Friday, December 08, 2023

India Business News

Top things to know today morning:

Indian Stock Market: After seven consecutive sessions of gains, benchmark indices took a breather on Thursday. Nifty fell below 20, 900, driven by selling in capital goods, FMCG, IT, and metal stocks.

US Markets: Nasdaq surged 1.37% to 14,339.99 points on Thursday, driven by Alphabet and Advanced Micro Devices, boosting optimism about artificial intelligence.

RBI's MPC Decision: RBI's Monetary Policy Committee is expected to keep the repo rate steady in its latest review.

FII and DII Activity: Overseas investors continued to be net sellers in Indian equities for the second consecutive session.

Indian Rupee: The Indian rupee weakened by 2 paise to Rs 83.35 against the U.S. dollar on Thursday.

Oil Prices: Oil prices fell to six-month lows on Thursday due to concerns about sluggish energy demand in the US and China.

Gold Prices: Gold prices firmed on Thursday as the dollar weakened in anticipation of U.S. non-farm payrolls data.

Stock specific updates:

Zomato: SoftBank is expected to sell Zomato shares worth $135 million via a block deal at Rs 120.50 per share.

Adani Ports & Special Economic Zone: Expects to exceed FY24 guidance of 370-390 MMT and is on track to cross 500 MMT by FY25.

Vedanta: In talks with foreign investors to raise $1.25 billion ahead of a $1 billion debt maturity in January 2024.

Olectra Greentech: Received a Letter of Award for the supply and maintenance of 40 electric buses from Vasai Virar City Municipal Corporation, Mumbai, valued at Rs 62.80 crore.

IRCON International: The Government of India will exercise the greenshoe option, selling an additional 7% stake in the offer-for-sale (OFS) of IRCON International.

Container Corporation of India: Signed a MoU with NTPC Vidyut Vyapar Nigam (NVVN) to develop PV Solar renewable energy projects in CONCOR terminals.

GlaxoSmithKline Pharmaceuticals: Established an omnichannel team to expand reach and coverage using technology. Completed a VRS for commercial function employees, incurring a one-off cost of Rs 156.57 crore.

IIFL Securities: Securities Appellate Tribunal set aside SEBI's order, reducing the monetary penalty from Rs 1 crore to Rs 20 lakh.

Bharat Forge: Kalyani Strategic Systems proposed to acquire a majority stake in Zorya Mashproekt India.

DB Realty: Vanita Infrastructure's subsidiary acquired equity shares of DB Conglomerate Realty, making it a step-down subsidiary.

IRB Infrastructure Developers: Logged November toll collection at Rs 437 crore, a year-on-year increase from Rs 366 crore.