IREDA surges 218% from IPO price, Hindalco to set up battery foil plant & more

NIFTY50: 20,906 ▼ 90 (-0.4%)
SENSEX: 69,551 ▼ 377 (-0.5%)

• Benchmark indices closed lower ahead of the US Fed meeting and inflation data  
• In all, 32 of the NIFTY50 stocks closed in the red
• India’s retail inflation rose to 5.55% in November from 4.87% in October

Among the NIFTY sectoral indices, Media (+0.5%) and Metal (+0.3%) are the top gainers, while Realty (-1.7%) and Oil & Gas (-1.3%) were the top losers.

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⭐ IREDA surges 218% from IPO price

Shares of the pure-play green financing company were locked in the 20% upper circuit today. The recently listed stock has soared 218% as compared to the issue price of ₹32 per share. This came after the company launched its retail division to provide loans under the PM-KUSUM scheme and for rooftop solar projects, among others. The company has sanctioned its first loan of ₹58 crore, under the PM-KUSUM scheme. The scheme aims to boost self-reliance in high-efficiency solar PV module manufacturing in India.  

⭐ Hindalco to set up battery foil manufacturing plant

Hindalco plans to invest ₹800 crore to set up a 25,000-tonne battery foil facility in Odisha to tap the EV market. The company aims to increase its production of high-quality aluminium foil used in rechargeable batteries, to meet the rising demand in the growing market of electric vehicle and energy storage systems.  

⭐ Torrent Pharma falls on USFDA observations

Shares of the pharma company closed 2% lower today. This came after the USFDA issued five observations for its oral-oncology manufacturing facility in Gujarat. The company has clarified that there was no observation related to data integrity reported and will address the observations within the specified timeframe.

⭐ BLS International hits 52-week high on new contract

Shares of the visa processing services provider hit a 52-week high and closed 6.9% higher today. This was after the company won a contract from the High Commission of India (HCI) in Canada. Under this contract, it will provide a range of services, including consular support, passport processing, and visa facilitation.

⭐ Spicejet drops after weak Q2 numbers

Spicejet reported a net loss of ₹431.5 crore down 48% from ₹837.8 crore year-on-year (YoY). The company also reported a decline of 37% in its revenue to ₹1,415 crore. The management stated that elevated fuel prices impacted the company’s operational costs. Meanwhile, the shares of the company closed 4.1% lower today.

IPO Corner

⭐ The IPO of India Shelter Finance, a housing finance company, will be open for subscription between 13 and 15 December. The price band for the public issue is ₹469-493 per share. The company plans to raise ₹1,200 crore through this IPO. To pre-apply for this IPO, click here.

⭐ 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.

Learn with Upstox

What is a stock split?

A stock split is a corporate action by which a company divides the face value of its shares in a predetermined ratio. For instance, let’s assume a company has issued 1 crore shares with a face value of ₹10 each. If it decides to split its stock in the ratio of 1:10, the face value of its shares will reduce to ₹1 each and the number of shares will increase to 10 crore. The primary purpose of a stock split is to enhance liquidity and make the company's shares more accessible to a large number of investors who may have found them unaffordable due to their higher prices.

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