Morning Update for 22 December 2021

Indices at previous closing

Nifty50: 16,770 ▲+156 (+0.9%)
Sensex: 56,319 ▲+497 (+0.8%)
Nifty Bank: 34,607 ▲+168 (+0.4%)

For more updates on F&O, click here.

Exide Industries jumps on new plant plans

Shares of the battery manufacturer rose around 5% intraday after it announced that it will set up a multi-gigawatt lithium-ion cell manufacturing plant. The management said that electric vehicle penetration in India is expected to become a reality. Hence, the demand for lithium-ion battery-based storage solutions is likely to pick up. 

The management also added that building this new plant will help it to be more cost-competitive. Meanwhile, shares of Exide Industries gave up some of their gains and ended 0.9% higher yesterday.

Strides commissions vaccine facility 

The pharmaceutical company has said that its biotech division has commissioned a large-scale vaccine manufacturing facility in Bengaluru. The facility was built in a record 200 days and is one of the largest viral vector manufacturing sites.

The Central Drugs Standard Control Organisation (CDSCO) has inspected the facility and given a No Objection certificate to export up to 50 million doses of the Sputnik Light vaccine. The management has said that the company is on track to sell this vaccine in global markets in Q4FY22. Meanwhile, shares of the company were up around 2% on Monday.

MapmyIndia makes stellar debut 

Shares of the advanced digital maps provider listed on the exchange at a premium of 51% against its issue price. It is important to note here that this public issue had received strong interest from investors. The IPO was oversubscribed by 154 times.  

Meanwhile, the IPO of India’s largest cash management company CMS Info Systems was subscribed around 40% on day 1. Click here to apply for this IPO on Upstox.

Sectoral indices (December 21)

Global markets (at 8:00 am today)

Fact of the day

Tesla CEO and founder Elon Musk will pay more than $11 billion (₹83,299 crore) in taxes this year, which will be a record amount paid by a single person.

Source: The Guardian

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