Bajaj Consumer Care to consider share buyback on December 9

Opening Bell:

SGX Nifty is down by 71.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asia-Pacific indices fell on Tuesday after Wall Street sold off overnight on fears that the Fed will keep increasing interest rates. The Japanese Nikkei is up by 0.05 percent. South Korea’s Kospi is down by 0.55 percent. Hong Kong’s Hang Seng is up by 0.03 percent in the early morning trades.

US markets ended lower on Monday, as investors spooked by better-than-expected data from the services sector re-evaluated whether the Federal Reserve could hike interest rates for longer, while shares of Tesla slid on reports of a production cut in China. S&P 500 lost 1.79 percent whereas Nasdaq composite dropped 1.93 percent.

Stocks News:

?Life Insurance Corporation of India ups stake in HDFC. Life Insurance Corporation of India bought additional 2.14 lakh shares (0.012%) stake of HDFC Ltd via open market transactions on December 2. With this, LIC’s shareholding in the Corporation increased to 5.003%, from 4.991% earlier.

?Bajaj Consumer Care to consider share buyback on December 9. The company said its board of directors will consider a proposal for buyback of equity shares of the company on December 9.

?BCL Industries bags orders from OMCs, Reliance Industries for supply of ethanol. The company has received order worth Rs 285 crore for supply of 4.9 crore litres of ethanol to oil marketing companies. Additionally, its distillery unit has also bagged an order to supply 1.65 crore litres of ethanol to Reliance Industries with an order value of Rs 107 crore.

?DreamFolks in pact with Vidsur Golf to offer customers access to premium golf courses across India & Asia Pacific. The largest airport service aggregator signed strategic partnership with Vidsur Golf to offer customers access to Golf courses across India & Asia Pacific.

?Foreign institutional investors (FIIs) have net sold shares worth Rs 1,139.07 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 2,607.98 crore on December 5, as per provisional data available on the NSE.

Domestic and International Events

• US services industry activity picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy as it braces for an anticipated recession next year.
• Japanese household spending rose for a fifth straight month in October from a year earlier, data showed on Tuesday, as easing coronavirus cases prompted more people to shop and eat at restaurants.
• Euro zone business activity declined for a fifth month in November, suggesting the economy was sliding into a mild recession as consumers cut spending amid surging inflation, a survey showed.
• British consumer spending ticked up last month at a rate that greatly lagged behind inflation, according to surveys on Tuesday that underscored the pressure on household budgets ahead of the Christmas holidays. Barclaycard said spending on its credit and debit cards rose 3.9% year-on-year in November, far behind the annual 11.1% increase in consumer prices in October that was the highest reading in 41 years.

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