Morning update for 9 December 2020

Indices at 9:30 am

Nifty50 13,469 ▲ 76 (+0.5%)  

Sensex 45,872 ▲ 263 (+0.5%)

Nifty Bank 30,374 ▲ 112 (+0.3%)

In the news

6 Covid-19 vaccines in the works

• At a recent international event, Bill Gates said that there could be as many as 6 vaccines available by the first quarter of 2021. He advocated for their equitable distribution. 
• Meanwhile, reports suggest that India’s Serum Institute is likely to supply vaccines at ₹250 per dose to the government.

PSU Banks go capital-hunting

• PSU banks are on a capital raising spree. Recently, Indian Bank raised ₹1,048 crore via private placement. Similarly, Canara Bank has launched a qualified institutional placement (QIP) to raise upto ₹2,000 crore. 
• Shares of PSU banks are seeing renewed investor interest since November, and the rise in stock prices is coupled with above-average volumes. 

JSW Steel stock inches higher

• JSW Steel’s crude steel production grew 3% YoY in November. It’s manufacturing plants ran at 89% capacity, which could have been higher but for a shortage of iron ore. 
• The stock has risen for 8 straight months, gaining nearly 150% from 1 April 2020. 

TVS has expansion plans 

• Leading 2 & 3 wheeler tyre maker TVS Srichakra will invest ₹1,000 crore over next three years to increase manufacturing by 25-30%. The capex will also help to double its off-highway tyre capacity. 
• As per the press release, the management is confident of India's recovery and its prospects in the medium-to-long term.

Godrej Properties hits Whitefield

• Mumbai-based Godrej Properties has purchased an 18-acre land parcel in Whitefield, Bengaluru to develop a residential project. The company has not announced the transaction value.
• Meanwhile, shares of Godrej Properties hit a fresh record high yesterday, having gained 7.7% so far in December. 

Events in this week

• Wednesday: Crude oil inventories (US)
• Thursday: Inflation, Initial Jobless claims (US)
• Friday: Inflation, IIP (India) 

Sectoral indices

Global markets

Fact of the day

CAPTCHA is short for ‘Completely Automated Public Turing test to tell Computers and Humans Apart’.

Source: Fullforms.com

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