Dow Jones scores second record close in a row on lower-rate bets
US stocks ended firmer on Thursday, with the Dow Jones Industrial Average notching its second straight record high close. Optimism lifted expectations that borrowing rates will decrease next year following a dovish pivot by the Federal Reserve.
The Nasdaq Composite Index gained 0.19% at 14,761.56 points, while the Dow Jones Industrial Average rose 0.43% to 37,248.35 points. The S&P 500 climbed 0.26% to end at 4,719.55 points.
Stocks on the radar
Hero MotoCorp to increase stake in Ather Energy
Hero MotoCorp will be buying an additional stake in associate company Ather Energy from an existing shareholder for up to Rs 140 crore. After this transaction, Hero’s stake in Ather Energy will increase to 39.7 percent from 36.7 percent. Hero will complete the acquisition of additional shares in Ather Energy by January 31, 2024.
Texmaco Rail receives orders from Ministry of Railways for the manufacturing and supply of freight wagons
Texmaco Rail has announced that the Ministry of Railways has awarded a substantial order for the manufacturing and supply of freight wagons. The contract is valued at approximately Rs. 1374.41 crore. The company is tasked with producing and delivering 3,400 BOXNS wagons.
Jupiter Wagons receives order worth Rs 1,617 crores from the Ministry of Railways
Jupiter Wagons received an order worth Rs 1,617 crores from the Ministry of Railways to manufacture and supply 4000 BOXNS wagons.
M&M Financial Services to enter into the business activity of soliciting and procuring insurance business as a corporate agent
M&M Financial Services said it has received approval from the Board of Directors for undertaking the supplemental business activity of soliciting and procuring insurance business as a corporate agent in the areas of life, health, and general insurance, both group and individual.
This will be subject to obtaining the necessary approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and no objection from the RBI or other regulatory authorities.
SBI to purchase 6.35% stake in Canpac Trends
State Bank of India has executed transaction documents for the purchase of 3,70,644 shares, or 6.35 percent stake, in Canpac Trends, which provides paper-based packaging solutions, for nearly Rs 50 crore. The stake will be bought at a price of Rs 1,349 per share.
Mazagon Dock Shipbuilders launches India’s fastest solar-electric boat
Mazagon Dock Shipbuilders has launched India’s fastest solar-electric boat, SaurShakti, in Kochi. The boat was developed through a collaboration between Mazagon Dock Shipbuilders and NavAlt Solar Electric Boat, Kochi.
BHEL, CMTI signs MoU for collaboration on technology development in the areas of hydrogen value chain and IIoT solutions
BHEL and the Central Manufacturing Technology Institute (CMTI), an autonomous institution under the administrative control of the Ministry of Heavy Industries, have entered into a Memorandum of Understanding (MoU) for collaboration on technology development in the areas of hydrogen value chain and IIoT solutions for predictive maintenance of machines and manufacturing processes.
Panacea Biotec launches fully-liquid wP-IPV-based pentavalent vaccine EasyFourPol in India
Panacea Biotec has launched the fully-liquid wP-IPV-based pentavalent vaccine EasyFourPol in India. The wP-IPV pentavalent vaccine protects children against five deadly diseases: diphtheria, tetanus, pertussis, polio, and invasive infections caused by Haemophilus influenza type B.
Cipla invests Rs 42 crore in digital tech company
Cipla has invested Rs 42 crore in digital tech company, GoApptiv to expand its patient reach to the remotest towns. Cipla’s stake in the tech company now increased to 22.99% on a diluted basis.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 3,570.07 crore. Domestic institutional investors (DIIs) purchased Rs 553.17 crore worth of stocks on December 14.
Oil rises 3% on IEA demand upgrade, weaker dollar
Oil prices rose 3% on Thursday, extending the previous session’s gains. A weaker dollar and the International Energy Agency (IEA) lifting its oil demand forecast for next year boosted it.
Brent futures settled $2.35 higher, or 3.2%, at $76.61 a barrel. US West Texas Intermediate (WTI) crude climbed $2.11, or 3%, to $71.58.
Stock under F&O ban on NSE
The NSE has added Manappuram Finance and SAIL to its F&O ban list for December 15. It retained Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, India Cements, and Zee Entertainment Enterprises to the said list. National Aluminium Company was removed from the said list.
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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