India Approves US$ 2 billion Green Hydrogen Incentive | Godrej Consumer Opens Mega Warehouse | Top Buzzing Stocks Today

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On Wednesday, Indian share markets extended losses as the session progressed and ended deep in the red.

Benchmark indices declined with metal stocks leading a broad-based retreat as investors worried over rising Covid-19 cases in China and the Federal Reserve's interest-rate hiking path.

At the closing bell on Wednesday, the BSE Sensex stood lower by 634 points (down 1%).

Meanwhile, the NSE Nifty closed lower by 190 points (down 1%).

Divis Laboratories, HDFC Life, and Maruti Suzuki were among the top gainers.

JSW Steel, Hindalco, and Coal India, on the other hand, were among the top losers.

Broader markets settled on a negative note. The BSE Midcap inched 0.9% lower while the BSE SmallCap index dived 0.8%.

All sectoral indices ended on a negative note with stocks in the metal sector, realty sector and energy sector witnessing most of the selling.

Shares of GIC of India and Equitas Holdings hit their 52-week high on Wednesday.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

The rupee was trading at 82.8 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.8% at Rs 55,971 per 10 grams, at the time of Indian market closing hours on Wednesday.

Speaking of stock markets, the Tata group is gearing up to bring another TCS to the market - Tata Electronics.

The recent development that has put Tata Electronics in the spotlight is Tata Sons Chairman Natarajan Chandrasekaran confirming the company's plans to venture into the semiconductor business, which is pegged to reach US$ 1 trillion revenue by 2030 globally.

Tata Electronics could get listed anytime in 2023.

In the below video, co-head of research Tanushree Banerjee talks about how this Tata group stock can ride tailwinds that TCS rode for decades.

Top Buzzing Stocks Today

HDFC Bank will be among the top buzzing stocks today.

HDFC Bank's loan book expanded by 19.5% on Year on Year (YoY) basis to Rs 15.1 trillion (tn) as of 31 December 2022, higher than the banking industry's growth of 17.4% YoY in December.

On a sequential basis, the lender posted a growth of about 1.8% over Rs 14.8 bn as of September 2022 quarter.

Yes Bank share price will also be in focus today.

Yes Bank on Wednesday said that its advances were up at Rs 1,968.3 bn, from Rs 1,762.4 bn, up nearly 12% year-on-year (YoY).

The lender's deposits rose to Rs 2,1336.1 bn during the December 2022 quarter, up by 16% YoY.

Godrej Consumer Products strengthens supply chain

Mumbai-based fast-moving consumer goods company Godrej Consumer Products on Wednesday announced the opening of its first mega warehouse in Tepla, Punjab.

With a storage space of 0.2 m square feet, this state-of-art facility will connect the company's factories in the northern part of India.

The warehouse has already established primary routes across the country and will serve customers across Haryana, Punjab, Uttarakhand, and Himachal Pradesh.

This Tepla warehouse can load/unload 90+ trucks and handle more than 80,000 cases per day.

Aligned with the company's commitment to sustainability, it is equipped with automated fire alarm systems, rainwaters, and insulation sheets for maintaining desirable temperatures.

Godrej Consumer is one of the leading FMCG companies in India. The company has five product segments namely household insecticides, soaps, hair colors, liquid detergents, and air fresheners.

With the CAGR growth of 5.8% in past five year, it is among the top 5 FMCG companies in India by growth.

IndusInd Bank Q3 advances soar 19%

The private lender posted a 19% year-on-year (YoY) increase in net advances at Rs 2.7 trillion (tn) by the end of 31 December 2022 (Q3FY23). Net deposits, too, grew 14% YoY to Rs 3.25 tn.

The bank's loan growth continues to remain healthy as it grew 4.6%cro QoQ.

The bank's deposits jumped 14% to Rs 3,254.9 bn as of 31 December 2022 from Rs 2,848.3 bn on 31 December 2021.

CASA ratio stood at 42% as of 31 December 2022, marginally down compared to 42.2% on 31 December 2021.

IndusInd Bank caters to both consumer and corporate customers.

IndusInd Bank is an Indian bank that offers commercial, transactional and electronic banking products and services.

Motorola inks deal with Reliance Jio

Motorola has signed an agreement with Reliance Jio to ensure that its 5G smartphones in India support Jio's advanced standalone 5G technology.

Standalone 5G is one of the models of deployment of 5G. Network services will be provided through an end-to-end core 5G network in contrast to a non-standalone 5G, where a 5G radio signal is delivered over an existing 4G infrastructure.

Additionally, the entire 5G portfolio, including affordable 5G smartphones such as moto g62 5G from Motorola will come with advanced hardware and software capabilities to deliver the most reliable, fast, secure and comprehensive 5G coverage.

Muthoot Finance's subsidiary appoints CEO

Muthoot Homefin (India), a wholly owned housing finance subsidiary of Muthoot Finance, has announced the appointment of Alok Aggarwal as its Chief Executive Officer (CEO).

With 20 years of experience under his belt, Alok Aggarwal has served as the MD & CEO at National Trust Housing Finance Limited.

Alok has also held leadership roles in organisations like Equitas Bank, Fullerton India HFC, Magma Housing Finance, Lodha Group and Tata Capital.

Due to the falling gold price, Muthoot Finance share price has fallen over 28% in 2022.

Gold NBFCs struggled in 2022 but their outlook looks good in the coming year. Read this editorial to know why.

Government's green hydrogen push

The Union Cabinet, led by Prime Minister Narendra Modi, has approved the much-awaited National Green Hydrogen Mission with an initial outlay of Rs 197.4 bn.

Of the total outlay for the mission, the Indian government has earmarked Rs 174.9 bn (88.6%) solely for incentives for the production of green hydrogen and manufacturing of electrolysers, which the government has termed Strategic Interventions for Green Hydrogen Transition Program (SIGHT).

Apart from this, Rs 146.6 bn will be for pilot projects, Rs 4 bn for research and development (R&D), and Rs 3.8 bn towards other mission components.

With this mission, the aim of the government is not just to be self-sufficient in green hydrogen but also to make India a major exporter of gas.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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