The key equity benchmarks traded with major gains in the early afternoon trade. The Nifty climbed above the 23,950 mark. IT shares extended gains for the second consecutive trading session. At 12:28 IST, the barometer index, the S&P BSE Sensex, jumped 837.54 points or 1.07% to 79,344.95. The Nifty 50 index rallied 253.25 points or 1.07% to 23,992.55. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.23% and the S&P BSE Small-Cap index rallied 0.34%. The market breadth was positive. On the BSE, 2,191 shares rose and 1,647 shares fell. A total of 128 shares were unchanged. Economy In December 2024, the seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) fell to 56.4, marking a 12-month low and indicating a slower improvement in operating conditions. The headline figure declined slightly from 56.5 in November but remained above the long-run average of 54.1, signaling a robust rate of growth. Looking to 2025, Indian manufacturers were confident of a rise in output. Optimism reflected advertising, investment, and the expectation of favorable demand. Sentiment was nevertheless curbed by concerns around inflation and competitive pressures. Ines Lam, economist at HSBC, said, 'India's manufacturing activity ended a strong 2024 with a soft note amidst more signs of a slowing trend, albeit moderate, in the industrial sector. The rate of expansion in new orders was the slowest in the year, suggesting weaker growth in future production. That said, there was some uplift in the growth of new export orders, which rose at the fastest pace since July. The rise in input prices eased slightly, wrapping up the year when Indian manufacturers felt the strain of sharp cost pressures.' Derivatives: The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.32% to 14.56. The Nifty 30 January 2025 futures were trading at 24,055, at a premium of 62.45 points as compared with the spot at 23,992.55. The Nifty option chain for the 30 January 2025 expiry showed a maximum Call OI of 145.9 lakh contracts at the 24,300 strike price. Maximum put OI of 124.3 lakh contracts was seen at 23,000 strike price. Buzzing Index: The Nifty IT index added 1.18% to 43,886.15. The index rose 1.27% in two consecutive trading sessions. Infosys (up 2.94%), HCL Technologies (up 1.46%), L&T Technology Services (up 1.24%), LTIMindtree (up 1%), Mphasis (up 0.97%), Tata Consultancy Services (up 0.55%), Tech Mahindra (up 0.52%), Coforge (up 0.47%), Persistent Systems (up 0.19%) and Wipro (up 0.12%) advanced. Stocks in Spotlight: Reliance Power added 3.49% after the company's subsidiary, Sasan Power, repaid a payment of $150 million to IIFCL, UK. Goa Carbon jumped 5.49% after the company informed that the operations at its Bilaspur Unit located in Sirgitti Industrial Area, Bilaspur (Chhattisgarh), have resumed. Sahaj Solar climbed 4.17% after the firm received an order worth Rs 36.42 crore from the Tripura Renewable Energy Development Agency (TREDA) under the PM-KUSUM Scheme.Powered by Capital Market - Live

The loan repayment further strengthens Reliance Power's balance sheet as the company transitions its focus toward the renewable energy sector, which is poised to drive future growth. The said repayment will bolster Sasan Power's debt coverage metrics, improve liquidity, and enhance its credit rating. Sasan Power operates a 3960 MW Ultra Mega Power Plant (UMPP) in Sasan, Madhya Pradesh, which is the world's largest integrated coal-based power plant. It boasts a captive coal mining capacity of 20 MTPA. The plant supplies electricity to 14 Discoms distribution companies (DISCOMs) across seven states- Madhya Pradesh, Uttar Pradesh, Rajasthan, Punjab, Haryana, Uttarakhand, and New Delhi'at the lowest tariff in India of Rs. 1.54 per unit, benefiting more than 40 crore people. Reliance Power, a zero-debt company, recently raised Rs 1,525 crore through equity-linked warrants via a preferential issue. This capital infusion positions the company to capitalize on growth opportunities in the rapidly expanding renewable energy market. Reliance Power, a part of the Reliance Anil Dhirubhai Ambani Group, is India's leading private sector power generation and coal resources company. The projects under development include coal, gas, hydro, wind and solar-based energy projects. The company's operating portfolio includes ultra-megapower projects (UMPPs) of 5,945 MWs. The company is primarily engaged in the business of generation of power. The company reported net profit of Rs 2,878.15 crore in Q2 FY25 as against net loss of Rs 237.76 crore posted in Q2 FY24. However, the company's revenue from operations declined 13.6% to Rs 1,759.81 crore in the quarter ended 30 September 2024.Powered by Capital Market - Live

Sasan Power, a subsidiary of Reliance Power, has made a bullet payment of US$150 million to IIFCL, UK, fulfilling its debt obligation on 31 December 2024. This repayment will bolster Sasan Power's debt coverage metrics, improve liquidity, and enhance its credit rating. Sasan Power operates a 3960 MW Ultra Mega Power Plant (UMPP) in Sasan, Madhya Pradesh, which is the world's largest integrated coal-based power plant. It boasts a captive coal mining capacity of 20 MTPA. The plant supplies electricity to 14 Discoms distribution companies (DISCOMs) across seven states'Madhya Pradesh, Uttar Pradesh, Rajasthan, Punjab, Haryana, Uttarakhand, and New Delhi'at the lowest tariff in India of Rs. 1.54 per unit, benefiting more than 40 crore people. For seven consecutive years, Sasan Power has been ranked as the best-performing power plant in India. The loan repayment further strengthens Reliance Power's balance sheet as the company transitions its focus toward the renewable energy sector, which is poised to drive future growth. Reliance Power, a zero-debt company, recently raised Rs. 1,525 crore through equity-linked warrants via a preferential issue. This capital infusion positions the company to capitalize on growth opportunities in the rapidly expanding renewable energy market. With a current net worth of Rs. 14,393 crore, Reliance Power's enhanced equity base will elevate its net worth to over Rs. 15,000 crore.  Powered by Capital Market - Live

Reliance Power has appointed Dr. Thomas Mathew (DIN 05203948) as an Independent Director who has spearheaded reforms in the Ministry of Defence and published numerous articles in major newspapers and has led Indian delegations at various international conferences, including the U.S. Department of Defence and Stanford University. Dr. Thomas Mathew has merited a degree in arts from the University of Delhi and a law degree from Campus Law Centre-II, Faculty of Law. He also earned a Master's, M.Phil., and Ph.D. from Jawaharlal Nehru University. With experience in the Ministry of Finance and Ministry of Defence, he has led Indian delegations at various international conferences, including the U.S. Department of Defence and Stanford University. He spearheaded reforms in the Ministry of Defence and published numerous articles in major newspapers. As Additional Secretary to President Pranab Mukherjee, he authored two books, The Winged Wonders of Rashtrapati Bhavan and Abode Under the Dome, which were presented to visiting heads of state. He is also a Director on the Board of Reliance Infrastructure, Eraaya Lifespaces and Reliance General Insurance Company.Powered by Capital Market - Live

The said project will see the largest deployment of grid storage batteries at a single site, not only in India but also in Asia, besides China. The competitive tariff with an assured supply of peak power for 4 hours in a day will be a welcome relief for DISCOMs that have had to consistently buy power from the power exchanges during peak hours at the cap of Rs 10 per unit. Reliance NU Suntech won the landmark 930 MW solar energy contract with battery energy storage system project (BESS) from Solar Energy Corporation of India (SECI) in an e-reverse auction held on 9th December 2024. As per the terms of the tender, Reliance NU Suntech will also install a minimum storage capacity of 465 MW/1,860 MWh charged by solar power. Reliance NU Suntech for a period of 25 years, and the solar power procured will be sold to multiple discoms in India. Reliance NU Suntech will develop the project on a build-own-operate basis. Reliance Power, a part of the Reliance Anil Dhirubhai Ambani Group, is India's leading private sector power generation and coal resources company. The projects under development include coal, gas, hydro, wind and solar-based energy projects. The company's operating portfolio includes ultra-megapower projects (UMPPs) of 5,945 MWs. The company is primarily engaged in the business of generation of power. The company reported net profit of Rs 2,878.15 crore in Q2 FY25 as against net loss of Rs 237.76 crore posted in Q2 FY24. However, the company's revenue from operations declined 13.6% to Rs 1,759.81 crore in the quarter ended 30 September 2024. Shares of Reliance Power fell 0.28% to Rs 47.10 on the BSE.Powered by Capital Market - Live

Reliance Power subsidiary, Reliance NU Suntech has received the Letter of Award from Solar Energy Corporation of India (SECI) for its proposed Solar 930 MW and 465 MW/1860 MWh Battery Energy Storage System (BESS) projects. The project will see the largest deployment of grid storage batteries at a single site, not only in India but also in Asia, besides China. The competitive tariff with assured supply of peak power for 4 hours in a day will be a welcome relief for DISCOMs that have had to consistently buy power from the power exchanges during peak hours at the cap of Rs 10 per unit. Reliance NU Suntech won the landmark 930 MW solar energy contract with battery energy storage system project (BESS) from Solar Energy Corporation of India (SECI) in an e-reverse auction held on 9 December 2024. As per the terms of the tender, Reliance NU Suntech will also install a minimum storage capacity of 465 MW/1,860 MWh charged by solar power.Powered by Capital Market - Live

The frontline indices continued trade with minor losses in the mid-morning trade. The Nifty hovered below the 24,600 level. PSU bank shares extended losses for the second consecutive trading session. Trading was volatile due to the weekly F&O series expiry today. At 10:29 IST, the barometer index, the S&P BSE Sensex, declined 87.53 points or 0.11% to 81,438.61. The Nifty 50 index fell 43.35 points or 0.18% to 24,596.45. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.37% and the S&P BSE Small-Cap index slipped 0.63%. The market breadth was weak. On the BSE, 1,519 shares rose and 2,292 shares fell. A total of 134 shares were unchanged. IPO Update: The initial public offer (IPO) of One MobiKwik Systems received bids for 11,36,91,890 shares as against 1,18,71,696 shares on offer, according to stock exchange data at 11:03 IST on 12 December 2024. The issue was subscribed to 9.58 times. The issue opened for bidding on 11 December 2024 and it will close on 13 December 2024. The price band of the IPO is fixed between Rs 265 and Rs 279 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof. The initial public offer (IPO) of Vishal Mega Mart received bids for 50,91,96,960 shares as against 75,67,56,757 shares on offer, according to stock exchange data at 11:03 IST on 12 December 2024. The issue was subscribed 0.67 times. The issue opened for bidding on 11 December 2024 and it will close on 13 December 2024. The price band of the IPO is fixed between Rs 74 and Rs 78 per share. An investor can bid for a minimum of 190 equity shares and in multiples thereof. The initial public offer (IPO) of Sai Life Sciences received bids for 3,43,30,311 shares as against 3,88,29,848 shares on offer, according to stock exchange data at 11:06 IST on 12 December 2024. The issue was subscribed 0.88 times. The issue opened for bidding on 11 December 2024 and it will close on 13 December 2024. The price band of the IPO is fixed between Rs 522 to Rs 549 per share. An investor can bid for a minimum of 27 equity shares and in multiples thereof. Buzzing Index: The Nifty PSU Bank index fell 0.81% to 7,031.95. The index slipped 1.69% in two consecutive trading sessions. Punjab & Sind Bank (down 1.7%), Bank of India (down 1.47%), Indian Bank (down 1.34%), UCO Bank (down 1.16%), Central Bank of India (down 1.08%), Canara Bank (down 0.99%), Bank of Maharashtra (down 0.97%), State Bank of India (down 0.93%), Punjab National Bank (down 0.81%) and Bank of Baroda (down 0.59%) declined. Stocks in Spotlight: Reliance Power rallied 4.47% after the company announced that its subsidiary Reliance NU Suntech won a 930 MW solar energy contract with a battery energy storage system (BESS) project from the Solar Energy Corporation of India (SECI). Godawari Power & Ispat spurted 2.95% after the company signed a seven-year deal with GAIL for RLNG gas supply to its upcoming pellet plant. Vedanta added 1.58% after the company said that its board will meet on 16 December 2024 to consider a proposal for a fourth interim dividend on equity shares for the financial year 2024-25. Gland Pharma added 1.86% after the pharmaco received approval from the United States Food and Drug Administration (USFDA) for Phytonadione Injectable Emulsion USP, 10 mg/mL single dose ampules. Global Markets: Most Asian stocks advanced on Thursday after US equities rallied on Wednesday following benign inflation data. This fueled expectations of a potential Federal Reserve interest rate cut this month. In Asia, key economic reports are due today: Australia's labor market data and India's inflation and industrial production figures. China's Central Economic Work Conference is also underway, where policymakers are expected to outline next year's economic policies, likely including stimulus measures. US markets surged on Wednesday, with the Nasdaq Composite hitting a record high. Tech stocks, particularly Tesla and NVIDIA, rallied sharply on the prospect of lower interest rates and the potential easing of regulatory scrutiny. Artificial intelligence optimism also contributed to the gains. The NASDAQ Composite surged 1.8% to a record high of 20,033.61 points, while the S&P 500 rose 0.8% to 6,084.19 points. The Dow Jones Industrial Average lagged, falling 0.2% to 44,148.56 points. The US consumer price index (CPI) rose by 2.7% last month, accelerating slightly from 2.6% in October. While stripping out more volatile items like food and fuel, the core number climbed by 3.3% in the twelve months to July, also in line with expectations.Powered by Capital Market - Live

The said order was secured through an e-reverse auction held on 9 December 2024. As part of the tender conditions, Reliance NU Suntech is required to install a minimum storage capacity of 465 MW/1,860 MWh, charged by solar energy. The Letter of Award (LoA) is awaited from SECI. Reliance NU Suntech's successful bid was placed at a tariff of Rs 3.53 ($0.0416)/kWh in SECI's Tranche XVII auction. Notably, the company secured the largest individual allocation among five bidders competing for a total quoted capacity of 2,000 MW of Inter-State Transmission System (ISTS)-connected solar power projects, along with 1,000 MW/4,000 MWh energy storage systems. This win highlights the technological progress made in solar power with BESS in India which has made it a cost-effective alternative to renewable energy options. The project will guarantee a peak power supply of four hours daily (or a four-hour discharge duration). SECI will enter into a power purchase agreement (PPA) with Reliance NU Suntech for a period of 25 years and the solar power procured will be sold to multiple discoms in India. Reliance NU Suntech will develop the project on a build-own-operate basis and will have to connect to the interstate transmission system in compliance with Central Electricity Regulatory Commission regulations for interconnection with the ISTS or InSTS. The official announcement was made after market hours on Wednesday, 11 December 2024. Reliance Power, a part of the Reliance Anil Dhirubhai Ambani Group, is India's leading private sector power generation and coal resources company. The projects under development include coal, gas, hydro, wind and solar-based energy projects. The company's operating portfolio includes ultra mega power projects (UMPPs) of 5945 MWs. The company is primarily engaged in the business of generation of power. The company reported net profit of Rs 2,878.15 crore in Q2 FY25 as against net loss of Rs 237.76 crore posted in Q2 FY24. However, the company revenue from operations declined 13.6% to Rs 1,759.81 crore in the quarter ended 30 September 2024. Powered by Capital Market - Live

Reliance Power subsidiary, Reliance NU Suntech, won a landmark 930 MW solar energy contract with battery energy storage system project (BESS) from Solar Energy Corporation of India (SECI) in an e-reverse auction held on 9 December 2024. As per the terms of the tender, Reliance NU Suntech will also have to install a minimum storage capacity of 465 MW/1,860 MWh charged by solar power. The Letter of Award (LoA) is awaited from SECI. Reliance NU Suntech's successful bid for SECI's Tranche XVII auction was won at a tariff of ₹3.53 ($0.0416)/kWh. The company, among India's leading power generators, secured the largest individual allocation out of the five companies vying for a total quoted capacity of 2,000 MW of Inter-State Transmission System (ISTS) connected solar power projects with 1,000 MW/4,000 MWh energy storage systems. Reliance NU Suntech's win underlines the technological progress made in solar power with BESS in India which has made it a cost-effective alternative to renewable energy options. The project will guarantee a peak power supply of four hours daily (or a four-hour discharge duration). SECI will enter into a power purchase agreement (PPA) with Reliance NU Suntech for a period of 25 years and the solar power procured will be sold to multiple discoms in India. Reliance NU Suntech will develop the project on a build-own-operate basis and will have to connect to the interstate transmission system in compliance with Central Electricity Regulatory Commission regulations for interconnection with the ISTS or InSTS.  Powered by Capital Market - Live

Reliance Power announced that ICRA has reaffirmed, removed from Issuer Not-Cooperating category and withdrawn the rating in respect of Long-term fund-based - Term loans and Long-term fund based - Cash credit as there is no amount outstanding against the rated instruments. Further, ICRA has also reaffirmed the rating [ICRA] D and removed from Issuer Not-Cooperating category in respect of the Company's Non-convertible debenture and Long/Short-term non-fund-based limits. Powered by Capital Market - Live