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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
- Home
- Todays Market
- Indian Stock Market News December 27, 2023
Gift Nifty Up 42 Points | Adani Group's Big Bet on Adani Green Energy | Zydus Life's Subsidiary Receives Income Tax Demand | Top Buzzing Stocks Today Wed, 27 Dec Pre-Open
On Tuesday, Indian share markets gained momentum as the session progressed and ended the day higher.
Indian benchmark indices Sensex and Nifty were lacklustre in Tuesday's trade, tracking a muted mood in Asian markets. Losses in IT shares offset gains in metal and power stocks.
At the closing bell on Tuesday, the BSE Sensex closed higher by 230 points (up 0.3%).
Meanwhile, the NSE Nifty closed higher by 91 points (up 0.4%).
NTPC, Apollo Hospital and Adani Enterprises were among the top gainers.
TCS, Infosys and Tata Motors on the other hand, were among the top losers.
Broader markets ended on positive note on Tuesday. The BSE MidCap index and BSE SmallCap index ended higher by 0.3%.
Sectoral indices ended mixed with stocks in the power sector, energy sector and oil & gas sector witnessing most of the buying. Meanwhile stocks in auto sector, IT sector and metal sector witness selling.
The rupee was trading at 83.18 against the US$.
Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 63,100 per 10 grams the time of Indian market closing hours on Tuesday.
At 8:10 AM today, the Gift Nifty was trading up by 42 points or 0.2% higher at 21,544 levels.
Indian share markets are headed for positive opening today following the trend on Gift Nifty.
Speaking of stock markets, arriving at a reasonable estimate of a stock's intrinsic value is easy. However, there are errors that can creep in and even the most astute analysts can fall pretty to them.
So, what exactly are these errors and how are they associated with a stock like Tata Motors.
Tune in for more.
Top buzzing stocks today
DLF share price will be in focus today.
DLF is likely to launch a luxury residential project in sector 76 in Gurugram abutting Southern Peripheral Road (SPR) with an expected top line between Rs 80 billion (bn) and Rs 100 bn.
They said that the formal launch is expected in January 2024 and is touted to be the DLF's most significant residential launch after 'The Arbour' earlier this year.
Tata Steel will also be a top buzzing stock.
Shares of Tata Steel gained over 1% on 26 December after the steel major announced on 23 December that it will hold a meeting for shareholders on 25 January to review the scheme of amalgamation with Indian Steel & Wire Products.
Adani Group's Big Bet on Adani Green Energy
Adani Group will inject Rs 93.5 bn into the conglomerate's green energy arm to equip it to achieve the 45 GW target by 2030 and to meet debt payment obligations.
The board of Adani Green Energy Ltd (AGEL) on Tuesday approved the plan to issue 63.1 m warrants at Rs 1,480.8 apiece to promoter group companies Ardour Investment Holding and Adani Properties.
The investment of Rs 93.5 will be used for deleveraging and accelerated capital expenditure.
The investment would give the promoter group firms 3.8% equity stake in the company.
The company has bond maturities worth USD 1.2 billion coming up next year and it has already begun outlining plans for repaying or refinancing those.
The fund infusion is part of Adani's comeback strategy, since it was hit by damaging allegations of corporate fraud by Hindenburg Research in January.
For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.
Dig deeper into Adani group stocks.
Zydus Life Subsidiary Receives Income Tax Demand
Indian pharma major Zydus Life said that its subsidiary, Zydus Healthcare Limited, received an Income Tax demand of Rs 2.8 bn.
Zydus Healthcare Limited, a wholly-owned subsidiary of Zydus Life received an intimation under section 143(1) of the IT Act for the assessment year 2023-2024 from the CPC, Income Tax Department.
The tax intimation has been sent for not llowed claim for deduction under sections 80-IE and 80-JJAA
of the IT Act without any basis, given short credit of taxes deducted/paid while processing its return of income.
Based on the assessment and advice of the counsel, ZHL does not expect the said intimation to have any material financial impact as the above-mentioned adjustments are not sustainable in law and are wholly defendable on the facts of the case.
The company strongly believes that once the rectification is made, the entire demand will be deleted.
In 2023 between 1 January 2023 and 10 March 2023, the stock has gained 13%, making it among the top-performing Largecap stock of 2023 so far.
Check out Equitymaster's stock screener for screening India's top pharma stocks
The Latest on Innova Captab IPO
The Innova Captab IPO has received healthy response from investors across categories as participants bought 55.17 times, with bids coming in for 500.8 m equity shares against an offer size of 9.1 m shares.
According to the subscription data published by exchanges, high net-worth individuals picked up 64.9 times the allotted quota and qualified institutional buyers 116.7 times the portion set aside for them. Retail investors have bought 16.9 times the reserved portion.
The Rs 5.7 bn public issue was subscribed 1.4 times on the first day of bidding, and on the second day, the subscription was 3.54 times.
The Himachal Pradesh-based pharmaceutical finished dosage formulation manufacturing company intends to raise Rs 3.2 bn from the fresh issue and the remaining Rs 2.5 bn through an offer-for-sale (OFS).
Of the next fresh issue proceeds, the contract development and manufacturing organisation (CDMO) for the Indian pharmaceutical industry is going to utilise Rs 1.7 bn for repaying debt and spend Rs 720 m for the working capital requirements.
For more information on IPOs, check out the list of upcoming IPO's.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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