Morning update for 31 December 2020

Indices at 10:00 am

      Nifty50 13,990 ▲ 8 (0.0%) 

       Sensex 47,783 ▲ 37 (+0.0%)

Nifty Bank 31,351 ▲ 48 (+0.1%)

In the news

Union Bank to raise ₹6,800 crore

• The state-owned bank has received a nod from shareholders to raise up to ₹6,800 crore in equity capital to fund business growth. 
• The bank plans to raise the capital in the current fiscal. It is expected that PSU banks would raise ₹25,000 crore over the next three months to support credit growth. Shares of Union Bank were trading 0.4% higher today.

Government approves export of Akash missile

• To achieve the defense export target of $5 billion, the government has approved the export of the made-in-India Akash missile. 
• Suppliers of propellants to such missiles such as Premier Explosives saw an uptick of 7.4% in its share price yesterday. Meanwhile, Solar Industries, the explosives maker, was trading flat.

Duty on clear float glass likely

• To create a level playing field, India could impose a countervailing duty on the imports of clear float glass from Malaysia. This glass is used in the construction, refrigeration, mirror and solar energy industries, among others.
• Shares of glassmakers such as Asahi India and Saint Gobain saw strong buying action yesterday and rose 3-5% coupled with high volumes.

Nesco to revamp exhibition centre

• The owner and operator of the Bombay Exhibition Centre, Nesco Ltd. plans to modernise and expand its exhibition facility in Mumbai with an investment of ₹325 crore, reports suggest. 
• The company which hosts several national and international exhibitions has a nearly 20% market share. The stock was up 2% this morning.

Events in this week

• Thursday: Initial jobless claims (US)
• Friday: Auto sales volumes 

Sectoral indices

Fact of the day

The Asia Tiger Funds' stock symbol is GRR.
Source: Bloomberg

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