ADVERTISEMENT

All You Need To Know Going Into Trade On December 8

Stocks in the news, big brokerage calls of the day, complete trade setup and much more!

<div class="paragraphs"><p>Workers handle a box at a fruits markets in the Pettah area in Colombo, Sri Lanka. (Photographer: Allison Joyce/ Bloomberg)</p></div>
Workers handle a box at a fruits markets in the Pettah area in Colombo, Sri Lanka. (Photographer: Allison Joyce/ Bloomberg)

Asian stocks opened higher after technology shares led U.S. equities to their biggest rally in nine months as traders bet the omicron Covid variant won’t stall the global recovery. Treasury yields pared an advance.

Equity benchmarks rose in Japan, South Korea and Australia. U.S. futures edged higher after both the S&P 500 and Nasdaq 100 chalked their biggest gains since March.

The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index's performance, rose 0.72% to 17,334.50, as of 7:15 a.m.

Treasury yields increased across the curve Tuesday, with the two-year yield at the highest since March 2020 and the 10-year yield moving back toward 1.5%. The dollar held a decline against many of its major peers.

Crude held most of its gain after surging past $72 a barrel in New York. Bitcoin climbed back above $50,000.

Today, India's central bank will announce its monetary policy decision at 10 a.m. The rate-setting panel headed by RBI Governor Shaktikanta Das may leave the benchmark repurchase rate unchanged at 4%, according to all 31 economists in a Bloomberg survey.

All You Need To Know Going Into Trade On December 8

Stocks To Watch

  • SpiceJet: The Madras High Court has ordered winding up of the airline on grounds that it failed to clear debt owed to Credit Suisse AG. The order by the single-judge bench of Justice R Subramanian directed the official liquidator to take over the assets of the airline for liquidation but granted a three-week stay at the request of the company to appeal against the order.

  • Reliance Industries: To set up a $2-billion joint venture for chemicals production with UAE’s Ta’ziz.

  • Praj Industries: Announced patented product called Biosyrup to process sugarcane juice for round-the-year ethanol production.

  • Hindustan Zinc: Approves interim dividend of Rs 18 per share.

  • Brightcom Group: To buy Vuchi Media Pvt. Ltd. for Rs 566 crore.

  • NHPC: Approved proposal for monetization by securitization through bidding process of return on equity of Chamera-1 Power Station, Himachal Pradesh and to further monetize the return on equity of one or more power stations.

  • Imagicaaworld Entertainment: To reopen Mumbai water park from Dec. 17.

  • Jindal Steel and Power: November steel production of 6.74 lakh tonnes was up 10% year-on-year. Steel sales stood at 5.39 lakh tonnes and exports contributed 15% to the total sales volumes.

Announcements

RBI Monetary Policy Committee to announce its decision on repo rate today.

Offerings

  • FabIndia considering filing for $500 million IPO by early next year, at $2 billion valuation, reports Bloomberg.

  • RateGain Travel IPO subscribed 41% at the end of day one.

  • Shriram Properties IPO to open today, raises over Rs 270 crore from anchor investors.

Insider Trades

  • Maharashtra Seamless: Promoter Sudha Apparels bought 2.37 lakh shares between Dec. 2 and 6.

  • Aditya Birla Capital: Promoter Birla Group Holdings Pvt Ltd. bought 1.72 lakh shares on Dec. 1.

  • Gujarat Fluorochemicals: Promoter Inox Chemicals sold 15,129 shares on Dec. 6.

Who’s Meeting Whom

  • ICICI Prudential: Met Temasek Holdings on Dec. 7.

  • L&T Infotech: To host analyst day on Dec. 9.

  • Garware Technical Fibres: To meet Dron Capital Advisors LLP on Dec. 9.

  • Tube Investments of India: To meet Motilal Oswal Financial Services on Dec. 9, Capital lnternational UK on Dec. 10, V.E.C lnvestment Advisers Pvt Ltd on Dec. 14, llFL Asset Manaqement on Dec. 17.

  • Krishna Institute of Medical Sciences: To meet Axis Mutual Fund on Dec. 8, PGIM India Mutual Fund on Dec. 10, Gulf International Bank and Ask Investment Managers on Dec. 13.

  • Fino Payments Bank: Met with Itus Capital on Dec. 7.

  • Nazara Technologies: To attend Ambit Conference on Dec. 9.

  • IndusInd Bank: Met with Geecee Capital, Discovery Capital Management, Generation Investment Management, Matthews International Capital Management on Dec. 7.

  • Krsnaa Diagnostics: To meet Dalal & Broacha Stock Broking on Dec. 8.

  • ICRA: Met Banyan Tree Advisors and Batlivala & Karani Securities India Pvt. Ltd. on Dec. 7.

  • State Bank of India: Met Fidelity Management & Research on Dec. 7.

Trading Tweaks

  • Shortlisted In Short-Term ASM Framework: Elgi Equipments, Ramco Systems

  • Shortlisted To Move From Short-Term ASM Framework Stage- I to II: Lyka Labs

Money Market Update

The rupee ended at 75.44 against the U.S. Dollar on Tuesday as compared to Monday’s closing of 75.42.

Analyst Actions

  • ICICI Lombard: Morgan Stanley initiates coverage with ‘overweight’, price target at Rs 1,920.

  • Apollo Hospitals: Equirus Securities initiates coverage with ‘add’, price target at Rs 5,954.

  • Birlasoft: IDBI Capital initiates coverage with ‘buy’, price target at Rs 630.

  • Zensar Tech: IDBI Capital initiates coverage with ‘buy’, price target at Rs 600.

  • Mindtree: IDBI Capital initiates coverage with ‘hold’, price target at Rs 4,600.

  • Tata Consultancy Services: IDBI Capital raises to ‘buy’, price target at Rs 4,072.

  • Wipro: InCred initiates coverage with 'hold'; price target at Rs 647

  • Tech Mahindra: InCred initiates coverage with 'add'; price target at Rs 1,800

  • Persistent Systems: InCred initiates coverage with 'add'; price target at Rs 5,300

  • Mphasis: InCred initiates coverage with 'add'; price target at Rs 4,073

F&O Cues

  • Nifty December futures ended at 17,223; a premium of 46.3 points.

  • Nifty December futures shed 2.31% and 5,354 shares in Open Interest.

  • Nifty Bank December futures ended at 36,771.95; a premium of 153.55 points.

  • Nifty Bank December futures shed 9.14% and 9,506 shares in Open Interest.

  • Securities in the ban list: Indiabulls Housing Finance

All You Need To Know Going Into Trade On December 8