SGX Nifty Down 86 Points | Wikipedia Alleges Adani Group for Manipulating Entries | Why IRB Infra Share Price is Rising | Top Buzzing Stocks Today

Wed, 22 Feb Pre-Open

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On Tuesday, Indian share markets pared gains as the session progressed and ended flat.

Benchmark indices closed flat amid volatility as investors waited for minutes from the US Federal Reserve's latest monetary policy to get cues on the central bank's future rate-hike path.

At the closing bell, the BSE Sensex stood lower by 19 points.

Meanwhile, the NSE Nifty closed lower by 18 points (down 0.1%).

NTPC, Britannia, and Reliance Industries were among the top gainers.

Adani Enterprises, Apollo Hospital, and Coal India on the other hand, were among the top losers.

Broader markets ended on a negative note. The BSE Midcap index fell 0.2% while the BSE SmallCap index ended 0.3% lower.

Sectoral indices ended on a mixed note on Tuesday with stocks in the power sector, and capital goods sector witnessing most of the buying.

On the other hand, stocks from the realty sector, and IT sector witnessed selling pressure. PSU bank stocks were also hit hard.

Shares of Bosch and Cera Sanitary hit their 52-week high.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 82.82 against the US$.

Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 56,105 per 10 grams at the time of Indian market closing hours on Tuesday.

At 8:00 AM today, the SGX Nifty was trading down by 86 points or 0.5% lower at 17,760 levels.

Indian share markets are headed for a negative opening today following the trend on SGX Nifty.

Speaking of stock markets, everyone is focused on looking for alternatives of crude oil and petroleum lately. As a result, people are now actively using ethanol and focusing more on electronic vehicles.

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Green hydrogen is not a fuel everyone talks about. Hydrogen is not just another fuel. Hydrogen is expected to serve as a primary industrial fuel in the 21st century, just as coal drove the 19th century and oil drove the 20th century.

Hence, it's clear that green hydrogen stocks should be an important part of an investor's watch list.

In the below video, Co-head of Research at Equitymaster Tanushree Banerjee shares three critical factors that decide if green hydrogen stocks make money.

Tune in to the below video to find out more:

Top buzzing stocks today

BEML share price will be in focus today.

The company signed the Memorandum of Understanding (MoU) on 20 February 2023 with a Delhi Metro Rail Corporation (DMRC)-led special purpose vehicle, shortlisted for the Bahrain Metro Rail Project Phase-1.

As part of the pact, BEML will be responsible for manufacturing and supply of metro rolling stock.

Apart from this, the company signed multiple agreements at Aero India with companies such as Bharat Electronics, Indian Navy, many others for technology transfer, and Hexagon Technologies last week.

Marine Electricals share price will also be a top buzzing stock.

On Tuesday the company said it has bagged an order worth Rs 139.2 million (m) (about Rs 13.9 crore).

The order is for supply of shaft generator, main switch boards, distribution boards and associated systems with OBS for PCV project from Goa Shipyard,

The company's clientele includes the Indian Navy, Indian Cost Guard, Cochin Shipyard, Mazagon Dock Shipbuilders, and Garden Reach Shipbuilders and Engineers.

Another allegation on Adani Group

Adani group is under a turmoil ever since the whole Adani-Hindenburg saga.

However, it looks like the worst for Adani group is not yet over as another allegation spoils the goodwill of the behemoth conglomerate.

For more than a decade, sockpuppets - some of them being company employees - created 'puffery' around tycoon Gautam Adani, his family and the apples-to-airport group he helmed by adding non-neutral material and removing warnings from information on Wikipedia, the free internet-based encyclopedia has alleged.

To put it in simpler words, Wikipedia has alleged that some fake online identities have created false praise for Gautam Adani and his family by adding biased information and removing warnings on Wikipedia.

Wikipedia said that over 40 later banned or blocked sockpuppets or undeclared paid editors created or revised nine related articles on the Adani group and its family businesses. Many of them edited several of the articles and added non neutral material or puffery.

Headwinds for steel manufacturers

For top steel companies in India, headwinds remain as prices of raw materials continue to rise amid a fall in steel realisations. While the average monthly price in February so far is higher than January, the week-on-week fall in steel prices has not been comforting.

The March quarter is seasonally strong and this would provide some support to steel prices. But rising prices of raw materials will weigh on margins. Coking coal prices are currently 15.7% above the average seen in January, largely due to supply constraints and improved buying interest from China.

Moreover, price of another raw material, iron ore, is also on the rise. NMDC, key supplier of the commodity in India, took two consecutive price hikes in January and further increases cannot be completely ruled out.

Meanwhile, steel prices in Europe are moving up as the earthquake in Turkey has led to supply disruptions. This is an opportunity for companies which have a strong presence in Europe such as Tata Steel.

New opportunities might finally bring a breath of fresh air for investors for Tata Steel investors because as of late Tata Steel share price was falling.

Why IRB Infrastructure share price is rising

IRB Infrastructure share price rallied yesterday to Rs 295.25, after the company emerged as a preferred bidder for Rs 21.3 bn (about Rs 21.32 crore) built-operate-transfer (BOT) project in Gujarat.

The project, with concession period of 20 years from the appointed date, is a six-lane 90.9 kilometers stretch between Samakhiyali to Santalpur.

Upon award of this project, the company's order book will stand revised to around Rs 208.9 bn (excluding GST), which includes construction order book of Rs 97.1 bn, which would provide strong visibility for next approximate 2.5 years.

IRB is India's first multinational infrastructure company in the highways segment. As the largest integrated private toll roads and highways infrastructure developer in India, this win would expand IRB group's asset base to over Rs 620 bn spread in 10 states across the parent company and two InvITs.

The company has strong track record of construction, tolling, operating, and maintaining around 15,500 lane kilometers pan India and has an ability to construct over 500 kilometers in a year. It has around 20% share in India's prestigious golden quadrilateral project, which is the largest by any private infrastructure developer in India.

The company fixed 22 February 2023 as the record date to determine eligibility of shareholders for sub-division/split of every 1 equity share having face value of Rs 10 each, fully paid-up into 10 equity shares having face value of Re 1 each fully paid-up.

The rationale behind the stock split is to enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable.

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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