Indian stock markets are said to open in a positive stride on December 5, as their performance on Wall Street has been the best. US markets witnessed a continued rise, whereby the Dow Jones reached the value of 45,000 marks for the first time while the S&P 500 went to close near 6,100, marking a growth of 0.6 percent. Asian markets, however, entered with mixed movements.
The rally in US stocks was boosted by upbeat comments from Federal Reserve Chair Jerome Powell at the New York Times DealBook Summit. Powell mentioned the robustness of the US economy and reduced downside risks in the labor market, implying a careful but steady approach to cutting interest rates toward a neutral level.
Key Stocks in Focus
Indus Towers: Vodafone Group Plc yesterday announced plans to sell its remaining 3% stake in Indus Towers through an accelerated book-build offering. The proceeds, estimated at $331.5 million or ₹2,800 crore at Wednesday’s closing price of ₹353.60 per share, will mostly be used to repay the $101 million debt associated with its Indian assets.
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Torrent Pharmaceuticals: Torrent Pharmaceuticals disclosed that it acquired three critical brands—Cospiaq, Cospiaq Met, and Xilingio—from Boehringer Ingelheim International GmbH. It is going to improve its product line in the diabetes care segment by this strategic move.
Dynamische Dienste & Security: The Maharashtra Government came up with the Package Scheme of Incentives (PSI) 2019 offering an offer letter for a “Mega Project”. The project envisages putting up a solar PV panel manufacturing unit with 1,800 MW capacity in Raigad district of Maharashtra that requires ₹ 1,080 crores of investment.
Bondada Engineering: Bondada Engineering won an order worth ₹108 crore from the Bihar Renewable Energy Development Agency. The work includes designing, supplying, installing, and maintaining smart solar streetlights under the Mukhyamantri Gramin Solar Street Light Yojana.
Mazagon Dock Shipbuilders: The company responded to recent media reports about three more Scorpene-class submarines under Project 75, stating that commercial negotiations are on, and no such decision has been communicated to them.
Metropolis Healthcare: Equity shares on preferential allotment issue to be approved, while The board of directors will meet December 9 to deliberate over the approval of preferential equity share issue, sign of potentially raising funds.
Hero MotoCorp: Hero MotoCorp revealed the new VIDA V2 electric scooter range aimed for aspirational yet affordable electrical solutions for mobility, under which hero maintained its leadership in the Ev markets
Indraprastha Gas: Indraprastha Gas declared a Board meeting scheduled for 10 December to take the deliberations on bonus shares issuing proposition, benefiting the company’s equity shareholders, perhaps.
Market Outlook
Market seems positive going ahead given that world indices are moving higher. Corporates will remain keen on taking big moves hence this can work well for a high-range opening. Investors will wait to take their cues from the stocks aforementioned as well as macro economics going ahead today.
