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As 3:36 p.m., futures contract of Dow Jones and Nasdaq 100 were 0.1% higher each and those of S&P 500 was up 0.2%.
UK: Confederation Of British Industry Industrial Order Expectation — 4:30 p.m.
US: Building Permits — 7:00 p.m.
US: Current Account — 7:00 p.m.
US: Building Permits — 7:00 p.m.
US: Energy Information Administration Crude Oil Inventories — 9:00 p.m.
US: Federal Fund Rates — 12:30 a.m.
US: Federal Open Market Committee Economic Projections — 12:00 a.m.
US: FOMC Statement — 12:30 a.m.
US: FOMC Press Conference — 1:00 a.m.
Australia: Melbourne Institute Inflation Expectations — 5:30 a.m.
Australia: Mid–Year Economic & Fiscal Outlook
Japan: Bank of Japan Policy Rate
Japan: BoJ Monetary Policy Statement
Japan: BoJ Press Conference
Europe: Current Account — 2:30 p.m.
Market breadth was skewed in the favour of sellers. As many as 2,554 stocks fell, 1,449 rose, and 96 remained unchanged on the BSE.
The NSE Nifty 50 and BSE Sensex declined for three days in a row.
Financial services stocks weighed on the benchmarks in last three days.
Reliance Industries Ltd., Trent Ltd., and Tata Consultancy Services Ltd. were top contributors
HDFC Bank Ltd., ICICI Bank Ltd., and Larsen & Toubro Ltd. were top draggers in the Nifty 50 index.
The NSE Nifty Pharma rose the most. It ended 1.02% higher at 22,299.35.
The NSE Nifty Media declined the most. It ended 2.23% down at 1,937.95.
The NSE Nifty Midcap 150 ended 0.57% down at 21,629.15.
The NSE Nifty Smallcap 250 ended 0.68% down at 18,118.60
IIFL Finance Ltd. is to consider raising of funds on Dec 23, according to data on exchange filing.
HCLTech has launched an innovation lab for SAP Business AI in Germany, as well as another innovation lab aimed at enabling digital transformation for its clients, according to an exchange filing.
TVS Holdings Ltd.'s arm, TVS Emerald, has entered into two share purchase agreements with Radial (Phase II) IT Park and Radial (Phase III) IT Park. The company will acquire Radial (Phase II) IT Park for Rs 234 crore and Radial (Phase III) IT Park for Rs 342 crore, according to an exchange filing.
Blue Cloud Softech Solutions Ltd. has completed its latest international project worth $150,000 with the USA, which involved the implementation of BLURA, an AI-enabled media communication platform, according to an exchange filing.
KFin Technologies Ltd. has joined BlackRock's Aladdin Provider Network to enhance its operating model with asset managers, according to an exchange filing.
Shriram Finance Ltd. has raised a $1.3 billion multi-currency syndicated loan through a private non-banking financial company, according to an exchange filing.
Poonawalla Fincorp has approved raising its borrowing limit to Rs 50,000 crore from the earlier limit of Rs 25,000 crore, according to an exchange filing.
Hindustan Aeronautics Ltd. US-based arm, MMCPL, was awarded a supply contract worth Rs 11 crore on Nov 27. Additionally, the company has clarified a report regarding the US penalizing companies that bribed HAL, Railways, and IOC, according to an exchange filing.
The board of Power Grid Corp of India has approved raising up to Rs 4,250 crore through bonds on a private placement basis, according to an exchange filing.
Innovision Ltd. has filed for an initial public offer, aiming to issue fresh shares worth Rs 255 crore. The IPO will also include an offer for sale of up to 1.8 million shares, according to the DRHP.
JKumar Infraprojects Ltd. has received a Letter of Award worth Rs 632 crore from NBCC (India) Ltd. for the development of Hari Nagar Colony in Delhi, according to an exchange filing.
DroneAcharya Aerial Innovations Ltd. has entered into a pact with Volatus Aerospace to enhance drone-based logistics and services in India, according to an exchange filing.
Crude oil future prices reversed losses on Wednesday after news report said that crude stocks declined in the US which weighed on the commodity's supply outlook.
According to American Petroleum Institute crude stock declined 4.69 barrels in the week ended Dec 13, Reuters reported citing a source.
Dynamatic Technologies has awarded a contract to Aequs for the supply of Airbus parts, according to an exchange filing.
Due to an issue at CDSL across brokers, you may face an issue with authorising the sale of your stocks. We are in touch with CDSL to have the issue resolved at the earliest.
— Zerodha (@zerodhaonline) December 18, 2024
In the meantime, you can sell your holdings without the need for CDSL authorisation.
Kalpataru Projects International Ltd. has raised Rs 1,000 crore through a Qualified Institutional Placement, according to an exchange filing.
Mishra Dhatu Nigam Ltd. sees 50-60% improvement in production enhancement next year. The company estimates impact of 25-30% capacity enhancement this year, SK Jha, chairman and managing director said to an interview to NDTV Profit.
Lot of potential for Mishra Dhatu Nigam to indigenize project in short time. The company expects to maintain projections from financial year 2025, Jha said.
Gold Price Hovers Above Monthly Low, Global Rates Steady
Market breadth was split evenly between sellers and buyers. Around 1,492 stocks declined, 1,477 stocks advanced, and 104 stocks remained unchanged on BSE.
The NSE Nifty 50 was 0.16% or 38.05 points down at 24,297.95, and the BSE Sensex was 0.02% or 18.19 points down at 80,666.26.
"Indian markets faced considerable selling pressure yesterday, with FIIs offloading ₹6,409 crore in the cash market. Index heavyweights witnessed significant profit-booking. We expect the Nifty to trade within the range of 24,000 to 24,600, with a mildly bearish tone as participants maintain cautious positions ahead of a key event. Bank Nifty is expected to trade between 52,100 and 53,200," IFA Global Research Academy said.
The yield on the 10-year bond opened flat at 6.75%. It closed at 6.76% on Tuesday, according to data on Bloomberg.
Rupee weakened by two paise to open at 84.92 against the US dollar. It closed at 84.90 on Tuesday, according to data on Bloomberg.
Maintain Hold with a target price at Rs. 8.6, which implied an upside of 10%.
Target is based on 11.9x FY26E EV/EBITDA.
Fund-raising proposal expected to support expansion plan, payment of debt
While tariff hike increased ARPUs, revenue rose only marginally
Expects subscriber base to grow with expansion of 4G, 5G roll out in key geographies
Rites Ltd. has received an order worth Rs 123 crore from the Meerut Development Authority for providing consultancy services, according to an exchange filing.
Maintains 'Reduce' on Indraprastha Gas Ltd, Mahanagar Gas Ltd. and Hold on Gujarat Gas Ltd.
Believed fundamentals are unsupportive of latest rebound of gas stocks
Rebound in stocks on potential GST implementation that has uncertain benefits
While a GST rollout could imply a 9–11% upside for FY26 Ebitda, benefits would largely be passed on to consumers
Expect a Rs 1–3 per unit margin reduction; 17–44% QoQ decline in Q3 margins for gas cos
Q4FY25 to impact gas stocks gas cos will firm up long-term gas supply contracts
Volume growth in sector likely to suffer on reduced competitiveness of CNG to petrol and diesel
Bengaluru channel checks suggest approval challenges receded
Upcoming launches crucial for developers to meet FY25 guidance
Optimistic on project launches in Bengaluru, enabling players to surpass guidance
Key companies with significant launch pipeline in Bengaluru:
Prestige Estates, Godrej Properties,
Brigade Enterprises, Sobha,
Aditya Birla Real Estate, Macrotech Developers
Top Picks:
Maintain Buy on Aditya Birla Real Estate, TP Rs 3,804 (+40.2%)
Maintain Buy on Oberoi Realty, TP Rs 2,688 (+16.1%)
Key Takeaways from Analyst Meet
Stock upgraded to ‘BUY’ from ‘HOLD’ with target price of Rs 2,347; potential upside 30%
Backward integration to boost EBITDA/ton by 40%
Focus on organic and inorganic growth in crop protection business.
Plans to double retail footprint and expand pan-India, including northern markets.
Opportunities in adjacent sectors like CDMO, drones, nano fertilisers
FY26E/27E EPS revised up by 2%/4%.
Plans to launch ~20 new domestic formulations.
Capex of Rs 160 cr for two new multi-purpose plants, operational by FY26/27.
Early entry strengthens Coromandel’s position in the nano fertiliser market.
Asian Stocks Fluctuate With Focus On Fed Meeting: Markets Wrap
On Tuesday, US share indices ended lower as the Federal Open Market Committee started its two–day policy meeting. The rate–setting panel is widely expected to cut rate by 25 basis points.
The Dow Jones Industrial Average and S&P 500 ended 0.61% and 0.39% down. The Nasdaq Composite settled 0.32% down.
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