Today’s top morning headlines - 15th February 2024

Good afternoon

Markets are trading flat, with the NIFTY50 hovering around the 21,850 level as of 1:00 pm. Here are the top stories for the day!

Top gainer: M&M: 1744 ▲ 117 (+7.0%)
Top loser: Cipla: 1078 ▼ 18 (-1.6%)

:star: West Coast Paper Mills hits upper circuit as its subsidiary commissions new optical fibre plant
Shares of West Coast Paper Mills were locked in 5% upper circuit today. This comes after the company’s subsidiary, West Coast Optilinks (WCO) has successfully doubled its manufacturing capacity for optical fibre cable by setting up a new manufacturing unit at Fab City, Hyderabad, Telangana. As per the company, this development aligns with the company’s commitment to meeting the rising demand driven by global 5G rollouts and is in line with the objectives of Atmanirbhar Bharat and the Digital India initiative.

:star: NMDC rises after upbeat Q3 result
Shares of the state-owned iron ore exploration company rose more than 6% intraday after a 62.6% YoY jump in Q3 net profit to ₹1,469.7 crore. Meanwhile, its revenue from operations increased 45.4% YoY to ₹5,409.9 crore against ₹3,720 crore in the corresponding period of the preceding fiscal.

:star: Japan slips into recession as economy contracts for second consecutive quarter
Japan’s economy has unexpectedly fallen into recession after shrinking for a second consecutive quarter, signaling challenges ahead for the nation’s economic recovery.

:star: Oil India shares surge post Q3 results
Shares of the state-run exploration and production company are up 11% today. Experts point out that Oil India’s guidance on production remains strong, driven by growth in drilling activity and development of old wells. They also state that the capacity expansion at Numaligarh Refinery would be completed by September 2025.