After opening the day marginally lower, the Indian benchmark remained volatile as the session progressed and ended the day flat.Benchmark equity indices, BSE Sensex and NSE Nifty50, ended Tuesday’s choppy session on a flat note.At the closing bell, the BSE Sensex stood flat, up 1.5 points at the 81,510 level.Meanwhile, the NSE Nifty closed marginally lower by 9 points.Wipro, Infosys, and HCL Techare among the top gainers today.Bharti Airtel, Adani Ports, and Adani Enterprises on the other hand, were among the top losers today.The GIFT Nifty was trading at 24,681, down by 24 points at the time of writing.The BSE MidCap index and BSE SmallCap index ended 0.3% higher.Sectoral indices were trading mixed today with stocks in the realty sector and IT sector witnessing buying. Meanwhile, stocks in the power sector and telecom sector witnessing selling pressure.Mphasis, Coforge, and L&T hit their respective 52-week highs today.The rupee is trading at 84.86 against the US$.Gold prices for the latest contract on MCX are trading flat at Rs 77,494 per 10 grams.Meanwhile, silver prices were trading 0.5% lower at Rs 94,680 per 1 kg.
PG Electroplast QIPIn news from the FMCG sector, PG Electroplast approved the allotment of over 21.4 m equity shares of the company to eligible QIBs. The company has fixed an issue price of Rs 699 per equity share.PG Electroplast board approved allotment of shares aggregating to Rs 14.9 bn at 0.8% discount to floor price.PG Electroplast shares traded flat at Rs 850.3 per share on the NSE.
Waaree Energies Zooms 7%. Here’s WhyMoving on, Waaree Energies shares rallied as much as 7.2% to Rs 3,185 on December 10, extending its remarkable rally to five trading sessions in a row after it secured a new order to supply up to 1 GW of solar modules.The order comes from a prominent renewable energy company in India, with deliveries planned for FY25 and FY26. Waaree Energies, however, didn’t disclose the monetary value of the order.Waaree Energies, India’s leading solar PV module manufacturer, boasts an installed capacity of 12 GW across five facilities in Gujarat and Uttar Pradesh, spanning over 143 acres. Beyond manufacturing, the company is actively involved in solar project development and electricity sales.
Why Religare Enterprises Share Price is Rising?
Moving on to news from the finance sector, shares of Religare Enterprises surged more than 9 per cent on the bourses on Tuesday amid reports that the Reserve Bank of India (RBI) has cleared the Burman family’s open offer to acquire an additional 26% stake in the company.According to reports, the RBI approval comes with conditions, including maintaining the existing management structure and not appointing new directors at this stage.The scrip of the company climbed 4.5% to Rs 290.55 apiece on NSE. In intraday trade, it surged 9.5% to hit its 52-week high of Rs 304.6 per share.The RBI approval has a validity period of one year. While the clearance of the deal is a significant step for the Burman family towards acquiring majority control of ReligareAs of September 2024, the Burman family through its affiliates — M B Finmart, Puran Associates, VIC Enterprises and Milky Investment & Trading Company — owned a 25.1% holding in Religare.Puran Associates is owned by Anand Burman and Minnie Burman, while V C Burman owns VIC Enterprises, and M B Finmart is owned by Mohit Burman.Burman family has investments across various sectors such as insurance and FMCG.In September last year, the Burman family announced to acquire of an additional 26% stake under Sebi’s Substantial Acquisition of Shares and Takeovers (SAST) norms.This move will increase the holding of Burman family in Religare Enterprises Ltd (REL) and will surpass 56%, enabling them to become majority owners in the financial services firm.HDFC Bank Share Price RallyMoving on to news from the banking sector, after being the butt of many jokes on social media in the last few years amid a reverse merger with parent HDFC, shares of private lender HDFC Bank are finally living true to their reputation as one of the biggest wealth creators on Dalal Street with a Rs 3 tn rally in just 6 months.HDFC Bank, which had lost its status as one of India’s most loved stocks to ICICI Bank, is now consistently beating its rival in the last 6 months, 3-month and one-month timeframes with analysts saying that the post-merger balance sheet has become stronger and looks poised for steady growth.Up by around 19% in the last 6 months, HDFC Bank is now the best-performing large private sector bank on account of its relatively better margin, and asset quality outcomes amid rising asset quality noises in unsecured loans.More By This Author:Sensex Today Trades Flat; ITI Jumps 8%
Sensex Today Ends 200 Points Lower; Nifty Below 24,620
Sensex Today Trades Marginally Lower; Nifty Below 24,700
