Morning update for 23 December 2020

Indices at 10:00 am

      Nifty50 13,513 ▲ 47 (+0.3%)  

       Sensex 46,152 ▲ 145 (+0.3%)

Nifty Bank 29,668 ▲ 42 (+0.1%)

In the news

Wipro-Metro AG sign $700 mn deal

• Wipro has entered into a strategic deal with the German wholesaler wherein 1,300 employees of Metro will be transferred to Wipro. This way, Wipro will deliver tech transformation solutions while Metro will focus on being a wholesale provider.
• The five-year deal is worth about $700 million and could be extended by another four years, pushing its estimated worth to $1 billion. Shares of Wipro extended yesterday’s rally and were up 2.6% today. 

Bajaj Auto plans new ₹650 crore plant

• Two-wheeler major Bajaj Auto has announced that it will set up a facility in Maharashtra to manufacture high-end models of KTM, Husqvarna and Triumph along with electric vehicles such as the Chetak. 
• The company plans to invest ₹650 crore on this facility which is expected to start production in 2023. Meanwhile, shares of Bajaj Auto were trading flat (+0.1%) today.

EIL approves ₹587 crore buyback

• State-owned Engineers India will buy back its shares worth about ₹587 crore for ₹84 per share. EIL provides engineering consultancy and EPC services principally focused on the oil & gas and petrochemical industries.
• It plans to buy back about 11% of its equity shares. The government holds a 51.5% stake in the company. Shares of EIL rose 4.6%, and are up 0.4% today.

Antony IPO subscribed 3.85 times

• The public issue of Antony Waste Handling Cell was subscribed 3.85 times on day two. The retail portion was subscribed 7.2 times. 
• The bidding data suggests that the IPO has been able to beat market volatility. The ₹300 crore issue closes today and its price band is ₹313-315 per share. 
• To read more about the IPO, click here. You can apply to the IPO on Upstox here.

Events this week

• Tuesday: GDP, existing home sales (US)
• Wednesday: Initial jobless claims, new home sales, crude oil inventories (US)

Sectoral indices

Fact of the day

Jingle Bells' wasn’t originally a Christmas song! The jolly anthem was written in 1850, entitled 'One Horse Open Sleigh', for the American holiday, Thanksgiving!

Source: National Geographic

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