Dr Reddy falls on USFDA observations, Mazagon Dock surges on new order from ONGC & more

NIFTY50: 20,997 ▲ 27 (+0.1%)
SENSEX: 69,928 ▲ 102 (+0.1%)

• Benchmark indices closed higher after a range-bound session
• In all, 28 of the NIFTY50 stocks closed in the green
• Gold futures traded at two-week lows ahead of monetary policy decisions from major central banks, including the US Federal Reserve and European Central Bank

Among the NIFTY sectoral indices, PSU Bank (+1.3%) and Media (+1.2%) are the top gainers, while Pharma (-0.7%) was the top loser.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ Dr Reddy falls on USFDA observations

Share of the drug maker declined 5% today. This came after the USFDA issued three observations for its Hyderabad-based plant, based on its pre-approval inspection conducted between 4 and 8 December 2023. The observations pertain to unclean equipment, microbial contamination, and issues with the manufacturing unit, among others. The company stated that it plans to address these observations within the stipulated timeline.  

⭐ Mazagon Dock surges on new order from ONGC

Shares of the shipbuilding company closed 2.7% higher today. This was after the company announced that it has bagged an order worth ₹1,145 crore from Oil & Natural Gas Corporation (ONGC). The order is for replacement of subsea pipelines under the Part Replacement of Pipeline Project (PRPP), which calls for the installation of approximately 44.4 km of subsea pipelines in 19 segments.  

⭐ Max Healthcare rises on new acquisition

Max Healthcare Institute has acquired Sahara Hospital in Lucknow for ₹940 crore. The 550-bed hospital delivers multi-disciplinary care, including specialties like gastroenterology, neurology, surgery, cardiology, pulmonology, and diagnostic facilities. The management said that entering new Tier 1 and 2 cities with a developed healthcare services ecosystem aligns with its strategy. Meanwhile, the shares of the hospital chain operator closed 1.1% higher today.

⭐ Jute stocks rise on jute packaging mandate

Shares of the leading jute manufacturing companies such as Cheviot (+20.0%), Ludlow Jute (15.1%) and Gloster (+10.6%) saw major gains today. This was after the Cabinet Committee on Economic Affairs (CCEA) approved jute-packaging norms. According to the new norms it will be compulsory to pack 100% of all food grains and 20% of sugar in jute bags. Experts say that this decision will boost the domestic production of raw jute.

⭐ Subros hits 52-week high on order win

Shares of the thermal products manufacturer closed 10.6% higher today after touching a new 52-week high. On Saturday, the company announced that it had bagged a ₹25 crore order from the Indian Railways for supply and commissioning of roof-mounted air conditioners. Further, the Ministry of Road Transport and Highways has mandated that all new trucks must be equipped with AC cabins for drivers, making Subros a potential beneficiary as a leading manufacturer of automotive air conditioners.

IPO Corner

⭐ The IPO of DOMS Industries, the stationery and art products manufacturer, will be open for subscription between 13 and 15 December. The price band for the public issue is ₹750-790 per share. The company plans to raise ₹1,200 crore through this IPO. To pre-apply for this IPO, click here.

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What is a monetary policy?

A monetary policy is a tool used by central banks to control the money supply in a country. It uses interest rates and other measures to regulate how much money is circulating in the economy. Too much money can cause prices to rise, while too little can lead to an economic slowdown. In India, the RBI uses monetary policy to control inflation and encourage spending.

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