Indian stock market today 3rd December 2024 Update
As soon as the markets opened this morning, bank stocks seemed to have come back to life! Public sector banks, meaning government-run banks, seemed to have found a new lease of life together. Share prices of Bank of Baroda, PNB, SBI, Canara Bank and IDBI Bank rose by an average of over 2 per cent. The capital market has been in a positive mood since morning.
Indian stock market today: Bank of Baroda shares rose
Bank of Baroda shares rose 2.76 percent to Rs 253. And State Bank of India rose 2 percent to Rs 853. Talking about the rest—PNB, Canara Bank, and IDBI, they too seem to be riding the positive wave. The PSU Banking Index, which means the index of shares of government-run banks, rose 2.3 per cent alone. Truly, it is a morning of victory!
Not only banks, today’s market is buzzing with news from some other companies. Shares of HEG Limited rose 10 percent to Rs 482.35 in a single fall. But the most interesting news is the new move by Pricol Limited.
Pricol’s bold decision: Acquisition of new business
Pricol has now acquired the injection molding business of Sundaram Auto Components Limited (SACL) and the entire deal is worth Rs 215.3 crore. This acquisition is like a huge win for Pricol, as this business will add Rs 730 crore to Pricol’s annual revenue. The board has also given its full support to this initiative. An additional investment of Rs 120 crore and a loan guarantee of Rs 250 crore have been approved for Pricol’s subsidiary.
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Pricol will now reach new heights. This acquisition will give them a huge advantage in the competitive market of auto component manufacturing.
Godrej Properties’ bold move
Godrej Properties has now raised Rs 6,000 crore from the market through a successful QIP (Qualified Institutional Placement). Each share was sold at Rs 2,595, which is slightly below the market price, but this investment will propel their future big projects.
This is proof that India’s real estate sector is gaining new momentum and Godrej Properties is ready to be at the forefront of it.
Swiggy shares are also full of enthusiasm
Swiggy, the company that revolutionized the world of food delivery, seems to be full of new enthusiasm since their IPO. Today, Swiggy shares are up 10 percent to Rs 542. They raised Rs 11,327 crore from this IPO a month ago.
Swiggy has earned Rs 6,300 crore in the first half of FY25, which is 40 percent more than the same period last year. There could be more big surprises in their upcoming Q2 report.
Today is a festive day for the Indian stock market. From banking to technology and real estate – positive changes are evident in all sectors. These days prove that the right decisions and bold moves can take any company to new heights.
