SGX Nifty Up 54 Points | SpiceJet's Stake Sell Plan | Tata Motors to Bolster EV Business | Top Buzzing Stocks Today

Fri, 24 Feb Pre-Open

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On Thursday, Indian share markets traded in a range throughout the trading session and ended marginally lower. Benchmark indices exhibited volatility on the back of monthly F&O expiry.

During afternoon hours, markets declined, falling for the fifth straight session amid concerns that the US Federal Reserve might raise interest rates further to curb inflation.

At the closing bell on Thursday, the BSE Sensex stood lower by 139 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 43 points (down 0.3%).

Axis Bank and SBI were among the top gainers.

Asian Paints and L&T, on the other hand, were among the top losers.

The BSE MidCap index fell 0.3% while the BSE SmallCap index gained 0.1%.

Sectoral indices ended on a mixed note with stocks in the realty sector, consumer durables sector and power sector witnessing most of the selling.

While metal and FMCG stocks witnessed buying.

Shares of ITC, Finolex Cables, and Equitas Small Finance Bank hit their 52-week high on Thursday.

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 81.70 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.5% at Rs 55,798 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:50 AM today, the SGX Nifty was trading up by 54 points or 0.3% higher at 17,640 levels.

Indian share markets are headed for a positive 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.

However, an important alternative is being missed out.

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

Shipping Corporation will be among the top buzzing stocks today.

The Ministry of Corporate Affairs (MCA) has sanctioned the Scheme of Arrangement for the Demerger of Non-Core Assets of the Shipping Corporation of India into Shipping Corporation of India Land and Assets.

According to reports, the Ministry of Corporate Affairs on Thursday approved the revised demerger plan of Shipping Corporation of India, wherein Rs 10 bn will be transferred to the non-core assets.

Tata Motors will also be in focus today.

Tata Motors has begun discussions with sovereign wealth funds and private equity investors to sell a significant minority stake in its EV division.

According to reports, Tata Motors plans to raise up to US$1 bn through the equity sale and will use the bulk of proceeds to retire a part of its outstanding debt.

SpiceJet to sell over 5% stake

Low-cost carrier SpiceJet is in talks to enter an agreement with Carlyle Aviation Partners to convert the outstanding lease rental into an equity stake.

The proposed deal would reduce the airline's debt by US$ 100 million (m).

The leasing firm owned by global private equity giant Carlyle Group has the largest exposure among other lessors of around 14 Boeing 737 aircraft.

Aircraft lessor Carlyle Aviation Partners is a commercial aviation investment and servicing arm of Carlyle's Global Credit platform.

It will take a 5% stake in SpiceJet along with convertible debentures in its cargo arm SpiceXpress that can be converted into equity at a future date.

The airline has also been in talks with other creditors for the conversion of dues into equity.

The Board of Directors of SpiceJet will hold a meeting on 24 February 2023 and consider issuing equity shares on a preferential basis consequent to the conversion of outstanding liabilities into equity shares of the company, subject to applicable regulatory approvals.

The airline has been grappling with various headwinds, including legal woes. The airline has been looking at various avenues to raise funds to stay afloat amid mounting losses.

SpiceJet is a low-cost carrier engaged in providing air transport services for the carriage of passengers and cargo.

The entire airline sector took a beating when the first covid wave hit in 2020.

But with the onset of 2022, the industry has picked up the pace and started to recover. To know whether it is wise time to invest in airline stocks, check out Airlines stocks: time to deplane?

Adani Group to review plans for Mundra plant

In the latest indication of its unending trouble, the Adani group has halted its investment in a coal-to-polyvinyl chloride (PVC) plant in Mundra in the western Indian state of Gujarat. The company was looking to spend $4 bn on the project.

The project was expected to produce PVC grades such as suspension PVC (resin), chlorinated PVC, and emulsion PVC.

Further, it will not be aggressively bidding for road projects in the fourth quarter, when several HAM and EPC projects will be awarded.

It will also moderate certain accelerations budgeted in its earlier capex plans but will continue with the investment plans for its core infrastructure businesses.

Rupee climbs

The rupee reversed Wednesday's losses to gain sharply on Thursday against a retreating dollar.

The rupee gained 11 paise to 82.77 against the US dollar in early trade on Thursday as the American currency retreated from its elevated levels.

At the interbank foreign exchange, the domestic unit opened at 82.78 against the dollar and marginally rose to 82.77, registering a rise of 11 paise over its previous close.

On Wednesday, the rupee closed at 82.88 against the US currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.23% to 104.34.

Brent crude futures, the global oil benchmark, advanced 0.48 per cent to USD 80.99 per barrel.

The rupee was falling for quite some time now, depreciating below 83 per dollar.

If you're looking for investing ideas, we suggest watching this video - How to Profit from a Rising US Dollar.

Also, read our recent pieces on how IT stocks benefit from a falling rupee and the 5 stocks that can gain from a falling rupee.

And 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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