Stock Market Highlights: Sensex jumps 529 points, Nifty ends above 13,700; banks, pharma stocks lead


Market This Week

Nifty Snaps 7-week Gaining Streak While Sensex Manages To Post Minor Gain For The Week

Midcap Index & Nifty Bank Snap 7-week Gaining Streak, Slip Over 1% Each

Nifty IT Records Over 3% Gain To Post Biggest Weekly Gain In Nearly 2 Months

Wipro, Cipla, Infosys, Adani Ports & HCL Tech Top Nifty Gainers This Week

ONGC, IndusInd Bank, Hindalco & BPCL Top Nifty Losers This Week

Market At Close

Sensex Ends At Record Closing High & Nifty 11 Pts Away From Record Closing Level

Market Gains For 3rd Straight Day To Recover Most Losses Seen On Monday

Financials Support Market While IT Drags; Nifty Bank Up Over 1.5%

Midcap Index Closes Near Flatline; Market Breath Mildly In Favour Of Advances

Sensex Gains 529 Points To 46,974 & Nifty 139 Points To 13,749

Nifty Bank Climbs 519 Pts To 30,402 & Midcap Index 36 Pts To 20,476

Tata Motors Top Nifty Gainer After Co Maintains JLR Guidance For H2FY21

Bharti Airtel & RIL Gain On Additions Of Subscribers In The Month of October

Vodafone Idea Slips After Govt Decides To Challenges The Arbitration Award

Vedanta Surges Over 7% On Promoter’s 5% Stake Sale Via Block Deal

Bector’s Food Makes A Strong Debut, Gains 106% Against The Issue Price

Hotel Stocks like Speciality Restaurants Gains On Maharashra Govt’s Licence Fee Cut

BEML Continues To Move Higher On Expectation Of EoI For Govt Stake

Closing Bell | Indian benchmark equity indices, Sensex and Nifty ended over 1 percent higher Thursday led by gains in banking and pharma stocks amid positive global cues. The Sensex ended 529.36 points or 1.14 percent higher at 46,973.54, while the Nifty gained 148.15 points or 1.09 percent to settle at 13,749.25. Among broader indices, Nifty Smallcap rallied 0.90 percent. A

mong sectors, the Nifty Bank and Nifty Financial Services rose the most, up over 1.7 percent each while Nifty Pharma added 1.2 percent. The auto and FMCG indices also gained 0.4 percent each and Nifty Metal rose 0.3 percent. However, Nifty IT lost 0.6 percent for the day.

PE investment in real estate likely to jump 30% YoY to $6 billion in 2021: Report

Private equity investment in the real estate sector is expected to bounce back to $6 billion, registering a growth of 30 percent year-on-year in 2021, led by improving economic sentiment supported by policy reforms and growth in key emerging sectors, said a report.

The next wave of investments will be driven by growth in warehousing, affordable housing and data centers apart from the commercial office segment which will continue to see steady improvement, said the report by Savills India, a global property consultancy firm.

According to the report titled ‘Beyond The ’20: Private Equity in Indian Real Estate’, the warehousing and logistics segment has been among the most resilient asset classes in the ongoing pandemic. Warehouse leasing is expected to increase by 60 percent in 2021 as compared to 2020, keeping investors riveted and on the lookout for investment opportunities.

Savills Research expects private equity investors to assess an opportunity of around $330 million in the industrial and warehousing segment in 2021. This is approximately 17 percent higher compared to the average annual investments during the period of 2016-2020. Read more here.

Yash Gupta Equity Research Associate, Angel Broking

Aurobindo Pharma and COVAXX Sign an exclusive agreement to develop and commercialize COVID-19 vaccine for India and UNICEF. COVAXX’s UB-612 is the first multitype, synthetic peptide-based COVID-19 vaccine candidate in clinical trials and it utilises normal refrigeration (no freezing required) for distribution.

The agreement leverages Aurobindo’s existing development, commercial and manufacturing infrastructure.

Phase 2/3 clinical trials by COVAXX to begin early Q12021 in Asia, Latin America and USA. It is an important step in ensuring equitable access and global supply during the worldwide pandemic.

This is a very positive development for the company but COVAXX is going to take time as the vaccine is in the first phase of clinical trials and vaccines may take 6-9 months for getting final approvals.

Yash Gupta Equity Research Associate, Angel Broking

After Vedanta promoter had failed to delist the company’s shares in October 2020 as not able to receive a requisite quantity of share at a cutoff price. At the time of delisting the promoter group fixed cutoff price at Rs 87.5 and now via block deal as per the indicative price of Rs 160 which is more than 82 percent of cut off price. We expect the stock to consolidate at these levels, the upside will be very limited from current market price as all positive news has been factored in.

Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities

This has been a short but eventful week with wide gyration in stock prices. After the sharp correction seen on Monday prices have recovered in the last three days. Monthly expiry has also contributed to the higher volatility. We can expect muted FII activity in the next week also due to year end phenomenon but expect activity to pick up sharply from the first week of January. Most probably Nifty should take support at 13,000 levels with likely break out above the 14,000 level sometime in January.

DLF | The company’s newly launched project has been completely sold out and the developer expects to get around Rs 300 crore from this project. The new project was launched in DLF Phase 3, Gurugram and another phase of the same project to be launched soon.

Indian Metals & Ferro Alloys | The company said that the capacity of its old power plant of 108 MW has been derated to 50 MW therby reducing its thermal power generation capacity to 200 MW from 258 MW.

Aurobindo Pharma inks pact with COVAXX to develop COVID-19 vaccine

Aurobindo Pharma on Thursday said it has inked a licensing pact with US-based company COVAXX to develop and commercialise a vaccine for COVID-19. The company has entered an exclusive licence agreement to develop, commercialise and manufacture UB-612, the first multitope peptide-based vaccine to fight COVID-19, for India and UNICEF, Aurobindo Pharma said in a regulatory filing.

COVAXX is currently conducting a Phase 1 clinical trial for the vaccine candidate. “This vaccine has immense potential in eliminating shedding, and hence containing, the spread of the pandemic,” Aurobindo Pharma Managing Director N Govindarajan said.

As per the agreement, the Hyderabad-based firm has obtained the exclusive rights to develop, manufacture and sell COVAXX’s UB-612 vaccine in India and to UNICEF, as well as non-exclusive rights in other select emerging and developing markets. Aurobindo Pharma and COVAXX are partnering on clinical development, manufacturing and marketing of US firm’s vaccine candidate, UB-612. Continue reading.

Steel Strips Wheels | The company received new export orders of nearly 33,000 wheels for US and EU trailer market, to be executed in the month of January and February 21 from its Chennai plant. Orders of similar capacity are anticipated from the same customer base as businesses continue to recover rapidly, the company said.

SJVN | The company has bagged 501 MW projects from Government of Himachal Pradesh.

Keshav Lahoti, Associate Equity Analyst, Angel Broking

Antony Waste Handling Cell issue was subscribed 15 times by the end of the issue, unlike last time in March 2020 when the issue was not even subscribed a single time. If I compare Antony IPO response with last few IPO such as Burger King, Mrs Bector; the response from investors for Antony has not been as good as these IPO. Business is dependent on a limited number of customers for a significant portion of the revenue. So considering the valuation of P/E of 11.5x on FY20 basis (at the upper price band), we recommended “NEUTRAL” rating on the issue.

Adani Power | The company’s agreement to acquire 49 percent stake in Odisha Power has been cancelled as Odisha government exercises Right of First Refusal (RoFR) as it holds 51 percent stake in Odisha Power Generation.

Fairchem Organics | Promoters of the company have announced an open offer to acquire up to 33.78 lakh shares at Rs 575.53 per share.

Buzzing Stock | Shares of Ambuja Cements rallied 10 percent while those of ACC surged more than 7 percent after both firms announced the renewal of the current Technology and Know-How Agreement (TKH Agreement) with Holcim Technology. As the existing TKH Agreement was renewed the existing charge at 1 percent of net revenues continues for a period of two years.

Bharti Airtel, RIL shares gain; Vodafone Idea falls after Oct subscription data

Shares of Reliance Industries and Bharti Airtel gained between 1 and 2 percent while Vodafone Idea declined more than 2 percent in the early morning trade on Thursday, reacting to the Telecom Regulatory Authority of India’s (TRAI) October subscription data. According to the data released by the TRAI, Bharti Airtel added the highest number of subscribers for the second consecutive month with 3.67 million new customers in October, taking its total wireless customer base to 330.28 million in October 2020. Reliance Jio added 2.22 million new mobile customers, taking its total subscriber base to 406.35 million during the reported month. The other four mobile service providers — Vodafone Idea Ltd (VIL), BSNL, MTNL and Reliance Communications — reported a loss of subscriber base. More here

Gold rate today: Yellow metal trades flat

Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Thursday amid gains in international spot prices on a weak US dollar. At 11:10 am, gold futures for February delivery eased 0.02 percent to Rs 50,141 per 10 grams as against the previous close of Rs 50,149 and opening price of Rs 50,151 on the MCX. Silver futures traded 0.18 percent higher at Rs 67,695 per kg. The prices opened at Rs 67,701 as compared to the previous close of Rs 67,576 per kg. “A weak dollar and developments over US stimulus package support gold prices. However, the yellow metal is likely to remain rangebound amid lack of fresh data points and Christmas weekend going ahead,” said Ajay Kedia, director, Kedia Commodity Comtrade. More here

Titan & Jubilant long-term plays; ‘underweight’ on Avenue Supermarts: Edelweiss

 


A big move is seen across the quick-service restaurant (QSR) as well as the retail space from March lows. Jubilant FoodWorks has rallied 40 percent. Westlife Development, Avenue Supermarts, V-Mart and Aditya Birla Fashion have seen a rally between 60 percent and 90 percent. Abneesh Roy, EVP-Institutional Equities at Edelweiss Securities, in an interview with CNBC-TV18, said from a long-term perspective, Titan and Jubilant can give a 15 percent compound annual growth rate (CAGR). “We would be ‘underweight’ on Avenue Supermarts but at current valuations, Trent, V-Mart Retail, Aditya Birla Fashion & Retail are looking good and we see decent upsides in these names from 6-12 month perspective,” Roy said. For more details, watch video

Vedanta shares surge 13% after promoters buy additional stake via block deals

Shares of Vedanta surged over 13 percent on Thursday after 19.1 crore shares (5.1 percent equity) worth Rs 3,042 crore changed hands via block deals on the BSE and NSE. The stock rose as much as 13.3 percent to the day’s high of Rs 170.5 per share on BSE. Just in 2 trading sessions, the stock has risen nearly 20 percent. As per media reports yesterday, the company was planning to acquire 4.98 percent shares via block deal. The Anil Agarwal-owned firm was looking to obtain around 1.8 crore shares for a price between Rs 150.45 and Rs 160 per share. This will raise promotors’ stake in the company to 55.04 percent from 50.14 percent. As per SEBI norms, promoters holding more than 25 percent but less than 75 percent are allowed to acquire up to 5 percent a year through such creeping acquisition.

Specialty chemical firm Anupam Rasayan files for IPO to raise Rs 760 crore

In one of the best years for initial public offerings, another firm has filed draft papers with Sebi for IPO. Surat-based Anupam Rasayan has filed draft papers with Sebi for a Rs 760-crore IPO. As per the firm, the issue proceeds would be used mainly for repayment of debt worth Rs 556.20 crore. As of September, the company had a total debt of Rs 861.58 crore. Bankers appointed to the issue are Axis Capital, Ambit Private, IIFL Securities and JM Financial, the company said. More here

Mrs Bectors Food lists at Rs 500 per share on NSE, a premium of over 73% to issue price

 

Mrs Bector’s Food Specialities made a strong debut on the exchanges with the shares listing at Rs 500 apiece on the NSE, a premium of 73.61 percent to the issue price of Rs 288 per share. The stock was listed with a premium of 73.95 percent at Rs 501 apiece on the BSE. The Rs 540.54-crore public issue of the premium and mid-premium biscuits maker was subscribed 198.02 times during December 15-17, the highest subscription seen by IPO in 2020. Mrs Bectors Food raised Rs 40.54 crore via fresh issue and Rs 500 crore through the offer for sale by existing shareholders.





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