Benchmark indices ended at record closing highs on Monday led by stocks of private lenders, with better than expected growth in industrial output and a global equities rally boosting sentiment. Industrial activity in the country, as measured by the Index of Industrial Production (IIP), brought some cheer, rising to a 25-month high of 8.4% in November from 2.2% the previous month. Nifty ended at 10743.30.
Global Markets Update
SoftBank Group Corp said on Monday it was considering listing its Japanese wireless business a move that could reportedly raise $18 billion and would accelerate the conglomerate’s transformation into one of the world’s biggest tech investors. European stocks got off to a sluggish start on Monday following two weeks of gains, with cyclical stocks among the biggest decliners, while M&A remained in focus.
JSW Cement Ltd,will partner with a global private equity (PE) player to bid for debt-laden Binani Cement,which has a production capacity of close to 11 million tonnes (mt), of which nearly 6 mt is in India. Binani also has a grinding unit in Dubai and a plant in China.
Vedanta Ltd has asked the government to resolve retrospective tax issues to give comfort to foreign investors to invest in the almost stagnant domestic oil and gas exploration sector.
JSW Cement plans to increase the production capacity in West Bengal from 2.4 mtpa to 3.6 mtpa besides a captive power plant in the same location.The current installed capacity at the Salboni plant is 2.4 mtpa.
Vedanta’s oil and gas vertical Cairn India is planning to invest Rs. 37,000 crore to ramp up crude production at its Barmer oil fields in Rajasthan.The investment will be made over the next few years, which will enhance the production of crude oil.
Capital First rose nearly 5.8 % Monday to hit a fresh 52-week high of Rs 901.85 after IDFC Bank announced its merger with the non-banking financial company (NBFC) over the weekend.
Asian shares hit historic highs on Monday after Wall Street extended its record-breaking run, while the U.S. dollar retreat continued as investors priced in the risk of tighter policies elsewhere in the developed world.
Australia’s main index firmed 0.1 percent, while Japan’s Nikkei added 0.3%.
Stocks in Hong Kong jumped 0.9% from Friday’s record closing high. Investors were optimistic that Chinese gross domestic product data for the December quarter due on Thursday would show growth of at least 6.7 % for the world’s second biggest economy.
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