Gift Nifty Up 87 Points | HFCL to Set Up OFC Plant | Sterlite Tech Partners Lumos | Top Buzzing Stocks Today

Thu, 22 Feb Pre-Open

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On Wednesday, Indian share markets gave up the gains as the session progressed and ended the day lower.

Equity markets dipped sharply in late noon deals on the back of weakness in IT and power stocks on Wednesday.

At the closing bell on Wednesday, the BSE Sensex closed lower by 550 points (down 0.8%).

Meanwhile, the NSE Nifty closed lower by 179 points (down 0.8%).

Tata Steel, SBI and JSW Steel were among the top gainers.

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

Broader markets ended the day on negative note. The BSE Mid Cap ended 1.3% lower and the BSE Small Cap index ended 0.8% lower.

Barring realty sector other sectoral indices are trading on negative note, with socks IT sector, oil & gas sector and power sector witnessing most buying.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 62,235 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:40 AM today, the Gift Nifty was trading 87 points higher at 22,135 levels.

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

Speaking of stock markets, in the latest video, Hidden Treasure, Richa Agarwal shares her views on the road ahead for smallcaps, a prudent strategy to navigate it and alerts on six smallcaps that have witnessed insider buying interest.

These are the smallcaps with decent financial performance and where the current price is almost at par or at a discount from the average price at which insiders have purchased.

Tune in to below video for details.

Top buzzing stocks today

Paytm share price will be in focus today.

Paytm shares continued to recover on 21 February, hitting 5% upper circuit for the third straight session.

Paytm stock took a hit after 31 January when RBI imposed strict restrictions on Paytm Payments Bank Ltd (PPBL).

DLF will also be a top buzzing stock.

Shares of DLF rallied over 3% to hit a fresh 52-week high of Rs 891.6 per share on 21 February after its wholly-owned subsidiary DLF Home Developers entered into private treaty with Axis Trustee Services and IREO Private to acquire land parcel in Gurugram for Rs 12.4 bn.

HFCL to Set Up OFC Plant

Indian telecom gear maker HFCL has announced a strategic expansion into Europe, with the setting up of an optical fibre cable manufacturing plant in Poland.

HFCL said the move marks a milestone in the company's global expansion strategy, aimed at addressing the increasing demand for OFC in European markets such as the UK, Germany, Belgium, France, and Poland, among others.

HFCL's manufacturing unit in Poland will begin with a capacity of 3.25 million fibre km and scalable up to 7 million fkm, with an initial capital outlay of up to Rs 144 crore, thus fulfilling the increasing OFC demand.

This strategic move will not only enhance HFCL's agility but also reduce transit times by approximately six weeks, thereby enabling an increase in order fulfilment capacity.

The establishment of the manufacturing facility in Poland will be facilitated through the incorporation of a new step-down subsidiary in Poland under HFCL B.V., a wholly-owned subsidiary of the company in the Netherlands.

To tap the market opportunities and cement its position in the OFC domain, HFCL aims to ramp up its share of exports in its OFC vertical revenue from the current 30% to 70% in the next 4-5 years.

Europe, with its promising growth prospects, particularly stands out as a focal point for HFCL's strategic initiatives.

Sterlite Tech Partners Lumos

Sterlite Technologies entered into a strategic partnership with Lumos for its fibre optic internet programme in the mid-Atlantic region.

Sterlite Technologies said that it has been strategically engaged in co-creating fibre and optical connectivity solutions suited for Lumos' mega ambition to build transformative 100% fibre optic internet in the mid-Atlantic region.

Lumos' rapidly growing network across North Carolina, South Carolina, and Virginia, it said, provides 100 per cent fibre-optic internet, whole-home Wi-Fi, voice, and streaming services to more than 275,000 homes and businesses and plans to reach over one million passings.

STL has end-to-end optical capabilities and will also supply its signature Opto-bolt product, a pre-connectors drop cable designed to significantly reduce installation time by de-skilling field installation while bringing modularity into the network design.

STL is a leading global optical and digital solutions company providing advanced offerings to build 5G, Rural, FTTx, Enterprise, and Data Centre networks.

Why Zee Entertainment's Share Price is Falling

Shares of Zee Entertainment Enterprises Ltd (ZEEL) tumbled 12% in the mid-session trade on Wednesday amid reports that capital market regulator Sebi has unearthed a financial discrepancy exceeding US$ 241 million (nearly Rs 20 bn) in the accounts of the company.

As per the reports, during Sebi's probe into Zee's founders, the regulator discovered that approximately Rs 20 bn (equivalent to US$ 241 m) may have been diverted from the company.

However, the company spokesperson clarified that the reports related to accounting issues are 'incorrect and false'.

The report suggested that the Securities and Exchange Board of India (Sebi) has been in conversation with senior officials at Zee, including its founders Subhash Chandra and his son Punit Goenka, and some board members to explain their stance.

Further, the report noted the amount found missing is not final and may change after Sebi reviews the responses from the company executives.

However, On Wednesday, shares of ZEEL settled 8 per cent higher amid reports that Zee and Sony Pictures Networks (India) are working to salvage their US$ 10 bn merger. ZEEL shares have seen a massive downfall after the collapse of its merger with Sony Group's India unit.

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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