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After hitting fresh peaks during the day, benchmark indices started the week on a strong note as covid-19 vaccine in the U.S. from this week buoyed sentiment. Sensex gained 154 points to close at 46,253, while Nifty ended at 13,558.15, up 0.3%.
ONGC, L&T and Cipla were the top gainers, while Bajaj Auto and M&M were the biggest laggards.
Barring auto and realty, all sectoral indices ended in the green on Nifty.
Burger King India made a stellar debut on the stock exchanges today with the shares jumping 130%.
On the Sensex, 19 stocks advanced, while 11 declined.
Trust Group, a financial services company with presence in investment banking and portfolio management, has announced the launch of a mutual fund. Trust AMC expects to unveil its first scheme in a few weeks’ time and focus on the debt segment initially.
El Paso Water selects Infosys as partner for customer service transformation. Infosys to implement Oracle Utilities C2M solution to transform customer experience, simplify IT landscape, enhance transparency and audit controls.
Muthoot Finance Ltd has launched a secured non-convertible debenture (NCD) issue, offering returns between 6.75% and 7.75%, annually. It has a base issue size of ₹100 crore, but a gold loan-focused, non-banking financial company (NBFC) can raise it up to ₹900 crore, depending on the subscription. The issue will remain open from 11 December to 5 January. (Full report)
The board of directors has approved the payment of interim dividend of ₹5 per equity share of ₹10 at 50% of the paid up equity share capital for the financial year 2020-21. The interim dividend shall be paid on 8 January.
"Most restaurants turn EBITDA positive in the first year. Our target is to increase the number of outlets to 700 by 2026," said Burger King.
Shares of IRCTC rebounded to ₹1,483 today after a four-day decline. Shares were under pressure over the past few sessions after the government on Wednesday announced an offer for sale of its 20% stake in the company. The floor price of ₹1,367 was at a 15% discount to the closing price of Wednesday. The OFS concluded on Friday.
Burger King made a stellar listing on the exchange with share prices nearly doubling at open. "The listing was as expected as the company issue was priced at a significant discount compared to listed peers such as Jubilant FoodWorks (Domino’s Pizza) and Westlife Development (McDonald)," said Keshav Lahoti, Associate Equity Analyst, Angel Broking. Lahoti recommends short term investors to book profits . "Short term investors may book gains. We advise long term investors to stay invested in the company as there is ample scope available for the company to increase its business in India," he said.
Even after such bumper listing, there is no issue with the valuation of the company, believes Angel Broking. In the future, the brokerage expects the company to gain market share by opening more stores compared to the competitors.
L&T Construction wins "significant" contracts in the range of ₹1,000-2,500 crore for various businesses.
The IT services industry is seeing significant traction from cloud adoption across all industries. Motilal Oswal, in a report, briefed the points of meeting with TCS’ senior leadership during a sell side event on December 11, during which the IT major shared its perspective on the multi-year opportunity on account of a broader Cloud adoption.
European shares rose on Monday, as a decision to extend trade talks between Britain and the European Union kept hopes of an eventual deal alive. The pan-European STOXX 600 index rose 0.9% after breaking a five-week winning streak to end 1% lower last week. The FTSE 100 was flat as gains in most sectors were offset by a slide in AstraZeneca
L&T and ONGC were the biggest gainers, while RIL, Bajaj Auto and M&M prominent laggards.
Ramco Systems bags multi-million dollar orders from four companies
Mobility services provider Ola on Monday said it will set up its first electric vehicle (EV) manufacturing plant in Tamil Nadu and will invest ₹2,400 crore to power its new business vertical that aims to sell green vehicle technologies in India and other markets world-wide.
Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market.
Brent crude futures for February rose 1.3%, to $50.64 a barrel, while US West Texas Intermediate crude futures for January were up 1.3% at $47.19 a barrel.
A group of 209 Air India employees has submitted an expression of interest for the national carrier in partnership with a private financier. The bid process is being led by Meenakshi Mallik, who is the current commercial director at Air India, the Business Standard reported.
While the bidding conditions of Air India allows bid by employees, disinvestment guidelines mandate that the company will not be able to partner any private company. It has to partner with either a bank or a financial institution.
Leading defence suppliers such as Bharat Electronics have been in focus with the government's increasing emphasis on Atmanirbhar Bharat. The standoff with China had also meant that the Centre will look at hiking defence allocation, driving order flows, and benefitting companies as Bharat Electronics (BEL). The stock therefore not only has more than doubled since the lows of March but continues to gain. With a nearly 4% rise in early deals on Monday, the stock is near its 52-week high.
Sentiment on Monday also got a boost with a foreign brokerage house maintaining its strong view on BEL. (Read more)
Fake covid vaccines are being sold on the dark web amid increasing reports of progress on vaccines worldwide, as per Checkpoint Research. The company found multiple cases where people claimed to sell vaccines in exchange for Bitcoins, making them harder to trace.
Adani Group, Piramal Group and Oaktree Capital today submitted revised offers to acquire Dewan Housing Finance Limited’s (DHFL) entire portfolio as the deadline to submit bids ended this morning, two people with direct knowledge of the matter said. The fourth suitor- Hong Kong-based SC Lowy- did not submit a new offer for the company, CNBC-TV18 reported
Page Industries, the exclusive licensee of Jockey International, said Bommasandra, Bengaluru Unit‐3 was audited by Worldwide Responsible Accredited Production (WRAP) as per its standard procedures in October. WRAP has re‐certified the facility to be socially compliant.
The Wholesale Price Index (WPI) inflation rose to 1.55% in November, as against 1.48% in October. The annual wholesale price index rose in November, mainly because of an increase in prices of manufacturing items in the festival season, from a year earlier, compared to 1.62% rise predicted by analysts in a Reuters poll.
Salt-to-software conglomerate Tata Group is likely to submit an expression of interest (EoI) for national carrier Air India Limited before the deadline on Monday, a person with direct knowledge of the matter told Mint. (Full story)
Evaluation committee on strategic stake sale will meet on December 15 to evaluate the three expressions of interest received for the OMC major, CNBC-TV18 reported.
Power and new and renewable energy minister Raj Kumar Singh on Monday said India’ electricity demand has been increasing on account of a growing economy.
Singh said that India’ demand has been growing as compared to the corresponding period last year, with December’ daily demand being in excess of 5 GW to 10 GW, as compared to last December.
Cipla Ltd’s settlement with Bristol Myers-owned Celgene is lifting its stock as it is seen to boost earnings. The drug maker has settled a patent litigation with the innovator Celgene Corp that will allow Cipla to sell volume-limited drugs after March 2022. The stock jumped 4% in trade on Monday.
The settlement took place months before it was expected, which indeed surprised the Street. While volume details are under wraps, note that Revlimid has sales of over $8 billion in the US. Hence, firms like Cipla even with limited volumes can derive decent earnings boost after its launch.
The company which runs quick service restaurant McDonald's fell after its peer Burger King India made a strong debut on exchanges today. Analysts said the burger specialist got the huge response from investors primarily due to its cheaper valuation compared to its rivals Jubilant FoodWorks and Westlife.
The rupee strengthened by 5 paise to 73.59 against the US dollar in opening trade on Monday, supported by foreign portfolio inflows and strong opening in domestic equities.
The state-owned bank will raise up to ₹500 crore by issuing non-convertible redeemable unsecured Basel III compliant tier 2 bonds in the nature of promissory notes.
ONGC and L&T are top gainers, up 35 and 2% respectively. Bajaj Auto and Tech Mahindra are the biggest laggards, down 1% each.
The government plans to extend the production-linked incentive (PLI) scheme to manufacture essential electronic gadgets such as laptops and tablets in India, after the plan to locally make mobile phone and components has been a success in terms of applications received by global and domestic players, communications, electronics and information technology (IT) minister Ravi Shankar Prasad said on Monday.
“Now, my focus is that India emerges as a big centre for manufacturing of other important electronic gadgets, which have become integral to our day-to-day existence, that is from laptops, to tablets and to servers," said Prasad at Ficci’s 93rd annual general meeting.
While the markets have opened on a positive note this morning, we must not lose sight of the fact that we are in a patch of resistance. This range is between 13400-13700. The Nifty is currently trading around the upper end of this range. Unless we do not get past 13700 or break 13400, we will not see a convincing rally up or down. There is a strong support around the 13350-13400 range and as long as that holds, traders can utilise dips to accumulate long positions.-
Banks have selected the Vedanta group’s ₹5,000- ₹6,000 crore offer for the company after months of negotiations with prospective bidders for the sale of the bankrupt consumer durables firm, The Economic Times reported.
The company recorded a 15% growth in its standalone production of crude steel at 6.14 lakh tonne during November. The company had produced 5.33 lakh tonne of crude steel during the same month last year.
The quick service restaurant's peer Burger King India listed at 94% premium on exchanges today. The burger specialist made an impressive debut as the stock jumped 94% at debut.
Shares of Burger King India Ltd saw a stellar listing as they jumped 94% at debut on Monday. Its ₹810 crore initial public offering was subscribed more than 157 times last week.
The stock opened at ₹115.35 on BSE. The stock touched a high of ₹119.50 and advanced as much as 99.17%
Gold and silver prices fell in Indian markets today on weak global cues. On MCX, February gold futures slid 0.4% to ₹49,125 in their third decline in four days. Silver futures on MCX fell 0.4 % to ₹63,472 per kg. In the previous session, gold had edged up 0.4% while silver rose 0.1%. In global markets, gold prices eased today as risk sentiment improved as the US prepares to start its Covid-19 vaccination program from today.
The private sector lender has sold 2.56% stake in Coffee Day group-owned Sical Logistics. The bank is also looking to build a brand around its credit card business and aiming to double its customer base in the segment in the next two years, head of its credit card business Rajanish Prabhu has said.
The pharma major has announced the settlement of its patent litigation with Celgene Corporation, a wholly-owned subsidiary of Bristol Myers Squibb, relating to patents for Revlimid, generic lenalidomide, in the US.
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