Indian benchmark indices are likely to open on a positive note, hinted SGX Nifty on Monday. Nifty futures were trading higher at 18354 level on the Singapore Exchange. In the previous session, BSE Sensex fell 461 points to 61,338, while NSE Nifty 50 plunged 146 points to 18,269. “In absence of any major event, global cues will continue to dictate the trend. Apart from the feeble global cues, continued profit-taking in the banking index may result in further decline and Nifty could test the 18,000-18,100 zone soon. On the higher side, 18,500-18,750 would act as hurdles. Since all the sectors are largely trading in tandem with the benchmark, participants should plan their exits in profitable trades and stay selective for fresh positions,” said Ajit Mishra, VP – Technical Research, Religare Broking.
Stocks in focus on 19 December, Monday
Tata Motors: Bengaluru Metropolitan Transport Corporation (BMTC) has signed a definitive agreement with Tata Motors’ fully owned subsidiary TML Smart City Mobility Solutions Ltd for the operation of 921 electric buses in Bengaluru. As a part of the agreement, TML Smart City Mobility Solutions Ltd will supply, operate and maintain 921 units of 12-metre low-floor electric buses for a period of 12 years.
IT stocks: Accenture Plc beat quarterly estimates for revenue and earnings, but forecast second-quarter sales slightly lower than expectations, signalling pressure as companies curtail IT spending due to macroeconomic uncertainty. The company has delivered a 15% on-year growth in revenue at $15.75 billion in constant currency terms, and 5% growth in dollar terms. Operating margin at 16.5% expanded 20 bps on-year, but new bookings at $16.2 billion declined 3% on-year.
GMR Airports Infrastructure: The company received Rs 1,389.90 crore by divesting its equity in GMR Megawide Cebu Airport Corporation (GMCAC), which was a joint venture between GMR Airports International BV (GAIBV) and Megawide Construction Corporation (MCC). “The company will continue to operate as the Technical Services Provider to GMCAC until December 2026 and would also be entitled to additional deferred consideration based on the subsequent performance of GMCAC for the same period,” it said in an exchange filing.
Larsen and Toubro (L&T): Larsen & Toubro and Canadian Pension Plan Investment Board (CPP Investments) have signed a share purchase agreement to transfer their entire shareholding in L&T Infrastructure Development Projects Ltd. (L&T IDPL), along with their subsidiaries to Epic Concesiones Pvt. Ltd., a special purpose vehicle (SPV) created for this transaction. The gross proceeds to the joint venture post the sale of the transaction would be Rs 2,723.4 crore. The sale is expected to be completed subject to satisfaction of customary closing conditions, including applicable regulatory and other approvals.
Yes Bank: Yes Bank has concluded assignment of the Rs 48,000-crore stressed asset loan portfolio of the bank to JC Flowers Asset Reconstruction company. The bank had earlier declared JC Flowers ARC as the winner of the Swiss Challenge process for sale of its identified portfolio of stressed assets. “The bank has now concluded assignment of identified stressed loan portfolio of the bank aggregating to up to Rs 48,000 crore as on March 31, 2022 under 15:85 structure, after adjusting recoveries between 1st April 2022 to 30th November 2022,” Yes Bank said in a regulatory filing.
Tech Mahindra: The company has approved the sale of its 100% stake wholly owned subsidiary Dynacommerce Holdings BV to Comviva Netherlands BV, its step-down subsidiary, at a valuation of €6.6 million. Tech Mahindra said it expects to complete the sale in the first week of January 2023 and the agreement is expected to be signed during the same time.
Dilip Buildcon: The company has received a letter of acceptance for has received letter of acceptance (LoA) from the National Highways Authority of lndia (NHAI) for new hybrid annuity model (HAM) projects in the state of Karnataka, Chhattisgarh and Telangana.
Sun Pharmaceutical Industries: The company said its Halol, Gujarat facility has received warning letter from the USFDA regarding the inspection conducted from 26 April 2022 to 9 May 2022. The warning letter summarizes violations with respect to current good manufacturing practice (cGMP) regulations. USFDA shall make public the contents of the warning letter in due course, said the pharma company. Earlier, on 8 December 2022, the drug maker had intimated that the US FDA placed the Halol, Gujarat facility under import alert.