All You Need To Know Going Into Trade On December 10
Stocks in the news, big brokerage calls of the day, complete trade setup and much more!
Asian stocks followed their U.S. peers lower as traders weighed the economic threat of virus restrictions against optimism about the efficacy of vaccines. Treasuries gained.
Equities slipped in Korea, Australia and Japan. U.S. futures fluctuated after benchmarks ended a three-day rally on Thursday amid losses in the consumer discretionary and real estate sectors.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index's performance, was little changed at 17,529.00, as of 7:15 a.m.
Chinese markets are in focus after China Evergrande Group and Kaisa Group Holdings Ltd. officially defaulted on their dollar debt, while the central bank raised its foreign currency reserve requirement ratio for a second time this year after the yuan climbed to the highest since 2018. The move prompted the offshore yuan to decline the most since July.
Treasuries inched higher, having pared back an overnight rally after a lackluster sale of 30-year bonds.
Oil fell toward $70 per barrel and Bitcoin dropped. The dollar held overnight gains.
Stocks To Watch
Bajaj Electricals: To review its corporate structure to unlock growth and consider demergers, subsidiarization and strategic partnerships. Board has authorised management to consider housing power transmission and power distribution business verticals as a standalone legal entity.
Karnataka Bank: Conferred with two DigiDhan awards instituted by the government for achieving the target with highest percentage in BHIM UPI transactions.
HCL Technologies: Named Santhosh Jayaram as Global Head of Sustainability.
HFCL: Approved the allocation of 8.72 crore shares at a price of Rs 68.75 each via qualified institutional placement.
Marksans Pharma: U.K. MHRA has granted authorisation to the company’s wholly owned subsidiary Relonchem Ltd. for Loperamide 2mg hard capsules.
Gujarat Gas: CRISIL issued AA+/Positive long-term rating for its total bank loan facilities of Rs 2,350 crore.
Raymond: Wholly-owned subsidiary JK Files and Engineering files for Rs 800-crore IPO.
Dr. Reddy’s Labs: Launches Venlafaxine ER Tablets in the U.S.
Deepak Fertilisers and Chemicals: Subsidiary Smartchem Technologies Ltd. to invest Rs 2,200 crore in its global scale technical ammonium Nitrate Plant in Gopalpur, Odisha.
Offerings
RateGain Travel IPO subscribed 17.41 times on final day.
Shriram Properties IPO subscribed 1.63 times on day two.
MapmyIndia IPO subscribed 2.02 times on day one.
Raymond-promoted JK Files and Engineering files for Rs 800-crore IPO, to be pure offer-for-sale.
Metro Brands launches Rs 1,368-crore initial public offering. It raised Rs 410.2 crore by allotting shares to 28 anchor investors.
Listings
Star Health to list on the bourses today. The offer was subscribed only 79% but sailed through on institutional investors’ subscription.
Pledge Share Details
Chambal Fertilisers & Chemicals: Promoter Zuari Global Ltd. created a pledge of 22.35 lakh shares on Dec. 7.
Insider Trades
Gujarat Fluorochemicals: Promoter Inox Chemicals sold 66,099 shares on Dec. 8.
Aditya Birla Capital: Promoter group Birla Group Holdings Pvt Ltd. bought 1.76 lakh shares on Dec. 3.
Who’s Meeting Whom
Krsnaa Diagnostics: To meet New Mark Advisors and HDFC Securities on Dec. 10.
Shriram Transport Finance: Met HSBC Global Asset Management (UK) on Dec. 9.
Symphony: To meet Phillip Ventures IFSC Pvt. Ltd. on Dec. 14.
Balkrishna Industries: To attend a JPMorgan conference on Dec. 13.
DCM Shriram: To attend Motilal Oswal ‘Specialty Chemicals Day’ Conference on Dec. 10.
Ultratech Cement: To meet Amundi Asset Management on Dec. 10.
Fino Payments Bank: Met JM Financial and MK Ventures on Dec. 9.
Mastek: Met Abakkus Asset Manager LLP on Dec. 9.
Trading Tweaks
Price Band Changed From 10% To 5%: 63 Moons Technologies, Rajshree Sugars & Chemicals, Shree Renuka Sugars, Shyam Telecom, Uttam Galva Steels.
Price Band Changed From 20% To 10%: Next Mediaworks
Shortlisted In Long-Term ASM Framework: Bigbloc Construction.
Shortlisted In Short-Term ASM Framework: Hindustan Construction Company, Rajshree Sugars & Chemicals.
Money Market Update
The rupee ended at 75.52 against the U.S. Dollar on Thursday as compared to Wednesday’s closing of 75.45.
Analyst Actions
Dalmia Bharat: Goldman Sachs cuts rating to ‘sell’, price target at Rs 1,750.
Escorts: JPMorgan initiates coverage with ‘neutral’, price target at Rs 1,935.
Mahindra & Mahindra: JPMorgan initiates coverage with ‘overweight’, price target at Rs 1,100.
F&O Cues
Nifty December futures ended at 17,557; a premium of 40.15 points.
Nifty December futures added 2.53% and 5,612 shares in Open Interest.
Nifty Bank December futures ended at 37,203; a premium of 120.55 points.
Nifty Bank December futures shed 3.25% and 2,981 shares in Open Interest.
Securities in the ban list: Indiabulls Housing Finance.
Securities added to the ban list: Escorts.
