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The Dow Jones Industrial Average rose 0.99 points, or 0.00%, at the open to 32,921.45

The company will launch its IPO over 11 months after receiving approval from Sebi. Ascent Capital is set to sell up to 2 crore shares through an offer for sale, while the company will raise Rs 60 crore through fresh issue of equity shares.

Allied Blenders makes foreign liquors and its flagship brands include ‘Officer’s Choice Whiskey’, ‘Sterling Reserve’, and ‘Officer’s Choice Blue’. The company’s brands are sold across 30 states and Union Territories.

The promoters will offer up to 4% discount from the current market price for the stake in the fast moving consumer goods major

The IPO consists of a fresh issue of shares worth up to Rs 200 crore, and an offer for sale (OFS) of up to 31,46,802 equity shares by promoters and other shareholders.

In the short term, NIfty should rally to 18530-18550, then we will take it from there. 18200 is the support for Nifty, a break below this and the Nifty could trade towards 18100. Tread with extreme caution on the market.

“The Final hearing before the Ministry of Corporate Affairs in New Delhi for obtaining sanction on the Scheme of Arrangement for demerger is fixed on Thursday, December 29, 2022, as per the directives of MCA issued during the hearing held on 16th December 2022,” said the filing by the shipping company.

"Gold prices traded higher in the Asian trading hours. Comex gold prices are trading up by 0.32 per cent at USD 1,795 per ounce," said Dilip Parmar, Research Analyst at HDFC Securities.

"Shares of sugar companies rose intraday as news spread that the government might raise the sugar export limit following a January assessment of domestic production. Up till May 31, 2023, the government approved the quota-based export of 60 lakh tonnes of sugar in November," said Mohit Nigam, Fund Manager & Head - PMS, Hem Securities.

The company has proposed to buy back 10 lakh shares of face value of Rs 2 each at Rs 850 per share for an aggregate amount of Rs 85 crore through a tender offer process.