Key economic indicators
Actual on 16:00 on December 23
World economic indicators
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Stocks
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Change
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|---|---|
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🇮🇳 Nifty
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+ 0.66%
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|
🇮🇳 Sensex
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+ 0.62%
|
|
🇮🇳 India VIX
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– 9.99%
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🇺🇸 S&P 500
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+ 0.28%
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🇺🇸 Nasdaq
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+ 0.63%
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🇺🇸 Dow Jones
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– 0.21%
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🇪🇺 Euro Stoxx
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– 0.32%
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🇨🇳 China A50
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– 1.34%
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🇨🇳 DJ Shanghai
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- 0.5%
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🇬🇧 FTSE 100
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– 0.22%
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🇯🇵 Nikkei 225
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+ 1.17%
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🇮🇩 IDX Composite
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+ 1.59%
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🇸🇦 Tadawul All Share
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+ 0.83%
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Top Gainers on Indian Stock Market
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Stocks
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Change
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|---|---|
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Kfm Technologies
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+ 7.55%
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Chennai Petroleum Corporation
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+ 5.51%
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IPCA Laboratories
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+ 5.4%
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Mtar Technologies
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+ 4.57%
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Dr Reddys Laboratories
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+ 3.94%
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Top Losers on Indian Stock Market
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Stocks
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Change
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|---|---|
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Maruti Suzuki India
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- 0.89%
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Nestle India
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– 0.55%
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HCL Technologie
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– 0.52%
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Bajaj Finserv
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– 0.32%
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Tata Consultancy
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– 0.27%
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News
Insurance Stocks Slip as GST Decision Faces Another Delay
Shares of life insurance players took a nosedive as the GST Council pumped the brakes on a potential rate cut for insurance premiums. New India Assurance slid 6.8% to â‚ą199.60, and Star Health stumbled by 2.7%. The crux of the market unease? The council, under Finance Minister Nirmala Sitharaman’s watch, decided more time was needed to untangle the tax complexities. Initially, the GoM dangled a promising proposal in November—GST exemptions for term life insurance and reduced rates for health policies catering to senior citizens and those with coverage up to â‚ą5 lakh. But for now, the standard 18% GST remains on high-ticket health policies exceeding â‚ą5 lakh, leaving middle-class policyholders and insurers in a limbo. With affordability and accessibility on the line, the eventual outcome of these debates could reshape how millions approach insurance. But as it stands, the market isn’t impressed by the pause.
Sterling and Wilson Shares Spark
Sterling and Wilson Renewable Energy lit up the market, with shares climbing over 6% after the company bagged a hefty ₹1,200 crore order in Gujarat. The stock hit a high of ₹471 on the BSE before settling slightly lower, marking a 6.81% surge. A 500 MW Solar PV project, with Sterling and Wilson tasked with handling everything from design and engineering to procurement and construction (BOS). And they’re not just walking away after the build—the contract includes three years of comprehensive operations and maintenance (O&M), solidifying their role in the project’s lifecycle. The company’s pedigree backs up the confidence: a whopping 20.7 GWp portfolio in utility-scale solar, floating solar, and hybrid projects, along with a 7.8 GWp O&M portfolio, including projects built by others. By mid-morning, shares were still glowing, trading 3.74% higher at ₹460.15 and pushing the company’s market cap to ₹10,745 crore. It’s a much-needed boost for investors banking on the renewable energy story, as Sterling and Wilson keeps proving it’s a major player in India’s green energy drive.
India Cements Soars 11% as CCI Clears UltraTech Deal
India Cements shares skyrocketed 11%, touching ₹376.30 on the BSE, as the Competition Commission of India (CCI) gave the green light to UltraTech Cement’s strategic acquisition and open offer for a 32.72% equity stake in the company. On the flip side, UltraTech Cement shares saw a modest 1.4% climb, hitting ₹11,585.40. UltraTech’s board approved the acquisition of over 10.13 crore shares from promoters and key shareholders in India Cements, marking the “primary acquisition.” On top of that, they made an open offer to public shareholders for another 8.05 crore shares at ₹390 apiece. With CCI’s unconditional nod under Section 31(1) of the Competition Act, 2002, the deal is set to move forward seamlessly. India Cements’ stock has been on a tear, boasting a 47.12% surge in the past year and a 41.77% gain in 2024 alone. Even in the short term, it’s holding strong with a 4% uptick in the last month. With an RSI hovering near 35—firmly in the mid-range—the stock isn’t overbought, leaving room for more action as UltraTech solidifies its stake in the cement giant.
SEBI Halts Trading in Bharat Global Developers
Bharat Global Developers Ltd. (BGDL) just became the poster child for what can go wrong when financial shenanigans meet unchecked market euphoria. The scandal comes on the back of an eyebrow-raising run: BGDL’s stock price soared 105 times in a year, climbing from â‚ą16.14 in late 2023 to a jaw-dropping â‚ą1,702.95 by November 2024. Such an astronomical rise was bound to draw scrutiny, and it seems the numbers just didn’t add up. A shady preferential allotment of shares, concentrated ownership (99.5% of shares in a few hands), fake partnerships with industry giants like Reliance and Tata, and a Dubai subsidiary that exists only in fantasy. Top this off with insider sell-offs netting over â‚ą270 crore in profits, and you’ve got a fraud cocktail potent enough to floor any regulator. SEBI’s findings are scathing. BGDL’s meteoric revenue growth had no real contracts or operations to back it up. The management overhaul in 2023 looks more like a smoke screen than a turnaround. Now, trading in BGDL is suspended, and SEBI has barred preferential allottees from any dealings in its securities.
CCI’s Year in Review
This year has been a whirlwind for the Competition Commission of India (CCI). From ramping up regulatory tools to taking on Big Tech, the watchdog has had its hands full redefining competition law in the digital age. One standout moment was March’s introduction of two key mechanisms: commitment and settlement—game-changers designed to cut litigation and enable faster market fixes. Alongside, the leniency-plus facility added muscle to cartel detection, further sharpening the CCI’s enforcement toolkit. The regulator didn’t stop there. September saw the debut of a deal value threshold (DVT) for M&A activity exceeding â‚ą2,000 crore, specifically targeting stealthy start-up acquisitions by tech giants. This shift reflects the CCI’s growing focus on curbing “killer” acquisitions—where Big Tech buys out small, innovative firms before they become market competitors.
Steel Stocks Rally as India Probes Rising Imports
India’s steel sector was buzzing with action as shares of key players saw gains of up to 3.2% on the BSE. The trigger was a government probe into a surge in imports of specific steel flat products following a complaint by the Indian Steel Association (ISA). Meanwhile, Tata Steel and SAIL both saw their stocks rise by 2%, reflecting optimism within the industry. The probe, initiated by the Directorate General of Trade Remedies (DGTR), focuses on Non-Alloy and Alloy Steel Flat Products—a category vital to industries like construction, fabrication, auto, and electricals. The ISA claims a “recent, sudden, sharp, and significant” rise in imports is causing harm to domestic producers, sparking calls for protective measures. The applicant, backed by heavyweights like ArcelorMittal Nippon Steel India, JSW Steel, Jindal Steel & Power, and SAIL, has asked for a 20% safeguard duty on the imports, citing “critical circumstances” and the risk of injury to India’s steel industry.
Intellect Design Arena rise 13%
Shares of Intellect Design Arena rallied 13% on Monday, December 23, reaching an intraday high of â‚ą925.55, as investors cheered the company’s newly launched Enterprise AI platform, Purple Fabric. The surge comes on the heels of a detailed presentation on December 19, where the company introduced the platform designed to revolutionize operations in the financial and insurance sectors. Purple Fabric stands out for its ‘Multi-Agent’ AI system, which aims to streamline enterprise processes like claims settlement and tackle the growing data complexity in financial services. Built on Large Language Models (LLMs), the platform promises intuitive data integration and classification, empowering organizations to deliver seamless customer experiences without requiring deep technical expertise. The stock, now 23% shy of its 52-week high of â‚ą1,198.80 from March 2024, has rebounded impressively, up 33% from its November low of â‚ą693.05. December alone has seen a sharp 28% climb, marking a turnaround after three consecutive months of losses.
Avaada Group Aims to Raise $1 Billion
Avaada Group is setting its sights on raising $1 billion (over â‚ą8,400 crore) in debt by March next year to fund its ambitious green energy projects, including wind, solar, and battery storage initiatives. Chairman Vineet Mittal shared with FE that the group has already raised equity and is now turning to debt to accelerate its growth. With an operational capacity of 4.7 gigawatts (GW), Avaada is targeting 11 GW by 2026 and 30 GW by 2030. Mittal emphasized that achieving 30 GW could happen sooner if the necessary transmission lines are developed. The group’s energy portfolio also includes 5 gigawatt-hours (GWh) of battery storage and 10 GWh of long-duration pumped hydel storage. Alongside its solar ventures, Avaada has an operational 1.5 GW solar plant in Noida. In parallel, Tata Power has also invested in solar manufacturing, with a 4 GW solar cell and module plant in Tamil Nadu that began operations last year. Additionally, Avaada is expanding into green ammonia and green hydrogen projects in Gopalpur, Odisha, with $1.8 billion secured from REC to fund its production facility in the Gopalpur Industrial Park.
Overview
Monday’s market activity painted a picture of cautious optimism, driven by a glimmer of hope that the U.S. inflation reading might encourage more relaxed policies in the year ahead. Investors also found relief in Washington’s successful avoidance of a government shutdown, adding some temporary stability to the scene. For Indian markets, the day ended on a positive note. The Sensex surged 498.58 points, while the Nifty also saw healthy gains. However, market experts are cautioning that short-term outlooks may still carry a sense of caution. The broader trend is still shaped by global events, and investors are mindful of potential risks ahead. Meanwhile, the S&P 500 keeps its head held high, buoyed by a stable U.S. economy and a stock market hitting new highs. Employment numbers are solid, inflation is inching downward, and business activity continues to show resilience. The dollar has benefited from this, with the currency index rising by 2% this month alone. With the year winding down, trading volumes are likely to stay thin, and the market is looking at what could be a quiet finish. The euro has fallen to its lowest levels in two years and is on track to record its weakest quarter against the dollar since mid-2022. Oil markets are experiencing some upward movement, with Brent crude inching up to $73.07 a barrel, though concerns about Chinese demand and the strong dollar continue to cast a shadow over the sector.