Today’s top morning headlines - 12th December 2023

Good afternoon

Markets are trading in the green, with the NIFTY50 trading above 21,000 as of 12:30 pm. Here are the top stories for the day!

Top gainer: UltraTech Cement: 9,933 ▲ 262 (+2.7%)
Top loser: Sun Pharma: 1,224 ▼ 16 (-1.3%)

:star: Dixon shares gains on Lenovo contract
Shares of the electronic manufacturing services company are up 2.6% today. This comes a day after the company’s subsidiary bagged a contract from Lenovo for manufacturing laptops and notebooks under Production Linked Incentive Scheme 2.0. The Dixon Technologies management said that this will give a strong impetus to India’s manufacturing competitiveness. Lenovo will bring in the global know-how and processes to manufacture IT hardware products.

:star: Hindalco to set up foil manufacturing facility
The world’s largest aluminium rolling and recycling company plans to expand its fine-quality aluminium foil manufacturing capacity. This is used in rechargeable batteries to serve the growing market for electric vehicles (EVs) and energy storage systems. The company is investing 800 crore to build a new plant in Odisha. This plant will have a production capacity of 25,000 tonnes and is expected to be commissioned by July 2025. Meanwhile the shares of the company soar 2.1%.

:star: J&K Bank gains on QIP launch
Shares of the J&K Bank are up 6% today. This comes at a time when the lender is raising ₹750 crore through the Qualified Institutional Placement (QIP) route. The funds will be used to shore up the bank’s financial position and boost growth initiatives. The floor price for the QIP is ₹112.6 per share, which is more than the current price.

:star: IREDA shares hit all-time high
Shares of the state-owned company are 16% today, hitting an all-time high. The pure-play green financing company’s stock has soared 218% compared to the issue price of ₹32 per share. After listing on the exchanges on 29 November 2023, shares have been on an upward trajectory.