Markets rebound

Nifty50: 17,176 ▲+264.4 (+1.5%)
Sensex: 57,633 ▲+886.5 (+1.5%)

• After a gap-up opening, markets continued to climb up throughout the day.
• 45 stocks from the Nifty50 pack advanced.
• All the sectoral indices closed in green.
• Maximum gains were seen in Nifty Metal (+3.3%) and Nifty Bank (+2.4%)

For more updates on F&O, click here.

Here are the top stories of the day.

Tanla platforms partners with Voda-Idea

Shares of Hyderabad-based Tanla Platforms were locked on the upper circuit as it signed a pact with Vodafone-Idea (Vi) to be an exclusive provider of solutions to secure and encrypt entire international messaging traffic on Vi’s network.

As per Tanla, India’s international messaging market is estimated to be about ₹3,500 crores annually. 

Its cloud-based platform related to this is expected to go live in the March quarter of this fiscal year.

Indigo rises as promoters call for EGM

Shares of Indigo saw strong buying interest as the company has decided to schedule an extraordinary general meeting (EGM) on December 30 to amend articles of association (AoA) and remove restrictions on transfer of promoter shares.

The EGM is scheduled amid a bitter feud between the founders Gangwal and Bhatia and follows a London Court of International Arbitration’s order. Once the said restrictions are removed, either of the promoters will be able to sell or transfer their shares to a third party without giving each other a notice. This opens up opportunities for stake sale.  

Indo Count acquires home textile business

Bed sheets maker Indo Count has acquired the home textile business of GHCL for ₹576 crore. The deal will add 45 million meters of annual capacity to Indo Count’s kitty. Further, it has excess land to double the capacity in future. 

With this acquisition Indo Count became the largest home textile bedding company globally. The company is also expecting additions to revenue by ₹1300-1500 crore per annum.

Closing bell

The markets took a U-turn ahead of the RBI’s interest rate decision tomorrow. The rise was supported by the large banks, which rose nearly 3% - Axis, ICICI and Kotak Bank. While the rise in the market was broad-based, traders will watch out for a follow-through buying. A sustained buying, especially after the RBI decision, could build hopes for a short-term rally in the market. Meanwhile, the street expects RBI to keep rates unchanged amidst global virus scare.

IPO corner

RateGains raises money from anchor investors

Ahead of the launch of its IPO today, the software as a service (SaaS) company RateGain has raised ₹599 crore from 34 anchor investors at ₹425 per share. The company has raised money from marquee domestic and international investors including GIC from Singapore, Nomura and ICICI Prudential Mutual Fund, SBI Life Insurance, and Axis Mutual Fund. 

Meanwhile, on day 1, its public issue was subscribed more than 40%. Retail investors have shown strong interest for this IPO with the retail portion being oversubscribed over 2 times.  You can apply for this IPO on Upstox. 

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Good to know

What is a green loan?

A green loan helps borrowers to use the money for projects that have positive environmental impact. A simple example of a green loan could be a homeowner taking a loan to install solar-panels for household energy needs. The market for green loans is growing rapidly and is about $33 billion globally. Within this, developing countries account for about 5% of the outstanding loans. As per reports, Reliance Industries has raised a $736 million green loan to fund its REC Solar acquisition. 

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