Adani Group to invest Rs 9,350-crore equity in Adani Green Energy : Daily Market Update Equity 27 Dec 2023 | Globe Capital Market LTD.
Adani Group to invest Rs 9,350-crore equity in Adani Green Energy : Daily Market Update Equity 27 Dec 2023

Adani Green Energy (AGEL) on December 26 said its board of directors have approved a preferential issuance of warrants to the promoters for a quantum of Rs 9,350 crore, at a per share price of Rs 1,480.75. The funds shall be utilised for deleveraging and accelerated capital expenditure, the company said. It added that AGEL is now fully equipped to achieve its stated target of 45 GW by 2030, with 20.6 GW locked in capacity, secured land of over 2,00,000 acres (equivalent to over 40 GW of additional capacity) in resource rich areas of India, and additional equity infusion of Rs 9,350 crore which fully funds this stated target.

Overview and Outlook

Global Stock Market Today

  • US equity markets ended on positive note, up in range 0.42% to 0.54%
  • European equity markets settled on a flat to positive note.
  • Asian equity markets are trading in green.
  • GIFT Nifty is up by 19 points, Nifty futures are likely to open around 21550 levels (as on 8:30AM)


News highlights from across the globe

  • Indices in Japan and Australia tracked their US peers and opened higher on hopes of an interest interest rate cut by the US Federal Reserve in March. South Korea’s Kospi, however, fell.
  • Wall Street kicked off the final week of 2023 with gains in stocks, extending a rally that put the market on the brink of a record.
  • Brent crude was trading 2.53% lower at $81.07 a barrel.


Important news updates from the domestic front

  • Aditya Birla Capital made investments of Rs 850 crore in Aditya Birla Finance via share subscription and of Rs 50 crore in Aditya Birla Capital Digital.
  • Piramal Enterprises unit, Piramal Consumer Products, had acquired Piramal Tower from the promoter for Rs 875 crore. The company has also invested Rs 289.6 crore in Piramal Consumer Products via rights issues.
  • Vishnu Prakash R Punglia received the letter of award for orders worth Rs 899 crore from the Uttarakhand government for development projects.
  • Kansai Nerolac Paints will sell a land parcel in Mumbai’s Lower Parel along with a building there for Rs 726 crore to Aethon Developers.
  • SJVN bagged a 100 MW solar power project from Gujarat Urja Vikas Nigam. Unit SJVN Green Energy will develop a project at a tentative cost of Rs 550 crore.
  • Cupid: Universal-Halwasiya Group acquired an additional 26% stake for Rs 113 crore via an open offer.
  • Life Insurance Corp has approved the proposal to set up a branch office in GIFT City, Gandhinagar, Gujarat.


Nifty Overview & Outlook

Benchmark Nifty index settled higher at 21441 levels after adding nearly 100 points to its previous closing values.

Performance on the broader front was mix. Mid cap index traded in line with benchmark whereas Small-cap index underperformed the benchmark.

Majority of sectoral indices tracked at NSE settled in green. Amongst them, Oil & Gas index was at the top of the tally, gained over 1.5% followed by Healthcare, Metals and Pharma index that rose over 1% each.

Going ahead, we reiterate our bullish view on Nifty index and suggest traders to maintain buy on dips trading strategy till it is trading above 21000 levels on closing basis.

Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty and Banknifty futures with increase in open interest by 4.2% and 2.5% respectively, whereas long unwinding was seen in Finnifty futures with decrease in open interest by 45.7%.

On the sectoral front, long buildup was seen among Chemical, Textile and Power stocks whereas some short covering was seen in Metals and FMCG stocks.

On options front, put writing was seen at multiple strikes and maximum positions are at 21300 PE and 22000 CE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 95 Cr in the cash segment, bought stocks futures worth Rs 1008 Cr and sold index futures worth Rs. 777 Cr. DIIs were net buyer in the cash segment to the tune of Rs 167 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 21600-21800; Supports 21250-21080

Banknifty – Resistances 48300-48600; Supports 47300-46900

Finnifty – Resistances 21600-21700; Supports 21230-21050




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