Market Live: Nifty above 10,400, Sensex gains 100 pts; MM, Titan at new high

10:05 am Stock view: Share PSP Projects rose 3 percent intraday Tuesday as broking firm Spark Capital has initiated buy rating on the stock with a target price of Rs 640

According to firm, the company is likely to benefit from the upcoming industrial & institutional building opportunities in Gujarat.

Also, it expects the conservative order inflow of Rs 1,200-1,500 crore every year for the next 2 years.

Here are the top headlines at 10 am from Moneycontrol News’ Anchal Pathak

9:45 am Buzzing: Shares of JM Financial added 5 percent in morning on the back of fund raising plan.

The company in its meeting held on December 18 has approved to raise Rs 650 crore by way of issue of equity shares or any other instrument or security including fully/partly convertible debentures or global depository receipts or American depository receipts or foreign currency convertible bonds or by way of a composite issue of non-convertible debentures and warrants.

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9:40 am Acquisition: Telecom operator Bharti Airtel today said that it has signed an agreement with Millicom International Cellular S.A. to acquire 100 percent stake in its Rwanda operation which operates under the brand name of Tigo Rwanda.

“Bharti Airtel Limited…has entered into a definitive agreement with Millicom International Cellular S.A. (Millicom) under which Airtel Rwanda Limited will acquire 100 percent equity interest in Tigo Rwanda Limited,” Bharti Airtel said in a statement.

Under this deal, Tigo’s 370 million customers will join the network of Airtel Rwanda. The acquisition will make Airtel Rwanda the second largest operator in the country with revenues of over USD 80 million and a revenue market share of over 40 percent, the statement said.

“The consideration for the transaction is based on approximately 6x EBITDA multiple, payable over two years. The agreement is subject to regulatory and statutory approvals,” the statement said.

Airtel at present operates in 15 African countries apart from India and South Asia.

9:35 am Buzzing: Shares of Dr Reddy’s Laboratories gained 1 percent in the early trade on the back of settlement with the US government.

The US subsidiary of Dr Reddy’s Laboratories has reached a settlement with the US government involving packaging of five blister-packed prescription products.

The company and US Department of Justice agreed to the settlement of the action without any adjudication of any issue of fact or law.

The said case is six years old and in order to avoid any unnecessary costs and the distractions of prolonged litigation, the company has chosen to settle the matter for USD 5 million.

9:29 am Fundraising: Mortgage lender HDFC will raise Rs 2,000 crore by issuing debt securities on private placement basis.

The ‘7.55 per cent HDFC, 20 February 2019’ secured redeemable non-convertible debentures will be issued on a private placement basis, HDFC said in a regulatory filing.

“The object of the issue is to augment the long-term resources of the Corporation. The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the Corporation,” it said.

The issue will open on December 20 and closes the same day.

9:21 am IPOs: Two companies — ACME Solar Holdings and HG Infra Engineering — have received Sebi’s approval to launch initial public offerings, as per the latest update with markets regulator.

Together, these companies are expected to garner Rs 2,700 crore through initial share-sales.

The two firms had filed their respective draft red herring prospectus (DRHP) with the regulator on September 28.

ACME Solar Holdings and HG Infra Engineering received “observations” from Securities and Exchange Board of India (Sebi) on December 15 and December 13, respectively, which is necessary for any company to launch public offers.

Going by the preliminary papers, renewable energy firm ACME Solar Holdings plans to raise Rs 2,200 crore through its initial public offer (IPO).

HG Infra Engineering’s IPO comprises fresh issue of equity shares worth Rs 300 crore besides an offer of sale 60 lakh scrips by the existing shareholders.

9:15 am Market Check: Equity benchmarks extended previous day’s rally on Tuesday opening, with the Sensex rising more than 100 points, following positive global cues.

The 30-share BSE Sensex was up 112.49 points at 33,714.17 and the 50-share NSE Nifty rose 35.90 points to 10,424.70. About 786 shares advanced against 221 declining shares on the BSE.

Eicher Motors, UPL, Aurobindo Pharma, Vedanta, Tata Motors, Tata Steel, SBI and Yes Bank were early gainers while Bharti Airtel, HDFC, TCS, Wipro and Infosys were losers.

M&M, PI Industries and Titan Company hit fresh record highs.

The Nifty Midcap index gained 0.6 percent and Nifty Bank was up 0.4 percent.

Godawari Power, REC, PFC, Indiabulls Real Estate, PNB, Titan Company, JM Financial and NMDC were up 1-4 percent.
Major Asian indexes were mostly higher after US stocks closed the Monday session at record highs.