Asian stocks slipped to three-week lows on Tuesday while bonds and the dollar steadied as investors tempered expectations for cuts to US interest rates and waited on US jobs data.

The Nikkei is trading 1.5% lower while the Hang Seng index is trading 0.9% lower. The Shanghai Composite is trading lower by 0.6%.

US stocks ended lower on Monday, interrupting last week's rally, as investors turn cautious ahead of employment data due this week that could alter expectations that the Federal Reserve will cut interest rates early next year.

Here's a table showing how US stocks performed on Monday:

Source: Equitymaster

At present, the BSE Sensex is trading 312 points higher and NSE Nifty is trading 100 points higher.

M&M and BPCL are among the top gainers today.

HCL Tech and Infosys on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.6%.

Sectoral indices are trading mixed today, with stocks in the power sector, oil & gas sector, and power sector witnessing the most buying. Meanwhile, stocks in the metal sector and the IT sector witnessing selling pressure.

Shares of CAMS and JK Cement hit their 52-week high today.

The rupee is trading at Rs 83.38 against the US dollar.

In commodity markets, gold prices are trading 0.5% higher at Rs 62,685 per 10 grams today.

Meanwhile, silver prices are trading 0.2% higher at Rs 76,308 per 1 kg.
 

Fireside to Divest Mamaearth's stake

Fireside Ventures is going to sell 61 lakh shares of recently listed Honasa Consumer (parent company of Mamaearth) in a block deal on 5 December, according to a media report.

This is a 1.9% stake in the company worth more than Rs 2.3 bn as of the last closing price.

Sources said the offer floor price is in the range of Rs 368.7 to Rs 384.1, which includes a discount of up to 4%.

Kotak Securities will be the broker of the deal.

As of close on 4 December, the stock traded at Rs 383.50.

Fireside Ventures is a venture capital fund that invests in consumer brands. It was the first investor in Mamaearth to participate in the seed round.

Shares of the company touched its 52-week high on 24 November 2023.

JSW Infra To Acquire Stake in PNP Port

JSW Infrastructure on Monday signed an agreement with SP Port Maintenance, a Shapoorji Pallonji Group company, to acquire a majority stake in PNP Maritime Services (PNP Port).

The agreement is to acquire over 50% shares in PNP Port through its subsidiary JSW Dharamtar Port.

PNP Maritime Services will become a step-down subsidiary of the company.

The transaction is for a maximum equity purchase consideration of Rs 2.7 bn. It is expected to be completed in 15 days.

The acquisition is expected to strengthen its position to provide hub-and-spoke model services to customers, thereby saving substantially in the logistics costs.

JSW Infrastructure intends to upgrade PNP Port facilities and expand its capacity from the current 5 MTPA to 19 MTPA (million tonnes per annum) in a phased manner.

The acquisition values PNP Port at an enterprise value of around Rs 700 crore with a current capacity of 5 MTPA.

Part of Sajjan Jindal-owned JSW Group, JSW Infrastructure is a port-related infrastructure company. Its ports and terminals have an installed cargo handling capacity of 153.43 MTPA.
 

SpiceJet Relives in NCLT Ruling

In a relief for low-cost airline SpiceJet, the National Company Law Tribunal (NCLT) on 4 December dismissed a plea to initiate insolvency against the airline filed by aircraft lessor Willis Lease Finance over unpaid dues.

SpiceJet had questioned the maintainability of Willis' plea because they had filed a similar plea earlier this year but chose to withdraw it owing to certain technical defects. They filed a plea in April 2023 over unpaid dues.

The tribunal heard SpiceJet's application questioning the maintainability of the plea for over six months before dismissing it on 4 December.

During the earlier hearings, the tribunal questioned how a fresh insolvency plea could be filed for the same cause of action, without first sending a notice to SpiceJet under the provisions of the Insolvency and Bankruptcy Code, 2016.

It also questioned how a new plea could be initiated for the same cause of action without obtaining the court's permission to do so.

Senior Advocate Virender Ganda, who appeared for Willis, argued that a fresh notice was required to be sent only when the new insolvency pela introduces new invoices not contemplated in the previous notice. However, when the new insolvency plea is a mere re-filing, a notice need not be sent.

Three aircraft lessors have filed four insolvency pleas against SpiceJet in 2023 for the non-payment of dues.

While the NCLT has issued notice only in Aircastle's first plea, it has been urging the airline to settle with the lessors.

If you're considering investing in airline stocks, make sure you do your due diligence. It's a risky sector. If you get either the stock or your timing wrong, you could face serious losses.

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