Enterprise Financial News

Also Read: Mint Primer: Will office real estate bounce back this year? In today's trading session, the Nifty Realty index soared an additional 21.7 points, reaching a 52-week high of 863 points. Six out of 10 stocks are currently trading in the green, with Phoenix Mills leading the way with a notable gain of 5.2% at ₹2,487 apiece. Other top performers include Swan Energy (up 1.8%), Brigade Enterprises (up 1.7%), Mahindra Lifespace Developers (up 0.6%) and Oberoi Realty (up 0.2%) Macrotech Developers witnessed its shares reach a new record high of ₹1,198.9 apiece in today's trade.

Gautam Adani, Chairperson of the Adani Group of companies has overtaken Reliance Industries Chairman Mukesh Ambani on the Bloomberg Billionaire's Index (BBI), to become India's and Asia's richest man. While Adani has seen his worth climb into the top 12 on the world rankings, Ambani is just one rung below at 13. Both have moved up spots since last year.

Rajshree Sugars & Chemicals Ltd.(up 2.94%), Bajaj Hindusthan Sugar Ltd.(up 2.45%), Shree Renuka Sugars Ltd.(up 1.91%), DCM Shriram Industries Ltd.(up 1.90%), Simbhaoli Sugars Ltd.(up 1.69%), KM Sugar Mills Ltd.(up 1.27%), Rana Sugars Ltd.(up 1.26%), Mawana Sugars Ltd.(up 1.23%), Sakthi Sugars Ltd.(up 1.21%) and Uttam Sugar Mills Ltd.(up 1.03%) were among the top gainers. Bannari Amman Sugars Ltd.(down 0.35%), Dhampur Sugar Mills Ltd.(down 0.16%) and Balrampur Chini Mills Ltd.(down 0.09%) were among the top losers.

₹71 crore through a pre-IPO placement before submitting the red-herring prospectus to the registrar of companies (ROC). The company said it has allotted 52,59,257 equity shares to five investors at a cost of ₹135 apiece in a public statement advertisement published in Financial Express (FE). Out of the five investors, Rare Enterprise (via Sunil Jugalkishor Anandpara and Hemal Dinesh Shah) was the largest buyer, purchasing 20 lakh shares valued at ₹27 crore.

(Reuters) — Telecom tower operator American Tower (NYSE:AMT) said on Thursday it would sell its India operations to Canada's Brookfield Asset Management (TSX:BAM) for $2.5 billion.

stocks are under the F&O ban list on Friday, January 5 viz. Balrampur Chini, Chambal Fertilizers, Delta Corp, Escorts Kubota, Gujarat Narmada Valley Fertilizers (GNFC), Hindustan Copper, Indian Energy Exchange (IEX), The India Cements, National Aluminium Company, Steel Authority of India (SAIL) and Zee Entertainment Enterprises (ZEEL). The F&O contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market-wide positions limits or MWPL.

Monness Crespi Hardt downgraded Snowflake Inc . (NYSE:SNOW) to a Sell rating (From Neutral) and issued a 12-month price target of $160.00 on the stock.

Black Entertainment Television (BET) after its sixth season on the network came to an end on December 27. Made by renowned TV producer Tyler Perry, Sistas narrates the story of a group of single black women who support each other in navigating the hardships of adult life.

Zillion, one of India’s largest multi-brand loyalty programs, that is part of the BharatPe Group, today announced the launch of Rewards-as-a-Service (RaaS) platform for brands that have an existing loyalty currency, but would need a robust rewards redemption platform to offer a best-in-class experience to their customers. With this newly launched product, the company will be targeting to onboard banks and large enterprises, including those with an extensive distribution network. Rewards-as-a-Service platform will enable brands to have the flexibility of running their own loyalty currency, while offering an exciting redemption platform for their customers.

Siddhartha Khemka, Head-Retail Research, MOFSL, says “the quarterly results would be the next trigger for the market. In terms of overall valuations, we see that markets are comfortable, especially the large caps. The Nifty is trading at a one-year forward PE of 19-19.5, which is still at a discount to its last 10-year average of 20 times. We see there is room for the market to move up given that quarterly results or the corporate earnings have been pretty strong and that continues to be the case.” What is your view on the market itself, the start has not been the most euphoric because we have been consolidating. Do you think this is going to be the nature at least for the next few weeks or months going forward that there would be a bit of sideways move? Siddhartha Khemka: If you look at the market view, after two consecutive months of sharp up move, Nifty moved by almost 5% in November, followed by 8% move in December. The start of the year has been a bit sombre because the market is waiting for fresh triggers. There were the meeting minutes from the Fed, which gave out some clarity as to when this Fed rate cut could happen, which has excited the market the most in December.

Rahul Sharma, Director & Head — Technical & Derivatives Research, JM Financial Services, says “there are two sectors which clearly are looking very good and are on our buying list. The first one is chemicals. We feel there is more upside to it given the last two years of underperformance. The second sector which looks good is the IT space. IT has taken a beating over the last few sessions, but we feel another 2-3% down on the IT index and it would again come into the buying zone. These are the two sectors where we are looking to cherry pick and buy stocks on the long side. There is a bit of pharma also coming into play where we are seeing selective buying. So, defensives are the ones to go for.” It is a day of the weekly options expiry for at least the Nifty now and it seems like it is likely to be a bit more on the positive side because the last two-three days was all about profit booking and consolidation. Rahul Sharma: We have seen a dip at the beginning of the year and now I think Nifty is ready to propel towards the 22,000 mark.

On the BSE, JLAInfraville&Shop(down 10.00 per cent), Fraser & Company(down 9.64 per cent), Shanti Guru Industri(down 8.61 per cent), Pratiksha Chem(down 8.18 per cent) and Infronic Sys(down 8.10 per cent) were among the stocks that plunged over 5 per cent during the session. In the Nifty pack, 30 stocks traded in the green, while 20 stocks traded in the red.

Hansoge Enterprises has sold a hotel asset spread over 1.5lakh sft in the city in a deal estimated to be around Rs 150 crore to an ultra-high net worth individual. The midscale boutique 175-room property is located near Bangalore International Airport and is expected to be completed by the end of 2024.

Investing.com-- China’s service sector grew past expectations in December, a private survey showed on Thursday, as continued stimulus measures helped push up local demand, while a rout in overseas orders also eased. 

₹51,000 crore from the sale of the government’s shares in public sector companies. It is unlikely that any new big-ticket additions will be made to the divestment list for FY25, the people mentioned above said on condition of anonymity. “For FY25, the divestment targets will likely be lower than the FY24 target as the focus will be to complete stake sale processes initiated during FY24," one of the two people cited above said.

The NSE Nifty 50 index fell 0.69% to 21,517, while the S&P BSE Sensex shed 0.75% to 71,356. Here's how analysts read the market pulse: «Nifty formed a bearish candle with a substantial body in the daily chart. The Donchian Channels, which identify bullish and bearish extremes, indicate that Nifty is holding its middle band. Key support levels are identified at 21,400, while resistance is placed at 21,700 levels,» said Om Mehra, Technical Analyst, SAMCO Securities. Rupak De, Senior Technical Analyst at LKP Securities, said, «Nifty dipped below the support level of 21,650, resulting in a decline towards 21,500. The prevailing sentiment appears weak, highlighted by the index closing below the crucial support at 21,650. If it continues to drop below 21,500 in the upcoming days, it could potentially exacerbate the negative sentiment, especially with expectations of substantial unwinding by the put writers below 21,500. The broader market outlook suggests a sell-on-rise strategy as long as it stays below 21,650.» That said, here’s a look at what some key indicators are suggesting for Thursday's action:

Saluja has not been issued any additional stock options of Religare Finvest, rebutting a call for an investigation by the Burman family into the alleged allotment of 8 per cent stake through Employee Stock Ownership Plans (ESOPs) in violations of rules. In a statement, Religare Enterprises Ltd (REL) said the approval sought at the AGM of RFL (Religare Finvest Ltd) held on September 26, 2023 was to seek enabling approval of shareholders for the proposed grant of ESOPs of RFL to Rashmi Saluja under the RFL ESOP Plan 2019. RFL is a subsidiary of Religare Enterprises.

REC Ltd has entered into an MoU with Rail Vikas Nigam Ltd (RVNL) to extend loans up to ₹35,000 crore to finance multi-modal infrastructure projectsto be executed by RVNL over the next 5 years. These projects constitute multi-modal logistics hub projects, rail infrastructure projects, road, port, and metro projects bring developed by RVNL, a power ministry statement said.

Burman family spokesperson on Wednesday issued a statement regarding the allotment of approximately 2.14 crore shares, constituting ~8% of Religare Finvest Limited (RFL), to Rashmi Saluja through Employee Stock Ownership Plans (ESOPs). The largest shareholder of Religare Enterprises Limited (REL) has said that the matter requires investigation in terms of compliance with SEBI Takeover Regulations. On Wednesday, ET had reported that a day after the Burman family announced an open offer to buy more shares to take control of the financial services conglomerate, Rashmi Saluja, executive chairperson of the company, acquired around 8% stake in its wholly-owned shadow bank Religare Finvest Limited (RFL), through an Employees Stock Option Plan (Esop) award. «It is unfortunate that a solitary executive has cornered significant quantum of remuneration through ESOPs at Religare Enterprises Limited (REL), Care Health Insurance Limited, and RFL, all without approval and requisite disclosure to REL shareholders,» the spokesperson said.

Yogi Adityanath on Wednesday said that while every countryman is happy to see the state's progress, the world is surprised because there was an atmosphere of disappointment, frustration and anarchy here before 2017. «Every countryman is today happy to see the progress of Uttar Pradesh and the world is surprised because before 2017, there was an atmosphere of disappointment, frustration and anarchy here,» Adityanath said at a programme here. The BJP came to power in 2017 after removing Akhilesh Yadav led Samajwadi Party government.

NMDC Ltd(up 1.21%) and Sandur Manganese & Iron Ores(up 0.63%) stood among the top gainers. Ashapura Minechem(down 1.81%), KIOCL(down 1.81%), 20 Microns(down 1.76%), Coal India(down 1.30%), Pokarna(down 1.03%), MOIL(down 0.98%), Orissa Minerals Development Company(down 0.76%), Gujarat Mineral Dvpt Corporation(down 0.71%), Oriental Trimex(down 0.53%) and Aro Granite Industries(down 0.41%) were among the top losers of the day.