After a gap-down opening, the markets reversed losses seen in the first half of the trade and rebounded sharply tracking a rise in US futures and closed the day in green.Contrary to Wednesday’s moves, equity markets started lower on Thursday but ended decently higher amid buying in shares of Reliance Industries, financials, and metals stocks.At the closing bell, the BSE Sensex soared 359 points (up 0.5%).Meanwhile, the NSE Nifty closed higher by 130 points (up 0.6%).Zee Entertainment, IOC, and Britannia were the top gainers today.Axis Bank, Bajaj Finance, and Bajaj Auto, on the other hand, were among the top losers today.The GIFT Nifty was trading at 21,364, up by 275 points, at the time of writing.Border indices ended on a positive note with the BSE MidCap index up by 1.6% while the BSE SmallCap index rose by 1.7%.All sectoral indices ended in green with stocks in the Power sector, Oil & Gas sector, Energy sector, and Telecom sector witnessing most of the buying.Now track the biggest movers of the stock market using stocks to watch today. This should help you keep updated with the latest developments…Asian share markets ended on a mixed note. The Shanghai Composite ended 0.6% higher while the Nikkei tanked 1.6%. The Hang Seng closed flat.The rupee is trading at 83.26 against the US$.Gold prices for the latest contract on MCX are trading flat at Rs 62,461 per 10 grams.Silver for the latest contract on MCX is also trading in red by 0.1% at Rs 75,401 per 1 kg.
Why Mazagon Dock Share Price is RisingIn news from the defense space, on Thursday, 21 December 2023, Mazagon Dock was in the news as it experienced a 3.5% increase in its share price during the early trading session.This surge can be attributed to the company securing a contract with the Ministry of Defence’s acquisition wing for the construction of six next-generation offshore patrol vessels (NGOPVs) intended for the Indian Coast Guard.The agreement outlines the delivery schedule, with the first vessel expected 41 months from the date of the advance payment release. This will be followed by subsequent vessels at intervals of five months.This positive development follows Mazagon Dock Shipbuilders’ recent contract signing for the construction of multi-purpose hybrid-powered vessels valued at US$ 42 million (m).Additionally, the company received an order worth Rs 11.5 billion (bn) from ONGC for the Part Replacement of Pipeline Project (PRPP), which involves the installation of approximately 44.4 km of subsea pipelines divided into 19 segments.These strategic contracts contribute to the company’s overall growth and bolster its position in the shipbuilding and offshore construction sectors.
Suzlon Energy Soares as it Secures Another Project
Moving on with news from the energy sector.On Thursday, 21 December 2023, Suzlon Energy witnessed a rise of over 4% in its share price. The reason behind this steep rise can be attributed to the company securing a repeat order for a 193.2 megawatt (MW) wind power project from The KP Group.This project is integral to the Wind-Solar Hybrid and State Transmission Utilities (STU) tariff-based initiative aimed at enhancing renewable energy contribution in Gujarat.As part of the contract, Suzlon will deliver 92 units of their S120 – 2.1 MW wind turbine generators (WTGs) featuring a 140 m Hybrid Lattice Tubular (HLT) tower at Vagra and Vilayat in Bharuch district, Gujarat.The company’s success in securing this order comes on the heels of another recent contract for a 100.8 MW wind power project from a global utility company, also based in Gujarat.In that project, Suzlon would install 32 wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 3.15 MW each, utilizing the company’s 3 MW series.Suzlon’s 3 MW – 3.15 MW wind turbine series received government approval last month.
Tarsons Product Acquires Two German CompaniesMoving on with the news, on Thursday, 21 December 2023, the share price of Tarsons Products witnessed a surge of over 14%.This rally came after the company announced that its subsidiary, Tarsons Life Science Pte, has entered into a share purchase agreement to acquire Nerbe R&D GmbH and Nerbe plus.Tarsons Life Science Pte is set to become the holding company of the German entity upon the execution of the share purchase agreement, gaining all the rights applicable to a holding company over its subsidiary company.The acquisition of Nerbe R&D GmbH, established in 1976 and based in Hamburg, Germany, positions itself as a strategic move for the Tarsons Group, enhancing its line of business.Tarsons Products is a prominent producer and supplier of laboratory plastic ware in India, catering to various fields, including molecular biology, cell culture, genomics, proteomics, and immunology.More By This Author:Sensex Today Trades Lower; IIFL Finance Tanks 5%
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