Sensex and Nifty have now rallied for three consecutive trading sessions. On the charts, Nifty has formed a small negative candle with a long lower shadow, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Technically, this indicates a formation of long-legged doji type candle pattern. Normally, a formation of Doji after a reasonable up-move and at the crucial resistances calls for downward correction from the highs,” he added. On the fundamental side, Dalal Street will eye crucial macro data (CPI & IIP), which may further provide some direction to the markets, said Ajit Mishra, VP – Research, Religare Broking.
ITC – FMCG giant ITC could again be in action today after the company’s management announced that it will hold ‘Institutional Investors and Financial Analysts Day’ next week on December 14. The stock had rallied 4% yesterday.
Reliance Industries: Mukesh Ambani’s Reliance Industries Ltd said that it has received Rs 26,338.14 crore on 41.90 crore equity shares as the amount due on the Second and Final Call of the partly paid shares. This is 99% of the aggregate amount. The company has now credited fully paid up equity shares to the investors.
Star Health and Allied Insurance Company: The private insurance company, backed by ace investor Rakesh Jhunjhunwala will make its stock market debut today. The IPO failed to garner full subscription during its three-day initial share sale.
One 97 Communications: The parent company of Paytm said it has received Scheduled Bank status from RBI for its Paytm Payments Bank. The Bank can participate in government and other large corporations issued Request for Proposals (RFP), primary auctions, fixed-rate and variable rate repos, and reverse repos, along with participation in Marginal Standing Facility.
Dr Reddy’s Laboratories: Pharma company said it has launched Valsartan Tablets in the United States. US sales of the same are expected to be around $150 million.
HFCL: The company has raised nearly Rs 600 crore from the qualified institutional placement of its equity shares. HFCL allotted 8.72 crore shares to investors at Rs 68.75 per share, a discount of Rs 3.58 per share from the stock price.
TVS Motor: Auto manufacturer told the stock exchanges that in an attempt to expand its business in Central America further, the company has partnered with Active Motors SA, a subsidiary of Grupo Q, for Nicaragua and Costa Rica. Active SA Motors will facilitate the opening of three flagship outlets and about 50 dealerships for TVS Motor Company in a phase-wise manner across Nicaragua and Costa Rica.