Stocks in News Today, December 16: Stock markets are likely to follow weak global cues on Friday i.e. December 16. The SGX Nifty - an early indicator of sentiment on the NSE Nifty50 - traded 59.5 points, or 0.32 per cent, lower at 18,400 at 7.50 am. Major Asian markets too trade lower with Hong Kong’s Hang Seng index falling 1.14 per cent, while Japan’s Nikkei 225 dropped 1.59 per cent. South Korea’s Kospi dipped 0.43 per cent. 

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US stock indexes closed sharply lower on Thursday with each of the major averages suffering their biggest daily percentage drop in weeks, as fears intensified that the Federal Reserve`s battle against inflation using aggressive interest rate hikes could lead to a recession. The S&P 500 lost 99.57 points, or 2.49 per cent, to end at 3,895.75 points, while the Nasdaq Composite lost 360.36 points, or 3.19 per cent, to 10,810.53. The Dow Jones Industrial Average fell 764.13 points, or 2.25 per cent, to 33,202.22.

Stocks in News Today, December 16

IRCTC: The sale of the government's up to 5 per cent stake in IRCTC got over-subscribed on the first day of the offer, with institutional investors putting in bids worth Rs 3,800 crore. In the two-day offer-for-sale (OFS), the government is selling 4 crore shares or 5 per cent stake in Indian Railway Catering and Tourism Corporation (IRCTC) at a floor price of Rs 680 a share.

Deepak Fertilisers & Petrochemicals Corporation: The Board of Deepak Fertilizers & Petrochemicals Corp has given in-principle approval to the composite scheme of arrangement between Smartchem Technologies (STL) (demerged company or transferee company), Deepak Mining Services (DMSPL) (resulting company) and Mahadhan Farm Technologies (MFTPL) (transferor company) and their respective shareholders.

Hindustan Foods Limited: In a bid to further expand its Health Care, Hindustan Foods has executed a business transfer agreement (BTA) for the acquisition of Reckitt Benckiser Health India's (Reckitt) manufacturing facility in Village Sandholi, Baddi, Himachal Pradesh. The transfer of the said manufacturing facility is expected to be completed by H2 of the calendar year 2023, the company added.

Wipro: IT company Wipro on Thursday said it has signed a multi-year digital transformation partnership with fintech firm Finastra for corporate banks in the Middle East. The multi-year engagement will make Wipro the exclusive implementation and go-to-market partner to deploy Finastra's trade finance solutions in the region, a company statement said.

Hindustan Petroleum Corporation Ltd: HPCL will raise Rs 10,000 crore in debt from domestic or overseas markets to fund its oil refining and fuel marketing operations, the company has said. The board of the company at its meeting on Thursday "approved a proposal for borrowing through further issuance of secured/unsecured redeemable non-convertible debentures/bonds/notes etc. Up to Rs 10,000 crore on private placement basis in the domestic market and/or in the overseas market from the date of such approval".

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