Gift Nifty Up 68 Points | Adani Green Commences Power Generation At Khavda Plant | Why IREDA Share Price is Rising | Top Buzzing Stocks Today

Thu, 15 Feb Pre-Open

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On Wednesday, Indian share markets pared the losses as the session progressed and ended the day higher.

The equity benchmark indices pared most losses in Wednesday's late deals defying a global market selloff due to hotter-than-expected US inflation data. The BSE Sensex turned nearly flat after tanking 600 points during the day.

At the closing bell on Wednesday, the BSE Sensex closed higher by 278 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 96 points (up 0.5%).

BPCL, SBI and ONGC were among the top gainers.

Infosys, Cipla and Sun Pharma on the other hand, were among the top losers.

Broader markets are trading mixed. The BSE Mid Cap and the BSE Small Cap index is trading 1.2% higher.

Sectoral indices are trading mixed, with socks in metal sector, realty sector and oil & gas sector witnessing most buying. Meanwhile, stocks in media sector and IT sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 61,378 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:35 AM today, the Gift Nifty was trading 68 points higher at 21,981 levels.

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

Speaking of stock markets, Tata Motors has now gone past Maruti Suzuki to emerge as India's most valuable auto manufacturer.

From a loss of Rs 287 bn in FY19, perhaps its highest ever, Tata Motors has earned record profits of Rs 157 bn in the trailing twelve-month period. And it is this turnaround that has led to investors warming up to the stock and turning it into a 12-bagger since its March 20 lows.

However, when it comes to fundamental parameters like profitability, return ratios and balance sheet strength, Maruti is comfortably ahead of Tata Motors.

Why is it then Tata Motors enjoys nearly the same valuation as Maruti? Why is Mr Market considering Tata Motors at par with Maruti?

Co-head of Research, Rahul Shah answers this in below video.

Top buzzing stocks today

SpiceJet share price will be in focus today.

SpiceJet's shares fell over 5% on 14 February as media report revealed that investors are apprehensive of fund infusion into the budget carrier.

Liquidity constraints continue at SpiceJet and that it has delayed salaries TDS payments, EPFO deposits to many of its employees due to lack of funds

M&M will also be a top buzzing stock.

Mahindra & Mahindra's (M&M) standalone net profit surged 60% Year-on-Year (YOY) to Rs 24.5 bn, driven by robust performance of the automotive segment, favourable product mix, and operating leverage benefits.

Its Profit after Tax (PAT) during the same period last year was Rs 15.3 bn.

Adani Green Commences Power Generation At Khavda Plant

Adani Group's green energy arm, Adani Green Energy Limited (AGEL), has operationalized 551 MW solar capacity in Khavda, Gujarat, by supplying power to the national grid, the company said today.

AGEL achieved this milestone within 12 months of commencing work on the Khavda RE (renewable energy) park, starting with the development of basic infrastructure, including roads and connectivity, and creating a self-sustaining social ecosystem.

AGEL also transformed the challenging and barren terrain of the Rann of Kutch into a habitable environment for its 8,000-strong workforce.

AGEL plans to develop 30 GW of renewable energy capacity at this RE park.

The planned capacity is expected to be operationalized in the next five years. When completed, the Khavda RE park will be the largest renewable energy installation in the world, the company said, adding that energy from the Khavda RE park can power 16.1 million homes each year.

The region is endowed with one of the best wind and solar resources in the country, which makes it ideal for giga-scale RE development.

AGEL conducted extensive studies and deployed multiple innovative solutions to accelerate plant development. In the process, it is supporting the development of an indigenous and sustainable supply chain.

India's two richest men, Mukesh Ambani and Gautam Adani are locked in a race for the top spot. For more, check out Adani vs Ambani - All Your Questions Answered.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

Why IREDA Share Price is Rising

Shares of the Indian Renewable Energy Development Agency (IREDA) recovered early losses and were locked in a 5% upper circuit at Rs 170.3 following a large deal in the counter on 14 February.

Around 20 m shares of IREDA, representing a 0.9% stake in the company, changed hands in a deal worth Rs 3.9 bn. The transaction was done at a floor price of Rs 160 apiece, reflecting a little over a per cent discount to the previous close.

The stock has slumped around 15% in the past week as investors rushed to book profits after the scrip was included in the MSCI Small Cap index.

The inclusion of the stock in the MSCI index after its February review is expected to attract foreign inflows worth US$ 17 million in the counter.

IREDA was also the most successful listing of 2023. Since making its debut in November, the stock has scaled greater highs and quadrupled investor returns from the issue price of Rs 32.

The stock has also positioned itself as a standout PSU counter amid the bullish momentum for the sector.

FIIs Dump Paytm

Many on Dalal Street have been dumping Paytm shares since the Reserve Bank of India (RBI) ordered its unit Paytm Payments Bank to stop many of its activities, citing non-compliance and supervisory concerns.

But call it premonition or foresight, foreign institutional investors (FIIs) sensed trouble brewing for the fintech major back in the December quarter itself and were smart enough to dump the stock then.

According to a report by PRIME Database, Paytm shares worth Rs 74.4 bn were offloaded by foreign investors in the December quarter, making it the top sell by FIIs in the quarter gone by.

Their holding value in Paytm's parent company, One97 Communications, dropped to Rs 257.1 bn from Rs 331.5 bn at the end of the third quarter. The poster boy of the fintech sector shed 26% in the last quarter and has plunged 41% in 2024 so far in the wake of RBI curbs.

Aside from Paytm, shares of Maruti Suzuki and Petronet LNG were also in FPIs' firing line. Both counters saw FIIs offload shares worth more than Rs 30 bn each. Shares of Maruti ended the quarter 3% lower, while that of Petronet LNG slid over 7% during this period.

Every quarter, while FII holdings went down in 689 NSE-listed companies, their share by value in companies listed on the NSE dropped to 18.2% at the end of the December quarter from 18.4% at the end of September.

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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