barrel at 0530 GMT. The front-month U.S. West Texas Intermediate crude futures contract, which expires on Tuesday, rose 3 cents to $72.50 a barrel. The more active second-month contract was up 6 cents, or 0.08%, to $72.88.

Both benchmarks rose more than 1% on Monday on concerns about shippers diverting vessels away from the Red Sea.

Equity indices remained stagnant or in negative territory on Tuesday, indicating a probable continuation of consolidation in the coming days. From a technical perspective, the Nifty is anticipated to consolidate within the range of 21,200 to 21,500. Notably, the 21,500 Call strike in Nifty has a significant open interest (OI) of approximately 90 lakh shares. On the Put side, the 21,300 strikes exhibit substantial OI, totaling around 75 lakh shares.

Foreign portfolio investors increased their shareholding in state-owned and private Indian banks during the past year, a Moneycontrol analysis of data of the top 11 banks showed. The FPI stake in HDFC Bank jumped to 52.11 percent in December from 32.08 percent in December 2022, the data sourced from banks' investor presentation and the stock exchanges showed. Among public sector banks (PSBs), their stake in Bank of Baroda jumped to 12.39 percent from 9.87 percent a year ago. READ MORE

Ambuja Cements announced an investment of Rs 6,000 crore ($723 million) to build 1,000 megawatt of renewable power projects in keeping with the conglomerate’s net zero goal.

The cement maker will fund the investment through internal accruals, the company told exchanges.

The Nomination and Remuneration Committee of the company perused the candidature of Sanjay Banerjee on the board. The Committee advised the management to file the necessary application(s) with the Ministry of Information and Broadcasting for obtaining the prior approval of the Ministry, before considering his appointment on the board of the company. Further, the board has appointed Sunil Khanna as an Independent Director and Ravi Bhushan Puri as an Executive Director of the company.

Sensex Today | BSE FMCG index rose nearly 1 percent led by Kokuyo Camlin, Kaveri Seed Company, Andrew Yule and Company:

UGRO Capital has successfully raised ~ Rs 2,500 million through Non-Convertible Debentures (NCDs) from FMO, the Dutch entrepreneurial development bank.

Kaynes Technologies soared over 5 percent in early trade on December 19, a day after the company launched a qualified institutional placement (QIP) issue. According to CNBC-TV18, the company is looking to raise Rs 1,400 crore through the QIP.

The floor price of the QIP is Rs 2,449.46 apiece, reflecting a 6 percent discount to the stock's closing price on December 18. The company may further offer a discount of not more than 5 percent on the floor price, it said in an exchange filing.

The company's fund-raising committee will also meet on December 21 to fix the issue price for the QIP. As per sources, the issue price for the QIP is likely to be Rs 2,424 a share, which is at a discount of over a percent to the floor price, CNBC-TV18 reported. Read More

Sun Pharmaceutical Industries shares traded marginally lower December 19 after the company announced it has agreed to acquire about 16.7 percent shares on a fully diluted basis for $30 million.

"This is a strategic investment to support the development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories," the pharma major said in a regulatory filing on December 19. Read More

Shares of India Glycols Limited surged 13 percent to Rs 794 in early trade on December 19 after the company announced that it has secured orders worth Rs 1,164 crore for the supply of ethanol under the Ethanol Blended Petrol Programme.

Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL) Hindustan Petroleum Corporation Limited (HPCL), Reliance Industries Ltd and Nayara Energy Limited are the entities that have awarded the orders, India Glycols said in a regulatory filing on December 19. Read More

Sensex Today | BSE Information Technology index down 1 percent dragged by 63 Moons Technologies, 3i Infotech, Mastek:

Crude oil exhibited significant volatility and extended its gains in the international markets following heightened supply concerns due to attacks in the Red Sea. Attacks by Yemen's Iran-aligned Houthi militants on ships disrupted maritime trade, leading companies to reroute vessels. Additionally, the weakness in the dollar index and the potential for Federal Reserve rate cuts in 2024 contributed to the increase in crude oil prices. However, concerns about Chinese demand have tempered the overall gains in crude oil.

Anticipating ongoing volatility, we project that crude oil prices will remain unpredictable in today’s session. The support for crude oil stands at $72.10–71.30, with resistance at $73.50-74.10 in today's session. In terms of INR, crude oil finds support at Rs 6,020-5,930, while resistance is observed at Rs 6,190-6,260.

Sensex Today | Market at 10 AM

The Sensex was down 148.29 points or 0.21 percent at 71,166.80, and the Nifty was down 42.60 points or 0.20 percent at 21,376.10. About 1679 shares advanced, 1309 shares declined, and 101 shares unchanged.

SpiceJet has expressed interest with the Resolution Professional of Go First and wish to submit an offer post diligence, with a view to creating a strong and viable airline in a possible combination with SpiceJet.

The Board of the Company has recently approved and initiated process of raising fresh capital of about USD 270 million to strengthen its financial position and provide resources to invest in growth plans.

Olectra Greentech had filed the petition against MLR Motors for recovery of Rs 10 crore (which was paid as a capital advance). The said petition has been dismissed by the National Company Law Tribunal, Hyderabad with an observation that the subject matter of the petition is to be settled through Arbitration. The NCLT also gave liberty to the company to represent before them "if the Arbitral Tribunal decides about the non-arbitral of the subject matter or when the allotment of shares in favour of the petitioner is declared illegal or wrong by Arbitral Tribunal'.

NHPC said the board members will be meeting on December 22, to consider the monetisation of future cash flow (consisting return on equity) of one or more power station(s) of the company for suitable tenure. This is a part of the funding plan of capex of the company for FY24 or beyond.

Sensex Today | BSE Oil & Gas index up 0.4 percent supported by HPCL, ONGC, BPCL:

Vedanta has approved the second interim dividend of Rs 11 per equity share i.e. 1,100% on face value of Re 1 per equity share for the current financial year 2023-24. This amounted to Rs 4,089 crore. The record date for the payment of dividend will be December 27.