Cement stocks rise, L&T wins major order in Saudi Arabia & more

NIFTY50: 21,654 ▲ 213 (+1.0%)
SENSEX: 72,038 ▲ 701 (+0.9%)

• Benchmark indices rose for the fourth consecutive day
• In all, 39 of the NIFTY50 stocks closed in the green
• International gold prices traded 0.4% higher at $2,078 per ounce. Gold prices have gained over 13% so far this year, delivering the highest return since 2020.

Among the NIFTY sectoral indices, PSU Bank (+2.0%) and Auto (+1.5%) were the top gainers, while Oil & Gas (-0.2%) was the sole loser.

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Stock Buzz

⭐ Cement stocks shine amid positive industry outlook

Shares of major cement manufacturers saw strong traction, with UltraTech Cement, Dalmia Bharat, Ambuja Cements and Ramco Cements rising in the range of 2% to 4% today. This rise comes amid upbeat investors optimism towards the cement sector. Experts believe cement companies could see improved profitability on the back of robust volume growth, pricing discipline and lower fuel costs. On the other hand, cement demand is expected to see steady growth of 6% to 8% YoY in 2024, which is another positive for the sector.

⭐ L&T gains on major order win in Saudi Arabia

Shares of L&T rose 1.5% today after its construction arm secured a major order in Saudi Arabia, worth between ₹5,000 and ₹10,000 crore. It involves establishing various systems for renewable energy generation, water and power utilities for the Amaala project. Amaala is a 4,155 square kilometre long ultra-luxury city, which is being built on Saudi Arabia’s northwestern coast.

⭐ Suzlon Energy bags two new orders

Suzlon Energy, a renewable energy solutions provider, has secured two new orders for the development of a wind power project. One of these orders is from Mahindra Susten to install a 100.8 MW wind power project in Maharashtra. The other order is from a leading Nordic energy company to supply and install 32 wind turbines to generate 100.8 MW of wind power in Karnataka. This is the fourth order secured by the company in December. The stock closed 0.4% higher today, and is up nearly 250% on a year-to-date basis.

⭐ Kansai Nerolac hits 52-week high on land monetisation deal

Shares of the paint manufacturer rose 3.4% to hit a 52-week high of ₹357.30 apiece after the company’s board approved the proposal to sell its idle land parcel Mumbai. For this, the company signed a sales agreement with a Mumbai-based developer for a consideration of ₹726 crore. This land sale is part of the company's plan to monetise its idle land parcels that are not being put to productive use.

IPO Corner

⭐ Shares of heavy forgings manufacturer Happy Forgings opened nearly 18% higher on debut. The stock opened at ₹1,000 per share as compared to the issue price of ₹850 per share.

⭐ Credo Brands Marketing, which owns the Mufti menswear brand, made a muted debut on the exchanges, listing at a 0.8% premium. The stock opened at ₹282.3 per share compared to the issue price of ₹280 per share. However, after listing, the stock rallied over 10% to close at ₹311 apiece.

⭐ Meanwhile, gold jewellery manufacturer RBZ Jewellers made a flat listing at ₹100 per share against the issue price of ₹100. Despite a tepid start, the company’s stock gained 5% to close at ₹105 per share.

Learn with Upstox

What is asset monetisation?

Asset monetisation means converting tangible or intangible assets into a source of revenue. Asset monetisation creates new sources of revenue stream for an organisation or government by unlocking the economic value of unutilised or underutilised assets. In 2021, the Indian government announced the National Monetisation Pipeline (NMP), which aims to monetise the government’s assets worth ₹6 lakh crore over the next four years.

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