India’s benchmark indices BSE Sensex and NSE Nifty 50 may start the last trading session of the week in the red. The SGX Nifty hinted at a negative opening for the domestic equity market as Nifty futures traded 50 points or 0.26% lower at 18925 on the Singapore Exchange. On Thursday, the Sensex jumped 185 points to 63,284, while the Nifty rose 54 points to settle at 18,812. “Nifty, after rising 4% in the last 8 sessions, may witness some consolidation around the mark of 19 thousand. Expect momentum to continue in global sectors such as IT and metals. Also, real estate, cement and construction materials stocks are expected to perform well amid strong housing demand,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus December 2, Friday
PB Fintech: SoftBank Group is reportedly planning to sell a 5% stake in India’s PB Fintech Ltd, the parent of online insurance aggregator Policybazaar, in a block deal. Friday’s block deal could be at a base price of Rs 440 per share. Shares of PB Fintech closed at Rs 461 on Thursday. SoftBank owns more than a 10% stake in PB Fintech through two of its units, according to stock filings.
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Great, Sensex ends at record highs amid dovish Fed, positive PMI; you may see consolidation at higher levels
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Adani Green Energy: The Adani group company on Thursday said it has raised ¥27,954 million (about Rs 1,630 crore) through its subsidiary Adani Solar Energy AP Six to refinance its existing indebtedness. The project’s credit facility is backed by MUFG Bank and Sumitomo Mitsui Banking Corporation with equal participation, the company said in a statement.
Vedanta: Vedanta is looking to go beyond manufacturing in India and help develop consumer industries for aluminium, as well as semiconductors and glass, which it will soon start manufacturing in the country. Odisha Chief Minister Naveen Patnaik laid the foundation stone for the Vedanta Aluminum Park in Jharsuguda on Thursday. The company is also in talks with the state government to set up an electronics cluster to manufacture televisions, smartphones, laptops and other electronic items that use semiconductors and glass.
Yes Bank: The private lender said on Thursday that the Reserve Bank of India (RBI) has given conditional approval to private equity firms Carlyle Group and Advent International to acquire a 9.99% stake each in the lender. The proposed investment is from CA Basque investments, which is part of the Carlyle Group, and Verventa Holdings, an affiliate of funds managed by Advent.
Reliance Capital: Two independent valuers of debt-ridden Reliance Capital (RCap) have pegged the firm’s liquidation value at Rs 13,000 crore, more than double the value of the binding offers it received. According to Duff & Phelps, the former Anil Ambani group company is valued at Rs 12,500 crore as a core investment company (CIC) and that of RBSA at Rs 13,200 crore.
Hero MotoCorp: The two-wheeler maker sold 3.9 lakh units in November 2022, a growth of 12% over the corresponding month of the previous year. The company has sold 3.49 lakh units in November 2021. Hero expects the momentum to build in the coming quarters based on favorable economic indicators, including a boost in agricultural activity and positive consumer sentiment along with the upcoming wedding season.
Eicher Motors: The company sold 70,766 motorcycles in November 2022, registering a growth of 37 percent from 51,654 units sold in the same month last year, but exports fell 27 percent year-on-year to 5,006 motorcycles.
SJVN: The public sector company said its subsidiary SJVN Green Energy has signed an MoU with Grid Corporation of Odisha to develop 1,000 MW hydroelectric projects and 2,000 MW solar projects in Odisha through a joint venture. The development of these projects will attract an investment of Rs 20,000 crore and is expected to generate 4,207 million units (MU) in the first year and a cumulative generation of about 96,797 MU over a period of 25 years.
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Orchid Pharma: The company’s board has approved a Qualified Institutional Placement (QIP) to raise Rs 500 crore. With this QIP placement, the Dhanuka group, which took over the company in 2018, has also fulfilled its mandatory obligation to divest 15% stake in Orchid Pharma by March 2023.