NIFTY50 above 26,200, SENSEX flat in noon deals; Coal India, Ambuja Cements, BDL among buzzing stocks

The Indian benchmark indices, SENSEX and NIFTY50, were trading with marginal gains during the afternoon session on Wednesday, December 24, shadowing the gains in realty and media stocks.

On Tuesday, the foreign institutional investors (FIIs) sold shares worth ₹1,794.80 crore, while the domestic institutional investors (DIIs) bought equities worth ₹3,812.37 crore on a net basis, according to exchange data.

The SENSEX advanced as much as 0.25% to an intra-day high of 85,738.18, while the NIFTY50 touched the session’s peak of 26,236.40.

At 12:33 PM, the S&P BSE SENSEX advanced by 61.73 points, or 0.07%, to 85,586.58. NSE’s NIFTY50 stood at 26,205.40, reflecting a 28.25 points, or 0.11% increase.

The top gainers on the NIFTY50 index included Shriram Finance (1.88%), Hindalco Industries (1.70%), Apollo Hospitals Enterprise (1.57%), Bajaj Finance (1.35%) and Coal India (1.15%).

On the other hand, Sun Pharmaceutical (-1.71%), Dr. Reddy's Laboratories (-1.42%), Wipro (-1.16%), InterGlobe Aviation (-1.13%) and Tata Consumer Products (-1.07%) were among the top laggards.

Buzzing stocks on December 24: Check list

Shares of VIP Industries advanced as much as 8.58% to an intra-day high of ₹397 apiece on the National Stock Exchange (NSE) in the early trade on Wednesday, December 24, following a large block deal in the stock.

According to news reports, 3.7 crore shares, or 26% equity, changed hands in two block deals this morning.

The stock of Hindustan Zinc, the country's leading silver and zinc producer, rose as much as 3.61% to hit a fresh 52-week high of ₹631.90 on the NSE, as silver maintained its upward momentum for the fourth consecutive session.

On the MCX, silver futures for March delivery surged as much as ₹4,234 or 1.93% to an all-time high of ₹2,23,887 per kilogram. White metal contracts for the May expiry increased as much as ₹4,561 or 2.04% to a record high of ₹2,28,051 per kilogram.

Ola Electric Mobility shares gained as much as 3.31% to an intra-day high of ₹35.90 per unit, as its subsidiary Ola Electric Technologies Private Limited, at its board meeting, approved the third tranche of allotment of 10 crore convertible redeemable preference shares to Ola Cell Technologies.

The Bhavish Aggarwal firm said, following shareholder nod to revise the use of IPO proceeds, its wholly owned subsidiary Ola Electric Technologies has approved a third tranche of funding of ₹100 crore by issuing 10 crore optionally convertible redeemable preference shares to Ola Cell Technologies, another group subsidiary, through a private placement.

Ambuja Cements shares (1.19%) were trading higher for the second consecutive session on Wednesday, December 24, following merger plans of its subsidiaries ACC Ltd and Orient Cement with the company.

Post-merger of the subsidiaries—ACC Ltd (-0,75%), Orient Cement (1.1%), Penna Cement and Sanghi Industries—"will "become an integral part of Ambuja, with a capacity of 107 million tonnes per annum.

The board of Ambuja Cements Ltd (ACL) on Monday approved the scheme of amalgamation of merging ACC and Orient Cement.

Shares of Coal India advanced 3% to the session’s peak of ₹412.40 apiece, after the company's board of directors gave in-principle approval for the listings of two wholly-owned subsidiaries.

In separate regulatory filings on the stock exchanges on Tuesday, Coal India said its board of directors has given the go-ahead for Mahanadi Coalfields Ltd (MCL) and South Eastern Coalfields Ltd (SECL) to get listed.

The decision follows a specific directive from the Ministry of Coal to Coal India Ltd to initiate concrete steps to ensure the listing of two of its primary subsidiaries – MCL and SECL – within the next financial year.

Shares of Tata Capital rose as much as 3.2% to hit a 52-week high of ₹355 apiece, after it informed exchanges that it has settled a case with the market regulator Securities and Exchange Board of India (SEBI) over Non-Convertible Debentures (NCD) violation by Tata Motors Finance Limited, which was merged with Tata Capital in May this year.

As part of the settlement, Tata Capital has paid ₹32 lakh to SEBI to settle the case by neither admitting nor denying the findings of fact and conclusions of law.

Bharat Dynamics Ltd (BDL) stock rose as much as 4.56% to the day’s high of ₹1,496.70 apiece on Wednesday, after the Defence Research and Development Organisation (DRDO) completed the User Evaluation Trials (UET) of the Next Generation Akash missile (Akash-NG) system.

In March 2023, the Ministry of Defence (MoD) had inked a contract of over ₹9,100 crore with DBL for the procurement of improved Akash Weapon System (AWS) for the 3rd & 4th Regiments of Army Air Defence, comprising live Missiles & Launchers with upgrades, Ground Support Equipment, Vehicles and Infrastructure

Vikran Engineering shares zoomed as much as 15.3% to hit an intraday high of ₹99.96 apiece in the early session on Wednesday, December 24, as the company bagged an EPC order worth ₹2,035 crore.

The recently listed company has received the work order from Onix Renewables Limited, a special purpose vehicle (SPV), for the development of 600 MW AC solar power projects across multiple locations in the state of Maharashtra.

Stock of JBM Auto, or Jay Bharat Maruti Auto jumped as much as 11.56% to hit the day's high of ₹644.75.

According to market experts, the sharp spike in the stock price could be attributed to widespread pollution in Indian cities, which is expected to create a significant market opportunity for JBM Auto.

This is because the company specialises in zero-emission electric buses and related infrastructure. The company's business strategy is directly aligned with the global and national need to reduce pollution.