Top Stock Market News: Azad Engineering, Zomato in Focus


by Sandip Das on 28 December 2023,  5 min read

Top Stock Market News: Azad Engineering, Zomato in Focus - MyDhanush Blogs by Ashika

The Indian stock market hit a new high for the fourth straight session on December 27. At close, the Sensex surged 701.63 points or 0.98 percent at 72,038.43. Nifty jumped 213.50 points or 1 percent at 21,654.80. The surge was led by positive global cues.

Except oil & gas and Power, all other sectoral indices ended in the green. Auto, bank and metal indices added 1 percent each. Bank Nifty hit fresh highs yesterday.

GIFT Nifty

The GIFT Nifty indicates a flat start for the broader index. The index at 8:05 AM was trading at 21,754 level.

Global Markets
Asian Markets
Australia stocks kicked off Thursday on a positive note, hovering near two-year highs, while Japan shares fell at the open after rallying the day before. Markets including Australia and Hong Kong resumed trading Wednesday after a Christmas break, both ending higher, while China stocks were buoyed by a rebound in online gaming stocks.

Australia’s S&P/ASX 200 index rose 0.33 percent, holding at its highest level since late April 2022. Japan’s Nikkei 225 fell 0.69 percent at open, after closing more than 1 percent higher in the previous session. The broader Topix index shed 0.45 percent.

Also read: Wipro, Thermax Top 2 Buys Which Can Give Up To 15% Return

US Markets

US stocks closed slightly higher in languid trading on Wednesday, with little market-moving news to fuel conviction. The three major US stock indexes oscillated between modest gains and losses throughout the session but finished up for the day. All are on course for monthly, quarterly, and annual gains.

The Dow Jones Industrial Average rose 111.19 points, or 0.3%, to 37,656.52. The S&P 500 gained 6.83 points, or 0.14%, to 4,781.58. The Nasdaq Composite added 24.60 points, or 0.16%, to 15,099.18.

Stocks in the news

  • Azad Engineering: The company will list its equity shares on the exchanges on December 28. 
  • Zomato: The Directorate General of GST Intelligence, Pune Zonal Unit, has issued a show cause notice to Zomato as to why an alleged tax liability of Rs 401.70 crore along with interest and penalty for the period from 29 October 2019 to 31 March 2022 should not be demanded from the company.
  • Tata Power: Tata Power Company has signed a share purchase agreement and acquired a 100 percent equity stake in Bikaner III Neemrana II Transmission, a project special purpose vehicle. The acquisition cost is Rs 18.6 crore. The special-purpose vehicle formed in June 2023 will build, own, operate, and transfer an electrical power transmission system between Bikaner and Neemrana in Rajasthan.
  • Canara Bank: Canara Bank has given approval to initiate the process of listing its mutual fund subsidiary, Canara Robeco Asset Management Company, on the stock exchanges via an initial public offering (IPO). The modalities of listing will be decided in due course.
  • Petronet LNG: Petronet LNG has executed binding transaction documents with Goplapur Ports for setting up of floating storage regasification unit (FSRU) based LNG terminal with capacity of 4 MMTPA (Phase-1), with provision for converting to 5 MMTPA land-based terminal in Odisha. PLL is in process of setting up its maiden LNG terminal on the east coast of India at Gopalpur, Odisha which would bring augmentation in overall regasification capacity in the country.
  • Power Grid: Power Grid acquired Neemrana II Bareilly Transmission (NIIBTL), the project special purpose vehicle (SPV) to establish transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-1) (Bikaner Complex): PART-D, on build, own, operate and transfer (BOOT) basis from the bid process coordinator – PFC Consulting, for Rs 18.47 crore.


Oil drops almost 2% as investors watch Red Sea developments

Oil prices dropped nearly 2% on Wednesday, eating into the previous day’s gains. Investors monitored developments in the Red Sea, where shippers are returning despite further attacks on Tuesday.

Brent crude futures settled down $1.42, or 1.8%, at $79.65 a barrel. US West Texas Intermediate crude fell $1.46, or 1.9%, to $74.11, according to a Reuters report.

Canara Bank to launch IPO of Canara Robeco AMC

Canara Bank on December 27 said it will list its mutual fund subsidiary. “We wish to inform you that Canara Bank has in principle approved to initiate the process of listing its Mutual Fund Subsidiary Canara Robeco Asset Management Company Ltd, in the stock exchanges by way of Initial Public Offer (IPO), subject to following the due diligence, laid down procedures, opportune time, regulatory approvals etc.,” said the company in an exchange filing.

FIIs and DIIs

Foreign institutional investors (FIIs) turned net buyers for the first time in the last seven consecutive sessions, buying shares worth Rs 2,926.05 crore. Domestic institutional investors (DIIs) turned net sellers, selling Rs 192.01 crore worth of stocks on December 27.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.

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