RBI keeps repo rate unchanged, REITs gain on SEZ regulation changes & more

NIFTY50: 20,969 ▲ 68 (+0.3%)
SENSEX: 69,825 ▲ 303 (+0.4%)

• Benchmark indices closed higher, as the RBI raised its FY24 GDP forecast to 7%
• In all, 23 of the NIFTY50 stocks closed in the green
• German consumer price inflation dropped to over a 2-year low at 3.2% YoY in November 2023
  

Among the NIFTY sectoral indices, IT (+1.3%) and Financial Services (+0.9%) are the top gainers, while FMCG (-0.9%) and Pharma (-0.8%) are the top losers.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ RBI keeps repo rate unchanged

The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% for the fifth consecutive time. This was in line with the street expectations. Against this backdrop , BANK NIFTY hit a new lifetime high of 47,303 today. Heavyweight banking stocks like ICICI Bank (+1.2%) and HDFC Bank (+1.3%) closed higher. Meanwhile, realty stocks like Prestige (+4.6%) and Sobha (+7.4%) also made gains.  

⭐ REITs gain on SEZ regulation change

Real estate investment trusts (REITs) stock, including Mindspace Business Parks (+1.6%), Brookfield India Real Estate Trust (+5.3%), and Embassy Office Parks (+1.9%) witnessed strong traction today. This rise comes after the recent amendments in the special economic zone (SEZ) regulations. As per new amendment, developers in IT and IT-enabled services (ITeS) SEZs are permitted to use their vacant spaces for non-IT and ITeS purposes. Experts state that this new change will improve the occupancy rate and rental yield for REITs players.  

⭐ IRB Infra shares up on robust toll collection

Shares of the infrastructure company closed 3.6% higher today. This was a day after the company reported a 20% year-on-year (YoY) rise in its toll collection at ₹437 crore in November 2023. The management said that the company witnessed a continued rise in toll collection, despite Diwali holidays.

⭐ JSW Steel hits 52-week high on fund-raising

The steel manufacturer hit a 52-week high and closed 2.4% higher today. This comes after the company announced that its subsidiary JSW Steel Ohio planned to raise ₹1,209 crore via revenue bonds. The fund raised through this bond will be used to upgrade its manufacturing operations at Mingo Junction, Ohio.

⭐ Olectra Greentech bags electric bus order

Olectra Greentech, a commercial EV maker, received a new order worth ₹62.8 crore from Vasai Virar City Municipal Corporation. The company will supply 40 electric buses over a period of seven months. Following the announcement, shares of the company rose over 3% intraday before witnessing profit booking.

IPO Corner

⭐ The IPO of India Shelter Finance, a housing finance company, will be open for subscription between 13 and 15 December. The price band for the public issue is ₹469-493 per share. The company plans to raise ₹1,200 crore through this IPO. The minimum lot size  is 30 shares.

⭐ The IPO of the Suraj Estate Developers will open for subscription from 18 to 20 December 2023. The company plans to raise ₹400 crore through this IPO.

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