Stock Market LIVE: Sensex Falls 254 Pts As Adani Ports, UltraTech Drag

Godrej Properties on Wednesday launched its qualified institutional placement (QIP) to sell equity shares to investors for raising up to Rs 6,000 crore to fund its growth plan.

Last month, the company's board approved raising of up to Rs 6,000 crore through the issue of securities.

In a regulatory filing, Godrej Properties informed that the QIP Placement Committee authorized the opening of the issue on November 27, 2024.

The panel also approved the floor price for the QIP issue, being Rs 2,727.44 per equity share.

Godrej Properties' share price closed at Rs 2,833.05 apiece on Wednesday, down 2.35 per cent from Tuesday.

The company is one of the leading developers in the country. It has a major presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru. It has entered into Hyderabad market recently.

In the last fiscal, the company's sales booking jumped 84 per cent to a record Rs 22,527 crore, the highest among listed realty firms in 2023-24.

Godrej Properties has set a target of achieving Rs 27,000 crore worth of sale bookings.

During the April-September period of this fiscal, Godrej Properties' sales booking value grew 89 per cent annually to over Rs 13,800 crore. This is the highest-ever booking value achieved by Godrej Properties during the first half of a fiscal year.

To expand its housing business, Godrej Properties acquires land through outright purchases as well as forming partnerships with landowners for joint development.

Godrej Properties has added 8 new land parcels in the first six months of this fiscal with a total estimated saleable area of about 11 million square feet and a total estimated booking value potential of around Rs 12,650 crore.

In what will drastically reduce the travel time between Indian cities, the Integral Coach Factory (ICF), Chennai, is working closely with BEML, formerly known as Bharat Earth Movers Limited to design and manufacture high-speed trains for Indian tracks. 

“Nifty opened on a flat note and consolidated within the range of the previous trading session to close with gains of ~80 points. On the daily charts we can observe that the Nifty is broadly consolidating within a range 24100 – 24350 since the last three trading sessions. we expect this consolidation to continue as the hourly momentum indicator still has a negative crossover and the still away from the equilibrium line. On the downside, 24160 – 24140 is a strong support zone. On the upside, 24350 – 24400 is the immediate hurdle. Bank Nifty also consolidated after a flat start. The hourly momentum indicator has a negative crossover and thus we expect the consolidation to continue over the next few trading sessions. A dip towards the support zone 52000 – 51800 should be considered as a buying opportunity. On the upside, immediate hurdle zone is placed at 52600 – 52800,” says Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

Cost pressures have emerged as the top concern for Indian companies, as 91 per cent companies are planning to reduce their tax and finance budgets, reflecting the impact of financial strain on corporate operations, said a EY report.
The survey by the professional services firm highlights that cost pressures are the top concern of the companies for the first time, with inflation and cost-cutting eroding tax and finance budgets, ANI said.
 

Anil Agarwal's Vedanta To Invest Rs 1.68 Lakh Crore In Saudi Arabia. This initiative is part of Saudi Arabia’s Vision 2030, which aims to unlock $1.3 trillion in mineral resources and significantly boost the minerals sector’s GDP.

The NTPC Green Energy IPO is likely to get listed on the bourses on Wednesday, November 27. According to the current market trends, the GMP of NTPC Green Energy IPO is Rs 1, which means that the likely listing price of NTPC share could be Rs 109 (Rs 108, which is the higher of the price band of the IPO + GMP).

JM Financial has a buy call for Tata Power with target price of Rs 501, the current market price is Rs 401. The target price of Rs 501 is drawing attention to its strategic moves in nuclear energy, renewable power, and distribution, which could significantly enhance its stock performance. According to a recent report by JM Financial, Tata Power’s future growth is poised to benefit from these initiatives, driving its target price to Rs 501.

Zomato CEO Deepinder Goyal has voluntarily extended his salary waiver, deciding not to take his annual remuneration of Rs 3.5 crore until the end of the financial year 2026 (FY26). This decision, announced through the company’s qualified institutional placement (QIP) documents, marks an additional two years beyond his previous commitment to forgo his salary until March 31, 2024.

Food delivery aggregator Zomato has approved and authorised the opening of its Qualified Institutional Placement (QIP), setting the floor price at Rs 265.91 per share.

The company earlier stated it plans to raise Rs 8,500 crore via the QIP offering.

Zomato CEO Deepinder Goyal had shared that the proposed fundraise is meant to strengthen its balance sheet.

Embattled billionaire Gautam Adani's group on Tuesday said French energy giant TotalEnergies' decision to pause new investments in the group will not have any material impact on operations and growth plans as no new funding was under discussion.

TotalEnergies SE had on Monday stated that it was not aware of the corruption investigation its partner Adani group's founder chairman was facing in the US and that it is pausing fresh investments in the conglomerate pending the outcome of the charges.

Tata Consultancy Services (TCS) on Tuesday said it has bagged an extension of a Government of India contract on processing the pension for 30 lakh defence personnel.

The Tata Group company said it has been executing the contract since 2020, and its interventions have helped save Rs 250 crore annually by centralising the pension disbursement process and eliminating bank service charges.

Hyundai Motor India Ltd on Tuesday said it has received a show cause notice with demand of over Rs 5 crore, including interest, from Maharashtra State Tax Authority for alleged excess input tax credit claim.

In a regulatory filing, Hyundai Motor India Ltd (HMIL) said on Monday, November 25, it received show cause notice from Maharashtra State Tax Authority alleging "excess ITC claimed" is not confirmed as per norms and in RCM (reverse charge mechanism) tax paid by the company.

Google and Facebook-owner Meta Platforms urged the Australian government on Tuesday to delay a bill that will ban most forms of social media for children under 16, saying more time was needed to assess its potential impact.

Prime Minister Anthony Albanese's centre-left government wants to pass the bill, which represents some of the toughest controls on children's social media use imposed by any country, into law by the end of the parliamentary year on Thursday.

Walt Disney has agreed to pay $43.3 million to settle a lawsuit alleging that its female employees in California earned $150 million less than their male counterparts over an eight-year period, the plaintiffs' lawyers said in a statement on Monday.

Shares of Vodafone Idea Ltd (VIL) surged by as much as 16 per cent in Tuesday's trading session, while Bharti Airtel Ltd also saw a 1 per cent rise, following the Cabinet's approval of a proposal to waive the bank guarantees (BG) telecom operators were required to provide for spectrum purchases up to 2022.

Copper prices fell on Tuesday, weighed down by a stronger US dollar and US President-elect Donald Trump's pledge to levy more tariffs on Chinese products.

Three-month copper on the London Metal Exchange (LME) CMCU3 was down 0.4 per cent at $9,010.50 per metric ton by 0442 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 eased 0.1 per cent to 73,900 yuan ($10,187.48) a ton.

 The rupee appreciated 7 paise to 84.22 against the US dollar in morning trade on Tuesday, on a sharp rebound in domestic equities amid improved investor risk appetite.

Forex traders said the MSCI equity index rebalancing significantly boosted sentiment for Indian equity markets as foreign institutional investors broke a 40-session streak of net selling by purchasing Rs 9,947 crores on Monday, lending robust support to the rupee.

Reserve Bank of India Governor Shaktikanta Das has been admitted to a corporate hospital here after he experienced 'acidity', a source said on Tuesday.

The domestic bourses opened strong on the second trading session of the week with BSE Sensex rising nearly 280 points in the first few minutes of the trade. The National Stock Exchange's Nifty 50 also gained 83.55 points or 0.34 per cent led by gains in Infosys and BEL. 

A leading indicator of Japan's service-sector inflation held near 3 per cent in October, data showed on Tuesday, offering further evidence that conditions for another near-term interest rate hike by the Bank of Japan were falling into place.

While uncertainty over US president-elect Donald Trump's policies clouds the outlook, many analysts expect Japan's economy to sustain a moderate recovery and help keep inflation around the central bank's 2 per cent target.

The Bureau of Indian Standards (BIS) on Monday raided suburban Kalyan's Paresh Jewellers and seized 1,610 grams of fake gold jewellery.

The jewellery worth over Rs 1 crore marked with spurious hallmark symbols, including BIS logo and without the hallmark unique identification digit, was seized, as per a statement.

Shashi Ruia, the chairperson and co-founder of the Essar Group, passed away on 25 November at the age of 81. A visionary leader, Ruia, along with his brother Ravi Ruia, was instrumental in shaping the Essar Group into a global conglomerate.  
 

On Monday, the Chinese Embassy in Washington warned that neither the United States nor China would benefit from a trade war. The statement followed US President-elect Donald Trump's threat to impose an additional 10 per cent tariff on all Chinese imports once he takes office on 20 January.  
 

The Chinese yuan fell to its weakest level against the US dollar in nearly four months following statements by US President-elect Donald Trump regarding significant tariff increases on imports from China, Mexico, and Canada. Trump pledged a 25 per cent tariff on goods from Mexico and Canada and an additional 10 per cent on Chinese imports, sparking concerns about escalating trade tensions.  
 

Wall Street's main indexes ended higher on Monday, with the small-cap Russell 2000 index hitting an all-time high after Scott Bessent's nomination as US Treasury secretary helped push bond yields lower.

Focus also turned to talks of a ceasefire deal between Israel and Lebanon, which pushed oil prices lower, dragging the Energy index 2 per cent lower.

US President-elect Donald Trump said on Monday that on his first day in office he will impose a 25 per cent tariff on all products from Mexico and Canada, and an additional 10 per cent tariff on goods from China.

The announcement sparked a dollar rally. It rose 1 per cent against the Canadian dollar and 2 per cent against the Mexican peso, while US stock futures and share markets in Asia fell.