Big RBI Decision Coming: What to Expect on Dec 6?

• Sensex and Nifty extended their gains on Thursday, climbing 1% as IT stocks surged amid a US market rally and renewed foreign fund inflows.

• Indian IT stocks rose for the fifth consecutive session on December 5, driven by Federal Reserve Chair Jerome Powell's comments at the New York Times DealBook Summit, highlighting the resilience of the US economy, which accounts for 60-70% of IT companies' revenue.

CDSL +8.05%

• Shares of CDSL surged 8% to a record high of ₹1,865 on December 5, marking their biggest gain in eight weeks amid heavy volumes.

• Over two crore shares were traded on the BSE and NSE, significantly surpassing the one-month average of 42 lakh shares. Year-to-date, the stock has more than doubled, rising over 100%, compared to the Nifty 50's 12% gain.

Divi’s Laboratories (2.51%)

• Shares fell 3% after Novartis failed to convince a US appeals court to block MSN Pharmaceuticals' generic version of its heart drug Entresto.

• The US Court of Appeals for the Federal Circuit upheld an earlier ruling by a Delaware judge in August, stating Novartis was unlikely to succeed in its patent lawsuit against MSN. This paves the way for MSN to launch the first US generic for Entresto. Divi's Labs holds a CDMO contract with Novartis for the drug.

• All eyes are on the RBI as liquidity concerns rise amid reduced FPI flows. (ET)

• Nomura says the rupee's weakness won't stop India's central bank from cutting rates. (RT)

• Electric vehicle sales soar under the PM E-DRIVE scheme. (ET)

• Piyush Goyal says the government is open to exploring alternative financing models for MSMEs. (Mint)

• Suraksha Diagnostic IPO allottees are likely to witness modest listing gains today. (MC)

This week’s mainboard IPO schedule

• Suraksha Diagnostic

  • Offering Period: 29 November - 03 December, 2024

  • Listing Date: 06 December, 2024

  • Issue Price: 420-441

  • Lot Size: 34

• Property Share REIT

  • Offering Period: 02 December - 04 December, 2024

  • Listing Date: 09 December, 2024

  • Issue Price: 10,00,000-10,50,000

  • Lot Size: 1

M&A / Investments

• NODWIN Gaming receives ₹64 crore ($7.5Mn) from parent Nazara Technologies. (BS)

• Uniphore has acquired ActionIQ and Infoworks to expand its AI capabilities. (YS)

Debt

• Deutsche Bank will refinance Oyo's ₹3,810 crore ($450Mn) debt and help secure ₹₹3,175 crore ($375Mn) for the G6 Hospitality acquisition. (ET)

• Acre ARC wins bid to acquire Essel Group's bad loans for ₹1,350 crore ($159Mn). (ET)

VC