Stock Market Today: The Nifty was up 93.40 points, at 21,740.60, while the Sensex was up 302.97 points, at 72,024.15. A little over 1854 shares rose, 492 shares fell, and 84 shares remained unchanged. Major Nifty gainers included Infosys, TCS, Wipro, LTIMindtree, and Tech Mahindra; losers included Nestle India, HUL, Asian Paints, Reliance Industries, and Bharti Airtel.
Stock Market Today: Stocks in focus
Tata Power Company
The Gujarati government and subsidiary Tata Power Renewable Energy have inked a memorandum of understanding (MoU) for the development of 10,000 MW of renewable energy power projects at various Gujarati locations. By working together, we can help achieve the challenging target of producing 50% of our power from renewable sources by 2030. With a potential investment of Rs 70,000 crore, the aforementioned project could create over 3,000 jobs.
Mahindra and Mahindra
The car manufacturer reported 44,348 units produced in December 2023, a 2.1% decrease from the same month the previous year. While total sales increased 8.9 percent YoY to 58,369 units, exports fell 41.3 percent to 1,819 units in the same time frame. The company has approved an investment of up to Rs 630 crore in Mahindra Electric Automobile (MEAL) via a rights issue. The money raised will be utilised by MEAL to cover its operating expenses.
UltraTech Cement
The cement giant has signed a Share Subscription and Shareholders Agreement to pay Rs 49 crore for the acquisition of 26% of Amplus Ages’ equity shares. Amplus Ages is a company that produces and distributes renewable energy. The purchase will minimise energy expenses, satisfy the company’s need for green energy, and adhere to electrical laws’ requirements for captive power consumption.
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