Today’s top morning headlines - 8th January 2024

Good afternoon

Markets are trading in the red, with the NIFTY50 trading below 21,600 as of 1:00 pm. Here are the top stories for the day!

Top gainer: Adani Ports: 1,177 ▲ 22 (+1.9%)
Top loser: UPL: 565 ▼ 15 (-2.6%)

:star: ACC acquires additional stake in ACCPL
ACC Limited, the cement and building material company of Adani Group, acquired an additional 55% stake in Asian Concretes and Cements Private Ltd. (ACCPL) for ₹425.9 crore. The company already holds a 45% stake in ACCPL.

:star: DLF gains on record sales of luxury residences
DLF share rose 2.7% intraday after the company reported record pre-formal launch sales of ₹7,200 crore for its latest luxury residential project in Gurugram. The company said it met its FY24 booking guidance after selling its most recent project.

:star: Sula Vineyards hits 52-week high
Shares of Sula Vineyards rose over 10% for the second straight day. A recent decision by the Maharashtra government to reinstate subsidies on wines produced & sold in the state for five more years will increase production volumes for the company. The company has more than 50% market share in the domestic wine business.

:star: Kalyan Jewellers rises on robust Q3 numbers
Shares of the jewellery maker are up more than 3% today. The company said that its India business witnessed revenue growth of ~40% in Q3FY24 on a year-on-year basis. This was led by robust operating momentum on the ground with healthy same-store-sales growth (similar to levels seen in Q2 FY2024) across all the key markets in the country.