Gains in IT and AMC companies helped the Indian benchmark indices, SENSEX and NIFTY50, rebound from their intraday lows and trade higher during Thursday, December 18’s afternoon session. Positive attitude was further reinforced when foreign institutional investors (FIIs) became net purchasers.
Exchange data shows that DIIs acquired stock worth ₹587.16 crore on a net basis on Wednesday, while FIIs bought equity shares worth ₹1,449.22 crore.
The SENSEX reached an intraday high of 84,744.21, up as much as 0.22%. In the meantime, the NIFTY50 reached 25,884.80, the session’s high.
The S&P BSE SENSEX increased by 121.11 points, or 0.14%, to 84,680.76 at 12:29 PM. Additionally, it rebounded from the session’s low by 442.33 points. At 25,883.85, the NSE’s NIFTY50 was up 65.30 points, or 0.25%.
InterGlobe Aviation (2.59%), Max Healthcare Institute (1.70%), Tata Consultancy Services (1.51%), Infosys (1.50%), and Hindalco Industries (1.37%) were the top gainers on the NIFTY50 index.
On the other hand, the biggest losers were Sun Pharmaceutical Industries (-2.74%), Power Grid Corporation of India (-1.55%), Mahindra & Mahindra (-1.33%), Bajaj Auto (-1.07%), and NTPC (-0.96%).
AMC stocks
In the opening deals on December 18, shares of asset management firms like HDFC AMC (up 5.29%), UTI AMC (4.99%), and Nippon India (7.11%), as well as broking firms like Nuvama (4.56%) and Angel One (2.01%), among others, were rising after capital markets regulator SEBI on Wednesday announced a number of changes to mutual fund regulations regarding expense ratios and exit loads in an effort to take a “balanced” approach.
In contrast to the current system that focuses on the total expense ratio (TER), the SEBI board decided to modify the expenditure structures for the MF industry by adopting the concept of a base expense ratio (BER), which excludes statutory levies like security transaction tax (STT) and GST.
According to SEBI, the idea of TER still exists and will be the total of the BER, brokerage, regulatory levies, and statutory levies.
Ola Electric
Ola Electric Mobility’s founder-promoter Bhavish Aggarwal sold an additional 4.2 crore shares through open market transactions for ₹142 crore on Thursday, causing the company’s stock to drop as much as 4.5% to a 52-week low of ₹31.42 per unit on the National Stock Exchange (NSE).
This occurs one day after Aggarwal completed a restricted, one-time monetization of a small piece of his personal ownership in order to pay back a ₹260 crore promoter-level loan in full.
Sun Pharmaceutical Industries
As the US FDA examined Sun Pharma’s Baska facility from September 8 to September 19, the company’s stock fell as much as 3.11% to an intraday low of ₹1,737.20 per share.
The US FDA later concluded that the facility’s inspection categorization status was Official Action Indicated (OAI), the business said in a regulatory filing on Thursday.
The US FDA claims that OAI is an inspection categorization, meaning that administrative and/or regulatory measures are advised.
HCL Technologies
HCL Technologies’ shares increased by 1.14% to an intraday high of ₹1,673.90 per equity share following the IT services company’s agreement to speed up digital transformation and improve the lender’s customer experience with ASN Bank, the fourth-largest retail bank in the Netherlands.
Paytm
Paytm’s parent company, One 97 Communications, saw a 1.43% increase in shares, reaching the session’s high of ₹1,286.80 per unit.
Paytm Payments Services Limited (PPSL), a fully-owned subsidiary of One 97 Communications, was granted permission by the Reserve Bank of India (RBI) to function as a payment aggregator for both inward and outward cross-border transactions and physical (offline) payments.
Meesho
During early trading on Thursday, shares of the recently listed e-commerce company Meesho surged as much as 7.98% to a new 52-week high of ₹233.60 apiece. The stock then fell into negative territory before rising and trading in the green.
This follows a good statement from international investment giant UBS the previous day. In contrast to other online companies, Meesho’s asset-light, negative working capital business model has also guaranteed positive cash flows, according to news reports from UBS.
Max Healthcare Institute
When Max Healthcare’s board of directors accepted the proposal to engage into a share purchase agreement (SPA) for the acquisition of a 100% equity investment in Yerawada Properties Private Limited (YPPL), Pune, the company’s shares shot up as much as 1.82% to the day’s high of ₹1,049.90 per equity share.
Once the occupancy certificate for the hospital facility that will be built on the aforementioned land is received, the purchase of the equity stake will be completed in a step-by-step fashion. According to a regulatory filing, the company will purchase 100% of the Class A equity shares, which represent 100% of the voting rights and roughly 50.22% of the economic interest in YPPL, in the first tranche.
Additionally, its board authorized the construction of a super specialty hospital with about 450 beds on YPPL-owned land for a total of up to ₹1,020 crore.
Zota Health Care
Following board approval of the distribution of equity shares to qualified institutional buyers (QIBs) totaling ₹350 crore through the issuance of QIPs, Zota Health Care’s shares fell as much as 4.98% to an intraday low of ₹1,561.70 per share.
In a regulatory filing on Thursday, the company stated that its fundraising committee approved the issuance and allocation of 22,80,130 equity shares to qualified QIBs at the issue price of ₹1,535 per unit, including a premium of ₹1,525 per unit, which includes a discount of ₹80.28, or 4.97% of the floor price.
