TATA Power jumps as company announces capex

The Markets Today in a nutshell

• Domestic benchmark indices ended on a negative note.
• Negative global cues dampened sentiment. Market participants were also cautious ahead of the Reserve Bank of India’s policy outcome due on Wednesday, 7 December 2022. PSU banks, FMCG and oil & gas shares advanced. On the other hand, IT, media and metal shares were under pressure.

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News you could use

? IDBI bank jumps 4 percent as foreign funds allowed to hold more than 51 percent stake
A consortium of foreign funds and investment firms will be allowed to own more than 51% in IDBI Bank Ltd, the government said on December 6. The current guidelines of the Reserve Bank of India restrict foreign ownership in new private banks. The central bank’s residency criteria for promoters applies only to newly set up banks and would not apply to an existing entity like IDBI Bank, the department of investment and public asset management said in a response to interested bidders’ queries.

? TATA Power jumps as company announces capex
Tata Power is looking to take its renewable energy capacity to 25 gigawatt by 2030, a near 5x increase from the current 5.6 GW, which would primarily be driven by the solar sector. Tata Power CEO and MD Praveer Sinha also announced a Rs 6,000-crore capital investment in Odisha. The company would also set up 1,000 electric vehicle (EV) charging points, 1,00,000 solar pumps, microgrids, rooftop and floating solar plants over the next five years, he said.

? Angel One sees exponential increase in client base
The firm saw a 66.5% YoY increase in its client base as it reached the 12.19 million mark with 0.32 million gross client acquisition in November 2022. It also witnessed strong business growth with 70.82 million orders, registering an increase of 23.8% YoY.

News from the IPO world?

• Sula Vineyards IPO likely to hit Dalal Street in Dec 12th.
• Abans Holdings IPO to open on Dec 12th.
• NSDL India’s first depository kicks off 2023 IPO plans

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