Tata Motors has decided to complete the acquisition of Ford India’s manufacturing plant

Opening Bell:

SGX Nifty is down by 41.0 points in the early morning trade, indicating a negative opening for Indian stock market.

Most Asian markets are closed today on account of New Year’s Holidays. South Korea’s Kospi index was up by 0.6 percent in the early morning deals.

US stocks closed out 2022 lower on Friday, capping a year of sharp losses driven by aggressive interest rate hikes to curb inflation, recession fears, the Russia-Ukraine war and rising concerns over Covid cases in China. The benchmark S&P 500 has shed 19.4 percent this year, marking a roughly $8 trillion decline in market cap. The tech-heavy Nasdaq is down 33.1 percent, while the Dow Jones Industrial Average has fallen 8.9 percent.

Stocks News:

?Shriram Finance has raised $100 million long-term funds from the Asian Development Bank. The funding will enable company to provide credit towards the purchase of new and used vehicles throughout India.

?REC has received board approval for sale of entire shareholding in WRSR Power Transmission, to Adani Transmission. WRSR Power Transmission is presently owned by REC’s subsidiary REC Power Development and Consultancy (RECPDCL). Adani Transmission has been selected as the successful bidder through tariff based competitive bidding process.

?Tata Passenger Electric Mobility, a subsidiary of Tata Motors, has decided to complete the acquisition of Ford India’s manufacturing plant at Sanand in Gujarat on January 10, 2023. As a part of acquisition, Ford India will transfer entire land and buildings; and vehicle manufacturing plant along with machinery and equipment; for Rs 725.7 crore, along with all eligible employees.

?Life Insurance Corporation of India trimmed its stake in the state-owned iron ore company NMDC by 2.07% via open market transactions. With this, LIC’s shareholding in NMDC will be reduced to 13.699%, from 15.772% earlier.

?Foreign institutional investors (FII) net sold shares worth Rs 2,950.89 crore, while domestic institutional investors (DII) net bought shares worth Rs 2,266.20 crore on December 30, as per provisional data available on the NSE.

Domestic and International Events

Oil prices swung wildly in 2022, climbing on tight supplies amid the war in Ukraine, then sliding on weaker demand from top importer China and worries of an economic contraction, but closed the year on Friday with a second straight annual gain.
Retail inflation for industrial workers eased to 5.41 percent in November compared to 6.08 percent in October this year mainly due to lower prices of certain food items.
India’s eight core sectors grew 5.4 percent in November, quickening from 3.2 percent growth in the same month last fiscal, the commerce ministry said in a statement on December 30. The eight core industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
India’s forex reserves dropped by $691 million to $562.808 billion as of December 23, making it the second consecutive week of decline in the kitty, according to the RBI data.