PremiumAsian indices had a mixed last trading day of 2022 with Tokyo ending flat, while China and Hong Kong make some gains. European markets were trading lower. Most indices had a forgettable year with double-digit losses compared to 2021.
Indian indices ended the last trading in the red but registered an impressive 2022 despite a turbulent year where most global indices lost ground.
During the day, indices remained flat for most of the session but tanked sharply in the final hour with Sensex shedding almost 300 points to close at 60,840, while Nifty ended the final trading day at 18,105, a drop of 85 points.
FMCG and Private Bank indices contributed the most to the drag and ended in the red. PSU Bank, Metal and Media remained strong and ended in the green.
Among stocks, Bajaj Finserv, Bajaj Auto, Titan, Coal India and ONGC registered impressive gains in today's session, while SBI Life, Eicher Motors, Grasim and ICICI Bank contributed to the drag in the market.
Both indices gained around 5% in the year 2022. India seems to be enjoying the TINA (There Is No Alternative) factor, as globally most countries are troubled. India seems to be the best-placed jurisdiction in terms of growth and inflation outlook in FY23, SBI said in its Ecowrap report.
The Indian equity market in 2022 was largely supported by the Banking, Auto, FMCG and Metal sectors, as well as a solid comeback by foreign portfolio investors (FPIs).
Most Asian stocks shed in today's trading and ended the year lower compared to the end of 2021.
Japan's Nikkei index on Friday gave up early gains to end flat ahead of the new year holidays and posted its first yearly loss in four years. The Nikkei closed flat at after rising as much as 0.9% earlier in the session driven by overnight gains on Wall Street. The index dropped 9.4% for the year, its first loss since 2018.
China stocks rebounded on Friday as traders looked for bright spots next year amid authorities' vows to support growth, ending 2022 as the market logged the worst year in four.
China's blue-chip CSI 300 Index closed 0.4% higher, while the Shanghai Composite Index gained 0.5%. Hong Kong's Hang Seng Index edged up 0.2%, and the Hang Seng China Enterprises Index added 0.1%.
China shares recorded their worst yearly performance since 2019, with the CSI 300 Index down 21.6%. Hong Kong's stock benchmark, meanwhile, slumped 15.4% to log the worst year since 2012.
European shares slipped in their last trading session of a rough year that was marked by geopolitical tensions and growing fears of a recession as central banks tightened their monetary policies globally.
The STOXX 600 fell in the morning session amidst a thin holiday trading, with surging COVID-19 cases in China clouding an already uncertain global growth outlook. The pan-regional index is on track to end the year 12.1% lower.
India, US, Indonesia, and China accounted for 45% of total cyberattacks on government agencies worldwide in the second half of 2022, according to a report by cybersecurity firm CloudSek, released Friday. The number of attacks on government agencies were up 95% year-on-year, the report claims.
India was the most targeted country in 2022 as attacks on government agencies more than doubled. CloudSek attributed this to an increase in activities of Malaysia-based hacktivist group Dragon Force, which ran campaigns such as #OpIndia and #OpsPatuk against India in retaliation to the controversial comments by an Indian politician on Prophet Mohammed. (Read More)
Welspun Enterprises' board of directors on Friday approved the buyback of equity shares of up to 1.17 crore shares at ₹200 per share through the tender offer route. Additionally, the board has also approved the special dividend of ₹7.50 per share. Welspun Enterprises shares were trading almost flat at ₹166 apiece on the BSE.
The promoters and promoter group of the company have expressed their intention to tender up to a maximum of 53,50,000 Equity Shares out of the 8,06,25,603 Equity Shares held by them (amounting to 53.76% of the equity share capital of the Company). DAM Capital Advisors Limited, a SEBI Registered Merchant Banker, has been appointed as the Manager to the buyback. (Read More)
Power company Skipper Ltd on Friday said it has secured new orders worth ₹2,570 crore from Bharat Sanchar Nigam Ltd (BSNL) in Rajasthan and Odisha.
The contract is for the supply and erection of ground-based telecom towers, infrastructure as a service provider (IaaSP) for supply, installation of infrastructure items and subsequent O&M (operations and maintenance) for five years extendable to five more years in the uncovered villages of India under 4G saturation projects, the company said in a statement. (Read More)
Reliance Industries Ltd and its partner bp plc of the UK have sought bids for the sale of natural gas from the eastern offshore KG-D6 block at a price linked to the rate at which LNG is delivered to Japan and Korea.
The two partners invited bids for the sale of 6 million standard cubic meters per day of gas starting February 2023, according to the tender document.
Users such as city gas operators that convert gas into CNG for sale to automobiles and pipe it to household kitchens for cooking purposes, or power plants that use it to generate electricity or fertilizer units that use it to make urea, have been asked to quote premium they are willing to pay over the JKM price.
JKM is the Northeast Asian spot price index for LNG delivered ex-ship to Japan and Korea. JKM price for February is USD 28.83 per million British thermal unit. (PTI)
India has extended policy to allow imports of lentils and vegetable oils such as palm oil, soyoil and sunflower oil at lower taxes by a year until March 2024, the government said in a notification late on Thursday.
The world's biggest importer of vegetable oils sharply reduced import taxes from mid-2021 as prices jumped to record highs in the world market. The lower import duty policy had been due to expire on March 31, 2023.
The south Asian country currently levies 5.5% tax on crude palm oil imports, down from 35.75% at the start of 2021.
India imports more than two-thirds of its edible oil needs and has been struggling to contain a rally in local oil prices over the last few months. (Reuters)
Billionaire Gautam Adani now owns a majority stake in Prannoy and Radhika Roy-promoted news broadcasting company New Delhi Television Ltd.
On Friday, Adani Enterprises, through its indirect subsidiary RRPR Holdings, acquired additional 1.76 crore shares of NDTV for around ₹602 crore ( ₹342.65 apiece) from the Roys, amounting to 27.26% in the company.
The transfer of shares was done through an inter-se transfer under the Securities and Exchange Board of India Regulations, 2011, which allows share transfer at a premium to current market price, if the company is an existing promoter group. (Read More)
Chinese technology giant Huawei says it has emerged from “crisis mode" after years of US restrictions that have stifled its overseas sales, even though its revenue for 2022 failed to grow from a year earlier.
“US restrictions are now our new normal, and we're back to business as usual," Eric Xu, Huawei's current chairman, said in a New Year's message released Friday.
Huawei Technologies Ltd, China's first global tech brand, has struggled since then-US President Donald Trump blocked its access to US processor chips and other technology in 2019 on grounds that Huawei could facilitate Chinese spying.
Huawei denies accusations that it could be a security risk.
Huawei's unaudited revenue for 2022 is forecast to be 636.9 billion yuan ($91.6 billion) — nearly unchanged compared to a year earlier and in line with earlier estimates. (PTI)
IDBI Bank signed an agreement on December 29 to transfer schemes from IDBI Mutual Fund (IDBI MF) to LIC Mutual Fund (LIC MF).
“In terms of Regulation 30 of the SEBI (LODR) Regulations, 2015, we hereby advise that on December 29, 2022, a Scheme Transfer Agreement has been signed between IDBI Mutual Fund (IDBI MF) and LIC Mutual Fund (LIC MF) for transfer of Schemes of IDBI MF to LIC MF to comply with Regulation 7B of SEBI Mutual Fund Regulations," the bank said in an exchange filing. (Read More)
Sharing its commodity outlook report for 2023, ICICIDirect said that it sees gold price to rise towards ₹62,000 per 10 grams, touching all-time high in the new year 2023. Meanwhile, it expects silver to rebound towards ₹80,000 per kg.
In 2022, base metal prices experienced a roller-coaster ride due to uneven global economic growth and China's limited trade participation. A deficit in the global base metals market is anticipated in 2023 as a result of supply restrictions from significant manufacturers. Due to the weaker dollar, potential growth in Chinese consumption, and declining inventories, the base metals market is anticipated to demonstrate positive momentum in 2023, said ICICIdirect. (Read More)
No deadly new Covid-19 type is likely to be spreading in China, said a Seattle-based expert. US health experts earlier issued a warning regarding the potential for a new Covid variant to emerge in China's widespread outbreak and how Beijing's lack of transparency could delay the identification of public health dangers.
Dr. Chris Murray, The director of a health research centre at the University of Washington, made the comments on CNBC’s “Squawk Box Asia". In 2022, there will probably be billions of omicron infections worldwide, but no new Covid variations, only omicron sub-variants, have appeared, according to Murray. (Read More)
PIRAMAL ENT: BUY - CMP: 844 TRGT: 955 SL: 800
The stock after forming the triple bottom formation pattern on the daily chart has indicated a strong support zone near 790-800 and with a decent pullback has improved the bias anticipating for a further rise in the coming days. With the RSI also showing a trend reversal from the oversold zone has signaled a buy and has immense upside potential visible. With the risk-reward ratio favorable and chart looking good, we recommend a positional buy in this stock for an upside target of 955 keeping a stop loss of 800.
The Indian maker of a cough syrup that was linked to the death of 19 children in Uzbekistan said on Friday that it had halted production of all medicines after an inspection by the drug regulator. Indian media reported that the inspectors had found a deviation from rules on manufacturing at one of Marion Biotech's units. Neither Marion Biotech or India's health ministry immediately responded to a Reuters request for comment on the media reports or the inspections findings.
Uzbekistan's health ministry said at least 18 children died in Samarkand city after consuming Marion Biotech's Dok-1 Max syrup. Uzbek media on Thursday reported a 19th victim, with the death of a one-year-old child.
Uzbekistan's ministry had said the syrup contained a toxic substance, ethylene glycol, and was administered in doses higher than the standard dose for children, either by their parents, who mistook it for an anti-cold remedy or on the advice of pharmacists. (Reuters)
Shares of Lotus Chocolate Co surged to hit the upper circuit level of 5% on the BSE at ₹122.9 apiece in Friday's trading session after the company informed Reliance Retail Ventures's subsidiary has agreed to buy a majority stake in Indian chocolate maker for ₹74 crore.
Reliance Consumer Products Limited (RCPL), the fast-moving consumer goods arm of Reliance Retail, will acquire a 51% stake from promoters at 113 rupees a share and will also subscribe to some non-noncumulative redeemable preference shares. RCPL would also make an open offer to acquire 26% of public shareholders of Lotus. (Read More)
Pharmaceutical firm Cipla on Friday announced that its wholly-owned UK subsidiary -- Cipla EU -- has signed definitive agreements for equity investment of EUR15 million in Ethris GmbH for the development of messenger RNA (mRNA)-based therapies.
German firm Ethris is a global leader in delivering mRNAs directly to the respiratory system including administration by inhalation.
According to a company statement shared with exchanges, the investment will facilitate a long-term strategic partnership between Cipla and Ethris for the development of messenger RNA (mRNA)-based therapies and fast-track Cipla's participation in the mRNA space, enabling it to provide access to latest solutions developed by Ethris for the developing countries. (ANI)
IRB Infrastructures Ltd is one of those listed companies that will be in focus after ushering in 2023. The small-cap company has informed Indian bourses that its board of directors are going to consider and discuss a stock split in its upcoming board meeting scheduled on 4th January 2022. However, ahead of this board meeting, the real estate company has raised ₹700 crore from non-convertible debentures (NCD). The NCD has been issued on a private placement basis to eligible investors. (Read More)
After liberalising the use of geospatial data under the draft geospatial data policy in February last year, the Ministry of Science and Technology on Wednesday notified the National Geospatial Policy, 2022.
Besides developing geospatial infrastructures, skills and knowledge, standards, and businesses, among others, the policy aims to develop high-resolution topographical survey and mapping, and a high-accuracy digital elevation model for the entire country by 2030. (Read More)
Banking stocks have delivered a stellar return to their shareholders in 2022. As the year 2022 is about to end and the whole world is set to usher in the new year 2023, stock market investors are busy scanning banking stocks that may given them stellar return or may be double their money in 2023. For such stock market investors, stock market experts have recommended Punjab National Bank (PNB) shares. They believe that banking stock may go up to ₹120 in 2023 as banking business and model is expected to remain intact in 2023 on a hawkish interest rate regime. (Read More)
Inox Wind on Friday said that CRISIL has upgraded its ratings on the long-term and short-term bank facilities and has revised its outlook from stable to positive.
CRISIL has upgraded its ratings from Crisil BBB to Crisil BBB (long-term rating), Crisil A3 to Crisil A2 (short-term ratings) and the outlook has been revised from stable to positive in relation to ratings of its banking facilities, Inox Wind Ltd said in a statement.
The rationale for upgrading Inox Wind's outlook reflects CRISIL's expectation of an improvement in business risk profile to be driven by higher revenue and cash accrual from the execution of auction-based orders and steps taken by the promoters during fiscal 2023 to reduce debt which has led to improvement in the financial profile, it stated.
Wind business has successfully raised ₹740 crore through an initial public offering and offer-for-sale of Inox Green Energy Services Ltd, it stated. (PTI)
Shares of Bikaji Foods International surged to hit upper circuit for the fifth straight session on Friday by rising up to ₹446 apiece on the BSE in early deals. The stock has gained more than 25% in the past trading five sessions. Bikaji Foods shares made their market debut in November and have gained about 36% since listing.
Earlier this month, the company announced the acquisition of Hanuman Agrofood Private Limited. Its board on December 6 authorized officials to take necessary steps for availing the exercise of ‘right of conversion’ of 28,13,050 Compulsorily Convertible Cumulative Preference Shares into 28,13,050 equity shares held by the Company in its name in Hanuman Agrofood Private Limited. (Read More)
The rupee appreciated 16 paise to 82.71 against the US dollar in early trade on Friday, tracking a firm trend in domestic equities.
Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias.
At the interbank foreign exchange, the domestic unit opened at 82.77 against the dollar, then gained further ground to touch 82.71, registering a rise of 16 paise over its previous close.
On Thursday, the rupee consolidated in a narrow range and settled 7 paise lower at 82.87 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 103.97. (PTI)
Shares of Elin Electronics made their flat market debut on Friday with the stock listing at ₹244 apiece on the NSE, a discount of more than a per cent as compared to its IPO issue price of ₹247 per share. On the BSE, Elin Electronics shares started trading at ₹243 a piece.
The Initial Public Offer (IPO) of electronics manufacturing services company Elin Electronics was subscribed 3.09 times on the last day of subscription that was open from Tuesday, December 20 till Thursday, December 22, 2022. The public issue received bids for 4,39,67,400 shares against 1,42,09,386 shares on offer. (Read More)
The initial public offering (IPO) of SVS Ventures Limited has opened for subscription for investors and the public issue will remain open for bidding till 4th January 2023. The public offer is proposed for listing on SME SME exchange and the company aims to raise 11.24 crore from this issue via the fresh issue route. The issue has been offered at a fixed price of ₹20 per equity share and a bidder will be able to apply in lots where one lot of the public issue comprises 6000 company shares.
The promoter of the company Shashikant Vedprakash Sharma holds a 90.49 per cent stake in the company which will go down to 66.66% in the post-issue phase. (Read More)
The Bank of Japan announced a third day of unscheduled bond purchases as it fights back against speculation it’s moving toward ending its super-accommodative monetary policy.
The BOJ offered to buy unlimited amounts of two-year notes at a yield of 0.04%, and five-year debt at 0.24%. It also offered to purchase a total ¥700 billion ($5.3 billion) of one-to-10 year bonds, and ¥300 billion of 10-to-25 year debt. That’s in addition to a daily operation to buy unlimited quantities of 10-year securities and futures-linked securities at 0.5%.
The BOJ’s struggle to contain rising local yields may have a global consequence as investors in the nation own $2.4 trillion of foreign debt. Higher local yields may spur Japanese investors to bring home more funds, exacerbating upward pressures on bonds around the world. (Bloomberg)
Oil prices edged up on Friday and were on track to post a second straight annual gain, albeit a meagre one, in a year marked by tight supplies due to the Ukraine conflict, a strong dollar and weak demand from the world's top crude importer China.
Brent crude futures climbed 44 cents, or 0.5%, to $83.90 a barrel by 0138 GMT after settling 1.2% down in the previous session.
U.S. West Intermediate crude was at $78.88 a barrel, up 48 cents, or 0.6%, after closing 0.7% lower on Thursday. (Reuters)
STOCK IN FOCUS
Hero MotoCorp (CMP 2,722): In view of the likely rural revival, focus on the premium segment, HMCL’s market leadership position to capitalize on the demand recovery and attractive valuation, we have BUY rating on HMCL with a 1-Year Target Price of ₹3,000.
Intraday Picks
ASHOKLEY (PREVIOUS CLOSE: 144) BUY
For today’s trade, long position can be initiated in the range of ₹141-
143 for the target of Rs.149 with a strict stop loss of ₹140.
DELTACORP (PREVIOUS CLOSE: 208) BUY
For today’s trade, long position can be initiated in the range of ₹204-
206 for the target of Rs.212 with a strict stop loss of ₹202.
LTIM (PREVIOUS CLOSE: 4420) BUY
For today’s trade, long position can be initiated in the range of Rs
4360-4385 for the target of Rs.4460 with a strict stop loss of ₹4340.
International Air Transport Association (IATA) has said that India's decision to re-introduce coronavirus testing for international passengers is ‘disappointing and a step backwards’ as the current situation is different from when the pandemic started around three years ago. IATA is a grouping of nearly 290 airlines, including various Indian carriers.
Philip Goh who is IATA's Regional Vice President for Asia Pacific, in a statement told PTI, “India's decision to reintroduce Covid-19 testing is disappointing and a step backwards. We are in a different situation from when Covid-19 started about three years ago. Medical treatments are available. Vaccination levels are high. Governments need to respond based on science and facts." (Read More)
Direct-to-Home operator Dish TV on Thursday said it has appointed former bureaucrat Lalit Behari Singhal as an independent director to its board.
The company's board, at its meeting held on Thursday, "considered and appointed Lalit Behari Singhal, as an Independent Director of the company with effect from December 29, 2022, for a term of 5 consecutive years", Dish TV said in a regulatory filing.
Earlier this month, Dish TV announced the appointment of three new independent directors to the company's board, which was the first major appointment after the departure of its former promoter-backed chairman Jawahar Lal Goel.
Dish TV's largest shareholder Yes Bank Ltd (YBL) and the promoter family led by its chairman Jawahar Lal Goel were engaged in a legal battle over board representation in the company. (PTI)
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended 2 stocks to buy today, here we list out full details in regard to those two shares:
1] GMR Infra: Buy at ₹39.40, target ₹44, stop loss ₹38; and
2] Pidilite Industries: Buy at ₹2601, target ₹2720, stop loss ₹2565. (Read More)
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: The most significant feature of 2022 is the outperformance of the Indian market. In a year in which S&P 500 is down by 20% and most markets are down between 10 to 20 %, Nifty is up by 4.8%. This outperformance is the result of mainly two factors: One, India’s superior economic growth; two, domestic investors support the market by buying every dip caused by FII selling. These two factors are expected to continue in 2023 too. Dollar index dipping below 104 is a positive for the market. This trend is likely to sustain forcing FIIs to turn buyers in India in 2023. Q3 results starting from Jan 12th will be the next trigger for markets. Capital goods, financials and construction-related segments are likely to post good results.
In cryptocurrencies, Bitcoin price today rose with the world's largest and most popular digital token trading almost flat with a positive bias at $16,607. The global cryptocurrency market cap today remained below the $1 trillion mark, as it was flat in the last 24 hours to $828 billion, as per the data by CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, was up about a per cent at $1,198. Meanwhile, Dogecoin price today was trading at $0.07 whereas Shiba Inu gained more than 2% at $0.000008. (Read More)
Elin Electronics: Elin Electronics IPO listing date has been fixed for today, December 30, 2022. As per the information available on BSE website, “Effective from Friday, December 30, 2022, the equity shares of Elin Electronics Limited shall be listed and admitted to dealings on the Exchange in the list of 'B' group of securities." Elin Electronics shares will become available for trade on BSE and NSE in a special pre-opening session on Friday morning deals. (Read More)
The rupee consolidated in a narrow range and settled 7 paise lower at 82.87 against the US dollar on Thursday despite softening crude oil prices and a weak greenback overseas.
At the interbank forex market, the local unit opened weak at 82.77 against the greenback and witnessed an intra-day high of 82.77 and a low of 82.87.
It finally ended at 82.87 against the American currency, registering a fall of 7 paise over its previous close of 82.80.
The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.19 per cent to 104.26. (PTI)
IRB Infrastructure Developers on Thursday said its special purpose vehicle -- Udaipur Tollway Limited -- has raised ₹700 crore through issuance of redeemable non-convertible debentures on a private placement basis.
According to a statement, the Special Purpose Vehicle (SPV) will use proceeds to refinance the existing project debts.
"The NCD (Non-Convertible Debenture) proceeds from refinancing would be utilised for part takeout financing of the existing project loans obtained and provide a significant saving of over ₹100 million annually at a revised interest cost of nearly 8.9 per cent," it said in a statement.
Earlier in the quarter, it had re-financed its two SPVs under the private InvIT arm (through private placement of listed NCDs), viz Solapur Yedeshi Tollway Limited and Yedeshi Aurangabad Tollway Limited, it added. (PTI)
The initial public offering (IPO) of polymer manufacturer Sah Polymers will open for subscription on Friday, December 30, 2022, and conclude on January 4, 2023. The company has fixed a price band of ₹61 to Rs65 per share for its issue.
As per market observers, Sah Polymers shares are commanding a premium of ₹6 in the grey market today. The company's shares are expected to list on leading stock exchanges BSE and NSE on Thursday, January 12, 2023. (Read More)
India's current account balance recorded a deficit of USD 36.4 billion (4.4 per cent of GDP) in Q2 of 2022-23 (July-September), up from USD 18.2 billion (2.2 per cent of GDP)1 in Q1 (April-June), RBI's balance of payments (BoP) data showed on Thursday.
The deficit was USD 9.7 billion (1.3 per cent of GDP) a year ago in the July-September quarter.
A current account deficit is when the total value of imports a country make exceeds the total value of exports.
"Underlying the current account deficit in Q2:2022-23 was the widening of the merchandise trade deficit to USD 83.5 billion from USD 63.0 billion in Q1:2022-23 and an increase in net outgo under investment income," the RBI said. (PTI)
Economic activity is rebounding in several Chinese cities where Covid infections likely already peaked, although many parts of the country are still grappling with soaring cases and mobility is still far below levels reached a few months ago.
The number of passengers using subways in Beijing, Chongqing, Chengdu and Wuhan rose about 40% to 100% in the week through Wednesday, a sign that residents in those areas are returning to work, shopping and restaurants once again. A measure of traffic congestion in those cities increased about 150% to 240% over the period.
The mobility figures back up comments from the Chinese Center for Disease Control and Prevention on Thursday that infections have peaked in places like Beijing, Tianjin and Chengdu. The situation remains serious in Shanghai, Chongqing, Anhui, Hubei and Hunan, it said. (Bloomberg)
After an initial rush of bullish spending as they looked to consolidate their presence in India, video streaming platforms are slowing investments in the country. In 2022, spending dipped by 50% as parent companies of foreign platforms reeled from the global downturn with subscriber addition in India remaining tepid. Along with issues of copyright infringement, advertising spending slowed, thanks to global inflation that left crypto and tech brands struggling with funds. (Read More)
Elin Electronics IPO listing date has been fixed on 30th December 2022. As per the information available on BSE website, “Effective from Friday, December 30, 2022, the equity shares of Elin Electronics Limited shall be listed and admitted to dealings on the Exchange in the list of 'B' group of securities." Elin Electronics shares will become available for trade on BSE and NSE in a special pre-opening session on Friday morning deals.
According to stock market experts, Elin Electronics IPO was attractively priced compared to its peers but the company is operating in a highly competitive market. Majority of Elin Electronics' revenue is derived from a limited number of customers. But, due to shattered primary market sentiments, the public issue received lacklustre response from investors and hence, stock market experts believe that Elin Electronics share price may have a 'subdued ' or 'flat' debut today in secondary markets. (Read More)
Eicher Motors on Thursday announced a strategic investment in Spain’s Stark Future SL to develop electric motorcycles and for technology sharing, technical licensing, and manufacturing.
The company's Board of Directors has approved an investment of Euro 50 million for a close to 10.35 per cent equity stake in Stark Future. With this investment, Eicher Motors Ltd. will have a seat on Stark Future’s Board, and will explore further opportunities to collaborate in the space of electric mobility, said the company. (Read More)
Reliance Retail Ventures Ltd's subsidiary on Thursday said that it has acquired a 51% controlling stake in Lotus Chocolate Company. The FMCG arm, Reliance Consumer Products Limited, is the wholly owned subsidiary of Reliance Retail Ventures Limited has acquired Lotus Chocolate company from Prakash P Pai, Ananth P Pai and other members of the current promoter and promoter group of the company for ₹74 crore.
It has also announced an open offer to the public shareholders of Lotus for 26 per cent. (Read More)
While the world is still recovering from the losses of livelihoods, damages to businesses and national economies, and healthcare disruptions, the new, deadly variant of coronavirus from China can create havoc across the globe if its spread is not checked in time, reported The HK Post. What is going on in China at present has stoked fears about the repetition of the horrific Covid-19 outbreak that killed millions of people across the globe.
And like what Beijing did in 2019, this time too Chinese authorities are hiding information about the coronavirus infections from their own people and the world outside. (Read More)
The announcement of share allocation for the initial public offering (IPO) of Radiant Cash Management Services Ltd can be finalised any time today. As per the tentative schedule of the public issue worth ₹387.94 crore, the Radiant Cash Management IPO allotment date is most likely on 30th December 2022. Those, who have applied for the public issue can check Radiant Cash Management IPO allotment status online by logging in at the BSE website — bseindia.com or at the website of the official registrar of the IPO. Link Intime Private Limited has been appointed as the official registrar of this public issue and its official website is linkintime.co.in. (Read More)
Wall Street and European stocks rose Thursday as an increase in US jobless claims signalled some cooling in the economy, bringing optimism about the direction of interest rate hikes.
The US Federal Reserve and other central banks have hiked rates in efforts to rein in runaway inflation, but investors fear the aggressive stance could spark a recession as higher borrowing costs slow economic activity.
Data on Thursday showed initial US jobless claims for the week ending December 24 rose more than expected to 225,000, indicating that the labour market could be cooling.
Central bank policymakers have been particularly concerned about the jobs market, where demand for workers has exceeded supply, with wages picking up quickly.
The Paris CAC 40 index and the Frankfurt DAX closed around one per cent higher while London's FTSE 100 gained 0.2%.
Wall Street closed higher as well after two gloomy days, with the tech-heavy Nasdaq bouncing by 2.6%.
But traders said volumes remained thin in the final trading week of the year. (AFP)
Download the App to get 14 days of unlimited access to Mint Premium absolutely free!
