Domestic markets are expected to open higher on Wednesday, following the shock of weak US inflation data. The SGX Nifty was quoted at 18,608 levels at 7:35 a.m., up 187 points from the spot Nifty’s close on Tuesday.
Globally, US inflation fell sharply to 7.1% in November, boosting Wall Street stocks. The Dow Jones gained more than 100 points to close at 0.3%, while the NASDAQ Composite and the S&P 500 closed at 1.1% and 0.7%, respectively.
Markets in Asia-Pacific applauded in tandem ahead of the US Federal Reserve’s rate decision later today.
YES Bank: Carlyle Group and Advent picked up a 9.99 percent stake in the bank, investing around Rs 8,896 crore after fully converting warrants into equity. The PE funds’ investment will be one of the largest in the banking sector in recent years.
Paytm: The board of directors approved a Rs 850 crore share buyback. The company would carry out the buyback at a maximum price of Rs 810 per share, a nearly 50% premium to Tuesday’s closing price. The company stated that the management would not participate in any share sales until the buyback period was completed.
Vedanta: The company has signed agreements with 30 Japanese technology companies to develop an Indian semi-conductor and glass display manufacturing ecosystem. The agreements were signed at the Vedanta-Avanstrate Business Partners Summit 2022, which took place last week in Tokyo, Japan.
Tata Motors: The automaker plans to raise commercial vehicle prices by up to 2% beginning in January to offset the steep rise in raw material costs. This is the company’s third price increase in the commercial segment this year, and it will be applicable across vehicles, though it will vary depending on model and variant.
SBI: The state-run lender increased interest rates on domestic retail deposits and bulk deposits by 15-100 basis points (bps) on various maturities. On retail deposits of one year to less than two years and two years to less than three years, a peak deposit rate of 6.75 percent was applied.
Data Power: Tata Power received shareholder approval to appoint former Union Home Secretary Rajiv Mehrishi to its board of directors as an independent director. Mehrishi is a retired Indian Administrative Service (IAS) officer from the 1978 batch with more than 42 years of experience.
TVS Motor: In accordance with Euro-5 emission norms, the company intends to launch Euro-5 two-wheelers in Turkey. The company is awaiting approval from the European Union and local authorities before launching the product. The new Euro-5 standard editions, according to management, will encourage more young riders.
Ultratech Cement: The cement company completed a greenfield clinker-backed grinding capacity of 1.9 metric tonnes per annum (mtpa) at Pali Cement Works in Rajasthan. The project is the first phase of a capacity expansion plan that was announced in December 2020. This brings the company’s total cement capacity in Rajasthan to 16.25 mtpa.
Axis Bank: The private sector lender received approval from its board of directors to issue 12,000 non-convertible Basel-III compliant Tier-2 bonds with face values of Rs 1 crore each. At a coupon rate of 7.8 percent per year, the total fund raise would be around Rs 12,000 crore.
Patel Engineering: The company announced that the board of directors would meet on December 16 to approve a fund raise through the issuance of equity shares on a rights basis to existing shareholders.
Stocks subject to a F&O ban: BHEL, Delta Corporation, and GNFC were barred from trading on Wednesday, December 14.