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Indian Indices Continue Rally, Moody's Stable on Indian Power Sector and Top Stocks in Action
Wed, 20 Dec Pre-Open | Prasheel Vartak, TM Team

On Tuesday, share markets in India opened in green and ended on a strong note.

The BSE Sensex closed higher by 235 points to end at 33,836, a mere 30 points from all - time high levels. While the broader NSE Nifty ended the day higher by 74 points to close at 10,463.

Among BSE sectoral indices, consumer durables index rose the most by 1.9%, followed by auto stocks at 1.7%. Maruti Suzuki and Hero Motocorp India were among the top gainers.

Top Stocks in Action Today

Bharti Airtel share price is likely to be in focus today after the company through its subsidiaries has entered into a definitive agreement with Millicom International Cellular S.A. (Millicom) under which Airtel Rwanda will acquire 100% equity interest in Tigo Rwanda.

The acquisition will consolidate the Rwandan telecom market and position Airtel as a strong number 2 operator in Rwanda. The consideration for the transaction is based on approximately 6x EBITDA multiple, payable over two years.

Dr Reddy's share price is among the stocks to watch today as the has reached a settlement with the US Government, in a case that is more than six years old, involving packaging for five blister-packed prescription products. In a joint filing by the parties, Dr. Reddy's and the US Department of Justice agreed to the settlement of the action without any settlement of any issue of fact or law.

In order to avoid any unnecessary costs and the distractions of prolonged litigation, the company has chosen to settle the matter for US$ 5 million.

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Moody's Stable on India's Power Sector

Moody's Investors Service and its Indian arm ICRA in a joint report have kept a stable outlook for the Indian power sector over the next 12-18 months, reflecting their expectation of stable industry conditions and government policy initiatives.

The report added that this will likely lead to improvements in the financial position of state-owned electricity distribution companies.

Moody's also said that the government's debt restructuring of the financially weak distribution utilities under the Ujwal Discom Assurance Yojana (UDAY) will gradually improve the financial conditions of state-owned discoms, thereby alleviating off-taker risk, which is a key negative factor for the credit quality of power generators.

The report stated that India (rated Baa2 stable by Moody's) will see a change in its energy mix towards renewable, as the country adds more capacity and moves towards its commitments under the Paris Agreement on climate change

Global Markets Rally on Rising Tax-Cut Hopes

US stocks traded at record highs levels as the Republican tax plan, which is set to cut corporate tax rates, moved closer to passage.

Global stock market participants are closely tracking Republican tax plan, which proposes to cut corporate tax rates to 21% from 35%, which investors are betting will boost profits as well as trigger share buybacks and higher dividend payouts. European financial markets however, were mixed as participants monitored the progress of the long-anticipated tax overhaul, expected to pass this week.

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Stock Market Updates

ONGC Share Price Down by 7%; BSE OIL & GAS Index Down 4.0% (Today's Market)

Feb 26, 2021 03:34 PM

ONGC share price is trading down by 7% and its current market price is Rs 118. The BSE OIL & GAS is down by 4.0%. The top gainers in the BSE OIL & GAS Index is CASTROL INDIA (up 1.3%). The top losers are ONGC (down 7.1%) and GAIL (down 6.3%).

ULTRATECH CEMENT Share Price Down by 5%; BSE 500 Index Down 3.4% (Today's Market)

Feb 26, 2021 03:30 PM

ULTRATECH CEMENT share price is trading down by 5% and its current market price is Rs 6,487. The BSE 500 is down by 3.4%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 10.4%) and JAGRAN PRAKASHAN (up 10.0%). The top losers are ULTRATECH CEMENT (down 5.0%) and BAJAJ FINSERV (down 6.3%).

JAGRAN PRAKASHAN Share Price Up by 10%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

JAGRAN PRAKASHAN share price is trading up by 10% and its current market price is Rs 60. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are JAGRAN PRAKASHAN (up 10.1%) and RCF (up 11.0%). The top losers are MAHINDRA CIE AUTO. and AJANTA PHARMA (down 0.1%).

UPL Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

UPL share price is trading down by 5% and its current market price is Rs 589. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are UPL (down 5.4%) and BAJAJ FINSERV (down 6.2%).

ICICI LOMBARD GENERAL INSURANCE Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

ICICI LOMBARD GENERAL INSURANCE share price is trading down by 5% and its current market price is Rs 1,479. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are ICICI LOMBARD GENERAL INSURANCE (down 5.2%) and BAJAJ FINSERV (down 6.2%).

Sensex Crashes 1,800 Points; Nifty Trades Below 14,700 Mark (Today's Market)

Feb 26, 2021 02:30 pm

The BSE Sensex is trading down by 1,464 points, while the NSE Nifty is trading down by 423 points.

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