Morning update for 8 December 2020

Indices at 10:45 am

Nifty50 13,409 ▲ 53 (+0.4%) 

Sensex 45,660 ▲ 233 (+0.5%)

Nifty Bank 30,206 ▼ 4 (-0.0%)

In the news

Hindalco chalks out capex 

• The Aditya Birla Group’s metal company plans to set up a 34,000-tonne aluminium extrusion plant with an investment of ₹730 crore. The company is seeing demand for downstream aluminium products picking up in the building, construction and automotive sectors. 
• Over the next few years, Hindalco expects to invest ₹7,000 crore in doubling its capacity to 6 lakh tonne. Shares of Hindalco have seen a sharp rise recently, having gained nearly 32% in November. 
• The Aditya Birla Group is on a capex spree. It had recently announced a nearly ₹5,500 crore-worth capex in its cement company Ultratech.

V-Day is here

• The first vaccine for Covid-19 will be rolled out today in the UK and will be given to front-line health workers, care home workers and those aged over 80. Amidst the buzz around Brexit, British newspapers have hailed the vaccine rollout as ‘Vaxit’. 
• Going ahead, it would not be surprising to hear news on vaccine roll-outs from various major countries. In India, the vaccine may be ready in a few weeks. 

Mrs Bector's Foods IPO expected next week

• As per reports, the biscuit maker and suppliers of buns to fast-food chains like Burger King and McDonald’s, Mrs Bector’s Foods plans to open its IPO next week. The issue, pegged at about ₹540 crore, includes a ₹500 crore ‘offer for sale’ from private equity investors. 
• Given the favourable returns delivered by most IPOs this year, investor interest seems high. Last week, QSR major Burger King closed its IPO, which was oversubscribed nearly 157 times. 

Events in this week

• Wednesday: Crude oil inventories (US)
• Thursday: Inflation, Initial Jobless claims (US)
• Friday: Inflation, IIP (India) 

Sectoral indices

Global markets

Fact of the day

The name "blue chip" is believed to have been derived from the game of poker in which the blue chips have the highest value.

Source: Poker-king

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