Tata Group has acquired 1.15 crore equity shares of its subsidiary tata steel

Opening Bell:

SGX Nifty is down by 82.0 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian Markets were trading lower in the early trade on Thursday. The Japanese Nikkei is down by 1.31 percent. South Korea’s Kospi declined by 1.2 percent. Hang Seng is down by 1.42 percent in early morning deals.

Wall Street’s main indexes ended weaker on Wednesday, with the Nasdaq hitting a 2022 closing low, as investors grappled with mixed economic data, rising COVID cases in China, and geopolitical tensions heading into 2023. S&P 500 lost 1.20 percent and Nasdaq composite dropped 1.35 percent respectively.

Stocks News:

?TATA Power subsidiary Tata Power Renewable Energy has received ‘letter of award’ to set up 255MW hybrid power project (wind and solar) for Tata Power Delhi Distribution, in Karnataka. Tata Power Delhi Distribution is a joint venture of Tata Power and the Government of NCT of Delhi. The project will be commissioned within 24 months from the PPA execution date.

?Tata Group company has acquired 1.15 crore equity shares of subsidiary Tata Steel Advanced Materials at an issue price of Rs 12.81 per share, with the aim to grow business of new materials business under Tata Steel Advanced Materials. The total buying price is Rs 14.80 crore and on completion of said acquisition, Tata Steel Advanced Materials will continue to be a wholly owned subsidiary of Tata Steel.

?JSW Energy has completed acquisition of Ind-Barath Energy (Utkal) via corporate insolvency resolution process (CIRP) after the NCLT approval to its resolution plan. Ind-Barath Energy (Utkal) is implementing a 700 MW (2 x 350 MW) thermal power plant at Jharsuguda, in Odisha.

?WIPRO has raised its stake in Encore Theme Technologies to 100% after completing the acquisition of remaining 3.3% stake. Now Encore Theme has become a wholly owned subsidiary of Wipro.

?Foreign institutional investors (FIIs) have net-offloaded shares worth Rs 872.59 crore, while domestic institutional investors (DIIs) net-purchased shares worth Rs 372.87 crore on December 28, as per provisional data available on the NSE.

Domestic and International Events

• The telecom department on Wednesday met operators to discuss rising instances of call drops and service quality-related issues, as it deliberated on policy interventions that can be considered for improving call quality.
• The Indian Railways has denied reports that it suffered a data breach on December 27, amid reports surfacing that the Indian Railway Catering and Tourism Corporation’s (IRCTC) data is up for sale on a hackers’ forum.
• The dollar touched a one-week high against the yen on Wednesday, boosted by a jump in Treasury yields and investor expectations for a rebound in Chinese growth as COVID-19 curbs loosen.
• Oil prices settled lower on Wednesday as traders weighed concerns over a surge in COVID-19 cases in China, the world’s top oil importer, against the chances easing pandemic restrictions in the country will boost fuel demand.

Key Equity Indices