LIC hits 52-week high, Allcargo Logistics rises on business restructuring & more

NIFTY50: 21,349 ▲ 94 (+0.4%)
SENSEX: 71,106 ▲ 241 (+0.3%)

• Benchmark indices ended higher amid positive global cues
• In all, 38 of the NIFTY50 stocks closed in the green
• The UK economy shrank 0.1% on quarter in the September quarter, compared to expectations of a flat reading

Among the NIFTY sectoral indices, Realty (+2.5%) and IT (+2.2%) were the top gainers, while PSU Bank (-0.6%) and Financial Services (-0.6%) were the top losers. 

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⭐ LIC hits 52-week high on shareholding exemption

Shares of the insurance giant hit a 52-week high of ₹821 per share after the company was granted a one-time exemption to achieve minimum public shareholding (MPS) by the Department of Economic Affairs. As part of this exemption, LIC has been given a period of up to 10 years (till May 2032) to achieve the mandated 25% minimum public shareholding (MPS). 

⭐ Allcargo Logistics rises 7% on business restructuring

Shares of the logistics company closed 7% higher after the company announced business restructuring plans along with its subsidiaries. Under this plan, the International Supply Chain (ISC) business will be separated into a new company called Allcargo ECU Limited. Post-demerger, the express and contract logistics business will be part of Allcargo Logistics. Shareholders of Allcargo will receive 1:1 shares in the demerged entity and will continue to retain their holdings in Allcargo Logistics. Meanwhile, Allcargo Gati shareholders will get 63 shares in the new entity, Allcargo ECU Limited, for every 10 shares held.

⭐ Bharat Electronics surges on multiple order wins

Shares of the defence electronics manufacturer closed 2.2% higher today. This was after the company announced that it had bagged multiple orders worth ₹2,759 crore. The orders were received from Goa Shipyard Limited (₹1,701 crore) and Garden Reach Shipbuilders & Engineers (₹972 crore) for the supply of 14 types of sensors for use on Next Generation Offshore Patrol Vessels (NGOPV). The company also received an order worth ₹86.15 crore for miscellaneous spares and services. With this, the company's total order book stands at ₹25,935 in the current financial year.

⭐ MOIL gains after record-breaking production in 2023

Shares of the manganese ore miner closed 1.7% higher today after the company reported a robust production of 16 lakh tonnes as of 20 December 2023. This production is 26% higher than the previous record set in 2019.  Additionally, the company's sales reached 14 lakh tonnes by 20 December, surpassing the multi-year record established in 2007.

⭐ HFCL jumps on 5G product launch

HFCL shares closed 5.8% higher today. This came after the company launched India’s first 5G fixed wireless access (FWA) products, making it the first Indian company to design such products within the country. According to experts, the 5G FWA market is estimated to reach $68 billion by 2030.

IPO Corner

⭐ The IPO of Azad Engineering was subscribed 80.3 times on the last day of subscription. The tentative listing date for the company’s shares is 28 December 2023.

⭐ The IPO of Innova Captab was subscribed over 3.3 times on the second day of the bidding. To know more and apply for the IPO, click here.

Learn with Upstox

What is business restructuring?

Business restructuring occurs when a company makes significant changes to improve how it works. This can involve reorganising departments, selling or merging with other companies, or changing the overall strategy. The main goal is usually to make the business more competitive, flexible, or better aligned with its objectives.

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