Sensex Today Trades Lower; Nifty Below 23,600
Asian shares struggled for direction on the last trading day of 2024, on course for their first quarterly loss this year after a weak showing on Wall Street.
US stocks dropped on Monday on a sell-off in Big Tech companies and on elevated Treasury yields.
Here's a table showing how US stocks performed on Monday:
Stock/Index | LTP | Change ($) | Change (%) | Day High | Day Low | 52-Week High | 52-Week Low |
---|---|---|---|---|---|---|---|
Alphabet | 192.69 | -1.35 | -0.70% | 193.78 | 190.36 | 202.88 | 131.55 |
Apple | 252.20 | -3.39 | -1.33% | 253.50 | 250.75 | 260.09 | 164.08 |
Meta | 591.24 | -8.57 | -1.43% | 596.94 | 585.58 | 638.40 | 340.02 |
Tesla | 417.41 | -14.25 | -3.30% | 427.00 | 415.75 | 488.54 | 138.80 |
Netflix | 900.43 | -7.12 | -0.78% | 908.23 | 889.71 | 941.75 | 461.86 |
Amazon | 221.30 | -2.45 | -1.09% | 223.00 | 218.43 | 233.00 | 144.05 |
Microsoft | 424.83 | -5.70 | -1.32% | 427.55 | 421.90 | 468.35 | 366.50 |
Dow Jones | 42573.73 | -418.48 | -0.97% | 42863.86 | 42263.51 | 45073.63 | 37122.95 |
Nasdaq | 21197.09 | -275.93 | -1.28% | 21346.06 | 21046.63 | 22133.22 | 16249.19 |
Source: Equitymaster
At present, the BSE Sensex is trading 430 points lower and NSE Nifty is trading 92 points lower.
Coal India, SBI, and ONGC are among the top gainers today.
Infosys, TCS, and Trent hand are among the top losers today.
The BSE Midcap index trading 0.5% lower and the BSE Smallcap index is trading 0.4% lower.
Sectoral indices are trading mixed today with stocks in the metal sector and the oil & gas sector witnessing buying. Meanwhile, stocks inthe realty sector and the IT sector witnessing selling pressure.
The rupee is trading at Rs 85.56 against the US dollar.
In commodity markets, gold prices are trading flat at Rs 76,245 per 10 grams today.
ITC Demerger Update
On Monday, ITC announced that ITC Hotels would be listed on stock exchanges within 60 days of receiving the National Company Law Tribunal (NCLT) order dated 16 December 2024.
The demerger of ITC's hotels business into ITC Hotels, sanctioned by the NCLT, is set to take effect on 1 January 2025. 6 January 2025, has been fixed as the record date.
Under the arrangement, existing ITC shareholders will collectively hold 100% of ITC Hotels, comprising approximately 60% direct ownership and the remaining 40% indirectly through ITC.
The demerger involves the transfer of all properties, assets, employees, and contracts associated with the hotel business to ITC Hotels.
Key intellectual properties, including trademarks such as Bukhara, Dum Pukht, and Dakshin, will also transition to ITC Hotels under a licensing agreement with ITC. Notable assets, including investments in hospitality entities like Fortune Park Hotels and Srinivasa Resorts, as well as Rs 15 bn in cash reserves, are being transferred to ITC Hotels to support planned growth.
RVNL Secures Central Railway Contract
RVNL has emerged as lowest bidder (L1) from Central Railway for designing and supplying traction system in Bhusaval- Khandawa sections of Central Railway.
The project encompasses the design, supply, installation, testing, and commissioning of a 132/55 KV traction substation, sectioning posts (SPs), and sub-sectioning posts (SSPs) in a 2 x 25 KV traction system (Scott Connected Transformer) for the Bhusaval-Khandwa section of the Central Railway.
This initiative aims to achieve a 3,000 MT loading target and will be executed on an EPC basis.
The contract, valued at Rs 1.4 bn, is expected to be completed within 24 months.
Rail Vikas Nigam specializes in executing a wide range of railway infrastructure projects, including new lines, track doubling, gauge conversion, railway electrification, metro systems, workshops, major and cable-stayed bridges, and institutional buildings.
Lupin Acquires Huminsulin
Global pharmaceutical giant Lupin on Monday announced the acquisition of Huminsulin in India from Eli Lilly and Company.
This move aims to significantly strengthen Lupin's existing diabetes portfolio.
Lupin has been marketing the Huminsulin range, including Huminsulin R, Huminsulin NPH, Huminsulin 50/50, and Huminsulin 30/70, through existing distribution and promotion agreements with Lilly in India.
The Huminsulin range of products is crucial for managing both type 1 and type 2 diabetes, effectively controlling blood sugar levels in both adults and children. While insulin therapy is the cornerstone of type 1 diabetes management, it often becomes essential for managing type 2 diabetes as the disease progresses.
Given the significant number of individuals living with diabetes in India, the demand for insulin, including Huminsulin, is substantial.
Hindalco Bags Coal Mine
Aditya Birla Group's metal flagship Hindalco Industries Ltd on Monday said it has been allocated the Meenakshi coal mine in Odisha. The allocation was formalised through a vesting order issued by the Ministry of Coal.
This development follows the successful signing of the Coal Mine Development and Production Agreement (CMDPA) on 22 November 2024, marking a pivotal step in the company's journey towards resource securitisation, energy efficiency and sustainable growth.
The Meenakshi coal mine, located in Odisha, is a fully explored block with a peak rated capacity (PRC) of 12 m tonnes per annum and 285.23 m tonnes of geological reserves.
With a favourable coal-to-waste stripping ratio of less than 1, the G12 grade mine is poised to be a cost-effective and sustainable energy source for the company's operations, making the company self-reliant in coal production.
The allocation of the Meenakshi mine aligns with Hindalco's strategy to reduce operating costs and boost energy self-sufficiency.
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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...
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