Stocks in News, December 2: PB Fintech, NMDC, ONGC, Hero MotoCorp, Tata Motors, Britannia, Mazagon Dock

Stocks in News, December 2: Stocks markets are likely to have a muted start on Friday i.e. December 2 as SGX Nifty, an early indicator of the sentiment of the Nifty50, traded 63 points, or 0.33 per cent, lower at 18,912 in early trades. Asian markets too traded mixed with Japan's Nikkei 225 falling over 559 points, 1.98 per cent. On the other hand, Hong Kong's Hang Seng index was up by over 55 points. China's Shanghai SE Composite too gained over 4 points.

Wall Street too ended mixed on Thursday. While S&P and Dow Jones declined by 0.08 per cent and 0.56 per cent respecitvely, Nasdaq gained 0.13 per cent.
 
Earlier on Thursday, benchmark indices rallied for the eighth day running ending at fresh record closing highs, amid firm global market trends. The 30-share BSE Sensex climbed 184.54 points or 0.29 per cent to settle at 63,284.19, its fresh record closing high. During the day, it rallied 483.42 points or 0.76 per cent to 63,583.07, its lifetime intra-day peak. The broader NSE Nifty advanced 54.15 points or 0.29 per cent to end at 18,812.50, its new record closing high.

Stocks in News Today, December 2: 

NMDC: The government has invited preliminary bids for the strategic sale of NMDC's Nagarnar Steel Plant. The last date for submitting bids for NMDC Steel Ltd is January 27, 2023, while the last date for submitting queries is December 29, 2022, the Department of Investment and Public Asset Management (DIPAM) said. NISP is in the process of being demerged from NMDC into a separate company NMDC Steel Ltd (NSL). 

Britannia: Bakery foods company Britannia Industries expects its cheese products business to grow around five-fold in the next five years to touch around Rs 1,250 crore. The company which earlier this week announced a joint venture with the French cheese maker Bel, currently has around Rs 250 crore turnover from its cheese business, said its Vice-Chairman and Managing Director Varun Berry on Thursday.

Mazagon Dock: Shares of Mazagon Dock Shipbuilders Ltd is in the news as government plans to offer cash subsidies, lower taxes and other incentives to bolster its shipbuilding industry, two government sources said, as part of an effort to reduce the pain of high freight rates for the nation's manufacturers. The plans include subsidies so that at least 50 new vessels can be built, as well as granting "infrastructure status" to the industry which would help with financing from banks, said the government officials

Hero MotoCorp: The country's largest two-wheeler maker Hero MotoCorp on Thursday said its wholesales increased by 12 per cent to 3,90,932 units. The company dispatched 3,49,393 units in November 2021. In a statement, Hero MotoCorp said it expects the momentum to build-up in the coming quarters on account of favourable economic indicators, including encouraging farm activity and positive consumer sentiments along with the upcoming marriage season.

Tata Motors:  Tata Motors on Thursday said its total wholesales increased by 21 per cent to 75,478 units in November. The company had dispatched 62,192 units in November 2021. The auto major said its total sales in the domestic market stood at 73,467 units last month, up 27 per cent, as compared to 58,073 units in the year-ago period.

PB Fintech: Softbank is likely to sell its 5 per cent stake in Policybazaar parent PB Fintech. This sale would be through a block deal and Softbank aims to raise Rs 1,000 crore. After this sale, it will hold a 5 per cent stake in Policybazaar

Oil Shares (ONGC, OIL): The government has slashed to less than half the windfall profit tax on domestically produced crude oil and also reduced the levy on diesel. The revised tax rates become effective from December 2, 2022. The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC) has been reduced to Rs 4,900 per tonne from the existing Rs 10,200 per tonne, as per a government notification issued on Thursday.

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