Nifty could find a hurdle around 18,750 and Bank Nifty index may take a breather around 44,250 levels.
Indian benchmark indices BSE Sensex and NSE Nifty 50 are likely to open with gains, hinted SGX Nifty. Ahead of Wednesday’s session, Nifty futures were trading 84 pts or 0.45% up at 18785 level on the Singapore Exchange. “Indications are in the favour of further rebound however a lot would depend upon how the US market reacts to the inflation data. On the index front, Nifty could find a hurdle around 18,750 and the banking index may take a breather around 44,250 levels. Amid the prevailing consolidation, we reiterate our positive tone and suggest continuing with the “buy on dips” approach,” said Ajit Mishra, VP – Technical Research, Religare Broking.
Stocks in focus on 14 December, Wednesday
Paytm: One97 Communications, the parent entity of fintech firm Paytm, approved a share buyback plan of Rs 850 crore at a maximum price of Rs 810 per share. The company has opted for the open market route through stock exchanges method, “which is to be completed within a maximum period of 6 months,” it said. At the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares bought back would be 10,493,827. This represents around 1.62% of the company’s paid-up share capital as of March 2022.
UltraTech Cement: The cement major has commissioned of 1.9-MTPA greenfield clinker-backed grinding capacity at Pali cement works, Rajasthan. The company, along with its subsidiary, now has 16.25 MTPA cement capacity in Rajasthan over 5 separate plant locations and its total cement manufacturing capacity in India stands at 121.35 MTPA.
Yes Bank: Yes Bank on Tuesday said it will allot shares and warrants to private equity firms Carlyle Group and Advent International to raise Rs 8,887 crore. The bank’s board has approved the allotment of 369.6 crore shares and 255.9 crore share warrants to the investors. Carlyle Group and Advent International each will be issued 184.81 crore equity shares at Rs 13.78 apiece. The bank has also allotted 127.98 crore share warrants to each of the investors, the bank said in an exchange filing.
Vedanta: Vedanta Group has signed a memorandum of understanding (MoU) with 30 Japanese technology companies for development of the Indian semiconductor and glass display manufacturing ecosystem, the company said in a statement. The comprehensive plan has potential to generate business opportunities of over $40 billion for its partners in the coming years, said Akarsh K Hebbar, global managing director (display and semiconductor business), Vedanta.
IIFL Wealth Management: General Atlantic Singapore Fund Pte Ltd has sold Rs 564 crore stake in the company via open market transactions. The fund offloaded 31.15 lakh shares in IIFL Wealth at an average price of Rs 1,810.09 per share. However, Capital Income Builder bought 30.43 lakh shares in the company at an average price of Rs 1,810 per share.
TVS Motor Company: The company plans to launch Euro-5 two-wheelers in Turkey. The company will further strengthen its presence in Turkey with products like TVS Jupiter, TVS NTORQ Race Edition, TVS Raider and TVS Apache RTR 200 4V which will be Euro-5 compliant.
Adani Transmission: The company has incorporated a wholly-owned subsidiary Adani Cooling Solutions Ltd. According to a regulatory filing, the subsidiary was incorporated on Monday with an initial authorised and paid up share capital of Rs 1,00,000 each, for the purpose of carrying on District Cooling System business. The entity will commence its business operations in due course.
Axis Bank: The private sector lender has received board approval for allotment of 12,000 non-convertible, Basel III compliant Tier II bonds (Series – 30) of the face value of Rs 1 crore each. The total fund raising would be Rs 12,000 crore at a coupon rate of 7.88% per annum payable annually, on a private placement basis.
Piramal Enterprises: The subsidiary Piramal Capital & Housing Finance (PCHFL) acquired 100% stake in PRL Agastya for Rs 90 crore. Post-acquisition, PRL Agastya will be a wholly-owned subsidiary of PCHFL.
PTC India: Mohammad Afzal has been appointed as nominee director of Ministry of Power, Government of India on the board of PTC India with effect from December 12. Afzal is a Joint secretary (transmission) in Ministry of Power.
