Sensex drops 378 pts, Nifty holds 20,900; realty, pharma slide; metals up

Closing Bell on December 12, 2023: Sun Pharma, Maruti Suzuki, Titan, NTPC, Reliance Industries, L&T, M&M, IndusInd Bank were some of the top large-cap losers

2:13 PM

Sugar companies, govt eye truce on ethanol ban from sugarcane juice

With sugar firms protesting against the government decision to halt production of ethanol from sugarcane juice and syrup in 2023-24 supply year, the Centre along with oil marketing companies (OMCs) are trying to work out a compromise formula. READ MORE

1:58 PM

ALERT:: Midhani secures Rs 357 cr order; stock rallies 4%

Mishra Dhatu Nigam (MIDHANI) has secured an order of Rs 357 crore. With this, the order booking position for FY24 now stands around Rs 1,100 crore. The open order position of MIDHANI as on date is around Rs 1,750 crore, the company said in an exchange filing.

1:49 PM

ALERT:: Tejas Networks inks licence deal for 5G Tech built by 3 institutions; stock up 1%

In one of the largest technology transfer deals from academia in India, a 5G RAN (Radio Access Network) technology developed by a multi-institutional team (IIT Madras, IIT Kanpur and the Society for Applied Microwave Electronics Engineering and Research) has been licensed to Tejas Networks for a sum of Rs 12 crore.

1:37 PM

ALERT:: Coal India capex grows 7.6% in FY24 so far; stock down 1%

Coal India's capital expenditure increased by Rs 741 crore in eight months ended November FY2024 to Rs 10,492 crore - up 7.6 per cent compard to Rs 9,751

crore in the corresponding period last year, the company said in an exchange filing.

1:26 PM

UltraTech hits new high, nears Rs 10,000-mark; stock up 6% in two days

A sharp surge in the stock price has seen the market capitalisation of this Aditya Brila Group firm near the Rs 3 trillion mark, BSE data shows. READ MORE

1:15 PM

Global Check:: Hang Seng soars 1% in subdued Asian trade

Source: Yahoo Finance

1:03 PM

Market at day's low: Sensex retreats to 69,700

12:49 PM

USFDA issues Form 483 with 5 observations to Torrent Pharma's Guj unit

Torrent Pharmaceuticals Ltd on Tuesday said the US health regulator has issued Form 483 with five procedural observations after inspecting its oral manufacturing facility situated at Bileshwarpura in Gujarat. Read

12:38 PM

OYO elevates Rakesh Kumar as Chief Financial Officer with effect from Jan 1

Hospitality technology platform OYO on Tuesday announced the elevation of Rakesh Kumar to Chief Financial Officer (CFO) with effect from January 1, 2024. Abhishek Gupta, the current CFO, will continue with OYO in an advisory and mentorship capacity, OYO said in a statement. Read

12:26 PM

Zomato looks to venture into catering business to expand market share

As part of a broader strategy to service large orders, food delivery major Zomato aims to venture into the catering business by employing its existing network of restaurant partners, according to a report by The Economic Times (ET).  
 

Rakesh Ranjan, chief executive for food delivery, was quoted as saying that despite concerns about the potential impact on profitability, Zomato is also looking to add more offerings to its loyalty programme, Gold. Read

12:12 PM

US inflation likely cooled again last month as Fed prepares to assess rates

This year's steady slowdown in US inflation likely continued in November, though the latest data may also point to steadily higher prices in some areas of the economy.
 

Tuesday's inflation report from the Labor Department is expected to show that businesses kept overall prices unchanged for a second straight month. Read

11:58 AM

Stock of this IT firm soars 55% in one month; up 141% from issue price

Shares of Netweb Technologies India hit a record high of Rs 1,206.50, as they rallied 10 per cent on the BSE in Tuesday’s intra-day trade in an otherwise subdued market. In past two trading sessions the stock has surged 21 per cent, while in the last one month it has soared 55 per cent. In comparison, the S&P BSE Sensex was down 0.01 per cent at 69,918 at 10:58 AM. Read

11:42 AM

Disney, Reliance Industries close in on deal to merge India media ops

In order to advance with plans to merge their India-based media operations, Walt Disney and Reliance Industries Ltd (RIL) are finalising details of a non-binding term sheet, according to a report by The Economic Times (ET). Read

11:25 AM

TCS hits 52-week high; extends rally post closure of share buyback

Shares of Tata Consultancy Services (TCS) hit a 52-week high at Rs 3,699, up nearly 2 per cent on the BSE in Tuesday’s intra-day trade, thus extending its rally after closure of share buyback.
 

The stock of information technology (IT) giant was quoting higher for the eight straight trading day. Thus far in the month of December, TCS has gained 6 per cent. It surpassed its previous high of Rs 3,680 touched on October 9. Read

11:10 AM

ALERT :: Hindalco to set up battery foil manufacturing facility in Odisha

>> Hindalco Industries plans to significantly expand its manufacturing capacity of fine-quality aluminium foil that is used in rechargeable batteries to serve the rapidly

growing market for electric vehicles (EVs) and energy storage systems.

>> The company is investing Rs 800 crore to build a new plant near Sambalpur in Odisha that will initially produce 25,000 tonnes of the resilient product which forms the backbone of Lithiumion and Sodium-ion cells.

>> By 2030, demand for battery grade aluminium foil in India is expected to grow manifold to 40,000 tonnes.