Gift Nifty Up 87 Points | Vijaya Diagnostics Acquires PH Diagnostic Centre | Government Slashes Windfall Tax | Top Buzzing Stocks Today

Wed, 20 Dec Pre-Open

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On Tuesday, after opening the day on a positive note, the markets continued momentum as the session progressed and ended the day in green.

Frontline indices Nifty 50 and Sensex made fresh record highs on Tuesday, led by select energy and FMCG majors, including Reliance Industries, ITC, Nestle and NTPC, amid broadly positive global cues.

At the closing bell, the BSE Sensex stood higher by 122 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 35 points (up 0.2%).

Reliance, NTPC and Nestle were among the top gainers on Tuesday.

Wipro, TCS and HCL Tech, on the other hand, were among the top losers on Tuesday.

Border indices ended on a mixed note with the BSE MidCap index down by 0.3% while the BSE SmallCap index rose by 0.1%.

All Sectoral indices ended on a mixed note with stocks in the Energy sector, FMCG sector, Power sector, Oil & Gas sector witnessing most of the buying.

Whereas, the IT sector and Auto sector witnessed the most selling.

Shares of Nestle, L&T and IndusInd Bank hit their respective 52-week highs on Tuesday.

The rupee is trading at 83.17 against the US$.

Gold prices for the latest contract on MCX are trading in red by 0.1% at Rs 62,201 per 10 grams at the time of Indian markets closing on Tuesday.

At 8:15 AM today, the Gift Nifty was trading up by 87 points or 0.4% higher at 21,615 levels.

Indian share markets are headed for positive opening today following the trend on Gift Nifty.

Silver for the latest contract on MCX is also trading in green by 0.2% at Rs 74,573 per 1 kg.

Speaking of the stock market, in as many as 92 years, only 4% of all listed equities in the US accounted for all the wealth created there.

Now since we are referring to the American stock markets, we cannot blame the underperformance of 96% stocks on the lack of maturity of the markets.

Nor can we attribute any economic or geopolitical risk as the cause. This is because the performance has been gauged over nearly a century.

Does this apply to Indian stock markets too?

Tanushree Banerjee, co-head of research at Equitymaster, answers this question in the video below.

Top buzzing stocks today

Zee Entertainment will be in focus today.

The share price of Zee Entertainment faced a setback and fell over 4% amid uncertainties surrounding its merger deal with Sony Pictures Networks India (SPNI) on Tuesday.

Let's understand what's actually happening. Basically, Zee sought an extension of the timeline to complete the amalgamation, as indicated by its notice to exchanges.

SPNI, now Culver Max Entertainment, stated that Zee's notice acknowledges the inability to meet the 21 December 2023 deadline and triggers discussions about extending the deadline.

SPNI has not yet agreed to an extension and looks forward to hearing Zee's proposals for completing the remaining closing conditions.

After this happened, the shares of Zee Entertainment shares experienced selling pressure.

IDFC First Bank will also be in the buzz.

On Tuesday, 19 December 2023, the share price of IDFC First Bank saw a surge of 3% contributing to the upward trajectory in the stock.

This rally came after the Reserve Bank of India (RBI) approved the merger of IDFC and IDFC Financial Holding Company with itself.

The RBI's 'no objection' for the amalgamation is subject to compliance with specified terms and conditions.

The composite scheme of amalgamation requires approvals from the National Company Law Tribunal and respective shareholders of the involved companies.

Vijaya Diagnostics acquires PH Diagnostic Centre

On Tuesday, 19 December 2023, Vijaya Diagnostics witnessed a surge of over 5% in its share price.

The rally was followed by the approval of its board for the acquisition of PH Diagnostic Centre for Rs 1.35 billion (bn). This move aligns with the company's strategic goal to establish a comprehensive diagnostic network across different regions, which will help them in enhancing market share and penetration.

PH Diagnostic Centre, being the largest business-to-consumer (B2C) diagnostic chain in Pune, is expected to facilitate Vijaya Diagnostics in expanding rapidly within the region, contributing to a faster growth rate.

PH Diagnostic Centre operates three hub centres in Pune equipped with advanced radiology services such as MRI and CT, along with three spoke centres providing basic radiology services like ECG, X-ray, and ultrasound.

Additionally, it has several collection and franchise centres. The acquisition is expected to enable Vijaya Diagnostics to establish a strong presence in Western India, particularly in the rapidly expanding metro city of Pune.

Government Slashes Windfall Tax

Shares of upstream oil companies surged up to 4% on Tuesday, 19 December 2023 following the government's reduction of the windfall tax and a slight increase in international crude oil prices.

Crude prices rose due to concerns about disruptions in maritime trade after Iran-backed Houthi militants attacked ships in the Red Sea.

The government's decision to cut the windfall profit tax on crude oil production and diesel exports also contributed to the positive sentiment.

Upstream oil companies like Oil India and ONGC saw gains, while downstream oil companies, including Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation, also traded higher on Tuesday.

The government's move involved reducing the special additional excise duty (SAED) on domestically produced crude oil from Rs 5,000 to Rs 1,300 per tonne. The reduction in SAED on diesel exports and the imposition of a levy on jet fuel exports also took effect from 19 December 2023.

Why Devyani International Share Price is Rising

On Tuesday, 19 December 2023, Devyani International's share price rallied 6% in early trade.

This rally came after KFC and Pizza Hut operator in India announced a partnership to enter Thailand's quick-service restaurant (QSR) market.

Devyani International's subsidiary, Devyani International DMCC, Dubai, signed a share-purchase agreement to acquire a controlling interest in Restaurants Development Co Ltd (RD) Thailand.

RD operates a chain of 274 KFC restaurants in Thailand as of September 30, 2023, employing over 4,500 people.

The transaction is expected to be completed on or before 31 March 2024, subject to regulatory approvals.

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

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