Stock Market Updates: IREDA, Infosys, Hindalco, YES Bank in Focus
by mydhanush on 12 December 2023, 5 min read
The Indian stock market including the Sensex and Nifty were trading flat amid volatility intraday on December 12. At 11:55 AM, Sensex was marginally down by 24 points at 69904 level while Nifty was up 7 points and was trading at 21004 mark.
Among the sectors buying was seen in Media, Metals, PSU Banks and FMCG space while selling was witnessed in Realty, Oil & Gas, Pharma and the auto sectors.
Stocks which are in focus:
Share price of Hindalco Industries hit a new 52-week high intraday on December 12 after the company announced plans to set up a battery foil manufacturing facility in Odisha.
The company will deploy an investment of up to Rs 800 crore for the new battery foil plant which will be commissioned by July 2025. The plant will initially produce 25,000 tonnes of the resilient product which forms the backbone of Lithium-ion and Sodium-ion cells.
Stock price of IREDA zoomed 17 percent on December 12 with the stock price surging over 200 percent to the issue price. The move came on the back of the state-owned firm floating a retail division for providing loans under the PM-KUSUM scheme, Rooftop Solar, and other Business-to-Consumer (B2C) sectors. IREDA’s retail division quickly sanctioned its first loan amounting to Rs 58 crore under KUSUM-B scheme.
Infosys shares trade in the red:
Shares of Infosys were trading lower after the company’s chief financial officer, Nilanjan Roy, stepped down from his post to pursue personal aspirations. Since Roy’s resignation comes at a time when tier-I information technology companies are suffering from an increasing number of top brass exits, it has dented sentiment.
YES Bank share price rallies:
Shares of Yes Bank jumped 7 percent to hit day’s high of Rs 21.68 per share on December 12 as the private sector lender eyes buyers for its corporate and retail loans with outstanding debt of Rs 4,234 crore.
According to bank notice, Yes Bank has invited expressions of interest (EoI) for the proposed sale of non-performing assets (NPAs) worth Rs 4,234 crore. The bids have been invited to determine anchor bids for stressed assets sale, all of which will be offered on an upfront 100 percent cash basis.
Dixon Technologies stock gains:
Shares of Dixon Technologies zoomed 5 percent to hit a 52-week high of Rs 6,710.40 in the early trade on December 12 after a subsidiary company received a contract from Lenovo. However, the stock slipped from day’s high and was trading at Rs 6,545.20 per share on NSE, up 2.71 percent.
Lenovo has awarded Padget Electronics Private Limited, a wholly owned subsidiary of the company, the manufacturing contract for IT hardware products for laptops and notebooks under the Production Linked Incentive 2.0 scheme, subject to signing of definitive agreement in due course, the company said.
Top Nifty50 Gainers:
Last Traded Price (Rs)
HDFC Life Insurance
Top Nifty50 Losers:
Last Traded Price (Rs)
Larsen & Toubro
Asian markets largely in the green:
Asian markets apart from India were trading in the green with Nikkei up 0.16 percent at 32,843.70 while Hang Seng gained 1.18 percent at 16,393.35 mark. Kospi was up 0.39 percent and was trading at 2,535.27 level.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
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