TLDR
Market Recap: December 24, 2025
On December 24, Indian equities ended marginally lower in thin, year-end trade as IT weakness (post U.S. H-1B rule tweaks) capped broader stability, while domestic buying partly offset foreign selling. Sensex closed at 85,408.70 (down 116.14, 0.14%) and Nifty 50 at 26,142.10 (down 35.05, 0.13%). Broader markets diverged with Nifty Midcap 100 down 0.60% and Nifty Smallcap 100 up 0.28%, while India VIX eased to 9.19 (down 2.03%), signalling muted near-term volatility.
Key Drivers :
Holiday liquidity kept ranges tight: Low participation and lack of fresh domestic policy triggers meant small swings dominated, with traders largely positioning for Q3 earnings.
Flows stayed mixed: Foreign investors were net sellers while DIIs absorbed supply, keeping benchmarks steady despite stock-specific spikes.
IT drag vs commodity strength: U.S. visa-related headlines weighed on IT, while metals and select cyclicals held up as global cues stayed supportive.
Today’s Top Stories:
Castrol India open offer in focus: Stonepeak and CPPIB line up an offer after BP deal; stock jumps on control change optics.
Coal India subsidiary listings: MCL and SECL listing plan cleared; investors price in PSU value unlock.
Vikran Engineering order spike: ₹2,035 crore solar EPC win drives sharp rerating move.
Ajanta Pharma semaglutide tie-up: Biocon partnership opens 26-country runway; optimism builds into approval timeline.
Websol tax overhang clears: Liability relief triggers a sharp relief rally.
TOP STORIES
1. Castrol India: Stonepeak, CPPIB open offer after BP deal
Gemini-2.5
Deal: Open offer up to 26% at ₹194.04 after BP sells parent stake to Stonepeak, CPPIB.
Strategic: Control change may reset strategy, distribution priorities, and capital returns; approvals and timelines are the key watch.
Market: Stock jumped as the takeover premium returned; price action anchored to the open-offer level.
Castrol India open offer at ₹194.04. Your take?
2. Coal India: board clears listing plan for MCL and SECL
Gemini-2.5
Update: Board gives in-principle nod to list MCL and SECL.
Strategic: Subsidiary listings could unlock value and widen PSU IPO pipeline; execution and timing matter most.
Market: Coal India traded higher on value-unlock optionality in an otherwise muted tape.
Coal India listing MCL and SECL. Impact?
3. Vikran Engineering: ₹2,035 crore solar EPC order
Gemini-2.5
Order: Wins ₹2,035.26 crore solar EPC contract from Onix Renewables.
Strategic: Big backlog boost, but delivery schedule and working capital cycle become the main risk variables.
Market: Stock spiked on order visibility and renewables momentum; volumes surged.
Vikran’s ₹2,035 cr order. What next?
4. Ajanta Pharma: semaglutide marketing pact with Biocon
Gemini-2.5
Deal: Ajanta in-licenses semaglutide from Biocon for marketing across 26 countries.
Strategic: Adds GLP-1 optionality in emerging markets; approvals and launch timing drive real value.
Market: Ajanta hit a multi-month high as investors priced a new growth lever.
Ajanta semaglutide rights in 26 countries. Your view?
5. Websol Energy: tax liability relief
Gemini-2.5
Update: Tax appeal outcome removes ₹73.04 crore liability overhang.
Strategic: Overhang cleared improves balance sheet optics; next focus is orders and operating consistency.
Market: Stock surged on relief rally dynamics typical of small caps after legal or tax clarity.
Websol gets tax relief. Trade view?
GYAANI HOT TAKES
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