Stock Market Live: Sensex, Nifty trade near record highs; auto, metal sectors lead


Specialty chemicals firm Laxmi Organics files DHRP for Rs 800-crore IPO

 

Specialty chemicals firm Laxmi Organics is likely to be the latest entrant in the IPO market. The Mumbai-based firm has filed the draft red herring prospectus (DRHP) with the market regulator Sebi for its public issue. The Rs 800-crore initial public offering (IPO) will consist of a fresh issue of Rs 500 crore and an offer for sale (OFS) of Rs 300 crore by promoter Yellow Stone Trust. The IPO of Laxmi Organics come after specialty chemical firms like Rossari Biotech and Chemcon Specialty Chemicals went public. These were subscribed almost 80 times and 149 times respectively.

Gold rate today: Yellow metal rises; resistance placed at Rs 49,650 per 10 grams

Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Wednesday following gains in international spot prices amid an easing US dollar index. At 11:25 am, gold futures for February delivery rose 0.18 percent to Rs 49,530 per 10 grams as against the previous close of Rs 49,443 and the opening price of Rs 49,510 on the MCX. Silver futures traded 0.42 percent higher at Rs 65,126 per kg. The prices opened at Rs 65,000 as compared to the previous close of Rs 64,853 per kg. Experts are of the view that gold and silver can be bought on dips.

Ratnamani Metals rises 4% on order win worth Rs 105 crore

Ratnamani Metals and Tubes rose 4 percent intraday on December 16 after the company won domestic order of Rs 105 crore. It has received a domestic order of Rs 105 crore for coated carbon steel pipes from the Oil and Gas Sector, the company said. The order is to be executed between May 2021 and September 2021. The share touched its 52-week high Rs 1,775.40 and 52-week low Rs 715.55 on 23 November, 2020 and 24 March, 2020, respectively.

Only buyers in Burger King India; shares locked in 20% upper circuit; Mcap swells above Rs 7,300 crore

 

After a stellar debut on bourses, Burger King India continue to gain with the share price of the quick services restaurant chain locked at an upper circuit of 20 percent at Rs 194.40 in early trade on Wednesday. The current stock price is more than three times the issue price. There were 73,79,264 pending buy orders for the stock with no sellers on the NSE. The market-cap of Burger King India crossed Rs 7,300 crore. Burger King India shares were listed at a strong premium of about 90 percent on Monday. The Rs 810 crore-initial public offering (IPO) of Burger King India had received an overwhelming response as the offer was subscribed 156.65 times.

Market Watch: Ruchit Jain, Angel Broking

One can go long in Deepak Nitrite with a stop loss of Rs 870 and a target of Rs 975.

Positive on Syngene, buy with a stop loss of Rs 590 and a target of Rs 650.

Rupee Opens | Indian rupee opened 17 paise higher at 73.47 per dollar on Wednesday against the previous close of 73.64, amid buying seen in the domestic equity market. On Tuesday, the domestic currency ended lower at 73.64 per dollar against Monday’s close of 73.57.

Ratnamani Metals | The company has received a domestic order of Rs 105 crore for coated carbon steel pipes from Oil and Gas Sector, to be executed between May, 2021 to September, 2021.

Technical View | The Nifty is edging slowly and steadily towards the upper end of the index range which is between 13,400-13,700. A serious move can be expected only post 13,700 or if we break 13,400 on a closing basis. Good support for this market lies at 13,400,” says Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

Auto sector slowdown leads to 3.4 lakh job losses, says Parliamentary panel report

The slowdown in the auto sector has lead to a loss of 3.4 lakh jobs and the sector could two consecutive years of contraction, said a Parliamentary panel report. The sector needs a focussed stimulus package, it further said, while recommending a 10 percent goods and services tax (GST) reduction to offset price increase and stimulate demand. It further suggested reducing GST on used cars to 4 percent from the current 12-18 percent to create demand. The committee has taken a note that the sector lost about Rs 2,300 crore per day during the lockdown period and also the fact that most companies have slashed production by 18-20 percent. There have been more than 3 lakh jobs lost in dealership, in component manufacturing and in vehicle manufacturing as well. Watch video for more

Cabinet likely to approve spectrum auction guidelines on Wednesday

The Union Cabinet is likely to approve on Wednesday guidelines for the next round of spectrum auction which may begin in the last week of January, sources said. The upcoming auction may not have radiowaves identified for 5G services. ”The spectrum auction note has been submitted to the Cabinet. It may come for a decision at Wednesday’s meeting,” a source said. The Telecom Regulatory Authority of India (Trai) had recommended a plan to auction spectrum worth Rs 5.22 lakh crore. However, some of the spectrum frequencies identified by the DoT for auction are being used by the defence ministry and the Department of Space. According to Jio, spectrum worth Rs 3.92 lakh crore is lying unused with the DoT for auction. The Department of Telecom (DoT) has identified 300 megahertz (Mhz) of spectrum blocks for 5G services. However, the defence ministry and Department of Space (DoS) have made claims for about 125 mhz of spectrum, leaving only 175 Mhz of airwaves for telecom companies. More here

Opening Bell: Sensex, Nifty open at record highs; all sectors in  the green

Indian indices opened at record highs on Wednesday tracking Asian stocks rose as hopes of effective coronavirus vaccines and the growing prospect of more U.S. fiscal stimulus cheered investors. Back home, all the sectors witnessed buying with auto and metal indices leading the pack. Broader markets were also in line with the benchmarks, up over half a percent each. The Sensex rose as much as 329 points to hits its new high od 46,592 while the Nifty gained 98 points to its all-time high of 13,666. 

 


On the Nifty50 index, M&M, Bajaj Finance, ONGC, Tata Motors, and UPL were the top gainers while HCL Tech ICICI Bank, Dr Reddy’s and Bharti Airtel were the only losers.

S&P betters India growth forecast to (-) 7.7 this fiscal

 


S&P Global Ratings on Tuesday raised India’s growth projection for the current fiscal to (-) 7.7 percent from (-) 9 percent estimated earlier on rising demand and falling COVID infection rates. ”Rising demand and falling infection rates have tempered our expectation of COVID’s hit on the Indian economy. S&P Global Ratings has revised real GDP growth to negative 7.7 percent for the year ending March 2021, from negative 9 percent previously,” S&P said in a statement. The US-based rating agency said its revision in growth forecast reflects a faster-than-expected recovery in the quarter through September. For the next fiscal, it projected India’s growth to rebound to 10 percent. India’s gross domestic product fell 7.5 percent in the July-September quarter, against a contraction of 23.9 percent in the April-June quarter.

Tata-Mistry case: Stake worth over Rs 1.5 lakh crore, claims Mistry camp

Cyrus Investments on Tuesday told the Supreme Court of India that Cyrus Mistry was ousted after objecting to an illegal act of influence by Tata Trustees and claimed that their 18 percent Tata Sons stake is worth over Rs 1.5 lakh crore and not Rs 80,000 crore as valued by Tata Sons. The top court is hearing cross-appeals filed by Tata Sons and Cyrus Investments against appellate tribunal NCLAT’s order which had restored Cyrus Mistry as the executive chairman of the over USD 100 billion salt-to-software Tata conglomerate. The Mistry lawyers also argued that it is this very value (15 percent stake) that has been hurt on account of mismanagement and interference by Tata Trustees into the operation of Tata Group companies. More here

Mrs Bectors Food IPO receives robust response from investors; subscribed 3.72 times on first day

Eliciting robust response from investors, the initial share sale of Mrs Bectors Food Specialities got oversubscribed within a few hours of opening for subscription on Tuesday and ended the day with 3.72 times subscription. After Burger King India, this is the second Initial Public Offer (IPO) this month to have received over subscription in a few hours of opening for public subscription. Mrs Bectors Food’s IPO received bids for 4,92,53,700 shares as against 1,32,36,211 shares on offer, according to data available with the NSE. The Qualified Institutional Buyers (QIBs) category was subscribed 2 per cent, while that of non-institutional investors and retail investors got subscribed 1.37 times and 6.83 times, respectively.

First up, here is quick catchup of what happened in the markets on Tuesday

Indian indices ended flat on Tuesday led by gains in heavyweights Bajaj Finance, Bajaj Finserv, HDFC Bank and HDFC. However, the decline in RIL, ICICI Bank, HUL, Infosys and TCS capped the gains. The Sensex ended 10 points higher at 46,263 while the Nifty rose 10 points to settle at 13,568. Meanwhile, broader markets outperformed benchmarks with midcap index up 0.5 percent and smallcap index up 0.2 percent. 

Welcome to CNBC-TV18’s Market Live Blog

 

Good morning, readers! I am Pranati Deva from the market’s desk of CNBC-TV18. Welcome to our market blog, where we provide rolling live news coverage of the latest events in the stock market, business and economy. We will also get you instant reactions and guests from our stellar lineup of TV guests and in-house editors, researchers, and reporters. If you are an investor, here is wishing you a great trading day. Good luck!





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