After opening the day flat, the Indian benchmark remained range bound as the session progressed and ended the day flat.Benchmark equity indices BSE Sensex and Nifty 50 were trading on a flat note on Wednesday.At the closing bell, the BSE Sensex closed higher by 16 points.Meanwhile, the NSE Nifty closed higher by 31 points (up 0.1%).Trent, Britannia, and Bajaj Finance are among the top gainers today.NTPC, SBI, and Axis Bank on the other hand, were among the top losers today.The GIFT Nifty was trading at 24,725, up by 40 points at the time of writing.The BSE MidCap index and BSE SmallCap index ended 0.3% higher.Sectoral indices were trading mixed today with stocks in the FMCG sector and IT sector witnessing buying. Meanwhile, stocks inthe power sector and banking sector witnessing selling pressure.Mphasis, Vedanta, and Piramal Enterprises hit their respective 52-week highs today.The rupee is trading at 84.83 against the US$.Gold prices for the latest contract on MCX are trading marginally higher at Rs 78,404 per 10 grams.Meanwhile, silver prices were trading 0.5% lower at Rs 95,088 per 1 kg.
Bajaj Finance Soars 3%. Here’s WhyIn news from the finance sector, shares of Bajaj Finance are higher by over 3% on December 11, a day after its investor meeting where the company shared upbeat guidance on customer franchise and talked about the Long-Range Strategy and AI pivot with analysts.Rajeev Jain, MD, Bajaj Finance said the NBFC aims to become BFL 3.0 – powered by fintech and AI – in its pivot over the next 4-5 years.Bajaj Finance plans to ramp up the customer franchise to 130-140 m by FY28 versus 92 m in H1FY25. The management projected a significant jump in customer franchise in FY29 to nearly 200 m, indicating a possible acquisition down the road.By FY29, the share of total credit could rise to 3.2-3.5% versus 2.11% in H1FY25.Green financing through solar as well as EV projects will be the new products that the lender will focus on, said the NBFC. It will also aim to deploy conversational AI in sales, in order to ramp up conversion rates by three-folds.
ReNew Energy to Buy Out US-listed Shares
Moving on, the main shareholders of a leading Indian green power company, ReNew Energy Global Plc, are looking to acquire the publicly held shares of the company, paving the way for an exit from its US listing.Four major investors that control almost two-thirds of the company have launched a non-binding offer for the remaining shares in the NASDAQ-listed firm at an 11.5% premium to its last closing share price.Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Limited, and ReNew Energy CEO Sumant Sinha are offering US$ 7.07 a share.ReNew Energy, which was listed on the NASDAQ in 2021, has 10.4 gigawatts of operational wind and solar capacity, making it one of the top renewables firms in India.The company is targeting all segments of the clean energy supply chain, including transmission and decarbonization strategies for corporates, and is in the process of expanding its photovoltaic manufacturing capacity.
Bharat Global Bags Supply ContractMoving on to news from the IT sector, shares of Bharat Global Developers are locked at 5% upper circuit after securing a Rs 6.5 bn annual contract from Tata Agro and Consumer Products for supplying premium agricultural commodities.The contract involves a ‘continuous supply of significant terms and conditions of premium agricultural commodities on demand, executed on a phased basis throughout the year.Payment terms include ‘periodic settlements aligned with delivery schedules.The agricultural commodities include tea leaves, coffee beans, organic pulses, and dry fruits, among other items. The company now claims to have an order book of over Rs 15 bn.The company mentioned a steady demand for high-quality agricultural commodities in India. BGDL is in the business of sourcing, importing and exporting a wide range of products across industries like textile, agriculture, fertilizer, gemstones, consumer goods, and others.
Syngene International Extends GainsMoving on, shares of Syngene International extended gains to the second session, surging as much as 4% on 11 December.This comes a day after the company’s promoter–biotech firm Biocon sold a 1.2% stake in the CDMO player through a bulk deal.Biocon offloaded 8 m shares in Syngene International for an average price of Rs 857.7 through a bulk deal on 10 December, raising Rs 6.9 bn from the stake sale. The Kiran Mazumdar-led Biocon held a 54.5% stake in Syngene International as of the company’s latest shareholding data.However, the stake sale also triggered a 60-day lock-in period, prohibiting Biocon from paring any further stake in the drugmaker during that period.More By This Author:Sensex Today Trades Flat; PNC Infratech Rallies 10%
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