Companies like Bharat Electronics Ltd., Ircon International Ltd., and Delta Corp. will be in focus for the trading session on Thursday.
Bharat Electronics bagged orders worth Rs 3,915 crore for the supply of various defence equipment, while the High Court of Calcutta granted interim relief to a unit of Delta Corp. in a matter relating to the Rs 6,384 crore payment of the shortfall goods and services tax.
The government will sell 8% stake in Ircon International via OFS, at a floor price of Rs 154 per share, 4% of which includes base size and greenshoe of 4%.
Share indices in Asia-Pacific region were trading on a mixed note tracking overnight losses on the Wall Street, and as U.S. treasury yields declined.
Markets in Australia fell as a slump in crude oil prices weighed on the commodity prices, which dented investors' sentiment. Commodities makes up a large portion of Australia's exports.
Markets in Japan were trading lower. Nikkei was down 0.87% at 33,132.35 as of 6:40 a.m.
Meanwhile, U.S. treasury yields continued to fall Wednesday as private payrolls declined more than market expectation, fueling investors' bet the Federal Reserve is done with monetary tightening, and may start loosening from next year.
Fall in safe-haven U.S. treasury note boosted investors' sentiment for riskier asset such as emerging markets' equities. Markets in China were trading higher.
Brent crude was trading 3.76% lower at $74.30 a barrel. Gold was up by 0.13% to $2,028.20 an ounce.
GIFT Nifty was down 3.5 points, or 0.03%, at 21,052.5 as of 6:52 a.m.
India's benchmark indices closed at a record high for the third consecutive day on Wednesday, as ITC Ltd., Larsen & Toubro Ltd. and Reliance Industries Ltd. led the gains.
The NSE Nifty 50 ended 83 points, or 4%, higher at 20,937.70, while the S&P BSE Sensex closed 358 points, or 0.52%, up at 69,653.73.
Overseas investors turned net sellers on Wednesday after remaining net buyers for eight consecutive sessions. Foreign portfolio investors sold stocks worth Rs 79.88 crore, while domestic institutional investors turned net buyers after one session of selling and bought stocks worth Rs 1,372.18 crore, the NSE data showed.
The Indian rupee strengthened 6 paise to close at Rs 83.33 against the U.S dollar on Wednesday.
U.S. stocks struggled to gain traction, following a rally driven by bets the Federal Reserve will cut rates next year. Oil sank below $70 a barrel, Bloomberg reported.
The S&P 500 index rose and the Nasdaq 100 fell by 0.39% and 0.56%, respectively on Wednesday. The Dow Jones Industrial Average rose by 0.19%.
Brent crude was trading 3.76% lower at $74.30 a barrel. Gold was up by 0.13% to $2,028.20 an ounce.
Stocks To Watch
Bharat Electronics: The company received orders worth Rs 3,915 crore for the supply of various defence equipment.
Ircon International: Government to sell 8% stake via OFS, at a floor price of Rs 154 per share, 4% of which includes base size and green shoe of 4%. OFS to non-retail to open on Dec. 7 and for retail on Dec. 8.
Delta Corp: The High Court of Calcutta has granted interim relief to subsidiary Deltatech Gaming of Rs 6,384 crore for which a GST notice was sent in October.
Network18 Media & Investments: The company will merge its television and digital news businesses with itself. Under the scheme of amalgamation, TV18 Broadcast shareholders will get 100 fully paid-up equity shares of Rs 5 each of Network18 for every 172 equity shares held in the broadcast company.
Dr. Reddy’s Laboratories: The drugmaker and Coya Therapeutics entered into a collaboration for the development and commercialization of COYA 302, an investigational combination therapy for the treatment of Amyotrophic Lateral Sclerosis. The company will make an upfront payment of $7.5 million to Coya for the development and commercialisation deal and the company will obtain commercialization rights for COYA 302 in the U.S., Canada, the EU, and U.K.
One 97 Communications: The company expands its credit distribution business to enhance focus on higher ticket loans for consumers and merchants in partnership with banks and NBFCs.
Adani Ports and Special Economic Zone: The company will consider a proposal to raise funds through a bond issue in its board meeting on Dec. 12.
Vedanta: The company's subsidiary Hindustan Zinc board approved a second interim dividend of Rs 6 per equity share for FY24 amounting to Rs 2,535 crore.
Hindustan Unilever: The board approved the appointment of Tarun Bajaj as an independent director.
IDFC First Bank: Madhivanan Balakrishnan resigned as Executive Director w.e.f. Dec. 6.
Rites: The company signed an MoU with Meghalaya Industrial Development Corp. for developing multi-modal logistics projects.
Brigade Enterprises: The company signed joint development agreement for office space in Bangalore with a development value of Rs 500 crore.
PVR-INOX: The company opened a 4-screen multiplex at Gwalior, with this, the company now operates the largest multiplex network with 1,709 screens across 358 properties in 113 cities.
Alok Industries: The company entered into facility agreements with SBI to avail Rs 1,750 crore loan to repay existing debt and Rs 90 crore loan to meet working capital requirements.
Sharda Cropchem: Appointed Shailesh Anant Mehendale as CFO w.e.f. Dec. 6.
Jtekt India: The company has approved capacity expansion for MS-Gear Line from 2.0 million to 2.4 million.
Bulk Deals
Ethos: Mahen Distribution sold 3.48 lakh shares (1.49%) and Eastspring Investments India Consumer Equity Open bought 1.25 lakh shares (0.53%) at Rs 1,872 apiece.
Advance Enzyme Tech: Advanced Vital Enzymes sold 6.18 lakh shares (0.55%) at Rs 359.25 apiece.
Kesoram Industries: Morgan Stanley Asia Singapore Pte bought 21.32 lakh shares (0.68%) at Rs 154.17 apiece.
JTL Industries: Pranav Vijay Singla bought 9.14 lakh shares (0.53%) at Rs 200.62 apiece and Societe General bought 17 lakh shares (0.99%) at Rs 196.78 apiece. Build Ash Constructions LLP sold 50 lakh shares (2.93%) at Rs 195.82 apiece, Kusum Bansal sold 13.8 lakh shares (0.81%) at Rs 196.36 apiece, Shilpa Bansal sold 13.45 lakh shares (0.79%) at Rs 196.99 apiece, Mohinder Pal sold 19.08 lakh shares (1.12%) at Rs 200.25 apiece, Mukesh Kumar sold 50 lakh shares (2.93%) at Rs 199.23 apiece, BNP Paribas Arbitrage sold 9.59 lakh shares (0.56%) at Rs 200.29 apiece, and Shilpa Bansal sold 32 lakh shares (1.87%) at Rs 204.03 apiece.
Shalimar Paints: Shivang Jhunjhnuwala, Sarika Jhunjhnuwala, Surya Kumar Jhunjhnuwala, Ritu Jhunjhnuwala, and Gaurang Jhunjhnuwala sold 74.08 lakh shares (8.84%) and Hella Infra Market bought 32.83 lakh shares (4.54%) between Rs 178 to 180.1 apiece.
Capacite Infraproject: Infinity Asset Advisors Private Limited sold 6.05 lakh shares (0.82%) at Rs 255.31 apiece.
Swan Energy: 2I Capital PCC sold 15.9 lakh shares (0.6%) at Rs 437.51 apiece.
TV18 Broadcast: Quant Mutual Active Fund bought 10.7 lakh shares (0.62%) at Rs 55.32 apiece.
Insider Trades
Choice International: Promoter group Patodia Properties bought 1.25 lakh shares on Dec 4. Promoter group NS Technical Consultancy bought 4.25 lakh shares on Dec. 5.
Advanced Enzyme Technologies: Promoter group Advanced Vital Enzymes sold 1.08 lakh shares between Dec. 4 and 5.
Computer Age Management Services: Promoter Great Terrain Investment sold 97.59 lakh shares on Dec. 4.
Ethos: Promoter Mahen Distribution sold 2.01 lakh shares between Dec. 4 and 5.
Cigniti Technologies: Promoter CV Subramanyam sold 10,000 shares on Dec. 4.
Pledge Share Details
Genus Power: Promoter Kailash Chandra Agarwal created a pledge of 22 lakh shares on Dec. 1.
Kuantum Papers: Promoter Kapedome Enterprises revoked a pledge of 1.84 crore shares on Dec. 6.
Who’s Meeting Whom
Sapphire Foods: To meet investors and analysts on Dec. 11.
Syngene International: To meet investors and analysts on Dec. 22.
The Anup Engineering: To meet investors and analysts on Dec. 11 and 12.
Eris Lifesciences: To meet investors and analysts on Dec. 11.
UNO Minda: To meet investors and analysts on Dec. 7.
Crompton Greaves Consumer Electricals: To meet investors and analysts on Dec. 11.
Capri Global Capital: To meet investors and analysts on Dec. 8.
Havells India: To meet investors and analysts on Dec. 12.
Greaves Cotton: To meet investors and analysts on Dec. 8.
Quick Heal Technologies: To meet investors and analysts on Dec. 11.
Trading Tweaks
Price band revised from 10% to 20%: Fertilizers and Chemicals Tranvacore, Focus Lightening and Fixtures, Hardwyn, Olectra Greentech, Orchid Pharma, PC Jeweller, Senco Gold, Tatva Chintan pharma chem.
Price band revised from 20% to 10%: Adani Green, Adani Total Gas.
Price band revised from 5% to 10%: Axiscades Technologies, Dhani Services, Kamdhenu Ventures, KPI Green Energy, MMTC, Nagarjuna Fertilizers and chemicals, Patanjali foods, Premier explosives, PTC Industries, Sanghi Industries, Thomas Cook.
Price band revised from 5% to 20%: Axita Cotton, Brightcom Group, Patel Engineering.
Move into a short-term ASM framework: Cantabil Retail India, Datamatics Global Services,
Move out of short-term ASM framework: Sequent Scientific.
F&O Cues
Nifty December futures rose 0.46% to 21,039.30 at a premium of points 101.6 points.
Nifty December futures open interest rose by 3.27% to 7,115 shares.
Nifty Bank December futures fell by 0.48% to 46926.20 at a premium of 91.65 points.
Nifty Bank December futures open interest fell by 12.56% to 18,209 shares.
Nifty Options Dec. 7 Expiry: Maximum call open interest at 21,000 and maximum put open interest at 20,800.
Bank Nifty Options Dec. 13 Expiry: Maximum Call Open Interest at 47,000 and Maximum put open interest at 44,000.
Securities in ban period: Delta Corp, Indiabulls Housing Finance, India Cements, Steel Authority of India, Zee Entertainment Enterprises.
Research Reports
India Strategy For December, Top Idea Picks For Large, Mid, SmallCap Stocks: Motilal Oswal
P&G - Structural Story Strong; Rich Valuation Limits Near Term Upside: Nirmal Bang
DCB Bank - Promoter Announces Capital Infusion Amid MD, CEO Succession: ICICI Securities
Story Of India’s Soaring Securitisation Market: CareEdge Analysis
Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.
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