Gift Nifty Down 27 Points | Sona Comstar Receives Auto PLI Certification | SJVN Green Energy Commissions Solar Project | Top Buzzing Stocks Today

Mon, 26 Feb Pre-Open

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On Friday, Indian share reversed the trend as the session progressed and ended lower.

After hitting a fresh record high of 22,298 in early deals, the benchmark Nifty50 index succumbed to profit booking in the second half dragged by IT and select financial shares.

At the closing bell on Friday, the BSE Sensex closed lower by 15 points.

Meanwhile, the NSE Nifty closed lower by 5 points.

Bajaj Finserv, Titan and HDFC Life Insurance were among the top gainers.

BPCL, HCL Tech and Maruti Suzuki on the other hand, were among the top losers.

Broader markets ended the day higher. The BSE Mid Cap ended 0.3% up and the BSE Small Cap index ended 0.5% higher.

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

Gold prices for the latest contract on MCX were trading marginally lower at Rs 61,881 per 10 grams at the time of Indian market closing hours on Friday.

At 7:40 AM today, the Gift Nifty was trading 27 points lower at 22,227 levels.

Indian share markets are headed for a negative 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

Jio Financial Services share price will be in focus today.

Jio Financial Services' market capitalisation exceeded Rs 2 tn for the first time, driven by a 35% surge in its share price this year. Parent Reliance Industries also hit a record high.

Currently, 39 firms are trading above Rs 2 tn market capitalisation on local stock exchanges. Reliance Industries leads with a market cap of Rs 20.1 tn, followed by Tata Consultancy Services and HDFC Bank with Rs 14.8 tn and Rs 10.8 tn, respectively.

IRFC will also be a top buzzing stock.

Indian Railway Finance Corporation (IRFC) plans to float bonds worth up to Rs 30 bn on 26 February 2024.

The bonds have a base issue of Rs 5 bn with a greenshoe option of Rs 25 bn and a maturity of 10 years ending on 28 February 2034.

Sona Comstar Receives Auto PLI Certification

Auto component maker Sona BLW Precision Forgings (Sona Comstar) on Friday said the company has received certification under the auto Production Linked Incentive (PLI) scheme.

The company had filed seven applications for different products under the PLI scheme, and it has received the certification for its first product, a hub wheel drive motor for electric two-wheelers.

The company is the first automotive component company to receive the certification.

In 2021, the government introduced the auto PLI scheme to incentivise the domestic production of high-value advanced automotive technology vehicles and products.

The PLI scheme for the auto and auto component sector has a budgetary outlay of Rs 259 bn over five years, starting from FY24.

India's Oil Imports Hit Record High

India's crude oil imports rose to a monthly record in January after the Red Sea shipping crisis delayed the December arrival of cargoes from the Americas.

The world's third largest oil importer and consumer also received in January its first cargo of Venezuelan oil after a gap of more than three years, as the US eased sanctions on the South American producer.

India's oil imports hit 5.2 million barrels per day (bpd) in January, up 17% from December and 3.5% higher than in the corresponding month a year earlier.

The previous monthly high in India's imports was 5.1 million bpd in Jan 2018.

The trade estimates are higher than Thursday's preliminary data from the oil ministry showing India's January oil imports at a 21-month high of 21.39 million metric tons.

Even though long-haul crude cargoes, mainly from the Americas, are purchased on a delivered basis, Indian buyers had to pay extra charges as sellers invoked a force majeure clause after freight and insurance costs jumped due to the Red Sea troubles, said the source.

India's Russian oil imports in January rebounded from December to 1.47 million bpd, posting growth of 10.8% but Russia's share of the total declined to 28% from 30%, while Latin America's share rose to about 8% from 6%.

Top refiner Indian Oil Corp, a key buyer of Russian Sokol oil, had to draw from its inventories to make up for the shortfall.

SJVN Green Energy Commissions Solar Project

SJVN, on Friday, 23 February, said its wholly-owned subsidiary has commissioned and achieved the commercial operation date (COD) of its Gujrai solar power project located in Kanpur, Uttar Pradesh.

The state-owned company informed the bourses that its wholly-owned subsidiary SJVN Green Energy Ltd (SGEL) has commissioned and achieved COD of its 50 MW Gujrai solar power project.

The company has won the aforementioned solar power project of 50 MW capacity at a tariff of Rs 2.9 per unit through a competitive tariff bidding that was conducted by the Uttar Pradesh New and Renewable Development Agency.

The project cost or the development cost of the solar power plant stands at Rs 2.8 bn, and a Power Purchase Agreement (PPA) for the same has been signed between SJVN Green Energy and Uttar Pradesh Power Corporation (UPPCL) for 25 years.

SJVN said that the solar project will be able to generate 107 million units (MUs) in its first year, with an estimated cumulative energy generation of around 2,477 MUs over 25 years.

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