The benchmark indices ended with modest cuts on Tuesday. The Nifty managed to close above 17,300 level. Bank and financial stocks declined while media, pharma and healthcare were in demand.
As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 166.33 points or 0.29% at 58,117.09. The Nifty 50 index fell 43.35 points or 0.25% at 17,324.90.
In the broader market, the S&P BSE Mid-Cap index shed 0.48% while the S&P BSE Small-Cap index rose 0.01%.
The market breadth was positive. On the BSE, 1,806 shares rose and 1,503 shares fell. A total of 116 shares were unchanged.
Economy:
India's inflation based on wholesale price index (WPI) surged to 14.2% on the back of higher food prices. It had jumped to a five-month high of 12.54% in October.
India's retail inflation based on Consumer Price Index (CPI) has risen to a three-month high of 4.91% in November this year. As per the Ministry of Statistics and Programme Implementation data released today, this is the fifth month that the retail inflation has remained within the RBI's target band of 2-6%.
The CPI inflation in rural India stood at 4.29% and 5.54% in urban areas in the review period of last month. The retail inflation had risen to 4.48% in October from 4.35% in September.
Primary Market:
The initial public offer (IPO) of MedPlus Health Services received bids for over 1.51 crore shares as against 1.25 crore shares on offer, according to stock exchange data at 15:15 IST on Tuesday (14 December 2021). The issue was subscribed 1.20 times.
The issue opened for bidding on 13 December 2021 and it will close on 15 December 2021. The price band of the IPO is fixed at Rs 780-796. An investor can bid for a minimum of 18 equity shares and in multiples thereof. The IPO of equity shares comprises of a fresh issue upto Rs 600 crore and an offer for sale of up to Rs 798.29 crore (including anchor portion of 52,51,111 equity shares).
The IPO of Metro Brands received bids for over 5.53 crore shares as against 1.91 crore shares on offer, according to stock exchange data at 15:15 IST on Tuesday (14 December 2021). The issue was subscribed 2.89 times.
The issue opened for bidding on Friday, 10 December 2021 and it will close on 14 December 2021. The price band of the IPO is fixed at Rs 485-500. An investor can bid for a minimum of 30 equity shares and in multiples thereof. The Initial Public Offer of (IPO) equity shares comprising of fresh issue of Rs 295 crore and an offer for sale of upto 2,14,50,100 equity shares (including anchor portion of 82,05,030 equity shares).
The IPO of Data Patterns (India) received bids for over 1.77 crore shares as against 70.97 lakh shares on offer, according to stock exchange data at 15:15 IST on Tuesday (14 December 2021). The issue was subscribed 2.50 times.
The issue opened for bidding on 14 December 2021 and it will close on 16 December 2021. The price band of the IPO is fixed at Rs 555-585. An investor can bid for a minimum of 25 equity shares and in multiples thereof. The initial public offer comprises of fresh issue component of up to Rs 240 crore and an offer for sale up to 59,52,550 equity shares (including anchor portion of 30,16,533 equity shares).
New Listing:
Shares of Anand Rathi Wealth were currently trading at Rs 583.75 at 15:23 IST on BSE, at a premium of 6.13% as compared to the issue price of Rs 550. The scrip was listed at Rs 602.05, at a premium of 9.46% to the issue price. So far, the scrip has hit a high of 614.95 and a low of 566.45 in the trading session. Over 8.71 lakh shares of the company changed hands in the counter on the BSE.
The initial public offer (IPO) of Anand Rathi Wealth received bids for 8,29,21,509 shares as against 84,75,000 shares on offer. The issue was subscribed 9.78 times. The non-institutional investors category was subscribed 25.42 times. The retail investors category was subscribed 7.76 times. The qualified institutional buyers category was subscribed 2.50 times. The issue opened for bidding on 2 December 2021 and it closed on 6 December 2021. The price band of the IPO was fixed at Rs 530-550 per share.
Buzzing Index:
The Nifty Media index rose 1.59% to 2,466.90. The index jumped 10.10% in the past five trading sessions.
Dish TV India (up 4.30%), Zee Entertainment Enterprises (ZEEL) (up 3.87%), Inox Leisure (up 3.73%), TV18 Broadcast (up 3%) and Network18 Media & Investments (up 1.12%) were the top gainers in the Media segment.
Stocks in Spotlight:
Greenlam Industries jumped 5.03% after the company said it aims to invest Rs 950 crore over a period of 2-3 years, towards setting up of third laminate plant and foray into plywood and particle board business. The investments in third laminate plant and particle board will be done under Greenlam South, a 100% subsidiary of Greenlam Industries based in Andhra Pradesh. The company will invest in latest technology, equipment and new generation machinery to manufacture particle boards with a capacity of 2,31,000 CBM per annum at an investment of Rs 600 crore. The company shall set up laminate capacity of 3.5 million sheets & boards per annum at an investment of Rs 225 crore. The company expects to commence the commercial production of plywood & laminate by Q4 FY23 and particle board by Q4 FY24.
Aditya Birla Fashion & Retail surged 7.05% after the company announced that it signed a long-term licensing agreement with Authentic Brands Group to distribute and sell Reebok products in India and other ASEAN countries. The company's board approved acquiring the exclusive online and offline rights to the global brand 'Reebok' for the Indian market and purchase of certain assets of 'Reebok India Company' including inventory, currents assets/liabilities. The expected consideration for the agreement is Rs 75 to Rs 100 crore towards purchase of inventory and other current assets and liabilities, subject to actual value at the time of closure. The indicative time period for completion is 90 days.
Adani Green Energy rallied 3.24% after the company signed an agreement with the Solar Energy Corporation of India (SECI) to supply 4,667 MW (mega-watt) of green power. So far, Adani Green Energy has signed power purchase agreement with SECI for a total generation capacity of close to 6,000 MW of the 8,000 MW awarded in 2020. The company expects to close the balance 2,000 MW PPA in the next two to three months.
Lupin soared 6.84% after the drug maker received the Establishment Inspection Report (EIR) from United States Food and Drug Administration (USFDA) for its Goa manufacturing facility. The inspection was conducted in September 2021. The USFDA determined that the inspection classification of the facility is Voluntary Action Indicated (VAI).
Larsen & Toubro (L&T) gained 0.45%. L&T's construction arm secured a 'large' order for its Buildings & Factories business from the Odisha Government. According L&T's classification, the value of 'large' contracts lies between Rs 2,500 crore to Rs 5,000 crore.
Global Markets:
European stocks advanced while Asian stocks tumbled on Tuesday, 14 December 2021. Sentiment remained cautious amid the continuing spread of the omicron COVID-19 variant. U.K. Prime Minister Boris Johnson confirmed that at least one patient infected with the new omicron variant of COVID-19 has died in the country. China also reported its first omicron case.
The Asian Development Bank on Tuesday trimmed its growth forecasts for developing Asia for this year and next to reflect risks and uncertainty brought on by the new Omicron coronavirus variant. The lender now sees 2021 gross domestic product (GDP) growth of 7% for developing Asia, down from 7.1%, and 2022 growth of 5.3%, down from 5.4% in September.
Investor focus will be on the Fed's latest two-day policy meeting, which kicks off on Tuesday. After the meeting wraps up on Wednesday, the Fed is expected to announce that it will speed up the pace of tapering its asset purchasing program.
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