Nifty ends 2-day losing streak due to strong performance of Nifty Bank and Midcap index.
Axis Bank (+3%) rose after the bank announced its plan to raise Rs 12,000 cr via Tier-2 bonds. Eicher Motors (+2%) rose after Royal Enfield inaugurated new facility in Brazil. Sun Pharma (-4%) declined after the US FDA listed the Halol facility under Import Alert.
Nifty PSU Bank (+4%) rose after banks posted healthy gains. Nifty Bank (+1%) rose due to strong rally of ICICI, Axis and HDFC Bank.
News of The Day
1. Jindal Steel and Power acquires Monnet Power Plant for Rs 410 cr. (Money Control)
2.Macrotech Developers are planning to raise Rs 3,500 cr via the sale of shares to institutional investors. (Economic Times)
3.Landmark Cars IPO to kick off on December 13. The company is likely to raise Rs 552 cr. (Economic Times)
4.Dredging Corporation (+3%) zoomed after the company bagged a contract worth Rs 60 cr from Numaligarh Refinery (NRL). (Business Standard)
5.Kalpataru Power (+3%) rose after the company's board approved the issuance of NCD (Non-Convertible Debentures) worth 99 cr. (Mint)
Expert of The Day
$300 Bn Electronic Manufacturing Sector by 2026!
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