Whirlpool-PG Deal Sparks Gains
- 24th December 2024
Aaj Ka Bazaar
The US markets registered another rally on Monday, with Nasdaq and DJIA registering three consecutive rallies, while S&P registered its second day of the rally. The advance came in on the back of support provided by the Megacap stocks, which have outsized influence in the indices. On the Asiatic front, Nikkei had started the day on a firmer footing; however, could not sustain the momentum and slid in the later minutes. Hang Seng maintains a substantial holding at the 20,000 mark after a surge in mainland Chinese buying. The Indian bourses are expected to open on a positive note, mainly on the back of a positive global backdrop. On the stock-specific front, Aurobindo Pharma gains UK approval for its cancer drug Bevqolva.
Markets Around Us
BSE Sensex -78,543.25 (0.02%)
Nifty 50 – 23,756.05 (0.01%)
Bank Nifty – 51,300.00 (-0.03%)
Dow Jones – 42,900.59 (-0.01%)
Nasdaq – 19,760.97 (0.96%)
FTSE – 8,102.72 (0.22%)
Nikkei 225 – 39,063.85 (-0.25%)
Hang Seng – 20,114.80 (1.15%)
Sector: : Consumer Electronics
PG Electroplast Rises on Whirlpool Deal
Shares of PG Electroplast rose over 5% to Rs 1,002 on December 24 after announcing an expanded partnership with Whirlpool India for manufacturing semi-automatic washing machines. The agreement allows PG Electroplast to produce Whirlpool-branded washing machines at its Roorkee facility in Uttarakhand, adding to its existing role as a supplier of Whirlpool-branded air conditioners. This collaboration strengthens their business ties and supports future growth opportunities. PG Electroplast sees this partnership as a step toward boosting local manufacturing under the “Make in India” initiative. The company recently posted strong Q2 financial results, with net profit up 57% year-over-year to Rs 19.47 crore and operating revenues growing 45.8% to Rs 671.30 crore.
Why it Matters:
PG Electroplast’s expanded partnership with Whirlpool to manufacture semi-automatic washing machines strengthens its position in the home appliances sector and supports India’s “Make in India” initiative. This collaboration builds on their existing relationship and highlights room for future growth. The announcement comes as PG Electroplast continues to deliver strong financial performance.
NIFTY 50 GAINERS
BHARTIARTL – 1597.75 (0.68%)
ADANIENT – 2350.90 (0.51%)
TATAMOTORS – 724.80 (0.36%)
NIFTY 50 LOSERS
INDUSINDBNK – 938.90 (-0.72%)
CIPLA – 1466.10 (-0.67%)
POWERGRID – 313.25 (-0.65%)
Sector: : Computers-Software & Consulting
Aurionpro expands in Europe, Shares Soar
Shares of Aurionpro Solutions rose over 4% on December 24 after announcing the acquisition of Paris-based financial services consulting firm Fenixys SAS for €10 million. This move expands Aurionpro’s presence in Europe, leveraging Fenixys’ decade-long experience in IT transformation projects for major banks in Europe and the Middle East. Fenixys specializes in Murex, treasury, and capital markets services, generating €8 million in revenue for FY24 with strong margins. Aurionpro expects the acquisition to boost earnings per share and align Fenixys’ margins with its 20% target within 18 months. The deal is anticipated to increase Aurionpro’s European market revenue share to double digits in two years, strengthening its position in the global financial technology consulting sector.
Why it Matters:
This acquisition strengthens Aurionpro’s foothold in the European market, a region where its presence was previously limited. It enhances the company’s revenue potential and aligns with its strategic focus on financial technology consulting. The move is expected to boost profitability and diversify its geographic income sources.
Around the World
Most Asian stocks rose on Tuesday, driven by gains in technology shares following similar recovery trends in U.S. markets, though trading was light ahead of Christmas. Wall Street’s rally on Monday, after tech stocks bounced back from last week’s losses, provided positive momentum. In Japan, Honda shares surged 15% on news of a $7 billion buyback and potential merger talks with Nissan, which traded flat after earlier gains. Mitsubishi Motors, linked to the merger, rose 3.6%. Chinese markets gained about 0.7% on stimulus hopes, with Hong Kong’s Hang Seng rallying 1% as tech stocks led. Broader markets, including Australia, saw modest gains amid signals of future rate cuts, while South Korea slipped 0.2% on political concerns. Singapore’s market rose 0.5%, and Indian futures suggested a weak open after recent losses. Investors are awaiting key economic data and clarity on fiscal plans in China.
Option Traders Corner
Max Pain
Nifty 50 – 24,000
Bank Nifty – 51,500
Nifty 50 – 23,756 (Pivot)
Support – 23,643, 23,534, 23,421
Resistance – 23,866, 23,979, 24,088
Bank Nifty – 51,255 (Pivot)
Support – 51,092, 50,8668, 50,705
Resistance – 51,479, 51,642, 51,866
Did you know?
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