Asian shares were mostly flat on Tuesday, as the focus turned to Japan’s central bank and whether it might edge further away from its ultra-easy monetary policy.The Nikkei is trading 0.1% higher while the Hang Seng index is trading 0.4% lower.US stocks gained ground on Monday as market participants parsed mounting expectations of interest rate cuts from the Federal Reserve in the coming year and looked ahead to a week of crucial economic data.Here’s a table showing how US stocks performed on Monday:
Source: EquitymasterAt present, the BSE Sensex is trading 145 points lower and NSE Nifty is trading 42 points lower.Nestle and ONGC are among the top gainers today.TCS and Tech Mahindra on the other hand are among the top losers today.Broader markets are trading mixed. The BSE Mid Cap index is trading 0.3% lower and the BSE Small Cap index is trading higher by 0.1%.Sectoral indices are trading mixed today, with stocks in the energy sector and the FMCG sector witnessing the most buying. Meanwhile, stocks in the media sector and the IT sector witnessed selling.Shares of Sun Pharma and Cyient hit their 52-week high today.The rupee is trading at Rs 83.17 against the US dollar.In commodity markets, gold prices are trading 0.3% lower at Rs 62,085 per 10 grams today.Meanwhile, silver prices are trading 0.1% lower at Rs 74,305 per 1 kg.
Kaynes Tech launches QIPKaynes Technologies launched a qualified institutional placement (QIP) issue on 18 December 2023, the company is looking to raise Rs 14 billion (bn) through the QIP.The floor price of the QIP is Rs 2,449.4 apiece, reflecting a 6% discount to the stock’s closing price on 18 December. The company may further offer a discount of not more than 5% on the floor price.The company’s fund-raising committee will also meet on 21 December to fix the issue price for the QIP. As per sources, the issue price for the QIP is likely to be Rs 2,424 a share, which is at a discount of over a percent to the floor price.The promoters will also have a lock-in period of 90 days after the QIP issue.Aside from this, the company also approved the acquisition of US-based electronic manufacturing services company Digicom Electronics for US$ 2.5 million (m).The acquisition will help boost Kaynes’ expansion in the American market and is likely to be completed on or before the conclusion of the March quarter of FY24.Digicom Electronics reported a turnover of US$ 7.8 m for 2022, up from the US$ 6.2 m reported in 2021 and the US$ 6.6 m clocked in 2020.
Nestle India Announces Record Date For Stock SplitFMCG giant Nestle India announced 5 January as the record date for their earlier announced stock split.In October, the company’s board approved a stock split in the ratio of 1:10.Through a stock split, a company will increase the number of shares issued and outstanding, thereby increasing the liquidity of the scrip.This does not increase the total value of all the shares issued. Shareholders get more shares in proportion to what they hold on the record date.FIIs reduced their shareholding in the company from 12.4% in the June quarter to 12.1% in the September 2023 quarter. While DIIs increased their stake in the company from 9.1% to 9.3% during the same period.
Sun Pharma To Acquire Lyndra TherapeuticsSun Pharmaceutical Industries on Monday said it will acquire a 16.7% stake in US-based Lyndra Therapeutics, Inc. for USD 30 m.The company has agreed to acquire 16.7% shares on a fully diluted basis, in Lyndra Therapeutics Inc., based in Massachusetts, engaged in the business of developing novel delivery technology for long-acting oral (LAO) therapies.On the reasons for the acquisition, Sun Pharma said it is a strategic investment to support the development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories.The cost of acquisition is USD 30 million, and the transaction is expected to be completed by the end of December 2023, subject to certain conditions.Incorporated on 14 January 2015, Lyndra Therapeutics clocked a turnover of US$ 10.7 m in 2022, US$ 13.1 m in 2021, and US$ 25.6 m in 2020.Sun Pharma is a top pharma company in India that has solid growth in sales and profits and a high Return on Equity (ROE).More By This Author:Sensex Today Ends 169 Points Lower; ITC & Tech Mahindra Top LosersSensex Today Trades Lower; SJVN Tumbles 4%Sensex Today Rallies 970 Points; Nifty Closes Above 21,450
