Rail Vikas Nigam has received a letter of award for appointment as project implementation agency

Opening Bell:

SGX Nifty is down by 84.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian markets are trading lower in early trade on Wednesday. The Japanese Nikkei is down by 0.59 percent. South Korea’s Kospi declined by 2.0 percent. Hang Seng is up by 2.15 percent in early morning deals.

Wall Street ended lower at the beginning of a holiday-shortened week on Tuesday, as rising US Treasury yields pressured interest rate sensitive megacap shares. S&P 500 lost 0.40 percent and Nasdaq composite dropped 1.38 percent respectively.

Stocks News:

?Rail Vikas Nigam has received a letter of award for appointment as project implementation agency for implementation of the UTF harbour project in Maldives. This is a strategic project of the government and the cost is pegged at Rs 1,544.60 crore.

?Reserve Bank of India has approved the reappointment of Baskar Babu Ramachandran as the MD and CEO of Suryoday Small Finance Bank. He will be the MD and CEO for another three years, with effect from January 23, 2023.

?Kwality Pharmaceuticals has received an acknowledgement from Bulgarian Drug Agency for carrying out an inspection of its cephalosporin and oncology plant in Himachal Pradesh. It had made an EU Compliance application to Republic of Bulgaria for carrying out an inspection of Unit II in Himachal Pradesh, and Republic of Bulgaria accepted the application for EU Audit visit.

?Investor Swan Energy has raised its stake in Veritas India to over 40 percent, at 40.54%, from 36.40% earlier, whereas promoter Niti Nitinkumar Didwania’s shareholding reduced by same percentage points to 16.96%, down from 21.1%, as per their share purchase agreement.

?Foreign institutional investors (FIIs) sold shares worth Rs 867.65 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 621.81 crore on December 27, as per provisional data available on the NSE.

Domestic and International Events

• Government is planning a $2 billion incentive programme for the green hydrogen industry, three sources told Reuters, in a bid to cut emissions and become a major export player in the field.
• GST taxpayers will be required to reverse by November 30 the input tax credit (ITC) claimed in the last fiscal in case their suppliers fail to deposit the due tax by September 30, the Finance Ministry has said. The taxpayers, however, can reclaim the ITC later following the deposit of taxes by the supplier.
• Japanese factories slashed output for a third consecutive month in November, dragged down by weak demand for machinery products amid a deteriorating global economic outlook.
• India’s banking sector remained resilient in 2021-22 and lenders may have to raise deposit rates more to meet a surge in credit demand, the central bank said in a report on Tuesday.

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