Good morning!
Here are the top stories to start your day.
For more updates on F&O, click here.
⭐ Govt. to divest stake in IRCTC via OFS
The government will divest upto 5% stake in IRCTC through offer for sale (OFS). The floor price for the OFS is set at ₹680 per share. The two-day offer will open on 15 December for non-retail investors, while 16 December is reserved for retail investors. Around 2 crore shares will be sold via OFS with the option to additionally sell 2 crore shares. The promoter (government) stake in IRCTC currently stands at 67.4%.
⭐ Shriram Properties buys stressed assets
Real Estate developer, Shriram Properties Ltd (SPL) has successfully acquired Golden Ira, a stressed residential development project from Golden Gates Group. The project is situated in Bangalore and involves capital commitments of up to ₹125 crores towards the acquisition and development. The acquired project is the first investment made by the company through its co-investment platform set up along with ASK property fund.
⭐ US Fed hikes interest rate again
The US Federal Reserve raised its key policy rates by 0.5% today, taking the federal fund rate to 4.5%. This is the seventh consecutive rate hike this year. However, the US Fed has reduced the pace of interest rate hike this time amidst a cool down in inflation rate, which eased to a five-month low of 7.1% in November.
Global markets (at 8:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.31% |
| Nikkei 225 (Japan) | ▼ 0.27% |
| Hang Seng (Hong Kong) | ▼ 1.75% |
| SSE Composite (China) | ▼ 0.42% |
| Dow Jones (US) (December 14) | ▼ 0.42% |
| NYSE (US) (December 14) | ▼ 0.32% |
| Nasdaq (US) (December 14) | ▼ 0.76% |
| S&P 500 (US) (December 14) | ▼ 0.61% |
Fact of the day
India’s edible oil import rose by 34% year-on-year to 15.2 lakh tonnes in November.
Source: Moneycontrol