After opening the day higher, Indian share continued the momentum as the session progressed and ended on a positive noteBenchmark indices were listless in trade on Thursday, after hitting record highs earlier in the session.At the closing bell, the BSE Sensex stood higher by 204 points (up 0.3%).Meanwhile, the NSE Nifty closed higher by 77 points (up 0.3%).M&M, Titan, and Shriram Finance are among the top gainers today.HUL, Eicher Motors, and Axis Bank on the other hand, were among the top losers today.The GIFT Nifty was trading at 23,371, up by 22 points, at the time of writing.The BSE MidCap index and BSE SmallCap index ended 1% higher.Barring the metal sector and FMCG sector, all other sectoral indices are trading on a positive note with stocks in the energy sector, metal sector, and power sector witnessing most buying.Shares of Bosch, Trent, and Siemens hit their respective 52-week highs today.The rupee is trading at 83.54 against the US$.Gold prices for the latest contract on MCX are trading 0.7% lower at Rs 71,486 per 10 grams.Meanwhile, silver prices were trading 1.7% lower at Rs 88,842 per 1 kg.
Gensol Engineering Hits 5%In news from the engineering sector, shares of Gensol Engineering were locked at 5% upper circuit on 13 June after the company emerged as a successful bidder for the 250 MW/500 MWh standalone Battery Energy Storage Systems (BESS) project worth Rs 13.4 billion (bn) from Gujarat Urja Vikas Nigam.The project will supply electricity on an ‘on-demand’ basis to Gujarat State’s DISCOMs during peak and off-peak hours, thereby extending renewable energy availability beyond solar hours, fulfilling energy storage purchase obligations, and enhancing grid resilience.Gensol Engineering — a pioneer in solar power engineering, procurement, and construction (EPC) services and the electric mobility sector — emerged as a successful bidder for the 250 MW/500 MWh standalone battery energy storage systems (BESS) project from Gujarat Urja Vikas Nigam.The project will deliver 250 MW/500 MWh of energy for two charge/discharge cycles per day.Being one of the first major projects of standalone BESS in the country, the potential for BESS is set to experience substantial growth, fueled by robust policy backing from the government.Gensol Engineering is a solar engineering, procurement, and construction business, which specializes in solar park and rooftop installations and has completed projects totaling more than 770 MW.
Exide Industries Hits Record HighMoving on to the news with auto ancillaries, shares of Exide Industries gained over 1% to hit a fresh record high of Rs 549 on 13 June afternoon trade following the company’s Rs 750 m investment in Exide Energy Solutions Limited (EESL), an existing wholly subsidiary.The latest capital infusion will amount to the total investment made by the battery major at Rs 24.5 bn, the company said in a regulatory filing on 12 June.The subsidiary is involved in manufacturing battery cells of advanced chemistry as well as assembling, and selling battery modules, battery packs, and other related activities.In April, two South Korean auto majors Hyundai Motor Company (HMC) and Kia Corporation announced a partnership with the homegrown battery maker for electric vehicle battery localization in the country.Exide Industries is a leading manufacturer of storage batteries in India. It supplies its products to automotive, power, solar, telecom, and submarine companies.The company has ten manufacturing plants with a production capacity of 54 million (m) units of automotive power and 5.8 billion (bn) ampere-hour (ah) of industrial power.
Why Sobha Share Price is Rising
Moving on to news from the real estate sector, shares of realty firm Sobha surged over 7% to a day’s high of Rs 2,219 on the BSE during Thursday’s trade, following the board’s approval of a Rs 20 bn rights issue.The rights issue price is set at Rs 1,651 per equity share, which represents a 20% discount from the previous day’s closing price of Rs 2,063.9 per share.The rights issue will open on 28 June and will close on 4 July.The realty firm said six rights equity shares will be issued for every 47 fully paid-up equity shares of the company held by the eligible equity shareholders.However, in Q4FY24, the realty firm reported an 86% decline in consolidated net profit to Rs 70.2 m on lower income. Its net profit stood at Rs 485.7 m in the year-ago period.Total income also fell to Rs 7.9 bn in the fourth quarter from Rs 12.4 bn in the corresponding period of the previous year.During 2023-24, net profit declined to Rs 491.1 m from Rs 1 bn in the preceding year.More By This Author:Sensex Today Hits Record High; Nifty Above 23,400Sensex Today Ends 100 Points Higher; Nifty Above 23,300Sensex Today Trades Higher; Nifty Midcap Hits Record High
