Amber Enterprises acquires 73% stake in Pasio India
Amber Enterprises has entered into the definitive agreements with Pasio India and acquired 73% stake in the equity share capital of Pasio, company said in the release.
By virtue of the aforesaid acquisition of 73% stake in equity share capital of Pasio, the Pasio has become a subsidiary of Amber Enterprises India Limited with effect from 1 December 2021, it added.
Amber Enterprises India Limited was quoting at Rs 3,047.65, down Rs 4.55, or 0.15 percent.
Dynacons Systems to set up IT infrastructure for State Bank of India
Dynacons Systems & Solutions Ltd has won one of the prestigious contract from the largest Public Sector Bank, State Bank of India, to provide IT Infrastructure to enable the new age architecture for their NBC project, as per the company’s press release.
Dynacons Systems and Solutions was quoting at Rs 143.75, up Rs 1.25, or 0.88 percent on the BSE.
Market at 1 PMBenchmark indices extended the gains and trading near the day’s high with Sensex gains 500 points.The Sensex was up 511.17 points or 0.89% at 58195.96, and the Nifty was up 150.10 points or 0.87% at 17317. About 1906 shares have advanced, 1059 shares declined, and 123 shares are unchanged.
Tega Industries IPO issue subscribed 7.46 times on Day 2
Tega Industries’ Rs 619-crore initial public offering continues to see healthy demand, with the issue being subscribed 7.46 times by the morning of December 2, the second day of bidding. Investors have bid for 7.13 crore shares against an IPO size of 95.68 lakh equity shares.
Retail and non-institutional investors provided strong support to the issue as portion set aside for them were subscribed 11.95 times and 6.81 times, respectively. Qualified institutional investors bought 7 percent of their allotted share quota.
Lupin partners with TIP pie UK for Soft-mist Inhalation Technology Platform
Lupin Inc., a wholly-owned subsidiary of global pharma major, Lupin has entered into an agreement with TTP pie (The Technology
Partnership pie) to acquire the exclusive worldwide rights to develop, manufacture and commercialize inhalation products using TTP’s soft-mist inhalation technology platform.
Lupin was quoting at Rs 872.40, up Rs 1.15, or 0.13 percent on the BSE.
Hero MotoCorp share price hits 52-week low on weak sales numbers
Hero MotoCorp share price touched a 52-week low of Rs 2,409 on December 2, after the company posted weak sales numbers for November.
Hero MotoCorp sold 3,49,393 units in November 2021 as against 5,91,091 units a year ago, registering a de-growth of 40.89 percent.
The company has sold 3,29,185 units of motorcycles in November 2021 against 5,41,437 units and sold 20,208 units of scooters in November 2021 as against 49,654 units YoY.
In the domestic market, the company sold 3,28,862 vehicles – down from 5,75,957 units – during the period.
L&T & ReNew partner for green hydrogen projects in India
Larsen & Toubro and ReNew Power announced a partnership agreement to tap the emerging green hydrogen business in India. Under this agreement, L&T and ReNew will jointly develop, own, execute and operate green hydrogen projects in India, company said in the release.
Larsen & Toubro was quoting at Rs 1,782.50, down Rs 3.50, or 0.20 percent on the BSE.
Maruti Suzuki to hike prices in January:
Over the past year, the cost of Maruti Suzuki’s vehicles continue to be adversely impacted due to increase in various input costs. Therefore, it has become imperative for the company to pass on some impact of the above additional costs to customers through a price hike. The price rise has been planned in January, 2022. The increase shall vary for different models.
Maruti Suzuki India was quoting at Rs 7,276.65, up Rs 1.90, or 0.03 percent on the BSE.
Amit Pabari, MD at CR Forex Advisors:
The rupee has been under constant pressure, as the detection of a new covid mutant has revived growth concerns and grip back risk-on sentiment. In addition, the trade deficit touched a record high of $23.27 billion in November as exports grew slower than imports thereby leaving the rupee on the back foot.
However, the only ray of hope for rupee is the Bharat Bond ETF for Rs 5000 crore and upcoming IPO’s by Anand Rathi, Adani Wilmar, RateGain Travel, Go Airlines, Map India to raise Rs 19,000 crore.
Overall, investors are remaining cautious and looking for cues between the two-game changers “Fed Policy” or “Omicron” to get more clarity on the rupee’s further course of action. Till then, momentum could be trapped within the narrow range of 74.50-75.20 levels.
Market at 12 PMBenchmark indices erased some of the intraday gains but still trading higher with Nifty around 17300.The Sensex was up 425.79 points or 0.74% at 58110.58, and the Nifty was up 124.80 points or 0.73% at 17291.70. About 1869 shares have advanced, 1047 shares declined, and 122 shares are unchanged.
Anand Rathi IPO subscribed 58% on first day of bidding
The initial public offering of Anand Rathi Wealth, one of the leading non-bank wealth solutions firms in India, has been subscribed 58 percent as it received bids for 49.1 lakh equity shares against the IPO size of 84.75 lakh equity shares on December 2.
The company reduced its offer size to 84.75 lakh equity shares from 1.2 crore equity shares after raising Rs 194 crore from anchor investors on December 1, a day before the IPO opened for subscription.
The portion set aside for retail investors was subscribed 1.02 times, and that of employees 4 percent.
Arun Agarwal, Deputy Vice President – Fundamental Research, Kotak Securities:
Auto sales in November 2021 were impacted by chip shortage in passenger vehicles, light commercial vehicles, and the domestic premium motorcycle segment.
The passenger vehicle segment saw healthy inquiries and booking in the festive season and thereby volumes in this segment are expected to improve once the chip shortage situation gets resolved.
In the commercial vehicle space, the medium and heavy commercial vehicle segments continued their gradual recovery supported by improved fleet utilization levels.
The tractor industry and domestic two-wheeler industry sales volumes declined in November 2021 on account of delays in Kharif crop harvesting and channel destocking.
