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Major Indian stock indices continued to rise for the seventh day in a row and closed at fresh highs, aided by gains in metal, energy and auto stocks. The Sensex and the Nifty 50 indices crossed psychological mark of 63,000 and 18,700, respectively. The Sensex hit a lifetime high of 63,303.01 and the Nifty 50 index topped 18,816.05. However, the Sensex closed at 63099.65, up 0.67% and the Nifty ended at 18758.35, a rise of 0.75%.
In broader markets, Nifty Midcap 100 index jumped 1.14% and BSE Smallcap rose 0.61%.
Top Nifty sectoral gainers were Metal [1.81%], Energy [1.75%], Auto [1.72%], Realty [1.45%] and FMCG [1.02%]. Top loser was PSU Bank [-1.35%]. Rest of the Nifty sectoral indices closed in the green.
Indian rupee strengthened by 30 paise to 81.42 against the US dollar on Wednesday.
Stock in News Today
National Mineral Development Corporation (NMDC): Shares of the company rose in intraday trade after it had increased prices of lump ore and fines, effective from November 30, 2022. The prices of lump ore (65.5%, 6-40mm) have been increased by Rs 300 or 7.89%, to Rs 4,100. The prices of iron ore fines (64%, -10 mm) have been raised by Rs 300 or 11.49%, to Rs 2,910 per ton from Rs 2,610 per ton which was set earlier.
Automakers and Auto Ancillary manufacturers: Shares of most automobile and auto parts makers rose ahead of the release of their November sales data. Indian automakers witnessed good sales numbers due to festive sales momentum and recovery in the rural market. Shares of M&M [4.67%], Bajaj Auto [2.25%] and Eicher Motors [2.15] were the top three gainers in among Nifty Auto sector index.
Easy Trip Planners (EaseMyTrip): The company has become the travel partner for the International Indian Film Academy and Awards (IIFA) 2023 event, which will take place on Yas Island, Abu Dhabi, for the second consecutive year from February 9 to February 11, 2023. Under this partnership, EaseMyTrip will sell exclusive packages for the event and free IIFA passes on buying tickets to Abu Dhabi to attend the event.
Wipro: The IT major announced that it is an official launch partner for Amazon Security Lake from Amazon Web Service (AWS), which provides modern enterprises with intelligent security data to solve more security use cases, increase security visibility and reduce threats. Amazon Security Lake allows customers to build a security data lake from integrated cloud and on-premises data sources as well as from their private applications.
Ashoka Buildcon: Shares of the company rose 3.6% after the company bagged a road development project by emerging as the lowest bidder. The company bid value stood at Rs 1,668.50 crore by the National Highway Authority of India. The project includes construction of six-lane elevated corridor along with development of existing four-lane road at ground level from Aroor to Thuravoor Thekku section of NH66 in Kerala on engineering, procurement and construction mode.
Greenpanel Industries: The company’s board through resolution by circulation on 29 November 2022, approved the winding up of the Company’s wholly owned subsidiary (WOS) namely, Greenpanel Singapore Pte. Ltd. pursuant to the rules and regulations of its host country. The Board also approved write off the investment in the WOS to the extent of impairment of the asset due to accumulated losses of the WOS.
GMM Pfaudler: Shares of the company climbed 3.85% after its wholly-owned subsidiary, GMM Pfaudler US Inc., incorporated a joint venture with JDS Manufacturing Inc (JDS) in the US named GMM Pfaudler JDS LLC. The company said that its arm has completed the acquisition of 51% shareholding of GMM Pfaudler JDS LLC by subscribing to 5,100 units granted for a consideration of $500,000. The new joint venture will help both the companies to further develop the high-margin services business and it is expected to strengthen GMM Pfaudler’s market position in the US.
BLS International Services: Shares of the company advanced 8.21% after the company fixed December 10, as the record date for the proposed 1:1 bonus share issue. The company will issue one bonus equity shares of Re 1 each for one existing equity share of Re 1 each. The bonus issue is subject to the approval of shareholders at the ensuing extra-ordinary general meeting to be held on December 2.
Cantabil Retail India: The company announced that it has opened 5 new showrooms at different locations in India in November 2022. The total number of showrooms now stands at 429 shops. The company owns the brands Cantabil, Kaneston, Crozo and Lil Potatoes.
J.B.Chemicals & Pharmaceuticals (JB Pharma): The company said that it has received ANDA approval from the USFDA for Venlafaxine Hydrochloride extended-release tablets of various strengths. It is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Venlafaxine Hydrochloride extended-release tablets of Osmotica Pharmaceutical. Venlafaxine oral tablet is used to treat depression and social anxiety disorder.
PTC Industries: Shares of the company rose after it announced that it has signed Memorandum of Understanding (MoU) with Safran Aircraft Engines (SAE) to bridge defence and civil aerospace sectors requirements. As part of the MoU, they will manufacture and supply of Titanium and Super Alloy castings and components for LEAP engines in civil aircraft engine applications and for the M88 engines in military aircraft engine applications.
Krishna Institute of Medical Sciences (KIMS Hospitals): The company said that it has acquired an additional equity stake of 7.79% in Arunodaya Hospitals. With this, KIMS Hospitals now holds 65.62% of the total paid-up equity share capital of Arunodaya Hospitals. Arunodaya Hospitals is a multispeciality hospital with a capacity of 200 patient beds. The company recorded revenue of Rs 30.62 crore in the financial year ended 30 March 2022.