India's April-November Fiscal Deficit, Reliance Industries' New Acquisition, and Buzzing Stocks Today

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Indian share markets ended on a strong note on Friday.

Benchmark indices ended the record-breaking year 2021 on a high note.

Though concerns about the Omicron variant of Covid-19 kept investors on the back foot globally.

The Sensex finished the calendar year with a solid gain of 22% (10,503 points), after having touched a new life-time high of 62,245 on 19 October 2021.

Meanwhile, the Nifty gained 3,372 points in 2021, up 24.1%.

This marked the best year for both benchmarks since 2017.

At the closing bell on Friday, the BSE Sensex stood higher by 460 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 150 points (up 0.9%).

Hindalco and Titan Company were among the top gainers.

NTPC and Cipla, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.4% and 1.2%, respectively.

Sectoral indices ended on a positive note with stocks in the metal sector, consumer durables sector and auto sector witnessing most of the buying interest.

Shares of Fortis Healthcare and Suzlon Energy hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 47,919 per 10 grams at the time of closing stock market hours on Friday.

Speaking of bullion, in his latest video for Fast Profits Daily, Vijay Bhambwani explains whether gold and silver prices will decline due to the strength in the US dollar in 2022.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Tech Mahindra.

Tech Mahindra said that it has approved the proposal to acquire 100% equity shares in Allyis India.

The company's wholly owned subsidiary viz., Tech Mahindra (Americas) Inc. has approved the proposal to acquire 100% equity shares in Green Investments LLC, holding company for Allyis Group.

The acquired companies offer technology consulting and managed services that help organizations reduce costs, improve performance. Their turnover, for the first 11 months starting 1 Jan 2021 to 30 Nov 2021 is at US$45.7 m.

The acquisition will bolster Tech Mahindra's capabilities in digital experience solutions, learning & development, marketing, instructional design, engineering, cloud & automation, bi & analytics, technical support services.

Tech Mahindra will pay total consideration of up to US$125 m including employment related and performance related earnouts.

Reliance Industries share price will also be in focus today.

Reliance Industries announced on Friday its solar unit, Reliance New Energy Solar (RNESL), will buy sodium ion battery technology provider Faradion (UK) for GB£100 m including debt.

The regulatory filing said,

• The Reliance New Energy Solar, a wholly owned subsidiary of the Reliance Industries, has entered into an agreement with Faradion Limited (Faradion) and its shareholders for acquiring 100% of the equity shares of Faradion through secondary transactions for a total value of GB£94.4 m based on an enterprise value of GB£100 m.
  
  88.92% of the equity shares of Faradion for an aggregate consideration of GB£84 m at closing which is expected in early January 2022. 11.08% of the equity shares of Faradion within 3 years from closing for an aggregate consideration of up to GB£10.5 m.

RNESL has also agreed to subscribe to new equity shares of Faradion for an aggregate consideration of GB£ 31.6 m, of which GB£25 m is as growth capital for accelerating commercial roll out and the balance for repayment of debt and other fees.

With its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies and is based out of Sheffield and Oxford in United Kingdom.

CMS Info Systems Make Tepid Listing

Shares of Mumbai-based cash management company CMS Info Systems made a tepid listing on the NSE and BSE. The stock got listed at Rs 218.5, 1.16% higher on the issue price band of Rs 205-216 apiece.

Poor listing gains might not have been a complete shock for investors as the weak grey market premium and business nature of the company indicated not so good listing gains.

Post listing, the market capitalisation of the company stood at Rs 32.3 bn, according to BSE data.

The initial public offering (IPO) was open for subscription from 21 December to 23 December and received poor response from investors. It was subscribed just 1.95 times on the last day of the bidding.

Moreover, the cash management company came up with an IPO when the government was pushing for digitisation.

Adding to it, the company's finances dipped slightly during lockdown as customers shifted some part of their transactions to digital payments.

CMS Info Systems' business includes installing, maintaining and managing assets and technology solutions on an end-to-end outsourced basis for banks under long term contracts.

India's April-November Fiscal Deficit Narrows to 46% of Full-Year Target

India's federal fiscal deficit in April-November, the first eight months of current fiscal year, narrowed to 46.2% of the full-year budgeted target, helped by a rise in tax collections, government data showed on Friday.

The fiscal deficit had surged to 135.1% of the full-year target during the same period last fiscal year.

The fiscal deficit for eight months ending November stood at Rs 7 tn against Rs 15.1 tn target for the whole fiscal year, the data showed.

In April-November, net tax receipts were Rs 11.4 tn rupees while total expenditure was Rs 20.8 tn, the data showed.

We will keep you updated on the latest developments from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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