After opening the day higher, Indian benchmark indices maintained the momentum as the session progressed and ended the day higher.Benchmark equity indices, the BSE Sensex and NSE Nifty50 ended in positive territory for the third consecutive session on Thursday.At the closing bell, the BSE Sensex closed higher by 319 points (up 0.4%).Meanwhile, the NSE Nifty closed 99 points higher (up 0.4%).ONGC, Shriram Finance, and Bharat Electronicsare among the top gainers today.Trent, Wipro, and HCL Tec,h on the other hand, were among the top losers.The GIFT Nifty was trading at 23,389, up by 127 points at the time of writing.The BSE MidCap index ended 0.9% higher andthe BSE SmallCap index ended 1.4% higher.Sectoral indices were trading mixed on Wednesday with stocks in the power sector and the metal sector witnessing buying. Meanwhile, the stocks inthe FMCG sector and IT sector witnessing selling pressure.The rupee is trading at 86.56 against the US$.Gold prices for the latest contract on MCX are trading 0.4% higher at Rs 79,016 per 10 grams.Meanwhile, silver prices were trading 0.7% higher at Rs 93,475 per 1 kg.
Bharat Dynamics Shares Jump 8%. Here’s WhyIn news from the defense sector, shares of Bharat Dynamics jumped over 8%, reaching an intraday high of Rs 1,227.9 on 16 January 2025, after the company secured a substantial order from the Ministry of Defence.The defense manufacturer announced that it had signed a contract worth Rs 2,960 crore for the supply of Medium-Range Surface-to-Air Missiles (MRSAM) for the Indian Navy. The contract was formalized in the presence of Defence Secretary Rajesh Kumar Singh in New Delhi.This contract represents a key milestone in India’s ongoing efforts to strengthen its defense capabilities and advance the indigenization of cutting-edge military technology.Additionally, Bharat Dynamics revealed in an exchange filing on 16 January that the Defence Ministry has approved the appointment of DV Srinivas as Director (Technical) on the company’s board. Srinivas officially took charge on 20 September 2024.Here’s how Bharat Dynamic’s shares have performed in the past year.
Waaree Technologies Hits Upper CircuitMoving on, Waaree Technologies’ shares surged on Thursday, 16 January 2025, hitting the 5% upper circuit limit at Rs 383.8 per share on the BSE.The rise in share price came after the company secured an order for 99 sets of Solar Off-Grid Combos from a customer involved in trading activities.As part of the order, Waaree Technologies will supply 99 Solar Off-Grid Combos, which will include batteries, solar panels, inverters, and other necessary components.The delivery for this order is expected within the next 90 days.Waaree Technologies is a prominent player in the renewable energy sector, specializing in the manufacture and supply of renewable energy equipment, including lithium-ion batteries, inverters, solar panels, and pumps.Recognized as one of the leading lithium-ion battery manufacturers in India, the company plays a pivotal role in advancing sustainable energy solutions.Additionally, it is actively exploring solar energy opportunities and developing advanced electrical storage systems.
Gensol Engineering Shares Jump 7%Moving on to news from the engineering sector, shares of Gensol Engineering rose by more than 7% to Rs 782 each on January 16 after the company signed an agreement with Refex Green Mobility for the transfer of 2,997 electric four-wheelers.This move marks a significant step in advancing sustainable mobility solutions in India. The partnership will see Refex eVeelz taking over Gensol’s existing loan facility of nearly Rs 3.2 bn, optimizing operations, and accelerating the deployment of electric four-wheelers (e4Ws) in key markets such as Chennai, Bengaluru, Hyderabad, Mumbai, and Pune, where Refex eVeelz currently operates.Refex eVeelz plans to lease the 2,997 vehicles to Blu-Smart Mobility, a leading electric mobility platform, to ensure continued growth and smooth operations in the electric mobility sector in Delhi NCR and Bengaluru.In another development, Gensol recently secured an EPC contract from a prominent public sector company for the development of a 275MW Solar PV Project at RE Solar Park, Khavda Rann in Kutch, Gujarat, valued at Rs 10.6 bn.
IDBI Bank Shares Jump 12%Moving on to news from the banking sector, shares of IDBI Bank surged by up to 12% to reach Rs 82 each on 16 January, following reports that the state-run lender has advanced to the next phase of its divestment process.The bank revealed that global consultancy firm KPMG is conducting the final due diligence, which, once completed, will be presented to the bank’s board and shared with potential buyers to serve as the basis for financial bids.Following this, the Department of Investment and Public Asset Management (DIPAM) is set to invite bids for a 60.7% stake in IDBI Bank. However, with bids expected not before March, the divestment process is likely to extend into FY26.The completion of the due diligence is seen as a positive corporate governance measure. KPMG had previously carried out vendor due diligence in December 2020, which laid the groundwork for potential investors to begin submitting their expressions of interest (EOI) starting in October 2022.More By This Author:Sensex Today Trades Higher; L&T Technology Services Rallies 8%
Sensex Today Ends 224 Points Higher; Nifty Above 23,200
Sensex Today Trades Higher; Nifty Above 23,150
