Among the sectors, power, pharma and oil & gas ended in the green, while auto, FMCG and PSU bank indices ended in the red
Indian benchmark indices ended the December 14 session on a negative note, with the Sensex down 166.33 points, or 0.29%, at 58,117.09, and the Nifty shedding 43.40 points, or 0.25%, to close at 17,324.90.
Shriram Transport Finance | CMP: Rs 1,381 | The scrip was down over 6 percent after the board gave the go-ahead to the merger of its lending subsidiaries. The board of directors of Shriram Group on December 13 approved the long-awaited merger of its lending subsidiaries Shriram Capital (SCL) and Shriram City Union Finance (SCUF) with Shriram Transport Finance (STFC). The merged entity would be known as Shriram Finance. Jefferies has an “underperform” call on the stock, with the target at Rs 1,250 a share, a downside of around 11 percent from the current market price. “The positives are partly diluted by 15 percent premium paid to acquire Shriram City’s stake. Any overhang of stock supply from non-promoters needs to be watched,” it said.
Adani Green Energy | CMP: Rs 1,440 | The stock price gained over 3 percent after the company said it had signed a deal with Solar Energy Corp (SECI) to supply 4,667 MW of green power. The AGEL-SECI agreement to supply 4,667 MW is part of a manufacturing-linked solar tender of 8,000 MW awarded to AGEL by SECI in June 2020, which set a record for being the world’s largest solar power development tender.
Anand Rathi Wealth | CMP: Rs 585 | The stock ended with gains of over 6 percent after listing at a 9 percent premium over the issue price. Gaurav Garg, Head of Research, CapitalVia, said investors can hold the stock for short-to-long term as new-age technology-led business verticals might turn out to be a dark horse. In any healthy correction of 8-10 percent from the band might turn out to be an opportunity for long-term investment.
Raymond | CMP: Rs 690.40 | The stock jumped over 4 percent after the firm said a meeting of the committee of directors of the company’s board would be held on December 17, 2021, to consider and approve the issuance of non-convertible debentures aggregating up to an amount not exceeding Rs 100 crore on private placement basis.
Lupin | CMP: Rs 946 | The scrip gained 7 percent after the company said it had received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for its Goa manufacturing facility.
HFCL | CMP: Rs 80.40 | The share price was down 8 percent on December 14 even as the firm raised Rs 600 crore via QIP issue. The QIP got an overwhelming response from institutional investors like Reliance Ventures, Quant Mutual Fund, IIFL Wealth, Elara India, Discovery, Segantii, Millennium among others who participated in the fund-raise programme of the company.
Greenlam Industries | CMP: Rs 1,777 | The stock added over 5 percent after the company announced plans for a fast-tracked expansion of the company. The firm aims to invest Rs 950 crore over a period of two-three years towards setting up of third laminate plant and foray into plywood and particle board business.
Aditya Birla Fashion | CMP: Rs 285.35 | The share price rose over 7 percent after Authentic Brands Group (ABG) and Aditya Birla Fashion and Retail announced the signing of a long-term licensing agreement, which grants ABFRL exclusive rights to distribute and sell Reebok products through wholesale, e-commerce and Reebok branded retail stores in India and ASEAN countries.
Stove Kraft | CMP: Rs 969 | The share ended in the green on December 14. ICRA retained the company’s long-term rating to A- and short-term rating at A2+ but revised outlook to “positive” from “stable”.
Ircon International | CMP: Rs 47.10 | The scrip ended in the green after the company emerged as the lowest bidder for the construction of four by six-lane Ludhiana Rupnagar NH205 K road project under BMP in Punjab on hybrid annuity mode. The value of the project is approximately Rs 1,107 crore and the completion period is two years.
Sandip Das
