Gift Nifty Trades Flat | Tata to Build Semiconductor Factory | ArcelorMittal to Construct World's Largest Steel Site | Top Buzzing Stocks Today

Thu, 11 Jan Pre-Open

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On Wednesday, Indian share markets gained momentum as the session progressed and ended the day higher.

Indian benchmark indices managed to close Wednesday's highly volatile trade with some strength as heavyweights Reliance Ind, ICICI Bank, HDFC Bank and HCL Tech lent support in the fag end.

At the closing bell on Wednesday, the BSE Sensex closed higher by 272 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 74 points (up 0.3%).

Adani Enterprises, Cipla and Adani Ports were among the top gainers.

ONGC, NTPC and BPCL on the other hand, were among the top losers.

The BSE MidCap index ended 0.2% higher and BSE SmallCap index ended 0.3% higher.

Sectoral indices ended mixed with stocks in the auto sector and IT sector witnessing most of the buying. Meanwhile, stocks in FMCG sector, oil & gas sector and power sector witness selling pressure.

The rupee was trading at 83 against the US$.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 62,274 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:55 AM today, the Gift Nifty was trading 10 points higher at 21,711 levels.

Indian share markets are headed for a muted opening today following the trend on Gift Nifty.

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Top buzzing stocks today

Paytm share price will be in focus today.

One97 Communications, which owns the Paytm brand, plans to invest Rs 1 billion (bn) in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem.

The company will invest over some time and will seek requisite approvals for the same.

NALCO will also be a top buzzing stock.

Shares of National Aluminium Company Limited (NALCO) jumped 3% after chairman and managing director (CMD) Sridhar Patra laid out the roadmap to drive growth and sustainable business for the next three decades.

Pondy Oxides to Set Up Recycling Plants

Pondy Oxides' share price touched a 52-week high of Rs 794.5 in early trade on 10 January after the company signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to set up recycling and manufacturing plants.

The company proposes to invest Rs 3-5 bn in the proposed projects over the next five years.

The government of Tamil Nadu has agreed to provide facilitation and support to the company in the form of necessary infrastructural support and regulatory facilitation, subject to applicable laws, including uninterrupted power supply and other infrastructure support on -an effort basis.

Tata to Build Semiconductor Factory

Tata Group will build a semiconductor factory at Dholera in Gujarat, Tata Sons chairman Natarajan Chandrasekaran announced at the Vibrant Gujarat Summit on Wednesday.

The group is about to start a 20 GW gigafactory for manufacturing lithium-ion batteries in Sanand in two months.

The Tata Group has also made a commitment and is on the verge of concluding and announcing a huge semiconductor fabrication in Dholrea, and we are about to complete this negotiations and start in 2024.

The announcement comes as a significant development to bolster India's semiconductor ecosystem. US-based semiconductor firm Micron Technology is setting up its chip manufacturing unit in Gujarat, a first in the country, with an investment of Rs 2.8 bn.

The centre and the state government have been aggressively trying to attract semiconductor chip manufacturers in the country. Earlier in July last year, Prime Minister Narendra Modi offered 50% financial assistance to such firms for setting up their facilities in India.

Gujarat is, perhaps, the only state which has a semiconductor policy-2022-27, providing doles and specific schemes to attract such firms.

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ArcelorMittal to Construct World's Largest Steel Site

ArcelorMittal will build the world's single biggest steel manufacturing factory at Hazira in Gujarat by 2029, company's executive chairman Lakshmi Mittal said on Wednesday.

The factory will have a capacity of 24 million tonnes per annum.

He said ArcelorMittal has signed MoUs with the Gujarat government for phase two of the Hazira plant in the summit.

Prime Minister Narendra Modi had done the 'bhumi puja' for the first phase of the plant in 2021, and the construction is going on as per schedule for commissioning in 2026.

The steel baron said that the first phase of the steel manufacturing site will be completed by 2026, whereas the second phase, marked by a Memorandum of Understanding (MoU), will be completed by 2029.

Once operational, the expanded manufacturing facility will produce around 24 million tonnes (MT) of steel, making it the world's largest steel manufacturing site.

In October 2022, ArcelorMittal arm ArcelorMittal Nippon Steel (AMNS) India announced an investment of around Rs 600 bn to scale up the capacity of the steel plant to 15 MT.

The investment was for the installation of new steel-making technologies, setting up new-age machinery and increasing product mix.

The announcement came days after AMNS received environmental clearance for the plant's expansion.

The expansion of the steel manufacturing site at Hazira is in alignment with India's commitment to industrial growth.

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

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