Asian stocks were poised to eke out gains for the final full trading week of the year on Friday, while the dollar eyed a loss as investors look to 2024 as a year of steep US rate cuts.The Nikkei is trading 0.2% higher while the Hang Seng index is trading 0.4% higher.US stocks closed higher on Thursday, winning back much of the previous day’s losses, as economic data fuelled optimism that the Federal Reserve would ease.Here’s a table showing how US stocks performed on Thursday:
Data Source: EquitymasterAt present, the BSE Sensex is trading 199 points higher and NSE Nifty is trading 7 points higher.Hindalco and Coal India are among the top gainers today.Infosys and TCS on the other hand are among the top losers today.Broader markets are trading higher. The BSE Mid Cap and the BSE Small Cap index is trading higher by 1%.Sectoral indices are trading mixed, with stocks in metal sector and realty sector witnessing most buying. Meanwhile, stocks in IT and media sector witness sellingThe rupee is trading at Rs 83.24 against the US dollar.In commodity markets, gold prices are trading 0.4% higher at Rs 62,767 per 10 grams today.Meanwhile, silver prices are trading 0.4% higher at Rs 75,715 per 1 kg.
NIIF To Invest In GMR’s Bhogapuram AirportThe National Investment and Infrastructure Fund (NIIF) will invest Rs 6.8 billion (bn) in GMR Visakhapatnam International Airport Limited (GVIAL), a special-purpose vehicle to develop and operate the Bhogapuram International Airport (BIA) in Andhra Pradesh.The deal involves NIIF, a large investment platform anchored by the Government of India, making a primary investment in the form of Compulsorily Convertible Debentures (CCDs) which will be issued by GVIAL.This is part of the financial partnership announced in December 2022 in which NIIF would invest in the equity capital of three airport projects of the GMR group.Within India, GMR Group manages operations at three airports: Delhi, Hyderabad, and Mopa (Goa’s second airport). Additionally, the group operates two international airports abroad: Cebu in the Philippines and Medan in Indonesia.This current investment marks NIIF’s second foray into airport investments, following its participation in GMR Goa International Airport Limited, which was announced last December.In the first phase, BIA will have the capacity to handle up to six million passengers annually. Its ultimate capacity will be 40 million (m) passengers per year.The GMR Group is currently overseeing the expansion of the Delhi and Hyderabad airports, with the completion of the expansion work anticipated by March next year, according to GMR Airports Infrastructure’s annual report for 2022-23.Upon completion of the expansion, the Delhi airport will have the capacity to handle 100 million passengers per annum (MPPA), while the Hyderabad airport will be able to accommodate 34 MPPA.GMR Airport share price spikes around 20%.
LIC Gets Minimum Public Shareholding ExemptionState-owned Life Insurance Corporation of India (LIC), on Thursday, the Finance Ministry has given it a one-time exemption from the 25% public shareholding rule.The rule says a listed entity with a market cap of more than Rs 1 trillion (tn) needs to reach the 25% minimum public shareholding threshold within five years of listing.LIC listed on the bourses on 17 May 2022, meaning it had to meet the 25% MPS rule by 2027. However, it has received an extension of 10 years and would need to meet the criteria by May 2032.In May 2022, LIC divested 3.5% equity through an initial public offering.The shares of the company were listed at a discount of over 8%, fetching Rs 205.6 billion (bn) to the exchequer.Earlier this week, LIC said it has sold over a 2% stake in Dixon Technologies India Limited, decreasing the number of shares held from 2,997,913 to 1,794,395.On Thursday, the company’s shares closed 0.5% in the green at Rs 764.6 apiece on BSE.
LIC reclaims Rs 5 trillion market cap after shares hit an 18-month high.More By This Author:Sensex Today Ends 359 Points Higher; Nifty Ends Above 21,000Sensex Today Trades Lower; IIFL Finance Tanks 5%Sensex Today Tanks 930 Points; SmallCap Index Sheds 3.5%
