Sensex gains 122 pts amid fag-end buying; Coal India rises 6%, Nestle 5%

Closing Bell on Tuesday December 19: Among sectors, the Nifty FMCG index rose 1.4 per cent , followed by the Nifty PSU Bank (up 0.8 per cent)

1:17 PM

Asian Market Update:: Nikkei soars 1.4% after BoJ maintains status quo

Source: Yahoo Finance

1:03 PM

Nestle rallies 6% to fresh high; sets Jan 5 as record date for stock split

The company’s board on October 19 had approved the stock split in the ratio of 1:10 wherein 1 equity share of face value of Rs 10 will be divided into 10 equity shares of face value of Rs 1 each. READ MORE

12:43 PM

Brokerage Report :: Kotak Institutional Equities on IT stocks

>> IT stocks have rallied 7-18% in the past one month, especially during last week.

>> While the Fed’s move warranted an upward movement in stock prices, the resulting rally was a tad optimistic.

>> Our current revenue growth and EPS estimates already factor in the positives for FY2025.

>> We increase fair values by 9-20% on rollover and increase in multiples factoring in lower macro uncertainty.

>> We downgrade HCLT to ADD from BUY and Persistent to REDUCE from ADD.

>> Infosys remains our top pick among IT services companies; Upside has reduced for HCLT following the recent sharp rally; it remains our next pick.

12:31 PM

Brokerage Report :: JM Financial on Devyani International

BUY | TP: Rs 210

>> While ADS (Rs 135,000) is higher vs India KFC business (Rs 113,000), the brand contribution margins are lower (c.14.4% vs India business at c.20%) given the mass brand positioning in the geography.

>> Deal consideration pegs valuation for the entity at 0.8x/8x FY24E sales/EBITDA (pre-ind AS), which is lower vs c.6x/49x FY24E for Devyani.

>> Acquisition is broadly earnings neutral for FY25E.

>> International business performances in QSR have been quite volatile & haven’t seen a major success whether it is existing Nigeria business of DIL, Sri Lanka for Sapphire or Indonesia for BK.

>> To that extent, steady execution here will be key monitorable & headroom for error is low.

12:24 PM

Brokerage Reports :: JM Financial on Microfinance sector

>> Unique borrowers in the industry increased sharply to 71 million (vs. 62 million as of Q2FY23, up 15% YoY) while avg. loan size jumped above Rs 45,000 (vs

Rs 39,700 in Q2FY23, up 14% YoY) resulting in robust credit growth in Q2FY24 (up 25% YoY)

>> NBFC-MFIs continue to see increase in market share (39% vs. ~37% as of Q2FY23).

>>  Banks’ share in micro-credit loan o/s declined to 32% now (vs. 38% as of Q2FY23).

>>  We expect NBFC-MFIs under our coverage to deliver continued momentum on growth, improving trends on collections and steady return ratios.

>> Fusion remains our preferred play in the space.

12:14 PM

Telecom tribunal asks DoT to adjust excess Rs 755 crore collected from Vi

In 2018, the DoT had asked Vi to pay Rs 3,926.34 crore for its spectrum liabilities linked to the merger between Vodafone and Idea Cellular. Vi decided to approach the Telecom Disputes Settlement and Appellate Tribunal against the order. However, the dues were later revised down to Rs 3,170.82 crore. READ MORE

12:03 PM

Personal Finance | Which is better? Term plans see 10% surge among self-employed, 41% opt for ULIP

"“Recently, insurers have revised underwriting methods - the contemporary approach no longer necessitates income tax return (ITR) or salary proof documentation, thereby broadening access to specialised term insurance plans tailored for self-employed individuals and business owners,” said the Policybazaar study. READ MORE

11:50 AM

Market Check :: Sensex back in green; Nestle, RIL, ITC top contributors at this hour

11:43 AM

India Glycols soars 11% on winning ethanol supply order from OMCs, Reliance

In an exchange filing, IGL said the company has been allocated quantities through tender(s) participation for supply of 165.5 million liters of Ethanol under Ethanol Blended Petrol Programme (EBPP) during ethanol supply year from November 1, 2023 till October 31, 2024. READ MORE

11:29 AM

ALERT :: Vedanta to issue 340,000 NCDs to raise funds on private placement basis

>> Stock  up 0.6% at Rs 262 

11:15 AM

AMCs get a revenue boost from strong retail inflows via mutual funds

One effect of a sustained market rally is the movement of household savings into the stock market. Coupled with a well-directed “Mutual funds sahi hai” campaign, this meant strong retail inflows being funnelled into the market via mutual funds. And, as the assets under management (AUM) has swelled, meaning more revenues for asset management companies (AMCs), that in turn has meant investment attention for listed AMCs. READ MORE

11:01 AM

ALERT :: Aether Industries executes strategic agreement with Global Lithium-Ion Battery Producer

>> Aether Industries has executed a strategic agreement and contract with a global lithium-ion battery producer

>> With this, it enters the electrolyte additives and battery space

>> The agreement includes the commercial supply finalisation of one specific electrolyte additive and initiates the discussion on three others.

10:45 AM

India's economy projected to grow at 6.3% in current fiscal year, says IMF

"India has potential for even higher growth, with greater contributions from labour and human capital, if comprehensive reforms are implemented," the IMF said. 

The IMF's growth projection for the current financial year, ending March 31, 2024, is lower than the 7 per cent forecast by the Reserve Bank of India (RBI). READ MORE

10:30 AM

SpiceJet zooms 29% in two days on plans to acquire bankrupt Go First

In an exchange filing SpiceJet today said that it has expressed interest with the Resolution Professional of Go First and wish to submit an offer post diligence, with a view of creating a strong and viable airline in a possible combination with SpiceJet. READ MORE

10:15 AM

Share-sale frenzy in Indian market seen continuing in 2024, say bankers

Initial public offerings and follow on share sales in India this year exceeded Hong Kong for the first time in at least 30 years, according to data compiled by Bloomberg. The tally of $24.2 billion from such sales in the South Asian market has been helped by gains of some 18 per cent in the country’s stock gauge, while China’s flagging economy has contributed to a slide of almost the same magnitude in its equities benchmark. READ MORE