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State Bank of India is down for a fifth straight session today. The stock is quoting at Rs 818.75, down 1.69% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.93% on the day, quoting at 23729.80078125. The Sensex is at 78412.16, down 1.02%.State Bank of India has added around 4.87% in last one month.Meanwhile, Nifty Bank index of which State Bank of India is a constituent, has increased around 1.52% in last one month and is currently quoting at 51575.7, down 0.85% on the day. The volume in the stock stood at 41.27 lakh shares today, compared to the daily average of 118.68 lakh shares in last one month.
The benchmark December futures contract for the stock is quoting at Rs 821.4, down 1.61% on the day. State Bank of India jumped 27.18% in last one year as compared to a 11.64% rally in NIFTY and a 6.89% spurt in the Nifty Bank index.
The PE of the stock is 10.56 based on TTM earnings ending September 24.
At 10:29 IST, the barometer index, the S&P BSE Sensex, tumbled 880.41 points or 1.10% to 79,301.79. The Nifty 50 index dropped 247.25 points or 1.02% to 23,951.60.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 0.75% and the S&P BSE Small-Cap index fell 0.79%.
The market breadth was weak. On the BSE, 1,186 shares rose and 2,463 shares fell. A total of 156 shares were unchanged.
New Listing:
Shares of Inventurus Knowledge Solutions were currently trading at Rs 1,861.35 at 10:15 IST on the BSE, representing a premium of 40.06% as compared with the issue price of Rs 1,329.
The scrip was listed at Rs 1,856, exhibiting a premium of 39.65% to the issue price.
So far, the stock has hit a high of 1,942.10 and a low of 1856. On the BSE, over 4.73 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty Metal index dropped 1.73% to 8,913.20. The index fell 6.25% in five consecutive trading sessions.
Vedanta (down 2.38%), Hindustan Copper (down 2.12%), National Aluminium Company (down 2.06%), Jindal Steel & Power (down 1.96%), Tata Steel (down 1.94%), Hindustan Zinc (down 1.78%), Jindal Stainless (down 1.78%), JSW Steel (down 1.74%), Hindalco Industries (down 1.63%) and Welspun Corp (down 1.59%) declined.
Stocks in Spotlight:
State Bank of India declined 1.20%. The bank’s board has appointed Rama Mohan Rao Amara as managing director for three years. Meanwhile, Kshitij Mohan, deputy managing director (SARG) has been entrusted with additional charge of deputy managing director & group chief risk officer with effect from 18 December 2024.
Borosil Renewables slipped 2.97%. The company’s board has decided to withdraw its proposed right issue of an amount not exceeding Rs 450 crore and approved the proposal to raise Rs 600 crore through the preferential issue of equity shares and Rs 100 crore through warrants.
Lupin added 0.45%. The company announced that it has received an approval from the United States Food and Drug Administration (U.S. FDA) for its abbreviated new drug application (ANDA) for Emtricitabine and Tenofovir Alafenamide Tablets.
Emtricitabine and tenofovir alafenamide combination is used together with other medicines to treat human immunodeficiency virus (HIV) infection. HIV is the virus that causes acquired immune deficiency syndrome (AIDS). This medicine is also used for pre-exposure prophylaxis (PrEP) to reduce the risk of HIV-1 infection.
Bandhan Bank, Chambal Fertilizers, Granules, Hindustan Copper, Manappuram Finance, National Aluminium, NMDC, PVR Inox, RBL Bank, SAIL.
Stocks to Watch:
Bank of Baroda’s board approved to raise Rs 10,000 crore through long term bonds for financing of infrastructure and affordable housing in single or multiple tranches during the FY25.
FDC received final approval from US Food and Drug Administration (USFDA) for abbreviated new drug application for Cefixime 400 mg tablets. The FDA had inspected the company’s manufacturing facility in Himachal Pradesh.
IOL Chemicals and Pharmaceuticals board will meet on 27 December 2024, to consider stock split.
State Bank of India’s board appointed Rama Mohan Rao Amara as managing director for three years. Meanwhile, Kshitij Mohan, deputy managing director (SARG) has been entrusted with additional charge of deputy managing director & group chief risk officer with effect from 18 December 2024.
Borosil Renewables’ board decided to withdraw its proposed right issue of an amount not exceeding Rs 450 crore and approved the proposal to raise Rs 600 crore through the preferential issue of equity shares and Rs 100 crore through warrants.
Lupin has received approval from USFDA for abbreviated new drug application for Emtricitabine and Tenofovir Alafenamide Tablets.
Zaggle Prepaid’s board approved qualified institutional placement (QIP) of equity shares and sets floor price at Rs 550.73 per share
Further, Kshitij Mohan, deputy managing director (SARG), has been given the additional charge of deputy MD & group chief risk officer, effective from 18 December 2024 as well.
State Bank of India (SBI) is an Indian multinational, public sector banking, and financial services statutory body. As of 30 September 2024, the Government of India held a 57.51% stake in the bank.
The largest PSU bank’s standalone net profit rose 27.92% to Rs 18,331.44 crore on 15.13% increase in total income to Rs 129,141.11 crore in Q2 FY25 over Q2 FY24.
The scrip shed 0.88% to currently trade at Rs 831.70 on the BSE.
At 13:25 IST, the barometer index, the S&P BSE Sensex, gained 98.84 points or 0.12% to 81,609.27. The Nifty 50 index added 40.75 points or 0.17% to 24,650.80.
In the broader market, the S&P BSE Mid-Cap index added 0.18% and the S&P BSE Small-Cap index rose 0.39%.
The market breadth was positive. On the BSE, 2,159 shares rose and 1,764 shares fell. A total of 130 shares were unchanged.
Gainer & Losers:
Bajaj Finance (up 2.24%), Shriram Finance (up 2.23%), Britannia Industries (up 1.95%), Asian Paints (up 1.40%) and Nestle India (up 1.35%) were the major Nifty gainers.
Adani Ports & Special Economic Zone (down 1.05%), HCL Technologies (down 0.64%), Adani Enterprises (down 0.56%), State Bank of India (down 0.56%) and JSW Steel (down 0.45%) were major Nifty losers.
Senco Gold fell 0.92%. The company announced that its board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,139.49 per share.
NTPC Green Energy advanced 0.92%. The company’s wholly owned subsidiary, NTPC Renewable Energy (NTPC REL) has secured 500 MW of solar power capacity at a tariff of Rs 3.52 per KWh from the Solar Energy Corporation of India (SECI).
H.G. Infra Engineering rallied 4.03% after the company said that it has received letter of award (LoA) from the Ministry of Road Transport and Highways (MORTH) for a hybrid annuity model (HAM) project in Uttar Pradesh.
Saakshi Medtech and Panels hit an upper circuit of 10% after the company announced that it has received letter of business award (LoBA) worth Rs 250 crore from Mahindra & Mahindra for Supply of EV Panels.
PNC Infratech jumped 9.32% after its subsidiary, Hathras Highways received provisional completion certificate for Uttar Pradesh-based national highway project awarded by NHAI on HAM dated 7 December 2023.
Poonawalla Fincorp rose 1.59% after the company’s nomination and remuneration committee, had approved the appointment of Salil Hajarnis as the chief technology officer (CTO) of the company.
Alembic Pharmaceuticals declined 1.34%. The company has successfully completed the Brazilian Health Regulatory Agency (ANVISA) GMP audit at active pharmaceutical ingredient (API)-II Facilty at Panelav for its 8 APIs. The inspection was conducted from 16 to 20 September 2024.
Global Markets:
European stocks declined while most of the Asian markets advanced on Wednesday as investors eagerly awaited the release of key US inflation data. The data is expected to provide crucial insights into the Federal Reserve's potential interest rate decision next week.
Meanwhile, China is gearing up for its annual economic work conference, where policymakers will outline the nation's economic agenda for the coming year. Recent strong stimulus signals from top Chinese leaders have boosted market sentiment, with President Xi Jinping expressing confidence in achieving the country's growth target.
In the US, stocks retreated for a second consecutive day, primarily due to weakness in the technology sector. Investors remained cautious ahead of the inflation report and the upcoming Federal Reserve meeting. The S&P 500 fell 0.3% to 6,034.91 points on Tuesday. The NASDAQ Composite fell 0.2% to 19,688.98 points, while the Dow Jones Industrial Average fell 0.4% to 44,247.83 points.
Google owner Alphabet Inc. was a standout performer, rising 0.6% after hours following a 5.6% jump during the session. The company announced a new breakthrough in quantum computing, which could herald a sharp increase in computing speeds.
Investors are also seeking more cues on what President-elect Donald Trump’s policies will entail for inflation and the economy, with his plans for increased trade tariffs expected to increase price pressures.
In the cash market, the Nifty 50 slipped 30.60 points or 0.12% to 24,677.80.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 2.66% to 14.14.
Tata Motors, Vedanta and State Bank of India were the top traded individual stock futures contracts in F&O segment of NSE.
The December 2024 F&O contracts will expire on 26 December 2024.