SGX Nifty hinted at a negative start for Nifty and Sensex amid weak global cues. Dabur, IRCTC, HDFC among stocks in focus on Tuesday.
Indian benchmark indices BSE Sensex and NSE Nifty 50 are likely to open in red amid weak global cues. SGX Nifty hinted at a negative start for domestic equities as Nifty futures traded mildly lower at 18449 level. “We’ve been seeing this trend that select heavyweights come to rescue the index during the corrective phase and it’s no different this time. A decisive close above 18,500 in Nifty could further fuel the rebound else profit taking may resume. We recommend staying selective and preferring the top performers from the participating sectors. Besides, keep a check on overnight leveraged trades as volatility may continue,” said Ajit Mishra, VP – Technical Research, Religare Broking.
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Stocks in focus on 20 December, Tuesday
Dabur: Dabur India promoters are looking to sell shares worth almost Rs 800 crore ($100 million) via a block deal on Monday, according to reports. The sources told a news channel that the promoters could sell the stake at a discount of 4% to the market price. They added that Goldman Sachs is the broker managing the block deal. As of 30 September, the promoter and promoter group of Dabur India — comprising 26 shareholders — held a 67.24% stake in the company.
Wipro: Wipro Consumer Care on Monday announced its entry into the packaged food and spice segment by acquiring Nirapara, one of the largest-selling traditional food brands in Kerala. The deal size was not disclosed by the company. With this acquisition, Wipro Consumer Care joins FMCG firms such as Dabur, Emami, Tata Consumer Products Ltd and ITC, which are already present in the spices market.
IRCTC: Life Insurance Corporation of India (LIC) has bought additional 2.27% stake in IRCTC, during 17 October and 16 December this year, via open market transactions. With this, LIC’s shareholding in IRCTC increased to 7.278%, from 5.005% earlier.
Housing Development Finance Corporation (HDFC): The mortgage lender has increased its retail prime lending rate on housing loans by 35 basis points, with effect from 20 December. It is adjustable rate home loans (ARHL) are benchmarked on retail prime lending rate.
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IndiGo: IndiGo regained the top position in the on-time performance (OTP) ranking in November though its market share was the worst since May. At least 92.5% of IndiGo’s flights were on time in Bengaluru, Delhi, Hyderabad and Mumbai, according to data shared by the Directorate General of Civil Aviation (DGCA). IndiGo’s market share dropped to 55.7% in November from 56.7% in October 2022.
Sterling and Wilson Renewable Energy: Promoter Khurshed Yazdi Daruvala will be selling up to 20.28 lakh shares (1.07% stake) in the company on 20-21 December via offer for sale. It also has an option to additionally sell up to 9.71 lakh shares (0.51%) in case of oversubscription of OFS issue. Another promoter Shapoorji Pallonji and Company will also sell 47.33 lakh shares (2.5%) in Sterling on same days, with an option to additionally sell up to 22.66 lakh shares (1.19%) via OFS. The floor price of the offer will be Rs 270 per share.
NBCC India: The company has received the contract for construction of a new multi-storied quarter complex from Odisha Power Transmission Corporation. NBCC India will construct 100 numbers of quarters by demolishing the existing 224 numbers quarters at Bhoinager, Bhubaneswar. The order value is Rs 69.3 crore.
