Sugar stocks gain, Sandur Manganese approves bonus issue & more

NIFTY50: 21,418 ▼ 38 (-0.1%)
SENSEX: 71,315 ▼ 168 (-0.2%)

• Benchmark indices ended lower amid volatility 
• In all, 34 of the NIFTY50 stocks closed in the red
• Brent crude oil prices jumped over 3% to trade at $79 per barrel as the ship attack in the Red Sea raised supply concerns

Among the NIFTY sectoral indices, Media (+1.1%) and Pharma (+0.9%) were the top gainers, while Realty (-0.9%) and PSU Bank (-0.7%) were the top losers.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ Sugar stocks gain after govt. Reverses its decision

Sugar stocks closed significantly higher with Shree Renuka (+4.7%), Dhampur Sugar (+5.6%), Simbhaoli Sugars (+8.7%) and Dwarikesh Sugar (+5.3%). This was after the government reversed its decision to ban the use of sugarcane juice for ethanol making. The government capped sugarcane diversion for ethanol at 1.7 million tonnes. However, this decision came barely a week after the government had banned the use of cane juice for ethanol production amid sugar shortages in the domestic markets. As per experts, this government decision will benefit the sugar mills.

⭐ Ambuja Cements plans to invest ₹6,000 crore in green energy

Ambuja Cement has announced a ₹6,000 crore investment in wind and solar power projects across multiple states. This investment will help the company generate 1,000 megawatts of renewable power and make its cement production more sustainable. Further, this initiative will reduce the company’s power cost by 20%, which will benefit the company in the long run.  

⭐ NBCC bags orders from SAIL and J&K

The government-owned construction firm secured two new orders worth ₹180 crore. The company received a construction and renovation order worth ₹150 crore from steel maker SAIL. The second order is worth ₹30 crore to construct a building in Jammu. The company shares closed 0.7% higher today. Meanwhile, the stock is up over 113% on a year-to-date basis.

⭐ Sandur Manganese hit the upper circuit on a bonus issue

Shares of Sandur Manganese were locked in a 10% upper circuit today. This came after the company announced a bonus issue. The board of directors approved a 5:1 bonus issue, five fully paid-up equity shares for every one existing fully paid-up equity share held by its shareholders.

⭐ Kellton Tech secured a multi-year contract from LIC

Shares of Kellton Tech Solutions closed 11% higher today. This was after the company secured a multi-year project from the Life Insurance Corporation of India (LIC). As part of the deal, Kellton Tech will help implement state-of-the-art HR tech across an extensive network of more than 4,000 locations.

IPO Corner

⭐ The Muthoot Microfin IPO subscribed 83% on Day 1. The company plans to raise ₹960 crore through this IPO. To know more and apply for the IPO, click here.

⭐ The IPO of Motisons Jewellers was subscribed 15 times on the first day of subscription. The company plans to raise ₹151 crore through this IPO. To know more and apply for the IPO, click here.

⭐ Meanwhile, the IPO of Suraj Estate received a subscription of 72% on Day 1.  To know more and apply for the IPO, click here.

⭐ The Inox India IPO was subscribed 61.2 times on the last day of subscription. The tentative listing date of the company is 21 December 2023.

Learn with Upstox

What is a hedge-fund?

A hedge fund is a specialised investment pool managed by experts and funded by wealthy investors. Unlike traditional mutual funds, hedge funds are less regulated and target affluent clients. They employ diverse trading techniques and invest in stocks, bonds, real estate, and derivatives like futures and options. Operating under the AIF-category III in India, hedge funds aim to make profits for investors by utilising various strategies.

Join the Upstox masterclass and trade like a pro!

Options Trading course: Basics to Advanced

Starts: 18 December to 22 December 2023

Time:  6:00 PM - 9:00 PM

Venue: Online

Cost: ₹5999 + GST

Seats are filling fast!

Register Here