Stock Market Closing Update: Bulls Ride The Sensex Above 71,000 And Nifty Beyond 21,400

The Indian stock market closed at an all-time high, setting new records as indices experienced a massive rise. The Nifty index breached the significant 21,400 mark, while the Sensex skyrocketed to an impressive 71,484, riding on the back of a robust rally that showed no signs of slowing down.

The IT sector emerged as the driving force in today's surge, with multiple stocks in the sector reaching record highs. The Nifty IT index, in particular, marked a 20-month high, led by stalwarts such as HCLTech, TCS, and Infosys, which claimed the top spots among Nifty gainers. A remarkable number of IT stocks recorded either all-time or 52-week highs, underscoring the sector's dominance in the current market narrative.

Notably, Friday marked a momentous day for BSE-listed companies as they collectively added Rs 3 lakh crore to their market capitalization. This surge capped off a week where BSE-listed firms witnessed Rs 9 lakh crore increase in market cap. The cumulative market cap for BSE-listed companies now stands at a record Rs 358 lakh crore.

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Dec 15, 2023, 2:44 pm IST

DOMS IPO

DOMS Industries Ltd's Initial Public Offering (IPO) enters its final day of subscription, with the bidding set to close on 15th December 2023. The stationery brand, known for its dominance in the pencils and mathematical instrument boxes market, has set the IPO price in the range of Rs 750 to Rs 790 per equity share.

Dec 15, 2023, 2:44 pm IST

IT Stocks At Sky High!

IT stocks had no bounds Today! Tech giants like HCL Tech, Infosys, Tata Consultancy Services (TCS), and Tech Mahindra skyrocketed by 3-5%. Meanwhile, the BSE IT index was up by a mind-boggling 1,354.70 points or 3.89%.

Dec 15, 2023, 2:00 pm IST

Zee Sony Merger: NCLAT Refuses To Stay Merger; Notice Served To ZEEL

The National Company Law Appellate Tribunal on Friday refused to stay the merger of media giants Zee Enterteinment Enterprises Limited (ZEEL) and Sony. The tribunal also issued notice to Zee Entertainment Enterprise Ltd (ZEEL). The case is now expected to be heard on January 8.

Dec 15, 2023, 1:43 pm IST

PNB Becomes Third PSU Bank To Join Rs 1 lakh Crore Market Cap Club

PNB shares traded 1.42% higher at Rs 91.19 per share at 1:39 pm IST on Friday. At this price, the State-owned Punjab National Bank (PNB) has a market capitalization of Rs 1,00,508.55 crore. The stock has gained 81.24% in the last six months.

Dec 15, 2023, 12:36 pm IST

Zen Technologies Shares Gain After Tata AIA Life Insurance Company Buys 2.38% Stake In The Company

Shares of Zen Technologies Ltd gained 3.18% higher at Rs 765.00 per share at 12:32 pm IST today after Tata AIA Life Insurance Company acquired 20 lakh equity shares or 2.38% stake in the company at a price of Rs 725 per share in a block deal. The transaction was worth Rs 145 crore. Promoter Tara Dutt Atluri offloaded 1.78% of Zen at the same price, amounting to Rs 108.75 crore.

Dec 15, 2023, 12:09 pm IST

Titagarh Rail Systems Raises Rs 700 Cr Via QIP, Stock Up 4.48%

The share price of Titagarh Rail Systems traded 4.48% higher at Rs 1053.20 per share at 12:04 pm on Friday. The company said that it raised Rs 700 Crores by alloting 75,02,679 Equity Shares to the eligible Qualified Institutional Buyers (QIBs) at the issue price of Rs. 933 per equity share.

Dec 15, 2023, 12:05 pm IST

Great Eastern Shipping Company In Focus

On December 15, 2023, the Great Eastern Shipping Company Limited (G E Shipping) agreed to sell its Medium Range Product Tanker, Jag Prabha, which was built in 2004 and has a displacement of about 47,999 dwt, to an unaffiliated third party. By Q4 of FY24, the vessel will be delivered to the new owner. The firm now operates 43 vessels in its fleet, including Jag Prabha. These include 29 tankers (6 oil carriers, 19 product tankers, 4 LPG carriers), and 14 dry bulk carriers (2 Capesize, 8 Kamsarmax, 4 Supramax), totaling 3.41 million dwt.

Dec 15, 2023, 11:31 am IST

Zydus receives final approval from the USFDA for Darunavir Tablets to cure HIV-1

The United States Food and Drug Administration (USFDA) granted Zydus Lifesciences Limited final clearance on Friday for Darunavir Tablets 600 mg and 800 mg, as well as provisional approval for tablets 75 mg and 150 mg (USRLD: Prezista® Tablets, 75 mg, 150 mg, 600 mg, and 800 mg). The protease inhibitor antiviral medication darunavir stops the Human Immunodeficiency Virus (HIV-1) from proliferating within the body. It is approved for the treatment of adult patients with HIV-1 infection. Additionally, it is recommended for treating HIV-1 infection in paediatric patients who are three years of age or older. It needs to be used in combination with other antiretroviral drugs, such as Ritonavir. The product will be produced in the Ahmedabad, India, SEZ at the group's formulation manufacturing plant. In the United States, Darunavir Tablets, 75 mg, 150 mg, 600 mg, and 800 mg, generated USD 275 million in sales annually (IQVIA MAT Oct. 2023). Since the filing procedure began in FY 2003–04, the organisation has submitted approximately 440* ANDAs and now has 383 approvals.

Dec 15, 2023, 10:50 am IST

RailTel Corporation of India Secures Rs. 25.30 Cr Order Deal

RailTel Corporation of India Ltd on Friday received the work order from the Directorate of Geology and Mining, Government of Madhya Pradesh for the installation of an AI-based Smart Enforcement System to curb illegal transportation of minerals with 3 years of operation and maintenance. The total contract value for 3 years is Rs. 25.30 Crore (excluding GST).

Dec 15, 2023, 10:46 am IST

Titan Company Shares In Focus

A Series Seed Stock Purchase Agreement was signed today by TCL North America Inc. (TCL NA), a wholly-owned subsidiary of the company, and CueZen, Inc. (a Delaware Corporation) for the subscription of Series Seed Preferred Stock in the Common Stock. As a result, TCL NA would hold a fully diluted 10% stake in CueZen. TCL North America Inc. would be the company making this USD 3.5 million investment in CueZen (TCL NA). This is a strategic investment to explore the potential technologies offered by CueZen in the Company’s smart wearable business, as per a regulatory filing.

Dec 15, 2023, 10:40 am IST

Adani Ports and Special Economic Zone Expands With MSC

For the purpose of operating Adani Ennore Container Terminal Pvt Ltd (AECTPL), Adani Ports and Special Economic Zone Ltd (APSEZ), the largest transport utility in India, has formed a second strategic partnership with Terminal Investment Limited (TiL), the container terminal operating and investing arm of MSC, the world's largest container shipping line. The success of the first joint venture with TiL for Adani International Container Terminal Pvt Ltd (AICTPL), which runs the CT3 Container Terminal at Mundra Port, the largest private commercial port in India, is being built upon by this second joint venture. For an amount of Rs 247 crore, Terminal Investment Ltd. would acquire a 49% stake in AECTPL from APSEZ through its wholly-owned subsidiary Mundi Ltd. AECTPL has a total enterprise value of Rs 1,211 crore. Following the transaction's conclusion, APSEZ would own a 51% stake in AECTPL.

Dec 15, 2023, 10:33 am IST

Sterling And Wilson Renewable Energy Raises Rs. 1,500 Cr Via QIP

On Thursday, December 14, 2023, Sterling and Wilson Renewable Energy Limited stated that the Rs. 1,500 crore fundraising under the Qualified Institutions placement (QIP) method had been successfully completed. At its meeting on December 14, 2023, the Securities Issuance Committee of the Board of Directors approved the issue and allotment of 4,32,27,665 equity shares with a face value of Re. 1 each to qualified institutional buyers who meet the eligibility requirements. The equity shares were issued at a price of Rs. 347/-per equity share, which included a premium of Rs. 346/-per equity share. Strong interest was shown in the Rs. 1,500 crore QIP by prominent global FIIs as well as domestic mutual funds.

Dec 15, 2023, 10:27 am IST

Suzlon Secures A 100.8 MW Order From A Leading Global Utility

The largest supplier of renewable energy solutions in India, Suzlon Group, said today that it has secured a new order for the construction of a 100.8 MW wind power project for a major international utility company. Suzlon plans to deploy thirty-two wind turbine generators (WTGs) with a 3.15 MW rated capacity each, each with a Hybrid Lattice Tubular (HLT) tower. Gujarat is the location of the project. The project will be carried out by Suzlon with a supply, supervision, and commissioning scope. Suzlon will also provide maintenance and operation services after commissioning.

Dec 15, 2023, 9:53 am IST

FACT Emerges As The Top Midcap Gainer

After two days in the red, Fertilisers and Chemicals Travancore witness an 8% rise, making it the top performer among Nifty Midcap 100. The stock has recorded gains of 274.84% on a year-to-date basis.

Dec 15, 2023, 9:29 am IST

Zydus Life Get Final Approval from US FDA For Darunavir Tablets

Zydus Life has received the final approval from the US Food and Drug Administration (USFDA) for Darunavir tablets in 600 mg and 800 mg strengths. These tablets are utilized in combination with other medications for the treatment of HIV infection. Additionally, the company has obtained tentative approval for Darunavir tablets in 75 mg and 150 mg strengths.

Dec 15, 2023, 9:27 am IST

Adani Ports Completes 49% Stake Sale In Adani Ennore Container

Adani Ports successfully concludes the sale of a 49% stake in Adani Ennore Container to Mundi Ltd for Rs 247 crore.

Dec 15, 2023, 9:21 am IST

Market Opens At Record High; Sensex Inches Closer To 71,000, Nifty Near 21,300

The Indian indices hit a fresh high during the opening on December 15, with the Nifty hovering near the 21,300 mark. The Sensex exhibited a gain of 282.80 points or 0.40%, reaching 70,797.00, while the Nifty recorded an increase of 87.30 points or 0.41%, touching 21,270. The market saw 1,712 shares advancing, 411 shares declining, and 109 shares remaining unchanged.

Dec 15, 2023, 9:17 am IST

All Eyes On HDFC Bank Ahead Of FTSE Index Rebalancing

On Friday, December 15, HDFC Bank Ltd's shares are poised to be in the spotlight, driven by the anticipation of significant inflows of around 0 million related to FTSE index adjustments. The index aggregator, FTSE, is currently engaged in a rebalancing exercise, injecting a substantial 0 million into the Indian market. A substantial portion of this expected windfall is likely to be directed towards HDFC Bank, positioning the private lender to receive a considerable share of the inflows.

Dec 15, 2023, 9:15 am IST

PVR Inox In Focus Today

Plenty Private Group and Multiples Private Group are contemplating a strategic move to divest a collective 2.33% stake in PVR Inox. The estimated offer size stands at Rs 404.5 crore, with expectations of pricing the offer in the range of Rs 1,750-1,769.5 per share. This proposed pricing represents a potential discount of up to 1.12% based on the closing price.

Dec 15, 2023, 9:13 am IST

Hero MotoCorp To Acquire Additional Stake In Ather Energy

Hero MotoCorp is set to acquire an additional stake in Ather Energy, investing up to ₹140 crore. Furthermore, the company has announced the appointment of Vivek Anand as its Chief Financial Officer, effective March 1, 2024.

Dec 15, 2023, 9:11 am IST

Rupee Opens Flat Against Previous Close Of 83.32/$

The Indian rupee initiated the trading session unchanged at 83.31 per dollar, maintaining parity with the previous closing rate of 83.32.

Dec 15, 2023, 9:09 am IST

Oil Eyes First Weekly Upsurge Since October, Brent Nears /bbl

Crude prices are on the brink of securing their initial weekly gain in nearly two months, propelled by optimistic signals from the Federal Reserve that set off a bullish wave across various markets. West Texas Intermediate (WTI) is currently hovering below the per barrel mark, a slight dip after a notable 4% surge over the preceding two sessions. Simultaneously, the global benchmark, Brent, is inching close to per barrel. The recent dovish statements from Federal Reserve Chair Jerome Powell on Wednesday triggered these positive market dynamics.

Dec 15, 2023, 9:02 am IST

Market Outlook Today

Mr. Aditya Gaggar, Director of Progressive Shares said, "Dovish commentary by the US Fed boosted the market sentiments which helped bulls to tighten their grip to end the weekly expiry day at a record level of 21,182.70. With a bullish gap, the Index has breached its congestion zone which implies continuation of the current uptrend with the downside being protected at 21,070, and on the flip side, 21,400 can act as a resistance. From the Auto segment, we continue to stick with our recommendations (Eicher Motors and Hero Motocorp). The Tech sector did rally but follow-up action is a key factor to watch out for (HCL Tech). A robust momentum is likely to extend further in the Railway stocks (TexRail-Rounding Bottom Breakout). One should start looking at Chemical stocks (specialty)."

Dec 15, 2023, 8:51 am IST

Asian Stocks Surge Amidst Federal Reserve Signals, US Market Remains Cautious

Asian stocks experienced notable gains on Friday morning. Japanese and South Korean stocks showed upward trajectories, buoyed by the conviction that the Federal Reserve's recent signals marked a decisive step toward an eventual reduction in interest rates. Australian stocks extended their positive momentum from the market open, setting a favorable tone for regional equities. However, a note of caution emerged from the United States as the S&P 500 managed a modest gain on Thursday, the Nasdaq 100, which had witnessed an impressive over 50% surge in 2023, saw a decline.