Domestic stock markets brought their two-day gaining streak to a screeching halt on Wednesday as both Sensex and Nifty closed in the red. S&P BSE Sensex settled at 57,806, down 90 points or 0.16% while the 50-stock NSE Nifty ended at 17,213, falling 19 points or 0.11%. “The scheduled monthly expiry of December month derivatives contracts would keep the volatility high. The banking pack is still struggling and its performance would be critical for the next directional move,” said Ajit Mishra, VP – Research, Religare Broking. He added that investors will keep an eye on rising covid cases and suggested a “stock-specific trading approach”.
Bank stocks: Bank stocks could see action today, a day after the Reserve Bank of India (RBI) released its financial stability report. Scheduled commercial banks’ gross non-performing asset (GNPA) ratio may rise to 8.1%-9.5% by September 2022 from a near six-year low of 6.9% in September 2021, the report, released on Wednesday, said.
NTPC: NTPC is hunting for strategic investors for its wholly-owned subsidiary NTPC Renewable Energy. In an effort to meet the government’s asset monetisation target, state-run NTPC is planning to float initial public offerings (IPOs) of some of its subsidiaries, including the renewable energy arm.
Reliance Industries: Mukesh Ambani’s Reliance Industries Ltd on Wednesday said that the Finance Committee of the Board of Directors of the company will meet on January 1, 2022, for considering the issuance of senior unsecured US$ denominated fixed-rate notes.
Mahindra & Mahindra: The company has informed the bourses that it has subscribed to 16,07,400 Equity Shares of ReNew Sunlight Energy Private Limited (RSEPL) constituting 31.2% of the Equity Share Capital of RSEPL. The company will acquire an additional 1,44,66,600 Equity Share of RSEPL by March 2022.
PVR: Multiplex chain PVR on Wednesday said that it has increased prices in the state of Telangana. The company will now charge Rs 250+GST for mainstream seats against Rs 150+GST earlier.
Telecom stocks: Rating agency ICRA on Wednesday upgraded the outlook of the telecom industry to ‘stable’ from negative. ICRA said that the telecom tariff hike along with the recent relief package offers sufficient headroom for the industry to undertake deleveraging as well as fund capex for 5G tech upgrade. Telecom sector stocks such as Bharti Airtel, Vodafone Idea, and Reliance Jio’s parent Reliance Industries could be in action.
Indian Hotels: Hospitality major Indian Hotels on Wednesday said that it has completed the acquisition of balance 14.28% Equity Stake in ELEL Hotels and Investments (ELEL). WIth this, ELEL (holding the leasehold rights of the erstwhile Sea Rock hotel) has become a Wholly Owned Subsidiary of Indian Hotels effective December 28, 2021.
