Closing Bell: Nifty at 21,450, Sensex up 230 pts; metal, power shine, IT drags

Benchmark indices ended higher for the third consecutive session on December 26 with Nifty at 21,450. At close, the Sensex was up 229.84 points or 0.32 percent at 71,336.80, and the Nifty was up 91.90 points or 0.43 percent at 21,441.30.

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.

Nifty mostly traded sideways after an initially positive start. The sentiment remains optimistic as the index stays above critical moving averages. At 21,500, there could be significant immediate resistance. A decisive breakout beyond this level could potentially propel the index into a substantial rally. Until then, the index is expected to remain within the range of 21,300 and 21,500.

Markets extended rebound and gained nearly half a percent amid mixed cues. After the initial up move, Nifty hovered in a narrow range and finally settled at 21,441.35 level. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein energy, metal and pharma were among the top gainers. The broader indices also traded mixed as midcap gained over half a percent but smallcap index managed to close on a flat note.

We have reached closer to the hurdle of 21,500 in Nifty and need support from the banking index to make a serious attempt for trend resumption else profit taking would resume. Amid all, traders should avoid aggressive trades in the index and stay focused on identifying opportunities on stock-specific front. We reiterate our preference for defensive viz. Pharma and FMCG for long trades and suggest picking selectively from others.

Optimism in world equity markets drove key local indices higher on the back of buying in oil & gas, power and metal stocks. With the year end round the corner investor participation is likely to remain thin, which could see the markets turn range-bound with a mixed bias over the next few days.

The Nifty experienced a flat opening but gained momentum throughout the day, closing at 21441.35. Similarly, the Bank Nifty also traded positively, concluding the session at 7724.85. Despite a subdued start, both indices exhibited positive movement, reflecting overall market resilience and potential bullish sentiment.

The market has traded Positive with the Sensex gaining 0.32 percent and closed at 71336.80 and Nifty was up by 0.43 percent intraday and closed at 21441.35 levels whereas Bank Nifty closed positive, up by 0.49 percent and settled at 47724.85.

Among sectors Nifty Pharma, Nifty Auto and Nifty FMCG ended in green while Nifty IT, Nifty PSU Bank and Nifty Media ended on the lower side. In Nifty stocks, Divis Labs, HeroMoto and Adani Enterprise were the top gainers while Bajaj Finance, Bajaj Finserv and Infy were the prime laggards.

INDIA VIX was Positive by 7.00 percent intraday and settled at 14.67.

Index has a support around 21350-21220 zone. Coming to the OI Data, on the call side, the highest OI observed at 22000 followed by 21500 strike prices while on the put side, the highest OI is at 21300 strike price. On the other hand, Bank Nifty has support at 47500-47300 while resistance is placed at 48000 and 48220 levels.

Indian equities commenced the truncated week on a strong note and as the day progressed, the Index was seen compounding its gains to settle at 21,441.35 with gains of 91.95 points. Index rally was mainly driven by the Energy and Metal stocks followed by Pharma while Media and IT segments witnessed a correction.

Chemical counters were the star performers of the day by regaining their lost momentum while Defence stocks strengthened their uptrend by registering fresh highs with volumes.

Hidden Bullish Divergence in RSI played its part very well as Nifty50 has formed a bullish candle on the daily chart and indicates a high probability of reclaiming its previous peak of 21,593. The immediate support stands at 21,370 while 21,560 will act as resistance.

Global markets are rallying in anticipation of aggressive US FED rate cuts in 2024. And Indian equities too are experiencing a surge despite premium valuations driven by reversed FIIs inflows amid global risk-on.

However, some exhaustion is noticed in mid & smallcaps after the stretched rally of last 2 months. 2024 is forecast to be a sector rotation period. Sectors like consumption, IT, Pharma and export-based stocks should do better.

Indian rupee ended marginally lower at 83.19 per dollar on Tuesday against Friday's close of 83.15.

Benchmark indices ended higher for the third consecutive session on December 26 with Nifty at 21,450.

At close, the Sensex was up 229.84 points or 0.32 percent at 71,336.80, and the Nifty was up 91.90 points or 0.43 percent at 21,441.30. About 2063 shares advanced, 1325 shares declined, and 109 shares unchanged.

Biggest Nifty gainers were Divis Laboratories, Hero MotoCorp, Adani Enterprises, Hindalco and NTPC, while losers were Bajaj Finance, Bajaj Finserv, Infosys, TCS and Tata Motors.

Except Information Technology, all other sectoral indices ended in the green with oil & gas, power, metal, auto, healthcare gained 1 percent each.

BSE midcap index added 0.7 percent and smallcap index up 0.5 percent.

-Hold call, target Rs 1,367 per share
-Company to acquire select ophthalmology brands from Novartis; value of portfolio stands at Rs 206 crore
-Company has valued portfolio at 5.3x ev/sales (incl. distribution rights payout)
-Company will initially pay Rs 125 crore for promotion & distribution partner
-Later, company will pay USD 116 m in CY26 for the trade mark license agreement & will own the brands
-Transaction marks company's entry into the ophthalmology segment

Gold prices rose in muted trade on Tuesday as the dollar and bond yields weakened on the increasing likelihood of rate cuts by the U.S. Federal Reserve as early as March next year.

Spot gold was up 0.6% at $2,064.20 an ounce at 0802 GMT after hitting a more than two-week high of $2,070.39 in the previous session. U.S. gold futures rose 0.3% to $2,075.20.

KPI Green Energy successfully commissioned the total 16.83 MWp solar power projects under the 'Captive Power Producer (CPP)' segment of the company. The company has successfully completed its scope of activities in line with the agreement with the respective CPP customers.

Additionally, approvals from the Chief Electrical Inspector (CEIG) have been obtained in the name of respective customers.

-Initiate long call, target Rs 3,180 per share
-See solid long-term growth, fuelled by leadership in a large, fragmented market
-See solid long-term growth, fuelled by a diversified supplier and buyer base
-Diversified supplier and buyer base both region and product category-wise
-See solid long-term growth, fuelled by a subscription-based rev model w/negative working capital
-Forecast a 17/22% revenue/EBITDA CAGR over FY23-FY28
-Growth in paying suppliers and ARPU, along with sales efficiencies & economies of scale

Adani Green Energy announced that the Board of Directors approved a preferential issuance of warrants to the Promoters of AGEL for a quantum of Rs 9,350 crore (equivalent to USD 1,125 million) at a per share price of Rs 1,480.75/share calculated basis SEBI ICDR regulations.

The issuance is subject to the approval of regulatory and statutory authorities as well as the shareholders of the company at the Extraordinary General Meeting (EGM) scheduled on 18 January 2024. The funds shall be utilized for deleveraging and accelerated capital expenditure.

The Indian Rupee depreciated on Tuesday on recovery in the US Dollar and FII outflows. However, positive domestic markets and a decline in crude oil prices cushioned the downside. The US Dollar declined on Friday on colling inflation in the US which raised rate cut bets.

We expect the Rupee to trade with a slight positive bias on the rise in risk appetite in global markets and weak tone in the US Dollar amid rising expectations of a rate cut. However, demand for the US Dollar from imports and selling pressure from FIIs may cap the upside. Geopolitical tensions in the Red Sea may also weigh on Rupee at higher levels. Traders may take cues from house price index data from the US. USDINR spot price is expected to trade in a range of Rs 82.90 to Rs 83.50.

Income Tax Department search is still under process at some of the premises / plants related to the company. The company is fully cooperating with the authorities, providing them with all necessary information and support, said Polycab India.

Once the search by the Income Tax Department concludes, the company will update the stock exchanges in case of any material information / event.

-Buy call, target Rs 1,210 per share
-Management meet takeaways show company’s growth strategy focuses on three key pillars
-Company’s growth strategy focuses on leading via category development & funded by simplification and also focuses on prioritising people & planet alongside profits
-Management is confident in the acquired projects
-Acquired projects anticipating accelerated booking growth & increased cash flow

Sensex Today | BSE Midcap index up 0.6 percent Castrol India, HPCL, Aarti Industries:

Muthoot FinCorp has raised Rs 200 crore from the State Bank of India through private placement of non-convertible debentures maturing in five years, the company said on December 26.

The company has set a 9.75 percent coupon on these bonds and the frequency of the interest payment will be half-yearly, officials told Moneycontrol.

The lender will use these proceeds for onward lending, business operations and further expansion and growth plan, said Shaji Varghese, CEO of Muthoot FinCorp. “The entire amount of the issue has been invested by SBI in the private placement of bonds,” he told Moneycontrol.

The secured issued non-convertible debentures have been rated 'AA-' with a ‘stable’ outlook by CRISIL and it will be listed on the debt market segment of the BSE. These bonds were issued by the company with Rs 1 lakh face value, release said.

Jindal Steel & Power has entered into an MoU with Rashtriya Ispat Nigam (RINL) for the operationalisation of RINL's Blast Furnace-3 (BF-3). The furnace, set to be lit up on December 30, 2023, will boost production by 2 lakh tonnes of hot metal per month.

The Civil Suit filed by Ankiti Bose before Hon’ble Bombay High Court seeking permanent injunction and damages of Rs 820 crore against NDTV Convergence, the material subsidiary of the company, has been amicably settled between the parties under a settlement agreement dated December 22. Accordingly, the plaintiff will withdraw the suit from the Bombay High Court against NDTV Convergence and the impugned article will be deleted by NDTV Convergence from its website.

Sensex Today | Market at 2 PM

The Sensex was up 234.68 points or 0.33 percent at 71,341.64, and the Nifty was up 90.30 points or 0.42 percent at 21,439.70. About 2052 shares advanced, 1302 shares declined, and 116 shares unchanged.

Vedanta's subsidiary Bharat Aluminium Company (BALCO) has received an order from The Office of the Joint Commissioner, Bilaspur, confirming demand of GST worth Rs 84.7 crore for FY2017-18 on account of various interpretational issues under the relevant provisions of the Central Goods and Services Tax Act.

Oil prices nudged higher on Tuesday as investors focused on geopolitical tensions in the Middle East and optimism the U.S. Federal Reserve would soon start cutting interest rates, lifting global economic growth and fuel demand.

Brent crude futures rose 26 cents, or 0.3%, to $79.33 a barrel by 0732 GMT while U.S. West Texas Intermediate crude was at $73.72 a barrel, up 16 cents, or 0.2%.

The Board of Directors of Greenply Industries at their meeting held today approved the Transfer of 51% of shareholding and cessation of controlling interest held in Greenply Middle East Limited (GMEL), Dubai, a Wholly Owned Material Subsidiary, to Investor Group formed by lndraneel Bhan and Sudeep Jain, subject to the approval of the members of the Company and other necessary approvals, as may be required.

Greenply Middle East Limited (GMEL), Dubai will cease as the subsidiary of the Company.

Cipla has received an order from Office of the Commissioner of Central Tax, Central GST Howrah Commissionerate, Kolkata, imposing penalty of Rs 11.59 crore.

Religare Finvest (RFL), the wholly owned subsidiary of Religare Enterprises, has commissioned an investigation into siphoning-off of funds from RFL by the erstwhile promoters of the company.

The dollar was trying to find a floor on Tuesday in holiday-thinned trade, pressured by signs that inflation in the world's largest economy is cooling which will likely give the Federal Reserve room to ease interest rates next year.

The yen meanwhile steadied near its recent five-month peak on the view that the Bank of Japan (BOJ) could soon mark an end to its ultra-easy policy. For most of 2022 and 2023, the policy has kept the Japanese currency under pressure as other major central banks embarked on aggressive rate-hike cycles.

Sensex Today | BSE Healthcare index rose nearly 1 percent led by Syncom Formulations, Panacea Biotec, Themis Medicare:

The Committee of Creditors (COC) of Coastal Energen (CEPL), a company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, has approved the Resolution Plan submitted by consortium of which Adani Power is a part. The consortium of Adani Power has received a Letter of Intent from the Resolution Professional.

The Board of Directors of Lumax Auto Technologies considered and approved the proposed acquisition of Lumax Ancillary Limited (LAL) by acquiring the entire equity stake in the Paid up share capital of LAL.

The company presently holds 14.31% of the equity share capital of LAL and post the proposed acquisition, LAL would become a wholly owned subsidiary of the Company.

Indian specialty chemical player, Anupam Rasayan, has signed a Letter of Intent for the next 9 years with a Japanese chemical company to supply new age polymer intermediate. The deal is worth a revenue of $61 million (Rs 507 crore). The supply will commence in CY2024, the company said in a press release. "This product will be manufactured in our existing and new multipurpose manufacturing facilities," Anupam Rasayan further added in the press release.

This molecule will be utilised as an intermediate for thermoplastic polymers, which find uses in structural materials in aerospace industry, semiconductor process material, electrical & electronic devices, and high-performance industrial machinery, according to the company. Read More

The share price of Aurobindo Pharma took a hit in the opening trade on December 26 after the company's arm received 10 observations from the United States Food and Drug Administration (USFDA).

The USFDA conducted a pre-approval inspection (PAI) at its new injectable facility of Eugia US Manufacturing LLC, a step-down wholly owned subsidiary of Aurobindo Pharma Ltd, situated at East Windsor, New Jersey, USA.

The inspection was conducted from December 11 to 22, 2023 and closed with 10 observations. The observations are procedural in nature and will be responded to within the stipulated time, while the plant is yet to start commercial operations. Read More

Bharat Electronics Limited (BEL) has signed a contract for a value of Rs 445 crore with the UP Government on 23 Dec 2023 for next generation UP Dial 112 project. BEL will be providing comprehensive and state-of-art hardware, AI based software tools and Cyber Security solutions for the Dial 112 project, which is spread across the entire state of Uttar Pradesh.

With the above, BEL has cumulatively received orders worth Rs 26,613 crore in the current financial year 2023-24.

Gold prices rose in holiday-thinned trade on Tuesday as the U.S. dollar and bond yields weakened on growing prospects for rate cuts by the Federal Reserve as early as March next year.

Spot gold was up 0.4% at $2,060.90 per ounce, as of 0556 GMT, after hitting a more than two-week high of $2,070.39 in the previous session. U.S. gold futures rose 0.2% to $2,073.20 per ounce.

Shares of Inox Wind saw a 2.5 percent increase, reaching Rs 463.90 in early trade on December 26. This surge in stock value followed the company's successful acquisition of a repeat order from a significant Commercial and Industrial (C&I) player.

".... has bagged an order for 279 MW from a large C&I player. The order is for company's latest 3 MW Wind Turbine Generators (WTGs), and the scope comprises of a mix of equipment supply with limited scope EPC for 180 MW and end-to-end turnkey execution for 99 MW," the company said in a press release.

Additionally, Inox Wind will also provide post commissioning multi-year operations & maintenance (O&M) services.

The project will be executed by June 2025, with the WTGs being installed across Rajasthan and Gujarat. Read More

-Buy call, target raised to Rs 207 per share from Rs 157 per share
-Company set to beat its FY24 order inflow guidance of Rs 20,000 crore with FY24 YTD orders of Rs 25,900 crore
-Company set to beat order inflow as the government brings forward Make In India orders
-Government brings forward Make In India Orders ahead of a likely election-led lull from Q4FY24
-Observe a rising share of electronics in defence equipment
-Latest sensor order for next generation offshore patrol vessels accounting for 28% of OEM orders
-See government accelerating mii defence orders
-Government accelerating MII defence orders with a multi-year artillery fuse order of USD 590 m
-Government accelerating defence orders helps company’s order backlog to pass USD 9 billion, up 50% YoY
-Raise EPS estimates 5-7% over CL25-26

Asian Granito India has taken a strategic leap into sanitaryware production. The company has commenced commercial operations at its wholly-owned subsidiary, AGL Sanitaryware Pvt. Ltd at Morbi.

With a strategic shift from third-party sourcing to internal manufacturing and a comprehensive product portfolio, company aims to position itself as a top player in the sanitaryware space, paralleling the success it has achieved in the tiles sector.

Foreign venture capital investor CVCIGP II Employee Ebene sold 12 lakh equity shares or 2.25% stake in Sansera Engineering via open market transactions, at an average price of Rs 966.10 per share. However, HDFC Standard Life Insurance Company bought 8.25 lakh shares or 1.5% stake of the company at an average price of Rs 965 per share.

Infosys has elected to terminate the Memorandum of Understanding with Infosys and the parties will not be pursuing the Master Agreement. Infosys was supposed to provide enhanced digital experiences, along with modernization and business operations services, leveraging Infosys platforms & AI solutions. The total client target spend over 15 years was estimated at $1.5 billion.

Sensex Today | BSE Bank index up 0.5 percent led by Kotak Mahindra Bank, Axis Bank, IndusInd Bank:

Shares of Sahara Maritime Ltd made a flat debut on the bourses on December 26, then made some gains, but soon turned negative. The public issue was subscribed over 22 times last week.

The stock opened at Rs 81 a share and touched a high of Rs 84, up 3.7 percent. But, by 10.10am, the stock fell to Rs 79.15 on the BSE, down 2.3 percent from its issue price of Rs 81 a share.

The SME IPO, which raised around Rs 6.88 crore, opened for subscription on December 18 and closed on December 20.

The proceeds from the issue will be allocated towards funding the Company's capital expenditure needs for purchasing commercial vehicles, office equipment, and fulfilling working capital requirements.

Sensex Today | Market at 12 PM

The Sensex was up 308.59 points or 0.43 percent at 71,415.55, and the Nifty was up 114.60 points or 0.54 percent at 21,464. About 2107 shares advanced, 1199 shares declined, and 111 shares unchanged.

IndusInd Bank today announced the launch of ‘IndusInd Bank eSvarna’, India’s first Corporate Credit Card on RuPay network. This launch positions IndusInd Bank as the first in the country to integrate UPI functionality with a Corporate Credit Card. The card facilitates smooth transactions at merchant outlets and allows users the flexibility to make UPI payments by linking the card with UPI-enabled apps.

Foreign company FIH Mauritius Investments sold 2,16,02,000 equity shares or 5.67% of paid-up equity in IIFL Finance via open market transactions. These shares were sold at an average price of Rs 554.64 per share, valuing at Rs 1,198.13 crore. FIH held 20.9% stake or 7,96,41,445 equity shares as of September 2023. However, Nomura India Investment Fund Mother Fund bought 26,20,411 equity shares or 0.68% stake at an average price of Rs 551.01 per share, which amounted to Rs 144.4 crore.

Shares of Adani Green Energy jumped 2 percent ahead of its board meeting for fundraising due later today. Recently, Bloomberg reported that the Adani group company plans to raise $2 billion by next year. Adani Green is exploring various instruments including private placement of debt, offshore bank loans as well as dollar and rupee bonds.

Shares of Star Health gained 1.5 percent after a huge block deal. Around 1.43 million shares changed hands in a single block deal, Bloomberg reported. However, details of the buyers and sellers were not known.

V-Guard Industries' promoter Chittilappilly Thomas Kochuouseph has offloaded 45 lakh equity shares or 1.03% of paid-up equity via open market transactions. These shares were sold at an average price of Rs 286 per share, valuing at Rs 128.7 crore. However, Aditya Birla Sun Life Mutual Fund was the buyer for some o these shares, acquiring 35 lakh shares at same price, valuing at Rs 100.1 crore.

Sensex Today | Nifty Metal index gained 1 percent supported by NMDC, Adani Enterprises, Coal India:

After an extended weekend, the Sensex and Nifty 50 indices displayed signs of sustaining their upward momentum despite mixed signals from global markets. The Nifty is presently consolidating recent gains, anticipating a positive trend. The recommended strategy in the current market context continues to be "Buy on dips." The lower-end support for the index is firmly established at 21,250 - 21,300, offering an attractive buying opportunity, should the index experience a dip within this range. Maintaining a position above 21,300 could potentially pave the way for additional upward momentum, with a target set at the 21,500 level.

While the Bank Nifty index experienced selling pressure on the previous day, it successfully held the crucial support level of 47,200 - 47,400. Failure to maintain above this support could lead to a potential decline towards the 47,000 levels. On the upside, the immediate resistance stands at 47,700.

Shares of JSW Energy gained nearly 2 percent after its wholly-owned subsidiary JSW Renew Energy Limited started phase-wise commissioning of a 810 MW ISTS-connected wind power project. At 10 am, the stock was trading at Rs 416.75.

In a regulatory filing on December 26, JSW Energy said its subsidiary entity had started phase-wise commissioning of the 810 MW ISTS-connected wind power project awarded under the SECI tranche IX in Tamil Nadu with commissioning of the first phase of 51 MW. The project, according to the filing, has a power purchase agreement with SECI for a period of 25 years. Post this, the total current installed capacity has reached 6,822 MW while the under-construction capacity stands at 2,969 MW, which is likely to be commissioned in phases over the next 12 months, the filing said. Read More

Sensex Today | Market at 11 AM

The Sensex was up 292.57 points or 0.41 percent at 71,399.53, and the Nifty was up 102.60 points or 0.48 percent at 21,452. About 2164 shares advanced, 1106 shares declined, and 99 shares unchanged.

Swan Energy has made a prepayment of Rs 300 crore debt for its Floating Storage and Regasification Unit (FSRU) Project. The company has made the debt prepayment out of its internal accruals through its subsidiary Triumph Offshore Private Limited (TOPL) to its consortium of senior lenders of FSRU Project.

To ensure the seamless execution of debt prepayment, TOPL has also created the required Debt Service Retention Account (DSRA) of Rs 95 crore.

TTK Prestige has decided to split the role between Managing Director and CEO. Accordingly it has appointed Venkatesh Vijayaraghavan as CEO who will report to the current Managing Director, Chandru Kalro. This change in management will take effect during January 2024. Venkatesh's last stint has been with CavinKare as CEO & Board Director for five years.

Sensex Today | BSE Oil & Gas index up 1 percent led by HPCL, Gail India, IOC:

The Tata Group firm said the shareholders will be meeting on January 25, 2024 to consider the scheme of amalgamation amongst Tata Steel and The Indian Steel & Wire Products.

JB Chemical (JBCP) has entered into Trade Mark License agreement with Novartis Innovative Therapies AG, beginning Jan’27, for a portfolio of 10 opthalmic brands in Indian market. Initially the company will in-license all 10 brands (generic in nature) from Novartis for a period of 3 years starting Dec’23 for Rs 1.25 billion and later acquire all 10 brands for a consideration of USD 116 million (Rs 9.64bn) payable on or before 31st Dec26.

JBCP holds Rs 26 billion worth of highly profitable sales (70% of total sales; including Novartis brands). In the near term broking firm expect this acquisition to dilute return ratios, however, will be EPS neutral in year 1 and gets entry into highly growing opthal segment.

JBCP’s long term growth drivers remain intact led by 1) geographical expansion of legacy brands 2) improvement in MR productivity 3) scale-up in acquired portfolio 4) launch of new products & therapies 5) rise of contract manufacturing business and 6) improvement in FCF generation.

The FY24/25E EPS stands broadly remains unchanged and expect EPS CAGR of 29% over FY23-26E. At CMP, the stock is trading at 27x FY26E P/E adjusted for ESOP and amortization charges.

Maintain ‘BUY’ rating with revised Target Price of Rs 1,800/share (Rs 1,675 earlier).

Sensex Today | BSE Auto index up nearly 1 percent led by Hero MotoCorp, Tube Investment, M&M:

Vedanta on December 23 said its subsidiary Bharat Aluminium Company Limited (BALCO) has received a Goods and Services Tax (GST) demand notice of Rs 84 crore.

The demand notice has been issued from the "Office of the Joint Commissioner, Bilaspur", and pertains to the period of fiscal year 2017-18 on account of "various interpretational issues under the relevant provisions of the Central Goods and Services Tax Act, 2017", the mining major said in a regulatory filing.

The total GST demand has been made for "Rs 84,70,09,977", the company said, adding that it has also been asked to pay 10 percent of this amount as penalty along with applicable interest. Read More

The global rally in December led by the mother market US has lifted most markets significantly and India was fortunate to have the lift from the state election results too. The 6% rally in Nifty in December has heated up the market a bit and the bulls are likely to wait for the New Year for further action. High valuations continue to be a short-term concern.

However, the global market construct continues to be favourable with the US inflation, bond yields and the dollar index trending down.

Buy on dips continue to be the best strategy in the present market context. Safety is in large-caps. Automobile sector is well placed for a cyclical upswing.

DroneAcharya Aerial Innovations has achieved a significant milestone by securing a prestigious tender valued at Rs 1,41,75,000.00 for the supply of High-End Surveying Drones from DRIISHYA, Government of Haryana.

Sensex Today | Nifty Information Technology index down 0.5 percnet dragged by Infosys, HCL Technologies, Persistent Systems:

Japanese investment conglomerate SoftBank has sold shares worth $310 million in omnichannel retailer FirstCry, which is likely to file a draft paper for IPO this week, news agency PTI reported on December 25 citing sources.

"SoftBank recently sold shares worth Rs 630 crore in FirstCry. It was picked up by a few high net worth individuals. With this sale, SoftBank has realised USD 310 million from two rounds of stake sale in FirstCry," a source told PTI.

As per the report, the sale values FirstCry in the range of $3.5-3.75 billion. SoftBank had invested $400 million in FirstCry at an enterprise valuation of $900 million.

Another source told PTI that SoftBank is still left with shares valued in the range of $800 million-$900 million which it will sell later.

Realty firm Suraj Estate Developers Ltd shares opened 4.5 percent lower on debut on December 26 after its initial public offering subscribed nearly 16 times last week.

The stock opened at Rs 343.80 on the BSE and fell 4.5 percent in the opening. At 10.05am, the stock was trading at Rs 335 on the BSE, down 7 percent from its issue price of Rs 360 a share.

Suraj Estate Developers' Rs 400 crore IPO was subscribed by 15.65 times, with investors bidding for 12.88 crore shares against the offer size of 82.35 lakh shares.

Talbros Automotive Components Limited (TACL) announced on December 22 the approval by its Board of Directors for the complete divestment of its entire 40% stake in the Joint Venture company Nippon Leakless Talbros.

Following this transaction, Nippon Leakless will become the sole owner, holding 100% of the company.

TACL, known for its diversified product portfolio including Gaskets, Heat Shields, Forgings, Suspension Systems, Antivibration Products & Hoses, aims to receive Rs 81.8 crore through the stake sale, with the transaction anticipated to conclude in Q4FY24.

The proceeds from the divestment are earmarked for TACL's future capital expenditures and expansions. Read More

New Delhi, Dec 22 Maruti Suzuki India (MSI) on December 22 said it has inked a pact with the Haryana government to set up second Japan-India Institute for Manufacturing (JIM) in the state. The new institute would come up at Kansala in Rohtak, Haryana and will be operational next year.

Spread over five acres, the existing ITI Kansala will be upgraded to a JIM with an investment of 5.8 crore, the auto major said in a statement. The Haryana government has provided the land and building for the JIM, Kansala, while the company will provide equipment, training modules, trained teachers, and will manage this institute for 15 years, it added. Read More

Shares of Muthoot Microfin made a disappointing debut on bourses on December 26, listing at 5.5 percent discount to issue price of Rs 291. The stock started trading at Rs 275.30.

The listing gain came on the back of good subscription numbers. The company's IPO was subscribed 11.52 times, with qualified institutional buyers (QIBs) leading from the front as they bid 17.47 times their allotted quota. Retail investors bought 7.61 times while high net-worth individuals (HNIs) bid 13.2 times the reserved portion.

Shares of Motisons Jewellers made a blockbuster debut on December 26, listing at 98 percent premium over issue price. The stock started trading at Rs 109 against IPO price of Rs 55.

The Rs 151-crore public issue was bought 159.61 times during December 18-20 as all categories of investors showed strong participation in the IPO. High networth individuals picked 233.91 times the alloted quota, qualified institutional buyers 157.40 times and retail investors 122.28 times.

Crude oil exhibited notable volatility, marking its second consecutive week of gains in the international markets. Although there was some profit-taking observed on Friday, the commodity closed the week with a net gain. The prevailing tensions in the Red Sea counteracted the impact of Angola's departure from the OPEC nations. Additionally, last week's release of U.S. economic data surpassed expectations, providing further support to oil prices.

The weakening dollar index and U.S. bond yields also contributed to the favourable conditions for oil prices. The increase in U.S. crude oil inventories during the past week acted as a limiting factor on gains, with inventories surging by 2.9 million barrels, imposing a cap on potential upside movements.

Anticipating ongoing volatility, we project crude oil prices to remain dynamic in today's trading session. Support levels for crude oil are identified at USD 73.10–72.30, with resistance levels at USD 74.50-75.10 for the current session. In terms of INR, crude oil finds support at Rs 6,070-5,960, while encountering resistance at Rs 6,240-6,320.

KPIT Technologies has acquired 13% shareholding in N-Dream after primary investment of 2.7 million euro and secondary investment of 0.3 million euro. N-Dream AG is a cloud based game aggregation platform company, based in Switzerland. The company has an option to increase the shareholding in N-Dream further.

Sahara Maritime will make its debut on the BSE SME on December 26. The issue price is Rs 81 per share. The scrip will be in trade-for-trade segment for 10 trading days.