• Relative strength index (RSI) indicates that stocks like Coforge, Lemon Tree Hotels, Dixon Technologies (India), and Indian Hotels are in the overbought zone.

• Supriya Lifesciences rises sharply as it inaugurates a new active pharmaceutical ingredients (API) production block at Lote Parshuram, Maharashtra. The company invests Rs 125 crore in the facility, boosting capacity by 55% and increasing production from 597 kilo litres per day (KLPD) to 932 KLPD.

• KFIN Technologies is rising as it joins BlackRock’s Aladdin Provider network. The partnership aims to standardise and improve KFintech’s operating model, enhancing efficiency for asset managers.

• Poonawalla Fincorp falls sharply as its board of directors approves doubling the borrowing capacity to Rs 50,000 crore from Rs 25,000 crore.

• The All India Consumer Products Distributors Federation (AICPDF) urges the GST council to reexamine the proposed 35% GST rate hike on aerated beverages. The industry body suggests that such an increase could push manufacturers to cut costs, squeezing the margins of distributors and retailers and impacting their incomes and livelihoods.

  The All India Consumer Products Distributors Federation (AICPDF) has urged the GST Council to reconsider the proposed #GST rate hike to 35 per cent on aerated beverages. #FMCG #taxation https://t.co/SXrL8rdaRQ

  — businessline (@businessline) December 18, 2024

• Shriram Finance raises $1.3 billion in multiple currencies, including USD, EUR, and AED, through an external commercial borrowing (ECB) loan. The deal, involving 12 banks, including the International Finance Corporation (IFC), features tenors of up to five years.

• Inox Wind secures a 60 MW order from Serentica Renewables to supply 3 MW class wind turbines in H1CY25. The turbines will be installed at Serentica’s hybrid renewable energy project in Karnataka.

• Aditya Birla Real Estate's subsidiary, Birla Estates, acquires a 70.9-acre land parcel in Biosar, Mumbai, for Rs 104.3 crore.

• NMDC declines over 6% following reports that Karnataka is considering a proposal to increase iron ore duties, aiming to generate Rs 10,000 crore in revenue. This move is expected to boost state revenues but raises cost concerns for miners like NMDC. The Karnataka government has reportedly introduced a bill to tax mines and mining land, with a proposed levy ranging from Rs 20 to Rs 100 per tonne on different minerals.

  #MarketsWithBS | #NMDC shares dropped 7% to Rs 211.55 as reports surfaced about #Karnataka's proposal to hike iron ore duties, targeting Rs 10,000 cr in revenue. The move signals higher state revenues but raises cost concerns for miners like NMDC.@tiwary_tanmay #markets… pic.twitter.com/BCTbxgG9RH

  — Business Standard (@bsindia) December 18, 2024

• J Kumar Infraprojects secures a Rs 632 crore contract from NBCC (India) to develop Delhi Transport Corp's (DTC) Hari Nagar colony. The project is scheduled for completion in 27 months.

• Shoppers Stop is rising as 44 lakh shares (4% stake), worth approximately Rs 276 crore, reportedly change hands in a block deal at an average price of Rs 628 per share. Amazon.com NV is likely the seller in the transaction.

• Dynamatic Technologies signs a contract with Aequs to procure over 200 complex structural parts for the Airbus A220 Door Program over the next five years.

• Prithviraj Kothari, President of the India Bullion & Jewellers Association (IBJA), highlights that India's gold imports surged last month due to strong demand for investment and jewellery. He believes the situation is cooling, with imports expected to decline by over 50% in December. In November, gold imports more than doubled compared to the previous month, reaching a record $14.8 billion (Rs 1.2 lakh crore), leading to a record trade deficit of $19.8 billion (Rs 1.6 lakh crore).

  #India's #gold #imports to plunge in December after record Novemberhttps://t.co/JC0IliOMEj

  — Economic Times (@EconomicTimes) December 18, 2024

• Ambuja Cements' board of directors approves the merger of its subsidiaries, Sanghi Industries, and Penna Cement Industries, with itself. Sanghi Industries' shareholders will receive 12 shares of Ambuja Cements for every 100 shares held in the company, while Penna Cement's shareholders will receive Rs 321.5 per share.

• VA Tech Wabag plunges as it announces the cancellation of its $317 million (~ Rs 2,700 crore) order for a 300 MLD mega seawater desalination plant in Saudi Arabia.

• Restaurant Brands Asia's board of directors schedules a meeting on Friday to consider raising funds by issuing equity shares through a preferential issue, qualified institutional placement (QIP), or other modes.

• Manoj Verma, COO of Bikaji Foods International, highlights the company has already passed on a 2-3% cost to customers and plans to implement an additional 2-3% hike by the end of December. He notes this price increase will impact the company's bottom line by 1% and projects a margin of around 12% for Q3FY25. Verma adds the company aims to achieve steady volume growth of 13-15%.

  #OnETNOW | "Have already passed 2-3% cost to the customer," says Manoj Verma of Bikaji Foods International@bikajifoodsbkn pic.twitter.com/VeK3TBn99P

  — ET NOW (@ETNOWlive) December 18, 2024

• One MobiKwik Systems’ shares debut on the bourses at a 57.7% premium to the issue price of Rs 279. The Rs 572 crore IPO received bids for 119.4 times the total shares on offer.

• Sai Life Sciences’ shares debut on the bourses at an 18.4% premium to the issue price of Rs 549. The Rs 3,042.6 crore IPO received bids for 10.3 times the total shares on offer.

• Vishal Mega Mart’s shares debut on the bourses at a 33.3% premium to the issue price of Rs 78. The Rs 8,000 crore IPO received bids for 27.3 times the total shares on offer.

• Tarun Arora, the Whole Time Director & CEO of Zydus Wellness, highlights the company's target to achieve revenue growth in the mid-teens over the coming quarters. He anticipates margins of around 17-18% over the next 2-3 years, despite investing 13-14% of the revenue on advertising. Arora adds that Zydus Wellness plans to expand its distribution by adding 1 million outlets over the next 2-3 years.

  ZYDUS WELLNESS
  
  Rare conversation with the management
  
  Targets mid-teens revenue growth going forward
  
  Expects 17-18% margins in 2-3 years even as they will invest 13-14% on Advertising
  
  Distribution to increase by 1m outlets in 2-3 years#FMCGisLife https://t.co/yfSoHkZA4S

  — Mangalam Maloo (@blitzkreigm) December 18, 2024

• The Reserve Bank of India (RBI) lifts restrictions on Edelweiss Financial Services' subsidiaries, ECL Finance and Edelweiss Asset Reconstruction, after the companies undertook measures to address the RBI concerns.

• Gensol Engineering is rising as it secures a solar project worth Rs 88 crore from a leading steel products company in Punjab. The project involves developing a 22 MW ground-mounted solar photovoltaic power plant and will be executed within six months.

• Pondy Oxides & Chemicals is rising as its board of directors approves raising funds through a qualified institutional placement (QIP) of shares at a floor price of Rs 902.9 per share.

• Aurobindo Pharma's wholly-owned subsidiary, Apitoria Pharma, receives two observations from the US FDA following an inspection at its API manufacturing facility in Telangana.

• Nifty 50 was trading at 24,329.55 (-6.5, 0.0%), BSE Sensex was trading at 80,666.26 (-18.2, 0.0%) while the broader Nifty 500 was trading at 23,072.05 (-23.7, -0.1%)

• Market breadth is in the red. Of the 1,952 stocks traded today, 771 were on the uptick, and 1,141 were down.

Riding High:

Largecap and midcap gainers today include Mankind Pharma Ltd. (2,805.95, 5.4%), Indraprastha Gas Ltd. (398.40, 4.5%) and GlaxoSmithKline Pharmaceuticals Ltd. (2,332.55, 3.0%).

Downers:

Largecap and midcap losers today include NMDC Ltd. (213.63, -6.1%), Federal Bank Ltd. (200.03, -4.9%) and Mazagon Dock Shipbuilders Ltd. (5,100.70, -4.0%).

Volume Shockers

24 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Craftsman Automation Ltd. (5,663.70, 11.1%), Akzo Nobel India Ltd. (3,743.90, 8.0%) and Bharti Hexacom Ltd. (1,545.85, 6.6%).

Top high volume losers on BSE were Deepak Fertilisers & Petrochemicals Corporation Ltd. (1,201.50, -6.6%), Piramal Enterprises Ltd. (1,147.65, -6.3%) and NMDC Ltd. (213.63, -6.1%).

Ipca Laboratories Ltd. (1,513.20, -2.9%) was trading at 11.7 times of weekly average. EID Parry (India) Ltd. (972.30, 4.9%) and Radico Khaitan Ltd. (2,553.20, 4.0%) were trading with volumes 11.5 and 11.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks made 52 week highs, while 9 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Coromandel International Ltd. (1,833.75, 0.9%), EID Parry (India) Ltd. (972.30, 4.9%) and Indian Hotels Company Ltd. (881.40, 0.2%).

Stocks making new 52 weeks lows included - Asian Paints Ltd. (2,345.45, -0.5%) and IndusInd Bank Ltd. (965.20, -1.1%).

12 stocks climbed above their 200 day SMA including Clean Science & Technology Ltd. (1,471.15, 3.4%) and Tata Teleservices (Maharashtra) Ltd. (82.87, 2.5%). 18 stocks slipped below their 200 SMA including PVR INOX Ltd. (1,408.45, -5.8%) and NLC India Ltd. (245.25, -3.5%).