Categories: Miscellaneous

V-Guard Industries to acquire Sunflame Enterprises for Rs 660 crore.

Opening Bell:

SGX Nifty is up by 24.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian stock markets were buoyed on Tuesday by overnight optimism on Wall Street that the U.S. Federal Reserve and other central banks would ease off on the pace at which interest rates have been hiked to tackle the highest inflation levels in decades. The Japanese Nikkei is up by 0.27 percent. South Korea’s Kospi is down by 0.15 percent. Hong Kong’s Hang Seng jumped by 0.46 percent in the early morning trades.

US stocks rose at the start of a crucial week for monetary-policy decisions from the Federal Reserve, European Central Bank and a host of their peers. S&P 500 was up 1.43 percent whereas Nasdaq composite added 1.26 percent.

Stocks News:

?Tata Motors gets board nod for partial divestment of investment in arm Tata Technologies via IPO route. The company has received in-principle approval from the board of directors to explore the possibility of partial divestment of its investment in subsidiary Tata Technologies [TTL] through an IPO route at an opportune time. The company will make further announcements of all material developments relating to IPO.

?KEC International bags orders worth Rs 1,349 crore. The infrastructure EPC major has received orders worth Rs 1,349 crore across its various businesses. The transmission & distribution business has secured orders for T&D projects in India, SAARC, Middle East and Americas, while the business has bagged orders for building a data centre and for infra works in the Hydrocarbon segment in India.

?V-Guard Industries to acquire Sunflame Enterprises for Rs 660 crore. Kochi-based consumer electrical and electronics company has signed definitive agreements for acquiring 100% stake in Sunflame Enterprises (SEPL) for Rs 660 crore, on a cash-free, debt-free basis. The transaction is expected to close by mid of January 2023.

?ICICI Bank has raised Rs 5,000 crore through bonds to fund business growth. The bonds are redeemable at the end of 7 years. There are no special rights or privileges attached to the bonds.

?Foreign portfolio investors (FPIs) on Monday net sold shares worth Rs 139 crore, provisional data showed. DIIs net bought shares to the tune of Rs 696 crore.

Domestic and International Events

  • India’s headline inflation based on the consumer price inflation dropped to a 11-month low of 5.88% in November, and moved within RBI’s threshold of 2-6% for the first time in 10 month.
  • India’s industrial production slumped to a 26-month low in October, contracting 4% on year, against a 4% growth in the same month last year, and a 3.1% growth in September
  • Response to Sula Vineyards’ IPO on Day 1 was muted, with the company cumulatively receiving bids for 52,34,670 shares against the issue size of 1,88,30,372 shares.
  • Abans Holdings’ IPO response was subdued on Day 1, as the company received bids for just 14,30,715 shares against the offer size of 1,28,00,000 shares.

Key Equity Indices

EMERGING LATEST % 1D
Hang Seng 19,464 (2.2) %
Shanghai Composite 3,179 (0.9) %
DEVELOPED LATEST % 1D
Dow Jones 34,005 1.6 %
DAX 14,307 (0.5) %
FTSE 100 7,446 (0.4) %
Nikkei 27,842 (0.2) %
Straits Times 3,240 (0.2) %
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